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Prices Paid: Buying & Leasing Experiences Honda Odyssey Lease Questions
1799 messages, Last post on Nov 07, 2009 at 6:03 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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My lease condtion is as follows.I signed 12/24/07 (Diamond Bar Honda). Amount due at lease signing: $3972.00 Capitalized cost reduction: 2970.79 Sales tax on amount paid in cash: 245.09 Advance monthly payment: 419.66 Initial title fees/CA tire fees: 8.75 Initial regustration fees: 251 Document preparation fee: 45 Optional DMV electronic filing fee: 28 Sales tax on doc fee: 3.71 (total 3972.00) Gross capitalized cost 29,353.74 Capitlaized cost reduction 2970.79(-) Adjusted capitalized cost 26382.95 Residual value 15897(-) Depreciation and any amortized amounts 10485.95 Rent charge 3470.40(+) Total of base payments 13956.35 Lease payments 36(divided) Base monthly payment 387.68 Monthly sales tax 31.98(+) Monthly payment 419.66 Agreed upon value of vehicle as equipment at lease signing 28758.74 Acquisition fee 595(+) Gross capitalized cost 29353.74 Mileage restriction is 12,000 per year (15 cents per mile). * At signing, the sales person told me that the lease price is same for everyone. That's why there was no negotiation. He did not ask me what price I want and I did not tell hime the desired price. Furthermore, they did not tell me the money factor and interest rate. When I asked about APR, they said that there is no APR. I asked again what is interest rate. They said that there is no interest rate. They did not menttion money factor or relationship between money factor and interest rate. Now they are saying that it is not requirement to say those things ('sue us if you can"). They are offering free engine oil change for three years. Do you think just accepting it is best way? I'd like to cancel the contract. If that is not a way, I want to change it into finance (with same original money down (about 4000) and same monthly payment (419) with 4.9 % APR for 5 years; the price would be about 24000). They say that contract change is impossible. But, becuase the sales person only said that only the lease price is fixed, thus if we change it to finance, that lease price will not apply. Furthermore, there is no change for the money in and out. On the contrary, I will pay 419 (about) for 2 years more. Actually I think this is fraud. I did not know about lease (lease factor and that the price can be negotiated because the sales person said like that). Because my car was in Honda's garage at that time for total loss (accident) and my insurace contract does not provide rent car, I needed a car. And at that thime (12/24) the sales person was so kind I tried to help him. I did not know that to help him would result in big waste of time, money and energy (stress). Furthermore, the car's right sliding door did open to the full extent from the beginning (I found it right before I started driving home). So I put the car in the Honda for about a week from the beginning(12/27/07 because almost service men went home at that 12/24 afternoon). This is my first lease experiece. How should I handle this? Please help me. My initial capitalized cost reduction(2970.79)+Advance single payment(387.68) is 34.40% higher than now going national featured plan beginning January 3rd (2499*134.40%=3358.67). Monthly payment (387.68, 35 times) is 49.68% higher than now going national featured plan beginning Jnauary 3rd (259). I requested adjustment according to January plan but they refused for the reason that January they have incentive but on December sales there is no incentive. So, I said that I will pay for the incentive amount but they again refused because Honda Finance will not allow it. But after that I called Honda Finace and Honda Finance says that if dealer resubmits, it will be OK. Thank you.
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Replying to: 1104 (Jan 15, 2008 8:25 pm) |
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adjusted cap cost 30,118 Residual Value 19,050 money factor .00113 36 months 12,000 miles a year monthly payment $363 due at signing tax, title and first month $1600 Gap insurance included I got this deal at Atlantic Honda in Long Island NY Really good experience and friendly staff - no used car dealer tactics (unlike paragon honda in NYC) |
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I have received various quotes for EX-L Nav, DVD and backup sensor. Price is based on 33,800. Interest used is 3.11% One offer is 442.83 36 mos/15k per year just inception fees down of $1197 $20044 buy out Another is for 479 with buyout of 19k. A third is for 430. Trying to ensure lowest price - we will not be buying the car. Any considerations we should be aware of and tips on bringing the price down? Also assuming we see a rate cut of .5 points, is there any sens in waiting a few weeks for a better offer? We are also a member of Costco - not sure if they can facilitate a better rate. Any experience with this?
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Replying to: hondanewbie1 (Jan 19, 2008 11:50 am) 36 months  15000 miles/year for $451.26 with$1648.26 due at signing. Residual is $19461.60 The Odyssey incls. DVD, Navigation and Back up sensors. I am trying to understand if the above is a good offer as I got another quote for 442 with inception fees of 1197 and buyout of 20k. Not a large difference, except for the higher inception fees and the provider of the first offer said that they couldn't understand how a dealer could offer the lease for 442 and that they must not be using Honda finance, Any insight is appreciated as making a decision in the next couple of days. Thanks. |
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Replying to: berkut027 (Jan 02, 2008 11:44 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: ballhogg (Jan 04, 2008 9:31 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: Car_man (Jan 21, 2008 3:40 am) I'm sure you're right re: the accuracy of Yukon vs. Odyssey residual values. No way the Yukon is going to hold 61% of its value after 36 months. But that's one of the benefits of leasing--if the OEM gets it wrong on the high side (as GMC has), the lessee benefits from lower lease payments and can just walk away at lease end (or negotiate the buyout price down if you really want to keep the car). It shifts the depreciation risk to the OEM and is one of the reasons I've starting leasing cars after many years of buying. -- Berkut |
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Replying to: rtadams (Jan 06, 2008 4:18 pm) Using this lease program, an MSRP of $32,210, and a capitalized cost of $28,810 I estimate that this van's zero down, pre-tax monthly payment should be around $344. I wouldn't put that $2,500 down if I was leasing this vehicle, but if that's what your wife wants to do you might have to just go with it  . Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: colo232 (Jan 08, 2008 7:54 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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