Have an email offer as follows and wondering if anyone can provide advice.
MSRP $39,040
Selling Price $33,516
Residual $22,252 (57%)
MF 0.0019
Payment with sales tax $433 / month (36/12)
Selling price includes all discounts. $0 down, $0 drive off.
Thanks!
Anyone help with this deal?
Can you specify what you’re looking for assistance with?
Quality of the deal overall. I believe MF and Residual is correct, so more wondering about the discount. Can I do better? Thanks!
I would wait until the 2018’s are released and negotiate a better selling price.
I’ve noticed that pushes the residuals down as well though…
I would confirm you actually need the RES. Once the children get old enough, they prefer to watch their own content from their own tablets as opposed to on a central screen in the vehicle.
For a car that has high resale value, it doesn’t lease very well. Low RV and super high MF (4.56% APR!)
Have you checked the Sienna?
Have you thought about buying the Ody instead? You could consider doing a balloon note auto loan to keep your payments low. E.g. “Loan Payment Example: A $27,000 new auto financed at 2.49% APR; 60 monthly payments of approximately $379.00 each, with a final balloon payment of approximately $6,729.00.”
Based on today’s data, in 60 months your Ody will be worth $16-17k wholesale (and more @ private party) and you should have ~$10k or more in equity.
https://www.penfed.org/Payment-Saver-Auto-Loan/
+1
OP, I would agree with Max’s suggestion if purchase over lease if you want to keep the vehicle long term.
I leased an EXL odyssey two years ago (leased because I’m still nervous of Honda transmissions after bad experience in a 2008 Odyssey). Fast forward two years and the vehicle has $3500 in equity in it (just using the Autotrader purchase my vehicle applet, probably more in private party market), part of that is because we are under our miles by 8k, but the other part is that Honda sets the residual very conservatively at least compared to the market in my area where used Odysseys command a premium.
When you lease a car, any discussion of ‘equity’ is problematic because:
A. You don’t own it i.e. have title to it. So you can’t sell it private party unless you pay TTL to register it and title it first.
B. You can only extract any equity by getting a dealer to buy the car above residual, and it’s hard to get good trade-in value unless you are also buying something from that same dealer. So it’s double the work to negotiate both aspects of the deal, and that’s assuming you want something from that dealer in the first place.