Honda Odyssey 2022 EX-L Lease

[ghattoy]

Hi,

Went into a dealership in MA (zip: 02703) today for a 2022 Honda Odyssey EX-L. I have gone on Edmunds and the current MF is .00140 and residual 61%. I currently have a 2019 Acura MDX lease finishing in February and they offered 34k for the trade (my payoff on the lease is $28k).

Term: 36M
Miles: 12k
Monthly: $441

This is how the dealership structured the deal:

Net Sale Price: $40935
Trade: $34000
Doc Fee: $459
Title: $75
Reg: $55
Inspection: $35
Title: $5
Sales Tax: $2589
Sale Sub Total: $10153
Total Amount Due: $37956
Over mileage: $0.25

I have tried to run these numbers in the LH calculator and they seem to be off. It seems that they are not budging on the MSRP but are subtracting the trade from the final cost everything rolled in. I asked what is due at signing and he said it’s $0 DOS. I’m not sure if this is a good deal or not. Any advice would be appreciated.

[Traderx]

6k in trade in value is like 6k down.

So a little over $600 to drive that odyssey.

If I were you I would have extended my mdx lease and saved money or would have just bought out the MDX saving thousands of dollars.

[ghattoy]

Thank you for your response. I called Acura and can extend lease by 6 months or I can buy out for the 28k. Third child coming in February and would like the extra space. The chip shortage has not been helpful to local inventory and they don’t seem to budge from MSRP.

[d_sharp2003]

I leased a ‘20 EXL res/NAV back in Aug. of 2020, true $0 das and pay $455/mn. You will find nothing like that now. I’d extend the current lease. $6k is a big premium to pay for space imo, but it might be worth that much to you.

[max_g]

@ghattoy

I currently have a 2019 Acura MDX lease finishing in February and they offered 34k for the trade (my payoff on the lease is $28k).

Impossible to tell whether this is high or low. What have others offered?

[Zenek]

Have you checked how much of the equity You really have on Your MDX?
It might be much more than the dealer told You.
Also I would separate those two transactions,
In current crazy market dealers are chasing for used cars. We all know that Acura/Honda stopped 3rd party buyouts but You can still sell it for the profit without buying it.
If anyHonda or Acura dealers will not want play a ball I would go to KBB and get cash offfer from multiple dealers. You need to tell them that this is lease ld car.
For sure You will fond one who will play the ball.
I hope this list will help.

List of places to sell or value your car online

For the quickest results: Copy your VIN to your clipboard and just paste it into each site. Quicker than plate lookup. Enter “I own the vehicle” where applicable — you don’t need to get into the details of your lease payoff or loan balance until you’ve eventually chosen one entity to sell to. Use a Google Voice or some other device you can turn off at will. Otherwise your real phone will be bombarded initially. In alphabetical order: Buyer Name Direct Link Review Link AutoCo…

[wantingadeal]

Why not finance it?

$40,000 sales price
-$6,000 trade equity
+~$600 misc fees
+~$500 sales tax assuming trade in credit.

=$35,100 on the road.

$500-520/month for 72 months.

Can get out any time and no mileage restriction. Plus the odyssey holds equity well.

[ghattoy]

Thank you. This is a good point. I assumed it to be high but but I have not sought out other offers.

[ghattoy]

This is very true. I need to get the actual value of the equity and then separate the transactions. I will check Carvana and heading to Carmax when they open today. Thank you.

[ghattoy]

Thank you. That is very similar to my last lease and I know I won’t find another deal like it. Agree- $6k is too much to pay for space (it would be more comfortable, but not essential). Hoping to find something better than the last offer and extend the lease as a worst case if nothing works out. Hopefully not just kicking the can down the road.

[mllcb42]

@ghattoy

heading to Carmax when they open today

Carmax will quote you online. No need to go in.