I have a question, I wanted to know I had a 2019 odyssey EX I was paying $430 a month with 10k miles, I needed a new one so I got a deal on a odyssey Sport for $699 a month and they would take my old car and buy it out and deal with it but I think I got screwed because the leasing company charged me like 2500 down and that’s besides first months lease, and then they call me and tell me that it was over my milage which is true but I showed it to them before so I just wanted to know if it’s a good trade?
Most likely it was a very poor trade, but youd need to gather some more information to determine how bad.
In the future, you need to determine what a good deal is before you ever talk to a dealer, not after.
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Yes most likely your trade was worth more than the lease buyout, so you should/could have had positive equity (money paid to you for the trade)
If it’s signed then just make peace with it, and move on. Doubt there’s anything else you can do.
Unfortunately you want to be asking this question before anything happens and it seems like you’ve already completed the deal. Congratulations on your new vehicle and enjoy it.
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To be honest, I’m not even sure I understand what you’re saying.
What’s the issue with the down payment? As in why is that a surprise after the fact? I’m not sure I understand how you wouldn’t know that you put down $2,500. Unless they applied trade equity and counted that as the down payment and you somehow didn’t see that on the paperwork?
If the dealer purchased the vehicle from HFS and applied equity there wouldn’t be any issue about over miles. So without knowing how it was structured, it’s hard to presume how to deal with this issue.
Thanks guys!!
$699 for an Odyssey, plus $2500 down plus your 2019 trade in (which prob had thousands in equity)
They got you good.
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I think the buyout was $22,000 and I was 10,000 over in miles and it had some damage very very minimal so they dealt with all that so do you think that’s worth it, because the odysseys are very hard to get
Ye they dealt with your equity all right…
Like was mentioned above it’s hard to know without knowing how much equity was in the car and for the new car which state you are MSRP etc. post a calc and will do a bit of postmortem for ya
I did fight with the leasing guy because he added charges but the buyout was 22,000 I’m not sure how much it could be sold for probably like 32,000, but he gave me a deal on the odyssey for 699 it’s being leased here in NYC for 899 and the MSRP for the new car is around $42K
If your $10K in equity is accurate (and that’s a big if since it seems like you didn’t get any other buyout quotes), your effective monthly (+ the down payment) is a little over $1K.
So it seems that this was a pretty bad deal.
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I’m paying $699 a month and I paid 2500 down so he’s making money off of the old car but he gave me the new lease for 699
You’re paying $27k+ over 3 years PLUS your equity. I would have paid the $22k+tax to fully own the 2019 EX. But that’s my perspective and it doesn’t matter now anyway since the ship has sailed.
But you already had one, it’s not like used ones are super easy to get while new ones aren’t.
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Lemme guess, was this Paragon Honda in Queens?
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No it was a leasing company not Honda
699 per month, with $12500 upfront = $1025/mo effective
You’re paying $37000 to lease a $41000 vehicle. Thats atrocious.
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@mark26 Please come back well in advance of your next lease/purchase.
You got suckered into looking at the payment, which is the absolute riskiest way to do this if you don’t understand how the calculations work and where the trap doors are.
While the amount of the payment may be important for other reasons (monthly budget, for example), it’s the very last thing to look at to know if the decision makes any sense from a broader financial perspective.
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Unless you can unwind this deal, there is no use worrying about it now. Come back to this forum in a few years before you sign your next deal. Nobody should be paying 700/month on an Odyssey lease. I would have just financed it at that point. Also, I sold my 21 Odyssey a few weeks ago for almost 11k in equity so they likely did quite well on your 2019.
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