Lease Buyout and New lease on a Honda Odyssey

Ask the Hackrs
1

Hey Everyone! New to this forum, love what’s going on and everyone trying to help each other get the best deal possible.

So I need some help. I am currently leasing a 2020 Odyssey for $439/ month. Got into that with zero down. I have about 10 months left on the 36 month lease, but dealers in my area are offering $29,500 trade in allowance and my current buyout amount is $23,661. So effectively $5839 equity.

I started a conversation with my local Honda Dealer for a national special on a 2023 Odyssey EX-L, $409/ month with $6499 down, MSRP of $41,855. They ran some numbers for me:

MSRP/ Retail: $41,855
Selling Price: $41,855
Rebate: $500
Government Fee: $683.05
Proc/ Doc FeeL $85
Pro Pack: $695
3M Protection: 695
Karr Alarm with Repl: $1395
Forever Start: $395
Theft Code: $395
Capitalized Taxes: 554.63
Gross Cap Cost: $47,987. 30
Trade in allowance: $29,500
Cap Cost Reduction: $6338.58
Adjusted Cap Cost: $41,648.72

36 Month lease @ 0.0225, $640/ month with no additional money out of pocket.

So my question- I want to try to work them down on this, but I don’t know what levers I can pull to get them to bring payments into a more affordable range for me.
Any advice??

Thanks so much

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Keep the 439 one until the market gets cheaper. You have a honda so the value will stay.

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Your equity basically gone with this

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This deal is stuffed with holiday blessings, so this dealer is a pass.

Thanks Thank You GIF by Njorg

Keep driving your Odyssey and consider buying it out at lease end, but reevaluate in 6 months

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No no no no no no.

Have you considered buying out, financing and keeping your 2020? The 2023 is barely any different.

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Props on coming here and asking before signing!

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Almost a deja vu moment with all these odyssey returns

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Thanks for the responses!

Might as well paint a little more color- We’re trying to get out of it because its a lemon and Honda Corporate won’t help us out with a lemon law buyback. The 2020 has a known issue where the speakers pop very loudly, the screen shuts off, backup camera doesn’t work, and no audio from any source. It’s insanely annoying. I’ve taken it in for service several times- there’s no known fix for the issue and the service managers are literally not even attempting anything else bc they say it’s a waste of their time and mine. Honda Corporate is saying that there is a significant criteria that must be satisfied before they would go through with the lemon law buyback. Has to be in the shop for more than 30 days total, has to be in for a certain number of services for the same issue (hard to do when they won’t touch it), or a few other things. Not worth it to me to get legal assistance…

Anyway, the Honda dealerships are being cool about it and offering fair market value to help us get into something else, just having a hard time finding a good deal!

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Then take a check for equity and find a better deal.
That deal they offer you should go straight to trash and forget about negotiating with that dealership. You are going to waste your time if their quote is so stupid.

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Honda doesn’t buy back lemons. Lawyers make Honda buy back lemons…for free.

Call a Lemon Lawyer and see if they will take your case. Popping speakers, probably not, but non function backup camera…yes.

Just remember, Lemon Law attorneys work for FREE, they don’t cost you a dime. They cost Honda $$$$$

4 Likes
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Bullshit

Call these guys in the AM

https://zolonzassociates.com/

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If you decide to get a new Odyssey this month let me know. Im WAY under the pricing you currently have

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Thanks for the advice everyone!

I thought for sure legal fees were paid out of whatever is recovered should you win your case. I will absolutely give someone a call tomorrow.

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Any particular reason you recommended this firm?

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Good info- thanks for sharing- good advice from members as well. My 2022 Oddy ex-L $584pm $42k msrp $0DAS. So yours is a much better payment.

16

If you are in CA and you have a lemon, hire a lemon lawyer. It’s no charge and they’ll either facilitate a buyback or a settlement at lease-end. Get out clean and get the best deal you can on the next one.

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Ive personally used them for myself and a couple different family members have used them. Always have done great work and came out successfully.

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I was in a similar situation although I haven’t had the issues you have had. I was leasing a 2020 Odyssey EXLw/RES&NAV for $454/mn 36/12, $0 DAS. Lease ending August 2023. Ended up buying out with a loan from FedChoice @ 2.74%. This was my third Odyssey lease and nothing came close when I looked at leasing again.

I did buy a Honda Care extended warranty for $1500.

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Have you checked the Odyssey forums? Honda has a service advisory for this issue and they are replacing parts. Reading what’s available it sounds like this is fixing the majority of vehicles with only a few persisting.

Dealer is probably well aware of the fix, Honda extended the warranty on the parts and service, so I don’t view it has a favor but them finding a way to get you to part with an in demand unit they can resell.

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I am in a similar spot but only 3 months left. 20’ Odyssey EXL w RES which I got 33 months ago for $458/month, $0 down. Buyout is $23.9k and looking like a no brainer buy out. Kind of wanted a new one :frowning: