Math Check - 2020 Honda Odyssey Touring

Ask the Hackrs
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1

Howdy Hackers!

I’ve been working on negotiating a lease on a 2020 Honda Odyssey Touring and for some reason the dealer’s math isn’t matching up with mine. Can you guys take a look and see where/if my calculations are off here?

MSRP: $46,055
Selling: $40,755
Incentives: $1000
Fees: $1200
Adj Cap Cost: $40,955

Residual: 59% / $27,172

MF: 0.00192
Term: 36 months

When I calculate the above figures into a monthly payment I get:
Residual: $382.85
Interest: $130.80
Subtotal: $513.65
Tax (7.75%): $40.95
Total: $553.46

When the dealer calculates the same figures, he comes out with ~$570.

Am I mathing wrong? I’ve worked it out several ways and always end up with similar numbers. Any help is appreciated. Thanks in advance!

2

You’re doing something wrong

3

Why would you consider leasing a minivan that has a MF that equates to almost a 5% APR.

You know that’s awful right?

Just sayin’

4

Thanks for the spot check. I tried some other calculators and came up with wildly different numbers, hence asking here if I could get a math check.

I’m more concerned with where my math is breaking down here. Any idea where the break point might be?

5

Mostly because we’re in the market for a minivan and we know we can get good deals with our Honda dealer. I was under the impression that the MF for vans is just bad across the board, but if you know of any with better rates, I’d appreciate the info!

6

Look at the American models…

If you’re set on the Odyssey, just finance it

7

Thanks, I’ll check some out.

We’re not interested in buying because tech is advancing so quickly and we like the security of always being in warranty :grin:

8

Go to Edmunds forums and check them all. There’s literally 3 competitors to the Odyssey.

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9

You can prob get a Pacifica limited for less than your Honda quote

10

Let’s be fair. There’s really only one and it’s the Pacifica.

The Toyota and the Kia are horribly dated.

11

Just because the dealer tells you that you can get a good deal on a Honda doesn’t make it true.

If you search around here, you will find Honda lease deals are not good at all, especially on Odysseys.

That said, if you’re set on that particular van, either finance or get ready for a long search for a better deal.

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12

Financing doesn’t preclude one from selling in a few years and updating tech. Been discussed ad nauseum, but it’s possible to have net costs be lower with a Honda purchase vs lease. It’s dependent on several factors of course but very possible.

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13

I’m not sure why the blind Odyssey deal hate. I’ve seen at least 2 really good deals on here lately.

14

What’s the $1k incentive? Lease cash should be baked into the dealer discount. I am shopping for an EXL w RES Odyssey right now and decided to wait for next month and hope they drop this horrid MF. My best offer was $501 pretax (14% off MSRP w the $1k dealer cash) for a $0 sign and drive.

15

Good for the particular model yes, but a 600 dollar payment for an odyssey elite is a lot for a 50k minivan.

16

I think I figured out where I got my math wrong. Since it’s a true $0DAS, they’re just rolling that first payment into the Cap Cost. Adding my estimated $550 payment to the Cap Cost brings me right around where the dealer currently is. Mystery solved.

Was trying to see if I had room to work this deal lower, but it’s not looking likely at this point. Currently looking into the Pacifica Limited, since it seems to have better lease terms.

Thanks for the info, folks!

17

It’s not even a $50k Elite, it’s a $46K Touring.

18

What’s the $1k incentive?

19

I was referring to other deals we have seen. I remember someone with an Elite for around 600, which was pretty good.

https://forum.leasehackr.com/t/2019-honda-odyssey-elite-560-monthly-0-das/237152?u=supakimchee

Damn, that’s actually really good.

20

It’s the lease cash, I just break it out in my calculations so I can see how much they’re discounting MSRP before incentives. It’s all included in the Adj Cap Cost in the equation though.