Author Topic: Lease Takeover Honda Odyssey (Read 5052 times)

Maureen · « **on:** March 30, 2015, 11:47:15 am »

Hi Everyone,
Interested in some more educated opinions on a lease takeover. My husband and I are shopping for a used Honda Odyssey in Calgary (yes 2 kids in and it just seems like the most practical solution) and had never considered a lease takeover but found a vehicle for sale where it is an option. It's a 2014 EX-RES with 16000 kms in great condition; unfortunately the seller lost his job (oil and gas) and they are moving overseas which is why they're selling. They were asking $36000 (we wouldn't have offered that high) but then they said if we were interested in the lease takeover they would ask $4000 cash (the deposit they put down initially) and they would cover the lease takeover fees with the dealership. There is 30 months remaining at $408 a month, and then $13000 to buy out at the end. We haven't gone over the contract in detail yet or negotiated at all, are going to meet with them tomorrow to see all the fine print, but wondering generally if this might be a good deal? We have always just bought and sold vehicles privately for cash but this purchase will be bigger than any of our other vehicles and our other option will be putting the cost of the van on our home equity line of credit, so there will be financing costs regardless. Any input would be greatly appreciated!!
Thanks.

EV-Light · « **Reply #1 on:** March 30, 2015, 12:12:52 pm »

I think this would be a good deal without the cash down...if they really want to sell it, ask them to drop the 4k

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wing · « **Reply #2 on:** March 30, 2015, 12:16:46 pm »

Desperate people never think straight.

You can go to the dealer and get the same deal. The only way to make this deal worth your while is for them to absorb the $4k deposit.

Northernridge · « **Reply #3 on:** March 30, 2015, 12:17:08 pm »

If I were taking over a lease it would be all about price so I'd take a mercenary approach.

Remember, you can just go lease a new one for what they're paying. No reason to take over a lease unless it's heavily in your $$ favour to do so.

HeliDriver · « **Reply #4 on:** March 30, 2015, 12:23:43 pm »

Yes, they put $4k down and drove away in a new van. Why should you pay the same $4k to drive away in a used one?

Would be worth looking at if they ate the $4k and all fees.

Snowman · « **Reply #5 on:** March 30, 2015, 12:24:02 pm »

Quote from: Tauri13 on March 30, 2015, 12:12:52 pm

I think this would be a good deal without the cash down...if they really want to sell it, ask them to drop the 4k

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Agreed.

Ex-airbalancer · « **Reply #6 on:** March 30, 2015, 12:31:31 pm »

Check the lease rates on a new one first
You probably can do better

tpl · « **Reply #7 on:** March 30, 2015, 12:45:27 pm »

I think I would go and price the lease on a new one. or even in these times, financing a new one.

wing · « **Reply #8 on:** March 30, 2015, 12:53:55 pm »

Quick check online shows $585 a month for a 2015 version with $1200 due on signing for 48 months.

So it's actually not a horrible deal. Maybe split the difference $2000

EV-Light · « **Reply #9 on:** March 30, 2015, 12:57:48 pm »

Quote from: wing on March 30, 2015, 12:53:55 pm

Quick check online shows $585 a month for a 2015 version with $1200 due on signing for 48 months.

So it's actually not a horrible deal. Maybe split the difference $2000

where did you get that?...I was about to post this:

went to the Honda.ca website, built an EX-RES and added 4k down. Lease came back at $344.72 before taxes.

wing · « **Reply #10 on:** March 30, 2015, 01:09:13 pm »

Weird. Yeah I just went to Honda.ca

When I clicked Alberta the price jumped lol

wing · « **Reply #11 on:** March 30, 2015, 01:12:11 pm »

Here re-did it, not sure why it was so much the first time...

wing · « **Reply #12 on:** March 30, 2015, 01:14:34 pm »

With $4k down it's $402 a month. And you get a new one.

So yeah they have to concede someplace.

Maureen · « **Reply #13 on:** March 30, 2015, 03:33:22 pm »

Thanks very much everyone for your input! I didn't realize we could just go on the Honda website and find that leasing cost information, for some reason I thought dealership prices were always cloaked in mystery until they had you in their office. We have never bought new vehicles because we don't like the instant depreciation but I guess I'm realizing if we pay the $4000 to them we are taking that depreciation on anyway. Thanks again!

Ex-airbalancer · « **Reply #14 on:** March 30, 2015, 03:43:39 pm »

Quote from: Maureen on March 30, 2015, 03:33:22 pm

Thanks very much everyone for your input! I didn't realize we could just go on the Honda website and find that leasing cost information, for some reason I thought dealership prices were always cloaked in mystery until they had you in their office. We have never bought new vehicles because we don't like the instant depreciation but I guess I'm realizing if we pay the $4000 to them we are taking that depreciation on anyway. Thanks again!

And you should be able to a couple $1000 of the listed price I would think

Snowman · « **Reply #15 on:** March 30, 2015, 03:44:09 pm »

Excellent. Its not like they will get any takers on this deal so If you want to play hard ball you could suggest that they give you $2000 to take it off their hands

EV-Light · « **Reply #16 on:** March 30, 2015, 05:10:57 pm »

Quote from: Snowman on March 30, 2015, 03:44:09 pm

Excellent. Its not like they will get any takers on this deal so If you want to play hard ball you could suggest that they give you $2000 to take it off their hands

^^^ that's exactly what I would do. I'd show them the pics from the Honda website and ask for 2k to take it over....

this is almost like when I called BS on a local Chrysler dealer. I have a facebook friend that works there and they were posting everywhere this deal: 13' Chrysler 200S in white for $25k, 10k off MSRP....my response on their page was, this car is worth $14k and attached links from competitors selling a 15 200C for $26.9! Like really? do you really need to screw people over?....what makes me happy is that they haven't sold the car yet - it's been on their lot for a long time now.

edit: they reduced the price, but it's still expensive: http://www.pembinachrysler.com/used/vehicle/2013-chrysler-200-s-id662510.htm

Blueprint · « **Reply #17 on:** March 30, 2015, 07:41:01 pm »

On leasebusters, most of the time the sellers absorb the initial cash down, but I've never leased so...

Bought my 2012 Odyssey EX new for the same price I paid my then-new 2003 Odyssey EX (33k$ all in + tx). Get one before they re-adjust prices!

wing · « **Reply #18 on:** March 30, 2015, 07:45:03 pm »

I look on lease busters all the time.

Thing is the cars that offer good deals go quick. But there are A LOT of cars on there where if you walked into a dealership today you could do better. People rolled their old car in or got a bad deal or whatever and want out.

There are at times also good deals on short term leases. If you are looking to buy, sometimes a 6 month lease with a reasonable buyout is a good plan, you can feel out the car and then decide to buy after 6 months.

And sometimes you just need a car for a short period so it's a good option vs buying / selling.

CanuckS2K · « **Reply #19 on:** March 30, 2015, 08:27:48 pm »

Quote from: wing on March 30, 2015, 07:45:03 pm

I look on lease busters all the time.

Thing is the cars that offer good deals go quick. But there are A LOT of cars on there where if you walked into a dealership today you could do better. People rolled their old car in or got a bad deal or whatever and want out.

There are at times also good deals on short term leases. If you are looking to buy, sometimes a 6 month lease with a reasonable buyout is a good plan, you can feel out the car and then decide to buy after 6 months.

And sometimes you just need a car for a short period so it's a good option vs buying / selling.

That's exactly something that I'm considering later this year when the wife's Civic goes.

Author Topic: Lease Takeover Honda Odyssey (Read 5052 times)

Northernridge