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2013 and earlier Lexus GS 350 / GS 460 Lease Questions

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  • hausshauss Posts: 169
    It comes out to $740.13 and what I owe at delivery is $1197.36. There's no cap cost reduction but they require a $389 documentation fee (total crap) and they won't budge on it. I've heard from several others around Atlanta that Lexus dealers here will not budge on the doc fee so I'm okay with it I guess. The rest of the initial payment is the tag and title fee.

    I spoke with the other dealer making me an offer last night and he also said I got a great deal. I didn't tell him I had already left a deposit on the car but he told me straight up "get off the phone with me and immediately call your other dealer. That is a great deal and you don't want to lose it.". So, who knows if it's that great or not. It's $1000 over invoice and from what I've seen on here that's pretty common. But at least I can rest easy knowing I did my due diligence and didn't leave better offers out there on the table.
  • newcar28newcar28 Posts: 9
    Hello, I am still looking for to lease a 2007 GS350 and learning a lot from this site. Can you please tell me what to expect as far as the effects of the pricing sine I plan to turn in my current Lexus 330 ES (lease) early. I did a 39 month lease, 48K miles, set to end in June 2007, but I am nearing the 48k miles and plan on turning it in on April 1, in exchange for the new one. Thanks again
  • raj11raj11 Posts: 7
    Just picked up my new 2007 GS 350 Smoky Granite/Black from Newport Lexus. What an awesome car. Here are details
    MSRP - $48,997
    Cap Cost 43,998 (invoice plus $200)
    48 months
    15k per year
    drive off - $1352 (incl $250 cap reduction)
    pmt -$630.41 plus CA tax 7.75% = $679.27

    Even though this car has been my first love, I wasnt planning on going with the Lexus because it had not been leasing well (quotes were well over $720 incl tax on a 36-48 month lease with 15k. And no one was going below invoice plus $1000, even in So Cal which has at least 10 Lexus dealerships. I had set my mind on the Mercedes E350 Sport with P1, which is a nice car, but when it came down to pulling the trigger, I had to go with this car. It has great power and agility. I am coming off a lease on a 2002 Lexus GS300 and this car is no comparison to the 02 model.
    Newport Lexus was awesome and what a beautiful dealership. Bonus is that my work is 1 mile away and I can get a car wash anytime.
  • newcar28newcar28 Posts: 9
    Congratulations! It is such a gorgeous car!. Well I finally went on Fri to the dealer in Tampa and found the prices to be outrageous, compared to what I have read and the figures in LEasecompare.com. I got a quote of SELLING PRICE 48997.00 plus sales tax, registration, etc. = balance due of $52924.66. With 1500 down, the lease payments for 36 mo, 12k lease (which I wanted 15K) is $938.00. LEASECOMPARE.COM can get it for me for:
    Cap Cost of $43,081.00
    36 mos
    15k per year
    drive off $765.00
    pamt: $765.00 mo.
    turn in fee at end $395.00

    I ahve a 2004 lexus 330 due to end in June 2007. At the dealer, they suggested I stay in my lease and perhaps extend it until August when they would clear out the 2007 models.

    I found this ridiculous, particularly since the car is readily available through the leasecompare website at a much lower price -- which they ultimately will get from the same dealer. The dealers response as to their price is that the GS350 are in high demand and so the leases are really high priced. I found this very strange -- particularly when you have an interested customer with great credit, and willing to turn their current car in early.

    I left the dealership and told the lady that I would email her the leasecompare numbers. If they can beat it, great, if not I will go through the website.

    Thanks for the response!!
  • raj11raj11 Posts: 7
    You should be easily able to get below $700 per month with just 1st month and license. ($1100-1200) with 15k. I wouldnt pay more. $965 is outrageous. Lexus mf is .00174
    use this link
    http://forums.roadfly.com/forums/financing/8297460-2.html
    this has all the info on mf and residuals.
    Good luck!
  • khammerkhammer Posts: 3
    Just received a quote on the same car in Atlanta. $705/mo not including tax for 36 months, 36,000 miles and $1,500 drive off costs, which includes a $250 cap cost reduction. The salesman, which sold us our RX330, says this is basically "friends of the family" pricing. I haven't asked him about the details behind the number yet, but I was curious whether anyone thought this was a reasonable deal.
  • Could you pls give a CLEAR Simple explanation: What is residual %; is hi or low better (I just got 56% on a quote); What is "CapTax" (I just got 7.3750%). Thanks for your help
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hauss. Was the deposit that you made supposed to be refundable? Even if it was, you may have a very difficult time getting the dealer that you made the deposit with to give it back to you. I can't tell you how many times I have seen dealers drag their feet in giving back deposits that were supposedly refundable. If you made the deposit with a credit card, you can always dispute the charge with your credit card company if it comes to that. I personally would not back out of this deal unless the new dealer that you are working with can beat it by a significant amount. You are already getting a good deal on this car and who knows what sort of bait and switch the new dealer will try to pull once they have you sucked in.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on your new car, raj11. You certainly got an excellent deal on it. Thanks for taking the time to share the details with everyone.

    Car_man
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  • hausshauss Posts: 169
    Car_man, as it turned out this was the best deal I could get with the car and I went with it. So, I didn't have to worry about the lost deposit. I even had several dealers just tell me straight up buy that car we cannot beat that deal. So, I'm satisfied that I got a great deal now. :-) We love the new car, BTW.
  • hausshauss Posts: 169
    khammer, I too am in Atlanta and just leased a 2007 GS350 (love it, btw). Something in that drive off cost seems off to me. I know Lexus dealers in Atlanta have a standard doc fee of $389 and they will not budge from it. Plus, there is the standard up front $41 tag and title fee. So, if they are telling you the drive off cost is $1500 and that includes a $250 cap reduction then it seems to me there is $115 unexplained. If I were you I would not pay any cap cost reduction (I didn't). Are you looking at getting the same vehicle options as raj11? That is the exact car I got plus XM radio thrown in for free. Do you know the rest of the lease details (money factor, gross cap cost, etc.)? I got mine at Hennessy Lexus of Atlanta and they were very easy and nice to work with. If you are getting the same car raj11 and I got then even with the mysterious $115 in drive off costs it seems to be a good deal.
  • 1qx1m1qx1m Posts: 3
    where should I start my negoc. process with the dealer. I want the 350 with the Mark LEV. AND THE NAVI. Do not know where to begin.
  • gvr4wdgvr4wd Posts: 23
    Use the Edmunds' service to receive quotes in your area. Make sure you select all the dealers in your area. Then, you could start negotiating.....
  • vw4x4vw4x4 Posts: 1
    Trying to lease a '07 Gs350 fully loaded, MSRP $51,763. so far dealer discounted 2500 off msrp. I am putting 5k down and the payment that they are telling me are $714 tax included or $ 663 without tax. The MM is .0003 or 7.1%. I see you guys taking about Lexus MM of .0014 or else. Is it Fico driven or not. Fico is 704. This is for a 48 month 15K lease. What you do think??
  • hausshauss Posts: 169
    I think some of those numbers would be driven by your credit score just like for most financial products consumer apply for. I will say though I think you can do much better than the deal you are getting on this car. First the sales price you are being offered is too high. I got mine for $44,311 adn the MSRP was $49,483. Just based on that you can do better. Next I put nothing down other than the document fee I could not get them to waive (which was just $389). And will all that my monthly payment is $740 with tax on a 36 month, 12k per year lease. It would seem to me that you should be able to get a deal with nothing out of your pocket and a lower sales price and do much better. Also, consider this...you won't be owning the car so if you put down $5000 to pick up the vehicle and it gets totaled or stolen you'll never recover that money. You wouldn't rent something giving that much of a fee so why lease your car that way.
  • maximafanmaximafan Posts: 592
    Hi, newcar. I leased my RX350 from Lexus of Tampa Bay. So they said the GS is in high demand? That's strange, 'cause I see a lot more RX's on the roads in Tampa. You might want to check with -- I believe the name is Wilde Lexus in Sarasota. When I was perusing these boards early last year, there were some posts about some good deals to be had at Wilde Lexus. Check it out.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'm glad that you're so happy with your deal, hauss. Enjoy your new ride!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi 1qx1m. Begin by negotiating the lowest selling price that you can on the car that you want. The closer you can get to dealer invoice, the better. You can look up the invoice price of the exact model that you are interested in by visiting the New Vehicle Pricing section of this site. You also should stop by the following discussion to see how much other community members have paid for similar cars lately: "Lexus GS: Prices Paid & Buying Experiences".

    Once you arrive at a price that you are comfortable with, have the dealer use this car's buy rate lease money factor to calculate your monthly payment. LFS' current buy rate lease money factor for the 2007 GS 350 is .00195 for consumers who qualify for its "Tier 1+" credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings vw4x4. Let me begin by saying that $5,000 is way too much money to put down on a lease. I always advise consumers not to make large down payments on leased vehicles. Consumers who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered. You can and should lease any car that you are interested in without making any cap cost reduction.

    The money factor that you were quoted for this car is way too high. According to the latest information that I have seen, Lexus Financial Services' buy rate lease money factor for a 48 month lease of a 2007 Lexus GS 350 is only .00195 for consumers who qualify for its top credit tier. Make sure that the dealer you are working with uses this factor to calculate your monthly payment.

    Car_man
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  • stevenc56stevenc56 Posts: 3
    Hello. We are looking at a 2007 G350. We can buy it going thru the "Costco Buyers Program" for approx. 2K over invoice. We will sell our current car which is a 2003 BMW 530i as I know they won't offer me squat on a trade. We really like our BMW but the warranty is up on Labor day and we don't want to gamble with any out of warranty issues. We have looked at quite a few cars in the last 6 months and to be honest they all have their highs and lows. We have driven the Infinity G35, M35, Lexus GS350, and BMW 3 series. The new BMW 5 is just a bit more than we want to spend with the same options as the Japanese cars. The BMW does have a feel all it's own however and that's what is hard to leave. Anyway, enough of my boring story and to the main questions. We have never leased a vehicle. It's hard enough to buy and not get burnt. How do you know if the lease numbers are fair? It just feels like another way the dealer can extract more money out of you if you don't know the system well enough. Any words of wisdom? Also, does anybody know what the changes will be on the 2008 models?
  • myerslawmyerslaw Posts: 21
    Dear Stevenc, I ended up purchasing my GS at Lexus of Westminster (I've purchased there before and have had FAR better prices than the Costco program yielded). If you want to lease, though, numerous messages on this forum indicate that leasecompare.com is a great place to check out leasing. I was not able to negotiate a good lease on mine through Lexus, but got a sub-invoice price from the dealer, so went ahead and bought. But otherse using leasecompare found great terms, and I'll be trying them next time I want to lease a car.
  • gvr4wdgvr4wd Posts: 23
    Well, I hate to tell you this as I'm shopping for a GS350, but BMW lease numbers are a lot better than Lexus. You may be able to lease a new 5 series lower than the Lexus GS. I've found that the Lexus lease is not that attractive compared to BMW's. Like the previous poster says, compare BMW and Lexus on the leasecompare site.
  • cottermcotterm Posts: 14
    i have found that infiniti M is better than both as a lease. Money factor on the BMW 5 series is not attactive at all.
  • stevenc56stevenc56 Posts: 3
    I'm thinking we may just buy again. We got a really good deal on our 2003 BMW as it was one of the last 2003 models so we will make a pretty fair amount selling it even though we still owe on it. We may actually keep this next vehicle long enough to pay off the loan if it's as reliable as we have been told. My local Lexus dealer will give us a pretty good deal-Right at 2K over invoice. I know some of you will say I can do better but this is a no haggle "Costco" price and my wife and I don't want to play games. We would rather have a pleasant buying experience that goes smooth and quick. Also, we would rather do business with the dealer that is closest for service. Besides, they have to make a little money to stay in business.
  • rucnokrucnok Posts: 1
    hello, I am considering either leasing a GS350 awd lexus with navigation or the Acura RL similarly equipped. Both cars are similar in price. I just found out the residual of the lexus is .56 and the money factor is .00205
    why would the lexus have such a low residual? I wanted a 24 month lease with $4K due at inception and 20K miles per year and i was told $937 would be the monthly payments...sounds like a real high amount. My current Infiniti M35x payments are only $586 and it is a simlar lease.,, Any suggestions?
  • newcar28newcar28 Posts: 9
    Hi,
    I just wanted to thank you for your posting. As it turns out, I test drove the Es350 and fell in love with it. Tampa lexus gave me a measly $3k discount off the sticker 41322 and the lease price for a 36mo, 15 k lease was $704 per mo with $1500 out of pocket. I was also told to change two tires before turning it in. LExus of Sarasota offered to buy the car so I would not pay excess miles or replace tires, and offered the same deal for 636.00 per mo with $1321 due at signing (incl. tax, 1st payment, and dealer fee of $489). I think it is a fantastic deal!
  • BushwackBushwack Posts: 258
    Carman,

    Would you please provide the MF and residual (for June) for the 2007 Lexus GS 350 (RWD). I'm looking for the 3 yr/36,000 miles and 4 yr/48,000 miles figures. Also, do the June figures expire the end of this month or are they extended through July 4? I'm in Southern California.

    Thank you.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for, Bushwack. According to the latest information that I have seen, through July 9th Lexus Financial Services' buy rate lease money factor and residual value for a 36 month lease of a 2007 GS 350 2WD with 12,000 miles per year are .00195 and 51%, respectively for consumers who qualify for its "Tier 1+" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical 48 month lease are .00195 and 42%.

    Car_man
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  • BushwackBushwack Posts: 258
    Carman, As I understand, with a FICO of 800+, a security deposit is required with the MF and residuals you mentioned? Do you think it is negotiable to be waived?

    Thanks.
  • maximafanmaximafan Posts: 592
    Hi, newcar. Sorry I didn't respond right away.
    I don't get to peruse the GS forums too much.
    Lexus of Sarasota, is that Wilde Lexus or is that a different one? Anyway, I hope you're happy with your purchase. I've been thinking that if I decide to lease another Lexus in the future that I might try Fleetrates.com. They look like they can help us get a fair deal not only on the price but the lease. Even though I've tried reading how people negotiate leases on these forums, I've just never been good with numbers and all it does is make my head spin!(LOL)
    Although I'm comfortable with my monthly payments on my RX, I probably ended up putting too much money down for a lease. So I hope to do a little better in that department the next time around. Enjoy your Lexus!
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