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2013 and earlier Lexus GX 460 Lease Questions

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  • gxworldgxworld Posts: 4
    thanks shepali. i searched the net about the auto sales tax in tx. i found no tax exemptions for auto leases nor anything related to credit unions. there are some specific exemptions for churches, etc. i think the qouted monthly payment already accounted for taxes. i hope that's the case. thanks again for the insights.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi gxworld. Lexus is not currently providing any sort of lease support on the GX470. As a result, you would probably be better off leasing one through an independent bank, like your credit union, than doing so through Lexus Financial Services. I just played with some numbers and the lease payments that you were quoted by your credit union were lower than Lexus Financial's lease payments for both of the terms that you are interested in. $00 over invoice is a fairly aggressive price that I do not know if you will be able to get, but it looks like you should go through your credit union unless the dealer that you get your truck from knows about an independent bank that can give you an even lower lease payment.

    Car_man
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  • jas9jas9 Posts: 2
    Hello Car_man and all.
    I am going to be turning my RX300 in later this month. I am interested in a GX470. I called my dealer the other day and asked if there was going to be anything on in May. He said he didn't know then, but would know around the 3rd or so. I got a telephone call this morning from a salesman who said that he was asked to call me to let me know that there were some special rates available on the GX. Tomorrow they are going to fax me over a proposal. I am going to search previous posts pretty thoroughly to gleen what I can, but was hoping you might give me some pointers. The salesman told me that the ones they currently have in stock are "typcially equipped" with "53," which have the nav, spoiler, etc.
    Thanks in advance for your help. Oh, the dealership is Lexus of Reno.
    Cheers,
    John aka jas9.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi John. Despite what you were told, I do not believe that Lexus is currently providing any sort of lease support on the '06 GX 470. If this is indeed the case and you were to lease one through Lexus Financial Services, you would have to use its standard lease program. This trucks residual values vary depending upon how long you lease it for and how many miles per year you need to be able to drive it. I would be happy to give you an idea of what its current program is like if you let me know the term and mileage allowance that you want.

    Car_man
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  • jas9jas9 Posts: 2
    Hi Car man: I believe you are right. The deal they shot me was the following:
    Base $46,635.00 plus Total Accessories $6,421.00 plus Destination Charge $695.00 for total of $53,75l.00. Dealer discounted unit $4,212.00 for price of $49,539.00 then added Document etc. fee of $456.75 and Bank Acquisition Fee of $600.00 for Total Balance of $50,595.75. On a 24-month lease, 20,000 per year, the payment was $1,065.05 plus $78.55 in monthly sales tax for a total monthly of $1,143.60. Residual was $31,326.08.
    For 36 months, 20,000 miles per year, the numbers were $901.26 plus $66.47 sales tax for a total of $976.72. Residual at end of three years $27,101.72. From the info I'd seen on this forum I gathered they were using the .00265 number. I didn't feel comfortable with that so decided to pass. I bought the RX300 instead of turning it in, and figure I'll keep an eye on this forum and hopefully make another attempt when they really are subsidizing.
    I'd be interested in your opinion of the numbers above.
    Thanks,
    John.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey John. You are definitely receiving a substantial discount on this truck. The money factor looks reasonable as well. It's just an expensive vehicle to lease right now, especially with such a high mileage allowance.

    Car_man
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  • In shopping for a new GX 470 (NAV, Rear Entertainment System), I came across an interesting situation where one dealer put together a Lexus Financial lease with a Residual % of 55% for a 15,000 36 month lease, and another cited 56%.

    While I realize that's not much, one dealer said that should not be possible: Lexus Financial sets both the Residual % and the Money Factor -- they cannot be different. I checked with Lexus Financial and they confirmed this.

    Anyone come across differences in Lexus Financial Residuals on essentially the same car / deal?
  • I'VE DISCOVERED THE ANSWER:

    As expected, one dealer mis-quoted the residual percentage. Even though I asked her to confirm it three times. It does appear to be a case where the people she asked just pulled it off the top of their heads -- I told her I would be running the lease through software and spreadsheets, so it would've been pointless to pad the %.
  • We are considering leasing a new 2006 GX470 with navigation, the 3rd seat, etc.. This was our first visit to the Lexus dealer, so we really didn't negotiate too much - we just wanted to gather our information. The price quoted was $45,800. Leasing for 36 months, putting $1200 down and with a money factor of .0017, our monthly payments ended up at $617.

    Is there any room for negotiation in that deal? Or is that pretty much as good as it's going to get? I find it hard to believe that they would hand over their BEST offer, right upfront like that. Any advice?
  • Hi xhristina. I would be happy to give you my opinion of this deal, however it would be easier for me to do so if you would provide me with this truck's full MSRP first. You can either ask the dealer for this number, or look up the MSRP of this truck exactly as you want it equipped by visiting the following section of this site: Edmunds.com - New Vehicle Pricing. This number will show me how much of a discount you are being given and will enable me to use Lexus' actual lease program to estimate what its monthly payment should be.

    For now I can tell you that the money factor that you were quoted is fine. Through September 4th, Lexus Financial Services' buy rate lease money factor for a 36 month lease of a 2006 GX 470 is .00160 for consumers who qualify for its Tier 1+ credit tier. If you only qualify for LFS' "Tier 1" tier, this truck's money factor would be .00170.

    Car_man
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  • I'm from the Bay Area. Just got a quote from a local Lexus dealer for $650 (including tax - without tax it's $600) with $3000 down, leasing for 36 months.

    My question for xhristina then is was your price with or without taxes, and how many miles did you get per year? Also, did they give you the rear dvd system along with the navigation?

    We negotiated quite a long time with these folks. So if you were able to get $617 with only $1200 down I would think that's really a great deal.
  • Car_man,

    I'm looking to do either a 36 or 48 month lease with 15K mi per year - do you have MF and residuals for September? (top tier credit)
    Also, are you aware of any factory to dealer incentives for this month? If not should I gamble and wait until October?

    Looking at a 2006 with Nav & DVD in CT.

    MSRP: $56,603
    Invoice: $49,389
    Dealer offer: $50,889

    I'm inclined to wait for it to drop below invoice, but maybe the demand is more significant than I think.

    Thanks!
  • I am in South Florida. My 2003 ES300 lease is up in Feb'07. I'd like to lease a GX470. Since the dealerships are discounting the 2006's now, should I pursue a deal(including a dealer buyout of my existing lease=$19,500), or am I better off waiting until Feb when there is no buyout involved and just go for a 2007? Is December a better time to do this when it is truly the end of the year?
  • Here's the info that you're looking for, dotupside. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2006 Lexus GX 470 with Navigation and DVD with 15,000 miles per year are .00142 and 54%, respectively. The numbers for an otherwise identical 48 month lease are .00142 and 44%. I am not aware of any dealer cash incentives on this truck right now, but even if Lexus was providing dealer cash on it, its dealer cash is usually not compatible with its special lease money factors so it wouldn't matter.

    Car_man
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  • Hi susanw6. Breaking your current lease this early is probably going to cost you a decent chunk of change. If I was in your situation, I personally would wait until I was closer to the scheduled end of my current lease to get a new vehicle. Even if you only wait until December, you'll still save money plus you will be able to take advantage of the "December to Remember" special lease program that Lexus usually runs around that time of the year.

    Car_man
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  • Thanks for the advice, Car Man! I'll check back with you after I find out the offer in the December to remember lease special.
  • No problem, susanw6. Talk to you then.

    Car_man
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  • I'm interested in the current Money Factor and Residuals for an '07 GX470. 36 and/or 48 month lease, 12,000 miles per year, with minimum down, and excellent credit.

    MSRP $53,318
    Invoice $44,997

    Thanks,

    Bill
  • Hi Bill. Here's the info that you're looking for. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2007 GX 470 without the entertainment system with 12,000 miles per year are .00275 and 57%, respectively for consumers who qualify for its Tier 1+ credit tier. The money factor would be the same for an otherwise identical 48 month lease, but its residual value would be 47%.

    Car_man
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  • Thank you so much. If it helps, here is the deal I was offered by a Southern California internet manager. 2007 GX470 w/Nav/M Levinson audio pkg, Preferred Accessory pkg, third row seat w/ rear a/c, rear spoiler, tow prep. MSRP $53,560 and their offer is $47,253. Again, the lease info is a really big help.

    Bill
  • Hey carman, once you have the money factor and residual, how do you actually calculate the lease payment. I want to go to the dealer with my payment already calculated based on what I am willing to pay for the car. How do I use the info you are providing?
  • My current ES300 lease is up in Feb. '07. I want to lease a GX470 and I'd like to take advantage of the December lease deals. I read in the Lexus Owner Club Forum (Nov 2005) that it was possible to negotiate a deal in December and hold off delivery until Feb, as long as you were approved in early Jan. Is this true?
  • You're welcome, Bill. Since you mentioned its prices, I can work up a sample lease payment on this truck for you. According to my calculations, if you were to lease a 2007 Lexus GX 470 without the entertainment system with an MSRP of $53,560 and a selling price of $47,253 through Lexus Financial Services right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $679. If I was in the market for this truck, I personally would wait until later this month to get one. I suspect that Lexus will introduce its "December to Remember" sales event then. Given the lack of lease support that is available on the GX right now, its new lease program for it is likely to improve.

    Car_man
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  • Hey susanw6. The following informative article that is available here at Edmunds.com describes exactly how to calculate lease payments on vehicles: Calculate Your Own Lease Payment. Check it out and let me know if you have any questions.

    Car_man
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  • jydjyd Posts: 3
    Car_man:

    I just received an e-mail from a Lexus dealership in Southern CA that says that the December To Remember event has begun. The e-mail does not mention any specifics other than the deal runs through Dec. 31, 2006. Can you confirm if the December To Remember event has in fact begun? If the December To Remember event has begun can you tell me what the money factor and residual are for a 2007 GX470 with RSE & NAV for 36 mos. with both 12K and 15K? Also, can you tell me if the residual is the same for a 2007 GX470 with the RSE & NAV and a 2007 GX470 loaded with the Sport Package?

    Thanks,

    JD
  • This is what my dealer was offering:
    Bay Area Calif.

    GX470
    Nav, Mark L audio, towpkg, 3rd seat, mats, spoiler, pref accessory pkg.

    36 months, 12000 miles
    Excellent credit: 800+

    Msrp: 54048 + 400 for XM radio.
    Offer (Cap price): 45852
    Invoice: 47042 + 400 (for XM)
    Money factor: .00275

    I forgot the residual %.

    20 cents per mile over the limit.

    Money down: 1070

    Pmt incl. tax: 700.45

    Is this a good deal? What are the .0017 rates above, are they better?

    My dealer said that his quotes was a December to Remember deal.
  • Does anyone know the lease deal (residual and money factor) Lexus is currently offering on the GX470 for its lowest mileage lease option? Thanks.
  • Carman,
    Can you tell me the money factor and residual Lexus is offering on the GX470 for a 36 month, 10k/yr lease during the December to Remember sales event?

    Thanks
  • Hi, FWIW, I purchased my GX Jan 31, 06, but got it at my original Dec to Remember numbers. My dealer, Crown Lexus, (specific saleswoman, of course) honored my quote from Dec, which had been all via email. (I was ready to lease in December, changed my mind, then decided to move forward in January.) Having the original emails handy was all my salesperson needed to honor the deal. I picked my car up, and it was still wrapped in plastic from head to toe, pristine. They found me exactly the model/color I needed. It was an absolutely stellar buying experience. I live in San Diego, but it was worth the drive.

    My personal experience was that the December to Remember deals are the best around, and never got more favorable again. I leased (but could have also purchased) at invoice, and my money factor was.0012 with tier 1 credit, Zero down, 15k miles per year for 36 months. Took a friend with me, and they made her a deal at invoice if she bought that day.

    Good luck with your purchase, don't hesitate to look for a bargain, they are out there if you are willing to look.
  • Oops, I almost forgot, my payments on the above lease are $635 per month, no money down, 36 mo. Mine is almost fully loaded, nav,rse,tow,spoiler,levinson, etc. Keep in mind that the "largest" San Diego dealer laughed me off the lot when I asked him to give me the same deal as Crown. He later called me back to offer me $500 over invoice, but I had already went ahead with my offer from Crown. Crown is a fairly large volume dealer and can find almost any model.

    Happy Hunting.
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