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2013 and earlier Lexus GX 460 Lease Questions

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  • cdfwifecdfwife Posts: 37
    Any experiences ending your lease early? I am not sure whether I am going to sell or trade my 06, but, is there anything I should look out for? My payoff is good, but are there any hidden costs I need to be aware of? LFS mentioned I might have to pay taxes in addition to my payoff, but could not elaborate. This is my first lease experience.

    Thanks in advance!
  • lexusctlexusct Posts: 6
    Car_Man,

    My 2005 ES330 lease (which you helped me negotiate oh so long ago!) will be up in January 08. I am looking to lease a GX470 due to an expanding family. Got some quotes but they are too high but what intrigued me was that the salesperson mentioned some program that Lexus will take my ES330 back under an early lease termination if it's within 6 months of it's ending. He did not elaborate but I was wondering if you knew anything about it? Are there any additional costs involved? I am about 1,000 miles over the mileage now so will I still have to pay for mileage?

    Thanks again!

    Lexusct
  • mdcruzzmdcruzz Posts: 1
    Hello Car_Man!
    This is the last and best offer I was given from a dealership on the LA area.

    2007 GX470 - Package 2 w/ Sport(Fully Loaded - Levinson Sound, Sport Package, Black Decals, Third Row Air)
    No Rear DVD entertainment or spoiler
    MSRP: $54,710
    Adj. Cap cost: $47,212.00(after $595 Aquisition Fee and $182.58 Cap cost reduction)
    I will fall into tier 1 (fico 680-729)
    36 month/20K
    US Bank quote
    MF: .00218
    Res: $26,185.00
    $0 Drive off fees/down
    $807.96 Monthly
    $874.62 Monthly including tax

    I was told there was not a penny left to squeeze out of them. Likely story, but I thought I would get your expert take on it anyways! Lastly, what are the pros and cons when it comes to not using LFS?

    Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi hunts1. This truck's money factor is still the same as it was when I last mentioned it. Its 15,000 mile per year residual values are 2% lower than its 12,000 mile per year residuals. 15,000 miles per year is the highest mileage allowance that Lexus Financial Services publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the scheduled end of your lease and have to pay an excess mileage penalty.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome back lexusct. Congratulations on the expansion of your family :) . A number of manufacturers offer early lease termination programs on select models. I have not personally seen one from Lexus, but I would not be surprised if it had one. If you decide to get out of your current lease early, just make sure that you are not being charged anything extra for doing so.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi mdcruzz. Let's take a look at this deal. It appears as though you are being charged a selling price of $46,800 on a 2007 Lexus GX 470 that has an MSRP of $54,710. Is this correct? This looks like a very attractive selling price to me. The money factor that is available on this truck through U.S. Bank is better than Lexus Financial Services' buy rate for this model. I don't think that there's anything wrong with leasing this truck through an independent bank instead of LFS if it has a better lease program. Overall I would say that this is a very good deal.

    Car_man
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  • rfallsrfalls Posts: 9
    Car_man:

    Looking at the GX470 as well. Do you have MF and residual for a GX470 with Nav and Third Row Seat; MSRP of $53461 and sale price of $47250 plus tax/tags.
  • rfallsrfalls Posts: 9
    MF and Residual for 24 months and 36 months; 12,000 miles.

    Thanks Car_man.
    ________________________
    Looking at the GX470 as well. Do you have MF and residual for a GX470 with Nav and Third Row Seat; MSRP of $53461 and sale price of $47250 plus tax/tags.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi rfalls. Lexus just enhanced its money factors on most vehicles on July 23rd. Its lease program for this truck varies by term and mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. 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 15,000 miles per year are .00245 and 52% for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • Hi Car_man,

    I am new to Lexus leasing world. I am thinking about to get jeep. In my mind, GX 470 or X5. I am currently leasing a MB E350 but i have some question about the residual value.
    In MB or BMW, their residual value is 60% for 36 months in 12k per yr. But i just learned that from Lexus their residual value is much lower like 50% in same term, which mean that lease payment will be much higher than leasing a MB or BMW with the same selling price and MF. Please correct me if i am wrong. I always thought Lexus is not depreciate as much as MB or BMW but it does not seems like in leasing game.

    Thanks
  • toddc2toddc2 Posts: 2
    Hi Car_man,

    Same question for 60 month, 12k miles and tier 1+ credit. I've seen bank quotes as low as MF .00226 and residual 39% for this lease, just looking for the best deal.
  • Hi Car_man,

    I have a 2005 GX and my lease will run out Aug 2008. I'm pretty excited about the new 08 GX model coming out at the end of the month, since I will definitely lease another GX again. I do have a question regarding turning in my 05 GX next year with the after-market DVD entertainment system. Can I take them out before turning the car in at the end of my lease, so I can install it in the new car? Basically the 2 LCD screens on the headrests will come out and the original headrests that came with the car will go back in. The DVD unit is inside the center console and can come out without damages to the car. The after- market entertainment system price was included in the original lease price. I was told by someone that since it's not factory-installed, I can take it out before turning the car in. Is that correct? Thanks for your help!
  • I leased a GX-470. Their was trade in involve too.
    MSRP=$55650.(NAV/3rd seat/RES.....)
    negotiated price=$49000 (delaer told me the invoice is $48650)
    36m/12k. $0 down.
    per month $880 (out of door every thing included)) but also get back $11.5K for my trade in after they will payoff my car. I got the kkb value for trade In. So if I do the math right it will be $560/month since I got back 11.5k. (11500/36 = 320) 880-320=560.

    Is that a reasonable deal. The deal was done in 30 min not much hassle since I asked him that I will pay invoice price only and I am sure if I would have persist more they would have come to invoice but since a trade in was involve I did not push for more. They offer me the best price I got so far on trade in.
  • I'm about to lease a '08 GX470 White/Tan.

    MSRP $52,225 + tax.

    36 mo / 30k miles

    They want $1,400 drive off and $880/mo (incl tax)

    Good deal?
  • Greetings us_matrix. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Let's take a look at the lease programs for the trucks that you mentioned. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2007 GX 470 with 12,000 miles per year are .00285 and 52%, respectively. If I recall correctly, BMW Financial Services' current money factor and residual value for an otherwise identical lease of an '07 X5 3.0 are .00230 and 58%. As you can see, BMW's lease program for the X5 is much more attractive than Lexus' current program for the GX 470.

    Car_man
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  • Hi toddc2. I always advise consumers against leasing for 60 months. It is usually very expensive to get out of leases prior to their scheduled end dates. A lot can happen over the course of five years to make you want to get a different vehicle. Your commute to work could change causing you to go way over your mileage allowance, you could get sick of your truck and want something different, etc... It is best to stick to a 36 to 39 month lease, 48 months at the longest.

    Lexus is not currently providing any lease support on the GX 470. If you were to lease one through Lexus Financial Services right now, you would have to use its standard money factor. Its standard factor may vary slightly by region, but it should currently be around .00285 for consumers who qualify for its Tier 1+ credit tier. LFS' current 60 month, 12,000 mile per year residual value is only 36%.

    Car_man
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  • Hi hotchilipepper. If the dealer did not residualize the aftermarket entertainment system that you put in your leased GX 470, and I suspect that they did not, then you would be able to take it with you at the end of your lease so that you can install it in your next vehicle.

    Car_man
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  • Congratulations on your new truck, freshwater. Thanks for taking the time to share the details of your deal with everyone. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Enjoy your new ride :shades: .

    Car_man
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  • Hello berisky. You never mentioned the selling price of the GX 470 that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

    Car_man
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  • White/Tan

    $52,225 MSRP
    $46,701 Negotiated
    $1150 Chrome Whls
    $160 Window Tint
    $895 XM Radio
    $2000 Rear Seat DVD in each headrest
    $600 Acquisition Fee
    $51,506 Total

    $1500 drive off includes first payment & reg
    $860/mo 35 months & 10k mi/year

    Good?
This discussion has been closed.