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2013 and earlier Lexus RX 350 / RX 450h Lease Questions

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  • Thanks to all the posters for the valuable information. Armed with this, I'm about to go get a deal on an RX 350. Is it better to negotiate price first and then get into the lease details? I'm aware that the Cap Cost will be determined by the price agreed on. Thanks
  • dsesqdsesq Posts: 6
    Can anyone help me out with this dealer? I saw some positive posts for them in NJ. I am looking for an 07 RX350AWD, Premium Pack, Heated Seats, NAV maybe if deal is right?..Can anyone who leased from them please share your deal? I live in DE but will go there as they seem willing to be aggressive. Many thanks!
  • jennbbjennbb Posts: 10
    I just came on to post my deal from them. It's Ray Catena in Monmouth NJ. There are a few Ray Catenas in NJ & NY. This one is near Perth Amboy (furthest from me unfortunately, took almost 3 hours) They asked me to send all my CT friends, I'm sure they won't mind some from DE :-) The guy kept telling me what a good deal I got. I was like, yeah whatever, I knew there were better ones in South CA. He said they will practically lose money on a deal to make their volume bigger end of month - their bonus is based on #of cars out the door. So now is the BEST time for you to go. I bet you can do better than my deal.

    I picked up my car yesterday. (OMG - I am in LOVE!!!!) but now to the details...

    I did everything over the phone.
    2007 RX350 AWD preminum + Nav - this thing is loaded, I found features I didn't even know about.
    $45,706 MSRP
    $40,600 negotiated price
    $0 cap cost reduction
    36 month term, 12K miles/year
    59% residual (I was sure 59% was for 10K miles and 57% for 12K, other dealers had told me this so I thought they made a mistake in my favor and would catch it on the paperwork, none of which I saw since I did a phone deal. Was sure they were going to bait-and-switch when I got there. They didn't. It really is 59% at 12K.)
    money factor = .00133 (until Jan2 with tier1+ credit, score over 730)
    monthly payment = $498.00 including 6% CT sales tax.

    I'm telling you. Call them. They'll deal. I'm certain you can even do better. They told me to get the word out - so you can tell them Jenn in CT told you.

    Sorry for the long post - I am just beaming. I couldn't be happier with this car or with the dealer. The place was fabulous but zooey - they had a garage the size of a mall full of cars that were all being picked up yesterday. Beautiful dealership too.

    Can't believe I'm driving this for < $500/month.
    If I had known how much I'd love it, I would have done a 48 month lease for even less. I think I'll just buy it at end of term.

    GO - GO NOW. And post your deal. I want to see how low they'll go.
  • dsesqdsesq Posts: 6
    Thanks Jenn - I will follow up with them this week! I'm not in that big of a hurry, but perhaps I should be....really appreciate the details....
  • jennbbjennbb Posts: 10
    From what I've read, the December to Remember promotion is a good one and only until 1/2/2007. The money factor is pretty low - equates to just over 3%, not bad for a lease. So it may pay to hurry. End of month is even better.

    Good luck if you're really looking (my husband thinks you ARE the dealer looking for people to promote them online)

    Hey - if you're not, that's a great idea. They have to know about this site - how can they not?
  • dsesqdsesq Posts: 6
    sorry, not that devious....just looking for a good deal...appreciate the info.....
  • Ethan
    Looking at your deal It seems great, I just signed the dotted line for the same car for 46,000 but my payments are 665.00 per month, want to buy from your dealer or request the same deal! What state are you in? I live in NY but went to NJ to purchase
    Thanks in advance
  • The deal got a bit better. The tier 1+ credit rate with a single payment discount was .00053.
    Thus, here are the final terms for the deal:
    Lexus RX 350 AWD--premium plus package with heated seats, 18 " wheel, tow prep, mats, wheel locks. MSRP $43,056
    Purchase Price $38,800, residual 57%
    36 mo/36,000 mile lease
    money factor for single payment 0.00053
    average monthy payment $431
    tax (6%) $26
    Acquisition fee, dealer fee, registration/plates --$1,020
    Total cost $17,200
    Dealer Lexus of Greenwich

    The selling process at Lexus of Greenwich was Great--no pressure and quick. I did the bulk of the negotiation over the internet and basically went into the dealership to sign the papers. This was a big improvement over the bait and switch/salesman tactics of the Lexus dealership in Westport. I probably could have gotten a better price (about $15/month at Lexus of Larchmont) but the Greenwich dealer offers free pick-up in Fairfield county for all servicing and is significantly closer to home and work.

    For those interested in the RX 350 the December promotion expires January 2, but you can delay delivery for 30 days as long as you have a signed contract by Jan 2.
  • dsesqdsesq Posts: 6
    Can anyone confirm the 30 day delivery? This would be very helpful....
  • Wanted to thank all the participants and hosts for the last two months of posts. I had shopped all the local dealers here in AZ and had really not found a satisfactory deal. Based on what I was reading here, I blanketed So Cal with emails stating exactly what I wanted (RX 350 AWD nav prem plus 12K/yr 36 mo for under $500/mo). I got mostly 'no way' emails but did find a few in CAl with a good deal. Right now I'm sitting on $514/mo with $572 drive off (first payment plus temp tags) and included delivery to me in Phx. I will have to pay local reg. This deal saved me about $4K over the lease term compared to the local deals. I'm very happy with this deal since I could only qualify for tier 1 (not tier 1 plus) financing.

    For newcomers, a few suggestions to help. First, the 350 really only comes with a few package sets so look at the MSRP as they are essentially the same across the country so you can easily compare deals this way. For example AWD/nav/prem+ is always $45,706. Second, compare both the monthly cost as well as the drive off cost. Some deals look great until you find out they paid $3K for drive off. Third, while it might seem presumptuous, don't be afraid to email a ton of dealers - someone has too much inventory somewhere and wants to deal. I only decided to do that at the last minute and am so happy I did - saved $4K. The delivery charge from Cal to AZ was minimal and added only cents to the monthly payment. Finally, listen to the hosts, they have been following all the deals for years or at lest months and can give you great insight. Good luck.
  • Ray Catena of Monmouth. Just submit a quote request on edmunds.com and then ask them to match a competitor's deal at 45k and see if they'll lower it by $500.

    Ethan
  • Ethan, I talked to the dealer and he could not match that #, being I live in NY, Do you live in NY or NJ Taxes may be differant!Thanks in advance!
  • I live in NY and I had to shop around. Originally, I had a higher monthly payment. Try calling Prestige Lexus, they gave me the 2nd best price.

    Ethan
  • Hi jennbb,

    I called Joel Cohen at Ray Catena. He is really great, easy to deal with. He is getting lots of calls from your post.

    He gave me two quotes for the same car you leased. 2007 RX350 AWD Premium Plus with NAV:
    $45,706 MSRP
    $40,600 negotiated price
    $0 cap cost reduction
    36 month term, 12K miles/year
    This time he quoted a 57 percent residual which is actual a better deal than 59 percent if you want to buy the car at the end of th lease.

    There were two ways to go with the monthly payment:
    $576 per month OR $498 per month... but the $498 requires a $4500 security deposit which is supposedly FULLY REFUNDABLE and is NOT used as a cap reduction fee, it is only used to secure the payments, NOT to cover any potential damage to the car.

    Did you have to pay the security deposit to get your monthly payment? We did not even talk credit scores. I have excellent credit.
    Thanks!
  • dsesqdsesq Posts: 6
    I am dealing with Mark Mura as we speak and am waiting for him to call me back re: the deal...I want sub 500 payments, but I will NOT give them 4500.00...that sounds crazy...
  • Jenn, I contacted Ray Catena Monmouth and they seem very easy to work with. They also offered to deliver the RX to CT, and although it would be easier, would not have the opportunity to look it over first that way. Am going back and forth- McDermott is closest to me in CT, but they will not pickup for servicing unless you buy from them and it is prearranged. Which leaves Westport as the next closest, and they seem to be bit high pressure these days Would be great to talk to you- send me an email if you can.
  • Okay, I have read all your posts, and thank you, but get this...

    Emailed FIVE dealers in CA and ALL said I must call to get price. Ugh!

    Right now, the two dealers I'm familiar with gave me this as best price:

    $555/mo (includes tax and lic)
    $1000 drive off ($0 cap red)
    2007 FWD (not AWD) Premium Plus Pack w/Nav
    (basically, max car less AWD, Chromes, Rear Seat DVD)
    36 month / 36,000 mi.

    CA people, am I getting close to the best deal?u> Want to lease this week.
  • $555 per month is high for non AWD. I was quoted $558 with tax for an AWD non-NAV last night with only $1307 up front, which includes first mo payment, bank fees which include gap insurance and license fees.

    Ray Catena in NJ is doing the same car with NAV for $576 a month with $1476 up front which includes:
    1st payment 498 includes the tax
    registration 324
    bank fee covers gap insurance 654 (incl tax)

    MSRP is $45706 AWD Premium Plus with NAV
    or buy outright for $40,600
    57 percent residual = sticker 45706 x .57 = 26052.42 plus tax to buy at end of lease
  • Thanks for the quick response, but what you quoted doesn't seem better...sorry for my confusion...

    AWD w/o Nav ($43K in CA) is CHEAPER than FWD with Nav ($44K), so the car I quoted seems like a better deal.

    I also think CA might be more expensive than other parts of the country. Can anyone confirm?

    Thanks for your patience.
  • Best deal I could get was 622.00 month with monmounth, 630.00 with prestige,went with Prestige 20 miles from my house they dropped from 665.00 so Im HAPPY! Thanks for your help!
  • cpa3cpa3 Posts: 88
    BERISKY...go back and find my deal from last week...CA is best place in country to get deals...I think your looking at the same car I leased...Mine was $480 (approx) include sales tax plus drive off was around $850...(first month and dmv only)...You need to do more homework...get details from dealer...whats cap costs? you should be able to easily get $37500....keep looking or call again...I talked to three dealers ...two of them were at $37800 and one hit at $37000...MRRP was about $44460 or close to that...find my post.....
  • CPA3...Thanks...I'll look for your post.
  • Through a business associate who previously worked at this dealership, I was referred to a salesman who offered the deal below on a 2007 RX350 with premium pkg.

    Is this a good deal? Thanks in advance.

    MSRP $ 40,841
    Sale price $ 37,512
    36 month lease with 15,000 miles per year.
    This is done with excellent credit so 730 + Beacon score.
    Adjusted cap cost 34,218
    $ factor .00243
    Residual 54%
    Acq fee $ 600
    No security deposit required with T1 credit.
    No sales tax with our current program. You will pay $ 450 L&M fee
    Title and license fees are about $ 140
    Monthly payment $ 474 with $ 5000 down.
    Any other questions please let me know.
  • jennbbjennbb Posts: 10
    WHAT? No $4,500 deposit not even a $45 deposit. They did away with security deposits on leases.

    If they are really saying this, beware - sounds like they're doing it to make the books higher end of year, then refund it. I've never heard of anything like this, but dealers are sleezy. Never know.

    You're right about the 57% residual (and I am sooo in love with this car I will never part with it so I'm stuck with the buy-out), but then your monthly payments will be a bit higher since you are leasing 43% of the value over 36 months comapred to 41%. BUT what I don't get, and I'm annoyed at myself for not questioning, is that the 59% is based on MSRP, not the negotiated price. What's the point of negogiating a great price like $40,600 if I'll still owe 59% of $45,706??? Well, I guess I'll have to do this again in 2010. See you all then :-)
  • jennbbjennbb Posts: 10
    What's your email address? Be glad to talk.

    Also, sounds like you are further south than I am (I'm up by Hartford) so the drive shouldn't be that bad for you. I went on a saturday and it was under 3 hours. Totally worth it!

    Lexus only includes the first oil change so dealer servicing wasn't an issue for me. My boss got his RX400 through McDermott ealier this year. He liked them. I had called them too, but RC beat everyone and treated me great.
  • I seem to be getting messsages about better deals, but when I reference them, they are not actually better.

    So far, I can see anyone who has shown me a better CA deal than:

    $555 (includes tax and lic)
    $1000 total drive off ($0 cap red)
    36 mo / 36K mi

    for a 2007 RX350 FWD w/Nav

    If you have a better price on THIS deal in CA, please let me know your post# so I can reference it.

    Thanks everybody for your help!
  • Hi Jenn, Yes, I'm more near New Haven. My email address is on my profile- didnt't want to put it here because sometimes spam harvesters go through forum messages.

    Ray Catena called back and offered to deliver again.
    I was all set to wrap this up tomorrow when I found two things- (1) Went to Acura MDX site tonight, and found out it has an apparently "special" air filter/humidity control system. Does anyone know about it, and how RX compares? On the Lexus site, it just says "air filtration," but nothing more specific; (2) The rumor mill on the club lexus forums say the 2008 RXs (due out in 2 mos) will have 2 new colors- desert sage and brandy wine...I have been dying for a red color but can't find a spy photo anywhere :(
  • cpa3cpa3 Posts: 88
    BERISKY,
    Didn't you look at my deal. Look at post #380....Its a lot better than your offer. Mine was 15K miles per year rather than 12K. I did do mine for 48 months rather than 36 months but this only reduces the payment by about $6 per month. I wanted the car for 48 rather than 36. Also go back some before mine and you will see two other So Calif deals similar but not quite as good. Your drive off is about $160 more than mine and your monthly payments are $75 more per month; plus I am getting 15k miles rather than 12K...
  • So here's what I got in person from dealers today for all you shopping for a CA RX350. Understand these quotes were given after I told them I heard about prices "with a 4 in front of them" and I was ready to take the car TODAY!

    2007 FWD RX350 Prem Plus Pack w/Nav
    36 mo / 36k mi
    $1000 total drive off ($0 cap red)
    Credit score above 700

    $572/mo
    $555/mo
    $592/mo
    $560/mo

    Can ANYONE in Southern Cal tell me this got THIS car, THIS scenario for around $500??

    Thanks.
  • CPA3...you are being a big help, and I would appreciate a little more patience with me as I will be getting a car Thurs or Fri. I looked at your post (#380) and I think it looks great. I will have to pour over the others to see the other SoCal deals (unless you have their #s)

    With ALL due respect though, I find it impossible to believe the diff between 48 and 36 months is ONLY $6/mo. If so, WHY would ANYONE do a 48? Wouldn't you want the choice after three years?

    Thanks again. (And can you direct me to your dealer?)
    lfe1923ataoldotcom
This discussion has been closed.