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

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  • Hey Guys, long time reader here,
    Im interested in leasing a
    2007 Lexus RX 350 AWD, Premium Plus with Navigation
    ... would like to keep payments at or below $490.00 (sub 500 ballpark).

    My current lease isnt up until september so I have some time yet (nothing fancy.. 2k4 jeep cherokee laredo ltd.. 36k miles, allowed total of 60k) Id bail early if the right deal came along but I dont think the current value on the jeep would cover the 16k payoff left on the vehicle.

    Im in ohio and dont mind buying out of state. (aside from wanting to find a nice deal, the dealers local here dont have the prem plus packages and all their stock seems to be FWD models only).. Any suggestions you guys could offer would be much appreciated. Anyone else tried to do this? Did you buy out of state and have delivered or road trip it there and back? What are typical delivery costs? How does the RX handle on road trips? What challenges (if any) did you face at turn in time? (do you turn into a local dealer or to the same out of state dealership you leased from?) Any experience with Swapalease? (seems there are many dealers offering brand new leases there)...

    Also, a couple of california dealers I chatted with said "Lexus doesnt allow us to lease out of state" which seems to contradict what Ive read here...Im kind of confused?

    Anyway.. appreciate your time and thanks in advance!
    -terry
  • Good Afternoon James, In response to your letter, I must again say as far as the car not getting here in time. I have no control over what happens at the Los Angeles port. Some cars do get delayed in delivery do to after the holiday. As far as pricing, I did stress that the reason to purchase this car before 2007 is greatly due to the special incentives for a dealer to sell that car that far under invoice. However, you insisted on buying a car not instock and was going to be due in after January 1, 2007. Believe me I do feel the frustration and do appoligize for it and wish that there was something that I could do for your inconvenience. On the otherhand, I will not be accused of stealing a deposit. Your deposit will be credited back to your card but there is a process. You may have already received it already. Good Luck and have a great day. Trey Williams
  • I am sure that I can calculate you a payment based on Term and Miles Per Year. Do you live in the LA Area?
  • Im in columbus ohio actually.. here are some numbers I came up with on my own calculations:

    2007 AWD RX 350 with Nav Pack 12k miles per year:
    MSRP: 45,706
    Lease Price: 42000
    Current Loan on my Jeep: 16,000
    TradeIn value: 13,000 (appraisal from yesterday)
    DP for Cap Cost Red.: $1000
    Last Residual Factor I was given: 56%
    MF quoted @ .00134

    Has me @ $508.87 on 48 month term includes 6.75 ohio sales tax.

    Im getting mixed signals from several dealers in the area, First, if i throw in an additional 1000 for cap cost red. my payments should drop me to around $489. Instead, I find one dealer wants a whopping 6k to cover I the negative equity in my jeep and quoted me payments in the 600's (lower residual and this may have been @ a 36. i will review the paperwork later)... Another wanted 9400 due at signing using something called multiple security deposits to get me at payments around 530.
    ...and yet another doesnt want to give me 13k for the jeep.

    Understand that I have no problem simply waiting until i turn my jeep in in september unless a killer deal comes along...

    Anyway comment on my numbers above, let me know if im off or if theres anything i missed.. thanks in advance!
    -=terry
  • vrosavrosa Posts: 1
    Hello everyone,

    This is my first lease experience. I confess that I'm still very green on this lease thing, even though my lease is due to expire in September. That being said, this is why I'm trying to find out what's the best course of action to take, well before then.

    I have a 2004 RX330 with some of the extras, but no navigation system. We've enjoyed it immensely, but would prefer to leave CA with only 1 car payment (my husband's), since we're due to transfer out of state soon. It has about 27,500 miles on it, with a current payoff/purchase amount of somewhere around $28,000. It's currently registered in TX, which is where we initially got the vehicle at.

    Would we be better off purchasing the vehicle right now and re-selling it? If so, how would registration work, since we would have to register here in CA? We've also considered trading it in for something that will keep us on budget with smaller monthly payments.

    Thanks for any input! ~V
  • Hey V,

    Im facing a similar situation (my lease also up in september) trying to get into an Rx350, except my 2004 Jeep cherokee with 36k miles doesnt retain its value nearly as well!
    Have you looked at the edmunds used cars pricing? Or (in my opinion) an even more accurate real world gauge of what your car might sell for privately, check ebay motors and do a search for "Completed Listings"
    (that will come up as an option after you input your search parameters)

    I did a quick search for you. One that stood out was a 2k4 RX 330 with 37k miles that sold for $25,999.00 (that isnt taking into account whatever options they had on the car).

    Login to ebay and you can view the search I did from the link below:

    ebay motors search for 2004 rx 330

    The listings in green are the cars that actually sold. The ones in red did not.

    Good luck!
    -terry
  • Interesting that the salesman would reply here. You took the $1000 deposit on the car at the agreed upon price on 12-29-06. I called on 12-31-06 and you said the car was on the lot but could not be delivered until January 2, 2007, because it could not be cleaned up. When I arrived at your dealership at the agreed time 4:00pm the car still wasn't there and you refused to honor the deal. Today is January 6, 2007 and I have instant access to my credit card account and there STILL is no credit, thats 5 days and no action. I have proof of everything that I have written here and will supply anyone who request it, can you supply any proof of your claims. At best you might be able post a credit on 1-7-07, we will see.

    P.S. I did not insist on a car that was not in stock I wanted a Silver car. I really have to figure out a way to post our entire e-mail correspondence on line, that to is available to anyone who makes a request. Trey, are you willing to match that offer? This could get very interesting! Stay tuned folks.
  • Trey,

    Let me refresh your memory,
    E-mail from Trey 12-29-06 - "I have reviewed your price quotes and am now issuing my offer of $35,460.00 good for 24 hour due to the limited inventory available thu the weekend."

    My reply 12-29-06 - "Thank you for that offer but the purchase still must be 2007, it can be done on 1-1-07 if your open & the car is available."

    Reply from Trey 12-29-06 - "Sure Let me know."

    12-29-06 - 5:01 pm you had your deposit.
  • Zerogravguy,

    I urge you to please read my post before dealing with this salesman or Lexus of Cerritos. Better yet, look up Lexus of Cerritos at the Better Business Bureau website and see their (F) rating for yourself. BE WARNED.
  • Thanks Lexusman. I have been shopping around (sent emails to about 40 dealers so far). Believe me i am in no rush... Worst case I wait until september to turn in my jeep.

    The jeep is worth 13-14k now and obviously by then it wont be. One of the challenges Im finding is tha many dealers want me to put up the balance of the negative equity... Which is rediculous... I can save 3k simply by waiting and being able to wash my hands of the matter in september.

    Anyone else with information on any of the items in my original post? What kind of residuals are we seeing after the december to remember event? I have had one dealer quote me 56 and another quotes 48... If a dealer can give me the rates Ive specified including my jeep tradein, im signing next day... otherwise..call me sitting bull!

    -ztj

    Rates im looking for:
    With an MSRP: 45,709
    Lease Price: 42000
    Current Loan on my Jeep: 16,000 (2004 Jeep Grand Cherokee Laredo, 36k miles, Lava Red)
    TradeIn value: 13,000 (most recent offer from Germain Lexus)
    DP for Cap Cost Red.: $1000
    Net Cap Cost subtotal: $44,000
    Last Residual Factor I was given: 56%
    MF quoted @ .00134

    Has me at $508.87 a month on a 48 month term (includes 6.75 ohio sales tax).
    If I throw in an extra $1000 payments should be around: 486.00 a month.

    How do these #'s sound to everyone else?
  • moolman,
    I just got back from vacation and saw your reply, thanks.
    Could you list your post with the deal you got or other recent deals? I'm just starting to read the posts to get back in negotiating mode. I will look to other dealers since my associate's contact was a thief!
    Thanks
  • Trey,
    This question was asked of me on another board perhaps you could help with the answer.

    #289 of 290 Re: Truly a December to forget!!!!! by jacks2 Jan 07, 2007 (10:09 am)

    JD

    Reading the Auto Repair & Smog Check News Volume 1, Number 2 October–December 2006 I spotted the following information. Is this the same dealership you’re having issues with?
    "May 2006
    Lexus of Cerritos, Long Beach
    Jerry Lee Haurer, President
    Order: ARD Registration is permanently
    invalidated, stayed and placed on probation
    for three (3) years. Smog Check Station
    License is revoked, stayed and placed on
    probation for three (3) years and suspended
    for thirty (30) days. Report to BAR. Pay BAR
    $4,000.00."
  • Trey,

    FYI here was my truthful response.

    jacks2

    I am not sure that this is the same F Rated (BBB) Lexus of Cerritos that I dealt with but it sure wouldn't surprise me if it was. This is the BBB information of the F Rated Lexus of Cerritos that I dealt with:

    DBA: Lexus of Cerritos
    Address: 18800 Studebaker Road
    Cerritos, CA 90703
    Primary Contact: David House,General Manager

    Lexus of Cerritos Company Rating - F
    Rating Explanation:
    The rating the Better Business Bureau assigns a business is determined by our composite score of such factors as its type of business, length of time in business, compliance ...

    No. of Cmpl Type of Response
    1 Making a full refund, as the consumer requested
    0 Making a partial refund
    5 Agreeing to perform according to their contract
    0 Refusing to make an adjustment
    1 Refuse to adjust, relying on terms of agreement
    3 Unanswered
    0 Unassigned
    10Total
  • amcdadamcdad Posts: 61
    Hi- does anyone have the residual/money factor factor for the 400h- 36 month/15K? Thanks.
  • Hey sls1. The following informative article that is available right here at Edmunds.com explains how to calculate monthly lease payments: Calculate Your Own Lease Payment. Let me know if you have any other questions.

    Car_man
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  • Hi dslucki. The truck that you described has a spread of around $4,900 between its full MSRP and dealer invoice price. You are being given a much larger discount on the models that you are considering than that. These look like great selling prices to me. The money factor that you were quoted is right in line with what Lexus' "December to Remember" money factor was for this truck. These look like outstanding deals to me. I hope that you pulled the trigger on one of them because Lexus' January lease program for this truck does not appear to be as attractive as its December program was.

    Car_man
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  • Congratulations on your new truck, jimbonyc. Thanks for taking the time to share the details of your deal with everyone. Enjoy your new ride!

    Car_man
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  • No problem, atlantarose. Let me know if you have any other questions.

    Car_man
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  • Hello darballman1. A 2007 Lexus RX 350 AWD with the Premium Plus Package, but no other options has a spread of just under $4,700 between its full MSRP and its dealer invoice price. You are being given a whopping $6,000 discount on the truck that you are interested in. This looks like a very good price to me. Furthermore, the money factor that you were quoted for it is right in line with Lexus' special "December to Remember" factor for this model. If you like the truck, this is a very good deal. Lexus January lease program does not look as attractive as the "December to Remember" one did, so I hope that you pulled the trigger on this deal last month.

    Car_man
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  • You're very welcome, cpa3. It looks like you got an outstanding deal. Congratulations on your new truck!

    Car_man
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  • Hi berisky. MSD stands for Multiple Security Deposit. Many banks, including Lexus Financial Services, allow consumers to buy down the money factor that is being used to calculate their vehicle's monthly payment by making extra security deposits. LFS will provide consumers with a reduction of .00010 in the money factor that is used to calculate their vehicle's monthly payment for every additional deposit that they make, up to a maximum of nine additional deposits. Security deposits are equivalent to your vehicle's original monthly payment rounded up to the nearest $25 or $50 increment. Unfortunately, multiple security deposits are not allowed in New York. Making additional security deposits is a great way to lower your vehicle's monthly payment because unlike a down payment you actually get the money back at the end of your lease.

    Car_man
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  • Hi berisky. This particular discussion is for consumers to discuss leasing the Lexus RX 350. You will probably have better luck finding an answer to your question about the installation of Sirius in your truck by visiting the following discussion: "Lexus RX 350".

    Car_man
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  • Hi calculus. Yes you can lease the Lexus 400h that you are interested in in California if you like in Washington state. The only difference between you leasing this truck from a California dealer and an actual California resident doing so is that you will have to pay Washington sales tax on it instead of California sales tax.

    Car_man
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  • Greetings vrosa. How much time is left on your RX lease? I ask because it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion for feedback on your truck's current market value: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another vehicle or try to sell your current one.

    Car_man
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  • Hi zerogravguy. Here is some information on Lexus' new January incentive program for you. Lexus is no longer providing lease money factor support on the 2007 RX 350 this month. It replaced its special money factor on this model with $1,250 dealer cash. This dealer cash will help you to negotiate an attractive selling price for the truck that you want, but if you want to lease it through Lexus Financial Services, you will have to use its standard lease program. LFS' buy rate standard lease money factor varies by region, but it should be around .00275 right now for consumers who qualify for its top credit tier. Its 48 month, 15,000 mile per year residual value for the 2007 RX 350 is currently 44%. For leases with only 12,000 miles per year, this residual value would be 2% higher. Let me know if you have any other questions.

    Car_man
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  • Hi amcdad. Lexus' lease program often varies slightly by region, but Lexus Financial Services buy rate lease money factor and residual value for a 36 month lease of a 2007 RX 400h AWD without the entertainment system with 15,000 miles per year should be around .00203 and 54%, respectively right now for consumers who qualify for its top credit tier.

    Car_man
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  • hpthpt Posts: 3
    Never leased before and have a couple of general questions on Lexus leases:

    1. Now that I have missed the December to Remember event, is there another time of year that Lexus runs a promotion with similar incentives or is the December event pretty much it?

    2. A co-worker who leased a Lexus (an IS I think) told me that a couple of years into the lease, Lexus offered her the option of turning in her car for the current year model with no increase in payments (just extending the lease essentially, but with the newer car). Is this a fairly common occurrence? Is there a catch?
  • Hi there. I'm considering a lease on a Lexus400H. I've gotten a quote from lexus of cerritos of $45,700 sales price and a lease payment of $757.67 for 48 months with a $2k down payment. What do you think?

    Anybody hear of leasing through SouthBank and know anything about it?

    Thanks so much,

    Alexis
  • cpa3cpa3 Posts: 88
    Doesn't sound like a good deal to me...I would think you should be able to get that car for closer to $40K...The payment also seems high...What is the money factor they are quoting you? Try Newport Lexus I leased mine there in December and they offered the best deal at that time. There have been lots of bad comments on here about Cerritos.
  • apg97ssapg97ss Posts: 21
    very much depends on option packages. AWD drive w NAV rx400h at 45,700 is in ballpark of reasonable deal. this is about 1,000 over invoice. (no way this package would sell for 40k at least in east coast. that would be almost 4k under invoice.) please tell us what options are in.
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