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

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  • Where in NJ? I'm hoping this still might be out there.
  • alipalialipali Posts: 2
    MRRP was 47K

    This was at Prestige Lexus in Ramsay...

    ask for Harold - I haggled with them to get the price. Also, it was at the end of the month so they needed to meet their quota
  • Hi oiakou,

    The Miniuim is 12k/yr if you were gonna go with LFS. but the majority are 12k when you a Lease a Lexus.

    The 71% may have changed into the month of April. The Resudule value may have went down 2% but the money factor may have been lowered. you migth wanna check with your Sales consultant.

    I havent seen a 27 month but a 24 month lease. you can also do a 1 pay lease. that will help you lower the money factor.

    The Question is do you need a Awd? that will just increase your payment by almost $40. If your more of a city Driver 2wd drive is fine.

    2008 Lexus Rx350 with Nav 2wd $39,900 is a Reasonable Deal

    2008 Lexus Rx350 with AWd $ 41,300 is a Reasonable Deal

    Thanks,

    Good Luck
  • slammer5slammer5 Posts: 1
    Car Man or other experts,
    Want to by or lease 2007 Lexus rx 400h. Do you know current incentives, specials, money factors, holdbacks for April 2007 in Connecticut? The car I am going to negotiate on is the commonly equiped model with:
    Nav.,Premium Plus Package, 18" all-season tires and wheels, Wood Interior Trim, Heated Front Seats, the Tow Prep. Pkg (no hitch) a rear cargo mat and wheel locks. The MSRP of this 2007 RX 400h is $49,866. Invoice around $44,100? Please advise me. thanks
  • Hi slammer,

    There are no Incentives on 07 hybrid as of yet. since it's hot Suv. Dealers will not give away holdback.Since im in the west coast.The MSRP on the Vehicle is $48,306 Invoice is $43,287. The diffrence is the tow hitch Reciever. $44k sounds about right.

    Thanks, Good luck :shades:
  • cmx168cmx168 Posts: 1
    hey Buddy, can you tell me who you worked with at southbay to get that deal? Im looking to get that same car as you with that price and If i don't have to haggle that would be perfect.. please email me at mikechen168@gmail.com if you get a chance...
  • Car man or anyone else,

    I'm considering a lease on an 2007 AWD Lexus 400H with:
    Navigation, Premium Plus, heated front seats with Rain-sensing windshield wipers, 18-in alloy wheels, Wood interior finish, Towing Prep Package, Cargo mats and wheel locks.

    I've gotten a quote from a Lexus dealer in Houston, TX of $46,000 sales price and a lease offers of:

    48 month (15000 per year): $859 pymt

    36 month (15000 per year): $920 pymt

    This is with no money down (all that is required is 1st pymt out of pocket). I am a first time leasee and trying to get a good deal for my wife in Texas. The sales tax there is 6.25%. Thank you in advance.

    JB
  • dukie3dukie3 Posts: 1
    Car man or other experts:

    I am in Jersey City, NJ and started to ask around since last week for leasing quotes for a 2008 Lexus 350 AWD, Premium Plus, and NAV.

    Here is the best offer I has got so far:

    MSRP: $45706
    Invoice: $41000
    27 months lease/10k miles a year
    Residual: 71%
    Money factor: 0.00275
    Down pay: $1515
    Monthly payment plus tax: $557

    Could you let me know if this is a good deal?

    Also, it's very likely that I will buy the car at the end of the lease. Should I expect I only need to pay the residual value + tax + registration fee when buying it from the leasing company?

    I don't drive the car to work and will only use it for weekends leisure driving, so I probably will end up with a less than 15k mileage on the car at the end of 27 month lease. I gather it make more economic sense to buy it at the residual value and then :) sell it higher on Craig's list?

    BTW, info i got here was very helpful when i cut price with the dealers because I was able to talk in their language. So thanks a lot!!!

    JZ
  • I WOULD LIKE TO KNOW IF THIS IS A GOOD LEASE. MY DEALER SAID IT IS A LEXUS SPECIAL AND THEY MAKE NO MONEY ON THE DEAL(SURE)

    2008 RX350 2WD W/ NAV

    3900 OUT OF POCKET WHICH INCLUDES 1ST AND FEES

    36 MONTH LEASE 15K MILES 499.00 PLUS TAX BUYOUT IS 24800
    THANKS.
    PS SHOULD I LOOK AT AWD OR IS 2WD FINE. I LIVE IN FL
  • WHAT IS YOUR BUY OUT PRICE
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, richz. No offense taken. I am sure that these residual values are accurate.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're right, the '08 RX 350 is noW available at dealers :) . That's what I get for typing before finishing my first cup of coffee. Most of the dealers in my area have been sold out of 2007 RXs for weeks as well. Toyota, including Lexus, is an amazing company. The traditional domestic manufacturers, like GM, Ford, and Chrysler have leftover models that linger for months and months, but Toyota seems to transition from one most year to the next in only a month or two. The quicker leftover vehicles are sold down, the better. The ones that linger on lots usually have to be heavily discounted, which isn't good for their residual values, the dealer that has to cut his profit to the bone, or the manufacturer that has to provide tons of incentives.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome back, highfidelity. Lexus Financial Services' current buy rate lease money factor and residual value for a 2008 RX 350 AWD without the entertainment system leased for 36 months with 12,000 miles per year are .00195 and 58%, respectively. Using these numbers, an MSRP of $41,746, and a selling price of $39,000, I estimate that this car's zero down, pre-tax monthly payment should be around $534.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Wow, this is your fifth Lexus RX marqevans. Lexus should pay you to do an advertisement for it ;) . I would be happy to give you my opinion of this deal, but it would be a big help if you provided me with this truck's selling price. This number will show me how much of a discount you are being given on it. Let me know and I'll tell you what I think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi oiakou. The money factor that you were quoted is too high. Lexus Financial Services; current buy rate lease money factor for a lease of a 2008 RX 350 by a consumer who qualifies for its top credit tier is only .00195. If your credit is in good shape, make sure that this factor is used to calculate your monthly payment. The other negotiable aspect off this deal is your truck's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. It is important to find out what the exact selling price of the vehicle that you want is before leasing it. If you tell me what this number, along with the full MSRP are, I would be happy to give you my opinion on this deal.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dgrahamr. What you said about dealers not setting lease programs is mostly correct. If you lease this truck through Lexus Financial Services, it will determine the money factor and residual value that are used to calculate your monthly payment. Individual dealers do not have the ability to alter banks' published residual values and they cannot lower their published money factors. Notice I said that dealers cannot lower banks' published money factors. Dealers are usually allowed to "mark-up" banks money factors to add hidden profit to deals. This is why it is important to know what the buy rate lease money factor is for the vehicle that you are interested in before finalizing any deal. LFS' current buy rate lease money factor for the 2008 RX 350 is .00195 for consumers who qualify for its top credit tier. This money factor is scheduled to be available through the 4th of July. If your ordered truck comes before then, make sure that the dealer uses it to calculate your lease payment. If your truck doesn't come in until after that date, there is a good chance that its buy rate will be different. You can always check back in this discussion then for an update on what the new buy rate is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi spyglass1. In your post you provided both this truck's MSRP and its dealer invoice price, but not its selling price. Do you know what its selling price is? This number will show how much of a discount you are being given. The money factor that you were quoted is a little on the high side. In the areas that I have seen this truck's current lease program for, its current buy rate is .00195 for consumers who qualify for its Tier 1+ credit tier. Try to get the dealer that you are working with to use that factor to calculate your monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi alipali. I would be happy to give you my opinion on this deal, but it would be a big help if you would provide me with this truck's full MSRP and selling price first. These numbers will show me how much of a discount you are being given on it. For now I can tell you that in the areas that I have seen this truck's lease program for, Lexus Financial Services' current buy rate lease money factor for consumers who qualify for its top credit tier is .00245. Make sure that this is the factor that is being used to calculate your monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello slammer5. Lexus is not currently providing any cash incentives on the 2007 RX 400h. It does have a special lease money factor on it though. If you were to lease this truck through Lexus Financial Services in your area right now, its buy rate lease money factor should be .00245 for consumers who qualify for its top credit tier. If your credit is in good shape, make sure that this is the money factor that the dealer you are working with uses to calculate your monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings endotoothdoc. 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.

    The most important numbers for you to find out to ensure that you are getting a good deal are this truck's selling price and the money factor that is being used to calculate your monthly payment. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shop around for an attractive selling price for the RX that you want and then have the dealer that you are working with use its buy rate lease money factor to calculate your monthly payment. In the areas that I have seen this truck's lease program for, Lexus Financial Services' current buy rate lease money factor for a 36 or 48 month lease of an '07 RX 400h is .00245 for consumers who qualify for its top credit tier.

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  • Thank you Car man for the help.

    I am torn now on whether to buy or lease. Agh, the age old question. As I mentioned before, the 2007 AWD 400h with premium package and NAV has been negotiated down to $46,000.

    The dealer has offered a no money down lease on a 48 month program for $859. They didn't provide me with any of the numbers that they were using to calculate that offer.

    My insurance company (USAA) is offering a 5.99% fixed rate on a car purchase with no money down for 6 years which would make the payments around $766. Choices, choices....

    Any advice?

    Thank you in advance.

    JB
  • kyfdxkyfdx Posts: 31,168
    Given those two choices, there is no way you should lease... That payment is terrible..

    I'd shop around, but if you are going to get the car from that dealer, definitely buy it..

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  • maximafanmaximafan Posts: 592
    I definitely agree with kyfdx on the lease that they're offering you. I would think on a 48-month lease, your payments should be in the 600 range for the 400h. I recall seeing payments in the 600 range in prior posts several months back. It sounds like you would be better off buying it and then maybe purchasing an extended warranty. Good luck!!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'm glad that you have found this discussion so helpful, dukie3. In your post you mentioned this truck's MSRP and its dealer invoice, but never said what its selling price is. Are you implying that you are getting it for dealer invoice. If so, that is an excellent deal. If not, what is the selling price. This is a very important number to know when leasing.

    For now I can tell you that the money factor that you are being charged is way too high. Lexus Financial Services' current buy rate lease money factor for the 2008 RX 350 in your area is only .00195 for consumers who qualify for its Tier 1+ credit tier. Make sure that this is the money factor that is being used to calculate your truck's monthly payment.

    If you opt to buy your leased vehicle at the end of your deal, you would have to pay its residual value plus tax to Lexus Financial Services, unless you are able to negotiate a lower price than that with them.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi westshore. Without even looking at this deal I can tell you that this dealer is pulling your leg about not making any money off of this deal. Dealers always make money off of manufacturers' advertised lease payments. You never mentioned the selling price or MSRP of the RX 350 that you are interested in leasing. These are important numbers 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 this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle 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 these numbers are.

    Car_man
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  • geekmageekma Posts: 20
    Hi Car Man-

    Is the money factor and residual for an RX350 AWD w/navigation
    3/36k .00195 and 58% for the month of April? MSRP is $45,706, purchase price is 41,069. Thanks.
  • tacomaboytacomaboy Posts: 35
    I am new to the leasing scheme, but since my wife and I like to keep fresh vehicles, and don't so much mind a payment, we decided to sell her 05 Murano (42k miles) in favor of an 08 Lexus RX350.

    Since we don't keep cars for more than 3 years, we decided to give leasing a try - and after some research it seems like a good idea for us.

    My wife wants to keep her payments in the same range as her current murano (530 a month).

    We want to do a 36 month lease, no longer.

    We don't want to pay a good deal up front. First payment is fine, but I would rather not pay taxes, etc up front (6.25% here).

    Having put 42,000 miles on her car since Feb 05, we don't want to go below 18k miles per year.

    We have excellent credit (hers is a 740, mine is 700).

    Given this, and if we can get the dealer down to 38,000 (invoice about 34k, MSRP about 40,500) - what should we expect as a payment (assuming 1000 dollars at signing).

    The dealer showed me about 780 bucks a month and 1000 at signing, which seemed *really* high. I would rather buy the vehicle for that price - or better yet, just get a new Murano for cheaper!

    I realize our expectations might be a bit high, but I am confused how he could be asking so much more per month than what I am seeing people pay here... :confuse: :confuse: :confuse: :confuse:
  • richzrichz Posts: 135
    You need to read up on the basics of leasing. If you negotiate the price down to $38,000, you still need to tell us what the residual value is for the vehicle given the terms of your lease, as well as the money factor (basically interest rate) that he is charging you. Don't just talk monthly payment with the dealer, you need to get all those numbers I mentioned above and then we can tell you if you're getting a fair shake.

    Also, I don't know if they will consider your credit scores "excellent". I don't know what their cutoffs are but you may not qualify for their top tier credit.
  • tacomaboytacomaboy Posts: 35
    You may be right about our credit - though I would think a 740 was good enough for top tier.

    But the reason I did not give the money factor and residual was because I thought this was set by LFS, I believe he wsa showing me a 51% residual and a 2.5% (I think) money factor.
  • Hello:

    I am considering leasing an '08 RX fwd w/no navigation. My local dealership is offering me a 36 month lease, 12k per year through Lexus Finance. Based on Tier 1 credit, I'd pay $1000.00 drive-off and a monthly payment of $550.00 (includes tax.) Could you let me know if this sounds like a good deal? I'm based in Los Angeles. Thank you.

    DCSure5148
This discussion has been closed.