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

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  • Car man,

    I have been offered a deal on a 2008 Rx 400h AWD stickered at $49950 for $44500. I am looking for a 24 or 36 month lease, 15k miles and a $2500 down payment. What kind of payment should expect? I have excellent credit.
  • Where are you located? I was offered $47,000 for the same car. I have little negotiating power since there is no inventory in my area and we were very picky about color.

    The lease deal I was offered was pitiful. 50% residual for 36mo and 15K per year resulted in $830 per mo. This doesn't even include the dealer installed options which can't get residualized (is that a word?).

    We're high mileage types and are considering extending the warranty to 6 yr/70,000m for $1,650. If we weren't committed to a hybrid, I'd walk.
  • I am in Florida....the dealer is a friend. It looks like the lease deals are lousy right now. I might wait for the December deals.
  • Hello rack_las_sa. The truck that you described has a spread of around $5,000 between its full MSRP and its dealer invoice price. You never mentioned what this truck's MSRP is, but I would personally shoot for a $4,000 or so discount if I was in the market for one right now. You should be able to get a good idea of how much you will have to pay by stopping by the following discussion: "Lexus RX 350 Prices Paid and Buying Experience".

    Once you have arrived at a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using Lexus Financial Services' current buy rate lease money factor of .00195 (for consumers who qualify for its top credit tier).

    Car_man
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  • Hi rostikb. "One Pay Lease" means that the entire cost of the lease is paid for in advance rather than with monthly payments.

    Car_man
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  • Here's the information that you're looking for, 03qx. This truck's lease program varies by term and mileage allowance. You never mentioned what either of these variables are, so 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 2008 RX400h AWD with 15,000 miles per year are .00255 and 54%, respectively for consumers who qualify for its top credit tier. The numbers for an otherwise identical lease of an '08 RX 400h 2WD are .00255 and 53%. Lexus is no longer providing lease support on the 2007 RX400h. You could lease one through LFS if you wanted to, but you would have to use its standard lease program.

    Car_man
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  • Thanks leroybrown71. Lexus Financial Services' special lease money factor for the 2008 RX 350 is still .00195 for consumers who qualify for its top credit tier. Its October residual values for a base '08 RX 350 FWD with 12,000 miles per year are 57% for 36 month and 63% for 24 month terms.

    Car_man
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  • Hey leroybrown71. LFS charges a $600 acquisition fee on every vehicle that it leases. I believe that it will waive its security deposit requirement for free for consumers who qualify for its top credit tier.

    Car_man
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  • You're very welcome, jtfiore. Good luck in your negotiations. Let me know if you have any other questions.

    Car_man
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  • Here you go, smalkin. Lexus Financial Services' October buy rate lease money factor and residual value for a 36 month lease of a base 2008 Lexus RX 400h AWD with 12,000 miles per year are .00255 and 56%, respectively. The numbers for an otherwise identical lease of a base RX 400h 2WD are .00255 and 55%.

    Car_man
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  • Hi carlovernj. In an area like New Jersey that has a good level of competition I personally would shoot for a selling price of $500 or slightly more over dealer invoice on a 2008 Lexus RX 350 right now. Make sure to stop by the "Lexus RX 350 Prices Paid and Buying Experience" discussion to see how much other community members have paid for their RX 350s lately.

    Lexus was providing dealer cash on leftover 2007 RX 350s a couple of months ago, but it is not currently providing any cash incentives on the 2008 RX 350. It is running a special lease program on the '08 model.

    Car_man
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  • Car_Man,

    Thanks so much for the reply, you are so helpful.

    I have two questions that I hope you can answer:

    1) What is the dealer invoice for a 2008 RX 350 AWD, MSRP: 45,866 (Prem plus, nav, 18" 7 spoke wheels, heated seats w/rain sensoring wiper, towing prep, cargo mat, wheel lock). I think the invoice is around $40,400, can you please confirm.

    2) I got a 36 month lease quote from a dealer (10k miles/yr):

    When I calculate the lease, I am getting a monthly amount of $531.90. The dealer is showing $537.73.

    Here is your break down from the dealer:
    List ............... $45866
    Residual......... 58%
    Money Factor.. .00195
    Selling Price .. $41452
    Cap Reduction. $1618
    Bank fee ........ $600
    Registration ... $320
    Doc Fee........ $198.50
    Credit Bureau. $18.50
    NJ Tire Tax ....... 7.50
    1st Payment .....$537.73
    Total out of pocket 3300.23

    Car_Man - Can you please tell me what monthly amount you are getting?

    Thanks so much for your help, I really appreciate it.
  • My Lexus dealer showed me a sheet captioned "LFS Lease Rates Through Oct 31" that had different numbers than we're discussing here. In # 741 above you say for a 36 mo lease and 15k per year the mf is .00255 and the residual is 54%. The dealer claims its .00244 and 50%. This results in a significant difference in the monthly payment. Am I missing something? Thanks Car Man.
  • You make a very good point about any improvement in the RX's money factors being at least partially offset by lower residual values in December, carlovernj. Lexus Financial Services' current buy rate lease money factor for the 2007 RX 350 is .00195 for consumers who qualify for its top credit tier. Lexus is not currently providing any cash incentives on this model.

    Car_man
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  • I'm glad that you've found this discussion so helpful, carlovernj. I just worked up a lease payment using the numbers that you provided in your post and I came up with a pre-tax monthly payment of $531.12. I'm not sure why the dealer is getting a number that's $6 per month higher.

    I see that you are considering making a capitalized cost reduction on your lease. I always advise consumers not to make cap cost reductions when leasing. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though your monthly payment would be a little higher, you would be better off going with a zero down lease.

    Car_man
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  • Let's work up a payment on this truck and see what we come up with, hybrider. According to my calculations, if you were to lease a 2008 Lexus RX 400h AWD without the entertainment system that has an MSRP of $49,950 and a selling price of $44,500 through Lexus Financial Services for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $757. The payment for an otherwise identical 36 month lease is $670. I calculated these as zero down leases because it is not a good idea to make large cap cost reductions, but if just in case you're interested, the payments for leases with $2,500 down would be $646 for 24 months and $594 for 36 months.

    Car_man
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  • You're very welcome, carlovernj. You can look up this vehicle's exact dealer invoice price in the following section of this site: Edmunds.com 2008 Lexus RX 350 Pricing.

    I believe that I worked up a lease payment on this truck for you a couple of posts ago. Please scroll back a few for the results of my calculations.

    Car_man
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  • Hmmmmm, njdriver1, I don't know where the dealer that you are working with got that sheet from, but through October 31st, Lexus Financial Services' buy rate lease money factor and residual value for a 36 month lease of a 2008 RX 400h without the entertainment system with 15,000 miles per year are .00255 and 54% in your area.

    Car_man
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  • Thank you Car_Man. Unfortunately Edmunds does not provide invoice pricing for the 2008 RX 350. It does for the base car, but none of the options.

    As far as my other post regarding the lease payment of$537.71, This quote was with tax. Your calculation of $531.12 was pre-tax. I am coming up with $531.90 with tax. Keep in mind, my $3300 out of pocket was covering $1618 for cap cost reduction (which I am subtracting from purchase price of car), $1145 was going towards up front fees (bank fee, registration, etc) and $537.71 was going toward first month payment. Please let me know if you are coming up with my amount $531.90 or dealer $537.71 with tax.

    Thanks so much.
  • I was just quoted on a 2008 Lexus RX400h that is arriving at the dealership today. I put down $5,000, and the quote was $759/month for 36 mos./12k mpm or $695/month for 48 mos./12k mpm. I didn't really want the DVD NAV system option, but the dealer tells me that's the only way they are coming in from the factory. So, even assuming this car is fully loaded (by the way, I am also having them install an after-market DVD entertainment system that costs about $2k and is not yet factored into the lease), based on what I have read in this forum, is this even anywhere close to a fair deal? Sounds like it's not, and I would appreciate any advice. Many thanks in advance!
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