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

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  • I've compared Pleasanton, Oakland, Putnam (Redwood City), and Stevens Creek (San Jose) for 09 RX 350 Nav, Premium, 36 months/15K lease.

    Putnam - Sleazy. Bait and switch. Told me they had the RX I want - and would be competitive with quote from other dealer. Although confirmed in email and over phone the terms and that I do not want to waste any time - upon arrival, they immediately tried to upsell to Levinson and Pebble Beach b/c didn't have my options. Sales team sits you in their office and goes back and forth to their manager "to see what I can do".... What a crock. Putnam is the Ugly Stepchild of Lexus dealers in the Bay Area. Its run like a subprime brokerage.

    Suggestions:
    1. do not visit dealer without reading exact terms required to beat to earn your business;

    2. ask if they have the model, colors, options at the dealer;

    3. When ready to do deal - you want transaction to move quickly - tell salesman that if there is any waivering from agreed terms, you are leaving - AND BE WILLING TO LEAVE .

    4. When enter dealer - and if any waivering from terms or not directly answering your question - LEAVE!!!

    Stevens Creek - Brian Crocker was great. Straightforward. Did a great job making process smooth and not playing games.

    Here's what we got:
    2009 RX 350
    36 months / 15K miles
    .00095 MF - standard
    .52% Residual - standard at 15K
    $970 - 1st month + fees
    $550/month (taxes included)

    Some suggestions:

    1. Start with Overstock.com - Pleasanton and San Jose are members and will contact you after you complete the form (drops invoice by $2500 or so). Gave me a better idea of how to break down the pricing from base to each option.

    2. Determine which dealer(s) have the most inventory. I think this is on Edmonds.com.

    3. Take best overstock price and drop by at least another $2,000. (This should be @ $9K off MSRP)

    4. Call each dealer and tell them what you've been quoted (on Overstock and this forum). If they can beat, you will do the deal today.

    5. Throughout - it really helps if you realize that Lexus is really desperate. Their sales are down 35% from last year, the economy stinks, they have a 2010 version coming in February. They have month-end and year-end quotas - and are absolutely willing to take losses of $1,500 (after contributing the $2,500 in Lexus marketing support) to lower the price of the RX.

    LAST THOUGHT - it may make a lot of sense for those shopping now to get together and contact dealers as a group. The dealers will be even more aggressive if they're moving more than 1 at a time.
  • Scoutandatty. Great summary for us in the Bay area!!!

    I like the idea of buying as a group, but think that coordination, such as timing, would be difficult.

    What was your experience with Pleasanton? It is a bit of a drive out there, and I was wondering if it is worth the trouble.

    Let me add to those who are looking at the hybrid: The discounts offered on RX400h are at least as good as those on RX350. I.e. you should also be able to get $9k off an 400h.
  • I never drove up to Pleasanton. I did speak to Chris Anderson - their contact from the overstock.com price quote. He wasn't as aggressive as Stevens Creek and Eric at Oakland - so I'm guessing that his inventory isn't as large.

    Almost all of the dealers whined that they weren't making money on the deal at the price I offered - but I later realized that they probably have more to lose if they don't clear their inventory vs. "losing" $1,500 - $2,000 on the deal.

    Does anyone have any thoughts on how aggressive these dealers are likely to become after Christmas?

    Do they have more to lose if they don't clear the lots before the end of the year?
  • Scout - I'm trying to figure this out and I'm not trying to say your deal is bad. Can you break down your numbers a little more? What is the agreed on price out the door?

    I get the following on a RX350 w/Navi, No Levinson-
    MSRP $43850
    Assume $6k off $36850
    Resid. 52% $24287
    MF .00095
    Term 36 mo.
    Tax (7.5% for me)

    = $437.58 per mo. incl. taxes.

    Also, I'm currently working on a deal for a 400h with $895 drive off at $520 mo. for a 36 mo., 12k per year (which works out cheaper at that rate even if I drove the extra 9000 miles at 0.25 per mile.)( I Do not have the actual drive off price for that in writing yet though.)
  • I cannot quite get your numbers to add up. 52% of $43850 is only $22.802. :confuse:
  • Let's see:

    2009 RX 350
    Navigation
    Premium
    36 months
    15,000 miles
    .00095 MF
    52% residual of $45,426 (MSRP)

    $39,250
    $516/month + 8.25% = $556 (ish)
    $954 at closing (1st month + fees)
  • i am looking at 2009 rx 350 awd with Navi. I live in the ny area and want to know what is good round abt lease price that people have been getting/expecting from the dealers. also do dealers still have the 2008 rx350 model? or are they very hard to find now? i do not mind travelling to any dealer within ny, nj, and ct. Any information will be greatly appreciated. thank you in advance.
  • My bad - I didn't include the fact that the dealer paid $2600 to end my existing lease - so the actual price is $36,650.
  • Wow - that's good negotiating to get them to pick that up. Usually they just try to hide it by rolling it into the payments.
  • I just leased an '09 RX 350 in Dallas on 12/20/08. It has Nav & the Premium Plus package. The lease was for 36 month/15k miles per year.
    MSRP-$44,841.
    Selling price-$38,500
    Residual-52%
    MF-.0012-I could not get the .0095 even though my FICO score is 793.
    They paid off my current lease-2 payments-total $1056.
    Upfront charges-$670.93 (first payment & documentation)
    Payment-$526.93
    The deal was all over the phone. Initially their quote was $39,500. I might could have got better, but I am happy with it.
  • I haven't checked in for a while and am very surprised that the deals aren't better. At the end of November lots of folks were getting 7 to 9 off list. As it's the perfect time for dealing (end of the month, end of the year, weak economy, overstock) has anyone gotten 10 off list?

    My deal -- list at 44, bought at 35.
  • Alrite after a month of going back and forth with multiple dealers, i picked up the 2009 RX350 Pebble Beach Edition
    15000 a year, 36 months, just 1month and fees totaling 1300 came out to 508 a month including tax. plus free car washes as long as I own the car, pickup and dropoff of the car with a loaner. got the car in central jersey. thanks guys for all your help through the process!!
    Merry XMAS!
  • lex_njlex_nj Posts: 16
    fanat,

    what deal did you end up getting. did you end up paying $430 with no cap cost reduction for the prem+navi?
  • lex_njlex_nj Posts: 16
    nyc6035,

    did you end up closing this deal? It's the best one I've seen for prem+nav in the NYC area. The lowest I am getting is about $440 (no cap cost reduction) in the tri-state area.
  • Congratulations on getting your new RX, Leaser310. Thanks for taking the time to stop back and let us all know how everything turned out. Sorry to hear about your terrible dealer experience. If you would like to, you can post a review of this dealer over in the Dealer Ratings & Reviews section of Edmunds.com.

    Don't let your bad dealer experience ruin the fun of getting a new vehicle. Happy Holidays and enjoy your new ride :shades: !

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Welcome LexRX350. Let me begin by saying that $3,700 is too much money to put down on a lease. I always advise consumers not to make large capitalized cost reductions on leased vehicles. Those who make them risk losing part or all of that money if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be much better off going with a zero down lease.

    As far as this specific deal goes, the best way to evaluate a lease is to look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a dealer discount you are being given. Find out what it is and let us know here. I am sure that either myself or another knowledgeable community member will be happy to give you their opinion of it.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • lex_nj,

    Yes. The MSRP was 46241 (which is prem plus, nav, heated seats, cargo tray, etc.). My payment is $439 a month for 36/10K with Westchester County tax (7.375%). My payment before tax is $409. Out the door was acq fee, first month and registration fees. I believe that was like $1440. (It's been a week...the exact OTD is fading...but that's all there was).

    There was a 'small' decrepency between how I calculated the tax and how they did. We agreed on $38,000K sell price which should have been $409 and $439 by my calculator. They were about$5 more with taxes a month. We settled on the $439 with taxes in number which drove the actual sales price down to (I believe...don't the paperwork in front of me) to $37821 in order for them to come in at the $439 a month payment with taxes.

    So this deal was Prestige Lexus of Ramsey,NJ. A big dealer...a bit north of Paramus. I did the initial contact through their website...but they were very much a 'talk on the phone' kind of dealer once initial contact was established. When we talked, he salesguy asked me if there was a number I wanted them to beat. I didn't give him one and his offer was 39500. I went back and said all I wanted was a 'fair deal' and that fair (in the world of the Edmunds Forum at least) appears to be $38000. He matched that number within about 15 minutes. (Of course he had to talk to the sales manager.)

    My local dealer in Mt Kisco when I tried to 'work them' to the same price could only come in at $38300 for the same vehicle even with knowledge of the other offer. Ray Catenia in Larchmont might have been willing to work the price down to the same numbers...but I didn't think there was any difference between the two dealers in terms of distance from my house...so I took the first offer from Prestige.

    In hindsight it's a little bit of 'drag' as a NY resident buying a car in NJ. I didn't get new plates or a NYS registration sticker on delivery....I'm waiting for them to arrive at the dealer so they can be mailed to me. Also, the vehicle didn't come with a NYS inspection sticker...I haven't been back in touch with the dealer about it...but I suspect I'm out $35 and the time to have a local service station inspect the car to get the sticker. The $35 isn't a big deal of course...it's just another thing I have to get done on a Saturday.

    All and all it was a reasonable experience....I'm not 100% sure that next time I'd travel the 30 miles to save the $300...given that the free loaner car component will now require me to drive to NJ to receive the benefit (should I decide it's important to take advantage of)...and the 'wierdness' of driving a vehicle around with two dealer 'plates' that say Prestige and no registration other than a 'transport' sticker that's good through the end of the month.

    Hope this helps.
  • Prices on RX 350 and 400h are great in the Bay area these days.
    Yesterday, I bought an rx400h from Magnussen Lexus in Fremont. I first established contact by email. Paul Wright responded and he was great throughout the process.
    We visited the dealership for a test drive. As we did not want a lengthy negotiation at the dealership, I did the negotiation by email/phone over the next couple of days.

    Agreed to $8800 off MSRP, which was about $52,400 AWD with Nav+Levinson

    The terms of the lease 36/10k:
    $900 down + $1100 refundable deposit
    $539/month incl. tax (8.25%).
  • DOWN PAYMENT
    I agree that $3,700 is a lot. However, putting a bit extra down is definitely worth it on the RX350 these days.

    The current money factor on RX350 is .00095. However, the MF is reduced to .00015 if you put down a security deposit ($1000-$2000 I think).

    This will typically lower your interest payment from $60/month to $10/month. So you are effectively getting a $600 annual return on your security fee -- this is a great deal.

    EVALUATING THE COST OF A LEASE: RESIDUAL MATTERS
    I agree that the selling price is important for evaluating the cost of a lease.
    The Residual Pct. is very important too -- in particular if you do not plan to purchase the car by the end of the lease.
    To take an example: I just bought an RX400h with an MSRP of $52k with $8,800 off.
    A 36/10k lease has a 51% residual, which makes the capital cost about $485/month =($44,000-$26,520)/36

    In comparison, the RX350 comes with a 55% residual for the same lease, 36/10k. Had the same residual applied to the RX400h the monthly capital cost would only have been about $427/month ($44k-$28,600)/36.
    So I would have saved about $60/month (+tax) if the residual pct on the 2008 rx400h had been the same as that on the 2009 rx350.
    (Naturally, the model year 2008 vs 2009 is part of the reason that a new 400h does not come with as high residuals as a new rx350).

    In general. A higher residual pct makes your monthly payment lower (and your end-of-lease purchase price higher).
  • Hello group,

    Just wanted to post the lease deal I signed today on a 2009 RX350 AWD Premium Plus Package; Luxury Value Edition. I have looked at other deals here on Edmunds ' forums and I'm pleased with the deal. Hope this helps others.

    MSRP = $39,100
    With options and Delivery Processing & Handling = $42,776
    Sell Price = $36072.12
    Adjusted Capitalized Cost (incl. taxes) = $37187.54
    Months/Miles 36/12,000
    Rent Charge = $2,061.82
    Residual = 54%
    Money factor = .0095
    Monthly payment incl. tax = $448.62
    Amt due at lease signing = $1,000 (1st month, title, docs, etc.)

    Warnock Lexus, NJ
  • lex_njlex_nj Posts: 16
    that's definitely the best deal that I've seen on this board. I deal with Prestige all of the time too - they are definitely the most aggressive dealer (largest in NE I believe) in that area. $409 (before tax) for a nav/AWD with no cap cost reduction and only the inception fees is a steal. Congratulations - enjoy the ride!
  • nyc6035,
    Great post, very detailed and great deal. Congrats!
    I'm trying to close similar deal for the last two days with the same dealership, but so far haven't get anywhere close to your numbers ($409). They are sticking to $450 for the same car, but without NAV (this should be about $2600 less in MSRP). Amazing! I was trying to recreate your numbers using car lease calculator http://www.leaseguide.com/calc.htm but after plotting all your numbers it comes to $417 before tax. I offered them this, but without any luck. He (dealer) told me with laughter that he would lease himself for this price, and it is impossible that somebody from Prestige leased it for this price, and if I can prove that it was bought from their dealership he would be obligated to match the price. I do not know if you are willing to disclose some more info about this deal, but if you do email me to jacob777_98@yahoo.com
  • skopsskops Posts: 5
    Just wanted to share details and experience with others as I found this forum extremely helpful.

    Will be finalizing paperwork and picking up car before the 31st.

    Details:
    RX350 with Nav - MSRP $46,241
    Selling price $38,365
    36 mos/12k
    Monthly payment $489 including taxes at a rate of 7.375%
    Drive off- 1st month plus transfer for plates - dont have exact figure but $600 plus

    I worked with local dealer who provided very professional service (also did test drive). The initial quote was at a selling price of $39,500 and I emailed him that I was seeing prices on this forum at $38k from a fairly local dealer and that I would like to give him the business but was willing to go elsewhere. He came back at the above mentioned price which in effect was maybe $11 more per month than $38k which I still had to work for. The only temporary glitch was that after running my credit report, they said I did not qualify for the Tier 1 plus but rather the tier 1 which would add $7 per month. Not that it would be a deal breaker but was concerned that this was a tactic to up the price. I asked how far off I was and if there was any flexibility if I was borderline. He then called me back and said the GM was able to negotiate the better rating. This gave me comfort that no games were being played. I am now able to drive less than 10 miles to get the car and it feels good to be able to give the business to someone I met in person and who delivered excellent service. Thanks to all on this forum and good luck.
  • cityboy,

    I'll dig out the paperwork and get you some additional info by PM shortly.

    Happy Holidays!
  • lex_njlex_nj Posts: 16
    cityboy,

    I can't get that deal either. you should probably be paying 410-415 for non-nav and 440-450 for nav in the northern jersey area - Prestige is probably the most likely to give that. That's the best that i've seen so far, except for nyc6035's deal. Again, this is all with no cap cost redux and before taxes.
  • ivar1ivar1 Posts: 2
    I am planning to lease 2009 RX 350, awd, Premium Plus in norther va. I would like to roll over everything into my monthly payment with no cash out except 1st instalment at signing.What should be the good deal for monthly payments.
    I would appreciate if somebody could help on this.
  • I just got a new 2009 RX350 lease with Premium Package, Navigation, Heated Seats, iPod Hookup in Dash and Sirius Hookup for about $450 down (which included all tax, title and license fees) and my monthly, including tax, is $490. It's a 3 year lease with 10k miles annually. The MSRP was around $43k. I got this deal in Southern California.

    Is this a good deal???
  • Hi JBO12. While a cut in the federal funds rate theoretically lowers the cost of money for banks, moves by the Federal Reserve usually do not have an immediate impact upon the interest rates that auto finance companies charge consumers. Lexus Financial Services' current lease program is scheduled to run through January 5th. I do not expect it to make any changes to it before then.

    Traditionally, Lexus' "December to Remember" lease program is its most aggressive of the year. Normally, I would not be surprised if its January program was not as attractive as its December program, but we are in extraordinary times right now. The demand for new vehicles has never been worse...so Lexus might try to keep its current programs in place for a while longer. It's always tough to say exactly what manufacturers will do with their future lease programs.

    Car_man
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  • Hi Cali123. According to the latest information that I have seen, Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Lexus RX 350 AWD without navigation with 12,000 miles per year are .00095 and 54%, respectively for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • Hi spingrinder. The best way to evaluate this deal is to take a look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a dealer discount you are getting. Let us know what this truck's MSRP and selling price are and I am sure that either myself or another helpful community member will gladly share their thoughts on this deal with you.

    Car_man
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This discussion has been closed.