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

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  • Car Man,

    I just leased an 09 RX-350 with the Levinson stereo/premium plus package (MSRP $46,000). It is for 48 months at 12k/yr (I picked 48 instead of 36 because I didn't care about having to keep the car a 4th year, and the warranty is 4 yrs/50k anyway). My payment is $610/month, no money down (other than registration fee). The dealer made the first payment for me, bringing the effective monthly payment to $598. The selling price was $36,500, plus $700 acquisition fee and the dealer's bogus $600 "doc prep" fee. MF was current .00285

    Did I overpay, or was it just a bad time to lease b/c of the poor money factor?
  • Car Man,

    Did the money factory / residual get any better for February (36 months / 12k miles)? I am looking to lease a 2009 RX 350 with nav or a 2008 RX 400h and am trying to figure out the deals at this point. I would be a double returning leasee. My current RX lease is up at the end of April, but I want to still get a 2009 model while they are still around so I am looking at flipping the lease a little early.

    Thanks.
  • No problem, Ram. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 RX 350 AWD with the entertainment system and 12,000 miles per year are .00285 and 47%, respectively for consumers who qualify for its Tier 1+ credit tier.

    This least program isn't very good, however Lexus is providing a whopping $5,000 dealer cash on this truck right now which is compatible with it. You should be able to negotiate a very attractive capitalized cost for your lease after taking this cash into account.

    Car_man
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  • Hi biscutt. I don't think that you overpaid for your RX 350. You got a huge $10,000 dealer discount on it that probably includes most of the dealer margin and all of the $5,000 dealer cash and the dealer used Lexus Financial Services' buy rate to calculate your monthly payment. This is as good a deal as you were probably going to get on this truck. The lease program on it is just not that great right now.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi highfidelity. Lexus' lease program for the 2009 RX is exactly the same in February as it was in January. Lexus Financial Services' Feb. buy rate lease money factor and residual value for a 36 month lease of a 2009 RX 350 AWD without the entertainment system with 12,000 miles per year are .00285 and 49%, respectively for consumers who qualify for its Tier 1+ credit tier.

    This lease program is not very good, because Lexus seems to have pulled the plug on its lease support for the '09 RX now that the 2010 model has already started to arrive at dealers (2010 models are already out, what is that all about? Time flies). Lexus is providing a $5,000 dealer cash incentive on the '09 RX 350 in lieu of lease support.

    Lexus is not currently providing lease support on the 2008 RX 400h either. If you were to lease an ;08 RX 400h AWD without the entertainment system through Lexus Financial Services' right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value would be .00285 and 48%, respectively. Lexus is providing $6,000 dealer cash on this model right now.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Just left my dealer in Southern NJ. Guy offers $34,500 or $35,600 (Can't remember which now, sorry lonnnnggggg day) leasing for 36 mths, 12K driving miles a yr, $399 for monthy payment, but wants $3,000 or $4,000 down and this was for a 2009 RX 350, no nav, premium plus package, Black w/black interior, which I really like. Now is it just me or is this a little pricey still? Am I being too cheap? I guess I keep thinking since it doesn't have nav shouldn't it be cheaper? They only have 1 Breakwater blue & 1 Pebble Beach in stock with nav. Any suggestions? :confuse:
  • That is a high price. Just got a letter from my dealer in the mail today giving current Lexus owners a chance to purchase 08's and 09's early before they advertise to the general public. This is what they offered me:
    RX 350 prem pkg $32,250, MSRP $40,600 (may not be exact)
    RX 350 prem pkg w/ nav $35,794, OTD $37,358.82., MSRP around $44K

    Waiting for them to get back to me with lease pmts and MF. They said there is a special MF rate for this sale but they won't have time today as all the finance mgrs are busy and will get back to me on Monday morning. (seems suspicious) It's 5p.m. now, and they are not open on Sundays. I'll let you know what those payments are then.
  • WOW! Thank you for this information. That's probably why when I went in the other day the sales man was nice but kept asking "What's keeping you from buying TODAY?" He knew once they released this info to the general public like myself, I'd be pissed thinking if I'd only waited a little bit I could've gotten a better deal. Curious to know if the $5,000 cash back will be used with this "special" offer or not. Probably not as the prices are pretty decent. Thank you so much again and I look forward to what you find out. Also, can you find out if the price will be different if your "leasing"? Although with prices this low I'm tempted to "purchase" one instead of leasing. I won't act until I hear back from you. ;)
  • The price of the car should not be any different whether you lease or purchase. I'm from the school of negotiating the lowest price possible for the car, then tell them if you are going to lease or buy. I am 99% positive this includes the $5k incentive, you are talking about $8-$9k off of msrp and below invoice.

    I am hoping they get back to me as promised, I just think it's odd that they would not want to get back to me that same day to try and make a sale. They only had 1 left with nav and being that I am suspicious of car dealers, I fully expect them to call me back saying it is gone since that is the car I wanted. I hope I'm wrong though.
  • Thanks again for the great advice. I think it's odd too that they didn't call you back the same day trying to cut a deal. That probably means they had another offer from someone offering to give up a little more money for the one with nav. That really suxs. I hope for your sake we're both wrong though and they call you back. Let me know how it goes for you either way. I guess for myself I need to figure out if I want to purchase or lease the 09'. :confuse: At lease you've informed me that I can haggle for a better price. ;)
  • While I agree about negotiating the lowest price on the car I think that most of the recent incentives have been based on $5k cash to dealer from Lexus on purchase only. So if you lease, the best you could do is around invoice - if you purchase, you could expect about invoice minus the $5k.

    I too am curious what deal is announced tomorrow as I have been waiting on the sidelines to see if anything better is coming along to move the 09's. I really want to do a lease but they haven't been doing anything to incentivize leasees for the past month or so. Purchases have been great but our 07 only has 20k miles on it and I don't see the need to spend another $10+k over our buyout just to get the same car since the 2010's are out now.

    Unfortuanately I'm getting the tug toward the 10 though. Looks pretty nice!

    Looking forward to the news tomorrow - please post as soon as you get the numbers!

    Thanks!

    Jay
  • Any details on the new deal starting today ?? Or are they waiting until tomorrow after Presidents Day to announce?
  • OK, just got off the phone from the dealer. The $5k incentive DOES apply to leasing as well as purchasing. The MSRP of the rx350 is $44,841. The sale price they quoted me is $35,794, over $9k below msrp and I'm sure well below invoice. Total including ttl is $37,335.82 NC tax is 3%).

    Lease payments based on this price is $629.51, 48 months, 12k/yr. Lease factor a whopping .00385. Financing would be 6.49% for 60 months for tier 1 credit.

    Ok, so yes, the price of the vehicle is outstanding, 09 prem pkg w/ nav. But the financing really is horrible, no special financing for leasing or buying through Lexus. I
  • rg911rg911 Posts: 2
    So I went to a lexus dealership in New Jersey today to lease the new 2010 RX 350 with nav system and was quoted a price of $599 per month $4000 down and 12k per year, for 48months. It sounds ridiculously high.. Can someone please tell me the deals they have been hearing or received from the new model.
    thanks
    richard
  • There are no incentives on the 2010. New year models usually never have any incentives.
  • Hi. Everyone here is so knowledgeble! Wonder if you can help me. I have an RX 350 lease $537/mo with navigation for a 2007. Lease expires in September but I'm at 31k miles of the 36k so need to do something in next few months before I run over my mileage. I love the car but can't afford the 2010. So I can either try to buy out this lease or buy a used 2007 on the market. The market prices seem very high. My residual value (on the agreement) is $26,500. That's seems like too much to pay to buy a car that has been totally retooled for 2010 and in a bad economy.

    Two questions:
    1) Can I extend my current lease terms another year?
    2) Can I try to buy the car but renegotiate the residual value? And if so what is a price I should shoot for -- $20k?

    Thanks!!!
  • My wife and I are looking at a 2009 RX 350 with Premium Plus and Nav. Initial offer from salesperson has MSRP at about $44,100 and sales price at $35,700. I like the price for the most part but the lease factors seem really high. One dealer quoted .00285 which translates to 6.84%. Can you really negotiate money factors/lease rates? In looking at a BMW for myself, got a quote below invoice AND a lease factor that translated to about 2.1%. Makes a big difference. Can you go in there and try to negotiate the lease rate or can I only try to negotiate the final purchase price?
  • Hi, Jkenley. I also am leasing an '07 RX350 and am loving this car! I'm also thinking of buying it at the end of my lease, but my lease doesn't end until August of 2010. I'm doing fine with keeping my miles under the 15k a year, so no problem there.

    Although I'm not sure if you could negotiate the buyout price on your current RX with Lexus, it certainly wouldn't hurt to try once you get close to the end of your lease. Who knows? With the way the economy is right now, they may be willing to lower the buyout price for you.

    By the way, a friend and I were surfing the Internet together on the Carmax website. She's looking for a used
    '08 Acura TSX, and I thought I'd take a look and see what an '07
    Lexus RX350 used is selling for. This was in the Tampa, Fl area. They had one that had 35,000 miles on it and it was an '07(about a thousand miles more than mine right now.) and Carmax was asking $26,0000 for it.
    If you're a person that takes good care of their car, it would probably be a good move to buy this car at the end of your lease.

    When I was building a 2010 RX350 on the Lexus website, I could
    already see this car is going to cost several thousand dollars more than my '07 did because of the way they're grouping some of the options such as rainsensing wipers and the power rear door and such.

    Anyway, I hope it works out for you whatever you choose to do.

    P.S. I remember back in 1998, my mom was leasing a Toyota
    Corolla and she was able to extend her lease by six months because she was in the middle of moving to South Florida and didn't have time to deal with deciding whether to buy the car or turn it back in at the time. Check with your Lexus dealer.
  • In answer to an earlier post about negotiating the buyout - my understanding is that Lexus has insurance for lease end where residuals exceed value. So from everything I've read, there is no real incentive to reduce the buyout since they probably don't eat the first few thousand anyway due to the insurance. I'm not 100% certain but I've seen and heard this quite a bit. It also matches my conversations with LFS trying to negotiate a buyout. No dice!

    I did, however, extend my lease for 6 months. No extra charges and nothing really changes with the lease terms. I got add'l mileage (my annual mileage/12 for each month's extension) and quite a bit of my payment actually goes toward paying down the buyout on the car.

    The purpose for me doing this is to see if I can find a 2010 (or something) that entices me beyond my buyout. So far, with no discounts I'm having a hard time selling the 2010 to my wife (and it's her car so . . . )so we may end up just buying this one out.

    It's not the cheapest option to be sure but it gives us flexibility to see what happens with the market. We can turn it in anytime before our due date and we won't be charged for the following month. Not a bad program and easy to do with a phone call to LFS.

    Good luck and let us know if you have any luck with the buyout negotiation.

    Jay
  • Wow thanks so much for letting me know I can extend my lease up to 6 months and still accrue toward residual value. This way I can delay the buyout decision and see what else opens up in the marketplace.

    My lease expires in September. I was told I couldn't call LFS until 6 months before so I will call next month and let you all know what they tell me.

    I love this car and thought of trading down to the IS 250 but it's nearly as expensive and I love the trunk space that the RX350 has.

    Thanks!
  • womblewomble Posts: 28
    anybody have any thoughts on how lexus are planning to move these hybrids in this market? I have an 06 rx400h and waiting to see how the new models look and drive, but from everything I hear there are no good lease incentives as the MF is so high. Should I ditch the hybrid and get gas equivalent? I want to support the technology and enjoy the extra power but not for hundreds more a month.
  • I thought I could get a great deal on a 2009 RX 350. This would be my 3rd lease, it's year-end and the economy stinks. What a joke! With LFS, the mf is .035 and the residual on a 3-yr lease with 12K miles is 40%. I guess Lexus isn't hurting so badly. Without navigation the price was $35,300. Anyone have better luck with their negotiations?
  • efrusefrus Posts: 2
    Just did deal on new 08 RX 400 H. MSRP $51064. Purchase price under $40000.
    Money factor .00185. Only $20 more than none Hybid. Good availibility.3rd largest dealer in U.S.
  • Where is that deal from?
  • efrusefrus Posts: 2
    Ramsey New Jersey. Richard Lexus. Very nice people to deal with.
  • Hi efrus,

    Can you provide more details about your lease such as the terms and what your paying a month? The lease on my RX330 is up in April and I'm trying to figure out what my options are.

    Thanks.
  • womblewomble Posts: 28
    hi, does anyone know if the new rx450h will be priced similarly to the 09 rx400h and if the money factors will be drastically different? Dealer told me they were coming to the showrooms in june but does that mean there will be a big push to sell them or do not ever discount a new body type? thanks! Should I get the highlander hybrid or a6 avant instead????
  • basamxbasamx Posts: 17
    anyone buy the 2010 lexus, what are the lease rates?
  • Car man what are the money factors on a RX 350 09 model with 12 k or 15k for 36 months?

    thanks
  • Wow that is a lot of money to pay for an RX, rg911. Jkenley is right, Lexus is not yet providing any lease support on the 2010 RX 350. As a result, if you were to lease one through Lexus Financial Services right now, you would have to use its standard lease program.

    LFS' current buy rate lease money factor and residual value for a 48 month lease of a 2010 RX 350 AWD without the entertainment system with 12,000 miles per year are .00285 and 57%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.

    Car_man
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