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

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Comments

  • bignasty1bignasty1 Posts: 23
    Can you provide a little more info? I am looking for a similar lease. What was the money down? Where was the dealership?
  • bc_lr3bc_lr3 Posts: 3
    Sounds like a decent deal. Same here, I would like to know more info on your lease.
    1. Dealer?
    2. Any down or Cap reduction?
    3. Lease payment? (599 total or 599 + tax)?

    Thanks,
    BC
  • toyotas2toyotas2 Posts: 8
    Sorry about that.

    The dealer was located in upstate New York. I paid the taxes up front and that was the only money out of pocket so the payment of $599 was without taxes.
  • wgw13wgw13 Posts: 1
    Currently have a $572/mo. on a 52 mo. Lease 07 Rx in FW TX. Dealer covered $1500. on previous lease on a Mercedes. Want a 36mo. lease no nav. What should I pay on a new model? Present lease was nothing down 12000 miles/yr.
  • glex1glex1 Posts: 21
    Could I have some feedback on if this is a good deal for a 2010 loaded RX AWD 350
    The MSRP is 47,884, sale price is 43,500, MF .0022 with a residual of 24,420
    What is the current money factor lexus finance is offering on this car? I'm outside of Philly, PA
    I'm getting quoted payments of 627.67 12k miles for 36mths and 601.09 for 48mths 12k total of 1500 out of pocket cost to drive car off the lot.

    Sorry posted this in the wrong thread prior.
    Feedback is appreciated, Thanks
  • arete216arete216 Posts: 1
    RX350 FWD with starfire pearl white/light grey leather.

    MSRP $$45,486
    Package(s):
    F FT 19" Aluminum Alloy Wheels
    F HS Heated and Ventilated Front Seats
    F NV Navigation System
    F PM Premium Package
    F WU Wood & Leather-trimmed Steering Wheel & Shift Knob
    P 3T Cross Bars
    P C1 Cargo Mat
    P GN Cargo Net
    P WL Wheel Locks

    Discount price quote $39,925 + tax and license fees
    $1183 minimum due at lease signing.
    36 months, 10k miles/yr
    $501 + tax = $550/mo on approved credit. (I'm in So Cal where tax is pretty high!)

    This offer is only good till tomorrow (4/30) and I need to find out if this deal is good.
    I think it's a pretty good deal from quick research, but any comments will be very helpful.

    Thanks!
  • ckungckung Posts: 42
    I guess u have a very good deal, today I just went to Longo Lexus and they quoted me the following and this is just the basic model, which dealership you went to ?

    thanks

    Lexus Lease Special Offer
    2010 Lexus RX 350 Lease Offer
    $489mo. 36mos.
    $3499 due at signing.
    Excludes official fees, taxes and dealer charges. No security deposit required.
  • glex1glex1 Posts: 21
    I was informed on Sat that May lease rates went down. Could someone let me know what the new May rates are thru Lexus Financial for 4yr/15K Lease on 2010 Lexus RX 350 AWD?
  • sachatinasachatina Posts: 3
    Your deal is a little bit better than mine. Same package - I paid 1189 down and 562 per month, including tax.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello vonnrv. Lexus' May lease program for the RX 350 is slightly more attractive than its April program was. Lexus Financial Services' buy rate lease money factor for this truck dropped from .00210 for Tier 1+ customers last month to .00190 today.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi aujoe1. $750 over dealer invoice isn't bad, but the money factor that you were quoted is too high. Lexus Financial Services' May buy rate lease money factor for a 36 month lease of a 2010 RX 350 is .00190 for Tier 1+ customers (credit score of 720+). That factor increases slightly to .00200 for Tier 1 customers (690-719).

    Make sure that the dealer uses the buy rate to calculate your payment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    What you heard is correct, glex1. Lexus' May lease program is indeed slightly better than its April program was.

    Lexus Financial Services' current buy rate lease money factor and residual value for a 48 month lease of a 2010 RX 350 AWD with 15,000 miles per year are .00190 and 49%, respectively for consumers who qualify for its top aka Tier 1+ credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • nola2nola2 Posts: 9
    I have been car shopping via email and phone (after test driving) for weeks. I am having a horrible time shopping for some reason. First, the dealers are not responding with any actual (detailed) lease quotes or even prices. Second, those who respond basically tell me to come in and promise to give me a great price -- I stay away from those. Third, the only dealers who actually sent me lease quotes provided the following, and one does not have to be very literate to know that the prices are high. I am in the Bay Area and willing to drive anywhere at this point to find the right deal. Please provide your input regarding the following:

    Quote 1. MSRP 47K or so (Navigation, Premium package).
    No details other than - "15,000 miles per year with $1975 down (*no idea if total drive off or not) and $610 monthly payment ($670 total with tax). Seems high!!!!

    Quote 2. Same car - FWD 350. No details other than - "36@514 plus tax with 4000 down. 15k per year".

    Another dealer quoted a great price of $41,350 (below invoice) but I emailed for days, and he is basically refusing to provide a written LEASE price quote, and telling me to come in and do it in person. I don't want to work under pressure. Please advise! I am ready to crawl back to Mercedes dealers. I have never experienced that with them in the past.

    Finally, I mentioned to a few dealers that I got $41,350 price elsewhere, and they immediately told me that I have to bring that written price quote to them in order for them to match that, if at all. Should I forward the dealer's price quote to them? Thanks.
  • nola2nola2 Posts: 9
    Other than providing input regarding the overall communication issues I am experiencing with the dealers -- I only email and talk to Internet managers -- please provide (1) advise what you would consider a fair lease on a 41K car with 15,000 miles per year, and (2) how do you get the dealers to give you detailed lease quotes?

    Thank you!
  • valueguyvalueguy Posts: 208
    If I purchase an extra 5,000 miles up front (lease inception) does anyone know what Lexus charges for these miles? Acura charges 10 cents and Infiniti charges 12 cents if purchased in advance.

    Thanks.
  • nola2nola2 Posts: 9
    MSRP $46,800 (comfort, premium package, navigation)
    Invoice: 42,940
    Final sale price: $41,000
    Drive off $1942.78
    Payment $505.58 plus tax for 15,000 miles per year/36 months
    Adj residual $27,483.30
  • valueguyvalueguy Posts: 208
    Nola2,

    That is a great deal. What city and/or state? I think the actual invoice is $41,800 according to www.kbb.com Still, you are $800 below invoice. I suspect secret Lexus cash back to dealer right now of $1,000 plus low finance rates or leases.
  • nola2nola2 Posts: 9
    What about the $1950 drive off? I thought it was supposed to be $1183. Also, how do I calculate the money factor? Residual value? Please pardon the ignorance.
  • nola2nola2 Posts: 9
    Also, what is the APR or money factor that Lexus Financial has right now? I am trying to figure out if the quote given by the dealer is fair.
  • valueguyvalueguy Posts: 208
    edited May 2010
    NoLa2,

    The deal you made is A+. You are paying around $700-$800 in dealer fees but getting the vehicle for below invoice. Thus, the dealer is actually selling you the RX350 at invoice. Your payment is great and appears like you are getting the money factor of .00190. Residual is around 59% which again your numbers show are very close.

    Conrads on a great deal in the Bay Area. From your posts it looks like your hard work and effort paid off.
  • newbie39newbie39 Posts: 5
    I have recently inquired about a 36 mo/15k miles per year lease for a 2010 RX 330 with a navigation package. I am in the Tampa/St. Peterburg area and have received offers from local dealers with the following specs:
    Sale price: $46,900, $1500 down, payment of $809.00 . This was the initial offer presented to me at the dealership after test driving the car.

    Now, after doing my research, and sending inquiries via email, I did receive a more detailed offer which appears to be much more reasonable:

    Sticker price: $47,385.00
    Sale Price thru internet dept $42,980.00
    dealer documentary and prep charge $589, plus taxes and fees
    36 mo lease, 15k miles per year
    lease payments $626.13 incl tax with start up $1605.20 due at signing.

    I would greatly appreciate anyone's comments regarding this deal. Can I do better? This dealer is about 50 miles from where I live so servicing would be rather incovenient. I have dealt with the Tampa Lexus in the past but their internet quote was $658 per mo with $3k down -- ridiculous!
    Thank you for your comments.
  • valueguyvalueguy Posts: 208
    Call Lexus of Orlando. No doc fees and they will beat your other quote by at least $300. You will save at least $900 driving 2-2.5 hours. I think you can do even better but how far do you want to go to save another $500?
  • valueguyvalueguy Posts: 208
    Does anybody know how much Lexus financial charges a Tier 1 plus customer to pre-purchase extra lease miles? Acura charges 10 cents while Infiniti charges 12 cents. The local "stealer" told me Lexus charges 20 cents. Of Course, I don't believe him.

    Does any body know the cost of these miles? Car man?
  • newbie39newbie39 Posts: 5
    Thank you. I am going to try that tonight and let you know.
  • crubin23crubin23 Posts: 4
    Carman,

    Do you or anyone else know the residual on the 350 RX on a 36 month lease for 12k miles.

    Thanks,
    Cole
  • newbie39newbie39 Posts: 5
    Dear Valueguy,

    I followed your advice and got the following deal in Orlando on a 2010 FWD with navigation package:
    Sticker $47385
    Final Sale price of $42,900
    Offer: 35 payments of $$661.23 (incl tax)
    Nothing due at signing, first payment due 30 days from delivery.

    They told me that I can turn in my car (leased from Tampa lexus) to their dealership when I pick up the new vehicle and they will take care of any transfer papers without a fee.

    I can turn it in anytime before my lease expires June 10 and their price reflects the "credit for payment" towards the new lease - meaning that there will be 35 payments instead of 36, as I understand it.

    Do you think this is a good deal? It appears to be a fair price. If they are going to credit me my lease payment and basically give me the first month free, I am better off keeping my car until June 9 then picking up the new one. From some reason though, they wont just come straight out and say we give you one month free. Am I missing something>?
    Thanks again!
  • newbie39newbie39 Posts: 5
    I am in the Tampa are as well and looking to lease an RX 350 with the navigation. Did you get your lease worked out? If so, do you mind sharing the terms and where you got it? Thanks
  • king1721king1721 Posts: 1
    Hello everyone,

    I am getting confused by different money factor and residual information i got from 2 different dealers. I am interested in RX 350 AWD without navigation in St Louis. 36 month & 12,000 miles.
    Plaza Lexus - Money factor 0.00290 Tier 1+ , Residual value at 60%.
    Dave Lexus - Money factor 0.00220 Tier 1+ , Residual value at 58%.

    In some post i saw Money factor at 0.00190, are the dealers trying to scam?

    Thanks,
    king1721
  • onenrg1onenrg1 Posts: 6
    Nola2,

    I think you have received an amazing deal. I am looking at the RX with the very same features that you listed. Did you get it over the ML? My wife loved the ML but as you know, the prices are much more. If you can, please email me a few more details on the RX deal you negotiated. omars1974@hotmail.com
  • delta737hdelta737h Posts: 603
    edited May 2010
    king1721,

    Lease rates (money factors) and residual rates are independent of each other. One has nothing to do with the other.

    Residuals reflect the estimated wholesale value of the vehicle at the end of the lease. Finance captives (e.g., LFS) will often inflate residuals for competitive reasons. The residual factors are established by the fund provider (or their residual insurance carrier in the case of banks) and so the dealer has no control over these. I see that you were quoted residuals of 60% and 58%. You may want to get some clarification. For example, both appear to be 36 month residuals. However, the 60% may be for 12,000 miles while the 58% may correspond to 15,000 miles.

    Residual factors are computed based on a given level of mileage usage. Some fund providers will "adjust" the resulting residual value for different mileage requirements. So, if 60% reflects 36 months and 12,000 miles and, say, you desire 15,000 miles, then the residual value is adjusted downward at some predetermined cost per mile. In other words, you prepay the additional mileage which is reflected in the "adjusted residual value". For example, suppose you desire 15,000 miles and you prepay the additional 9,000 miles (3 year lease) at the rate of $0.10 ($900) and that the 60% residual factor produces a residual value of 20,000, then, the adjusted residual value amounts to 19,100.

    Money factors reflect the cost of money. The buy rate (0% reserves) is 0.00190. The money factors you were quoted appear to be packed with reserves which are similar to points paid for a mortgage loan. A 1% reserve level means, roughly, that the dealer is compensated 1% of the adjusted cap cost (less acq. fee if included in the gross cap) for writing the lease at a higher money factor (e.g., 0.00220 or 0.00290). For instance, the 0.00220 money factor may reflect a reserve level of 1% while the 0.00290 money factor may correspond to a 3% reserve level. Lease rates (money factors) are usually tiered (e.g., 0.00XXX + R% reserves). Always ask for the base rate or buy rate which is the money factor associated with 0% reserves.

    This may be much more than you really wanted to know but, that's just me being me. Anyway, hope this helps.

    John
This discussion has been closed.