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2013 and earlier Lexus ES 350 Lease Questions
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Lexus is not providing any lease money factor support on the 2010 RX in October either. Lexus Financial Services' buy rate standard lease money factor for both of these vehicles is currently .00210 for consumers who qualify for its top aka Tier 1+ credit tier.
Lexus is providing $2,000 dealer cash on the 2010 RX 350 this month.
Car_man
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So, what can I expect in December? MSRP - 7% - xxx Dealer Cash? What can I offer on a 2011 ES 350 that they will reasonably condsider?
I walked in to my dealer since I have 6 months and a few hundred miles until 36k and I'd heard Lexus waives the last 6 months of your lease if you get another one.
For a base 2010 es (i'll skip the nav as the base model is nicely equipped) they offered me 36 mo/15k, maintenance included for $535/mo sign n drive, no money down.
Basically 35 payments of 535 - I told him I need to sleep on it...seem like a good deal to you guys?
1 of the 6 remaining payments is due 11/1 so i'm kinda anxious to move on it. Will I get a good price if I buy before the end of the month?
Can you give me the December to Remember Lease rates for an ES350 @ 15K for 36 months?
Thanks,
Rob
Edit to my post above, '11 ES350 Ultra package: 15k per yr/ 36 month.
I am looking to lease a 2011 Lexus ES350. Could someone please tell me the money factor and residual for this month?
Thanks.
Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2011 ES 350 with 15,000 miles per year are .00175 and 55%, respectively.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The residual values for a lease with only 12,000 miles per year are 2% higher. The 10k residual would be 3% higher.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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I saw in your previous post you listed the March MF as .00175. Do you also know the residual for 36 months with 12k miles per year?
Thanks so much.
Car_man
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Still, this is a pretty bad interest rate. We're talking about a "special" rate that's over 12%. If I had to pay that high a rate, I personally would look into financing or leasing a less expensive vehicle.
Car_man
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Thanks,
Gator
Tier 1+ 720+
Tier 1 719-690+
Tier 2 689-670
Tier 3 669-650
Tier 4 649-630
Tier 5 629-610
Tier 6 609-580
Tier 7 579-520
Car_man
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Great forum here!
I am getting close to pulling the trigger on a 2011 ES 350 with "Package B" (Nav, rear cam, etc.). List price on this is $41,470. Selling price is at $40,000 at this point.
This is where I am before any real negotiating with the dealer:
36 month lease
.00220 Money Factor
$3000 down (which covers fees and license). Cap reduction is only at $451.
12k miles per year
Payment $631.17 per month
Money factor seems decent. How far down can I negotiate the price of the car? Might they go down to $38,000 with the options I've chosen?
Any advice or input as to whether this is a good deal would be HUGELY appreciated!
Thanks much!
The deal I had was $500 above Invoice, for basically the same car, for which the MSRP was 41,460, and the selling price was $38,214. This was in Northern CA.
You didn't state whether there will be a security deposit, but if you have been a prior customer of Lexus, they often times waive the security deposit (depending on your prior experience) and offer a $1,000 cash rebate for a new finance or lease. I believe the lowest money factor for Tier 1+ credit was .00175 in April. And the residual was 57% for 12k/yr miles.
So, the bottom line is I think you can certainly do better on the selling price, and depending on your credit score you might be able to do better on the money factor as well.
Hope that helps.
They are not asking for a security deposit. Residual is 58% with 12k miles per year. My credit score is currently 751 which, I believe, gets me to Tier +1.
I'm guessing, if I can negotiate down to around $38,500, I should get my payments to about $580 including tax. Even a bit lower if I can get a lower money factor.
I just finished a lease on an Acura so my lease history is strong.
Thanks again!
Can you give me an idea on how hard it would be to get a 2011 ES 350 for around $450-$500/month after tax on a 15,000 mile lease? I would like it fully loaded so MSRP would be somewhere between 41,000 and 42,500.00. Credit score is low 700's and would put 3000 to 4000 down. Im buying out of New Orleans.
Putting money down as a capitalized cost reduction would bring this payment into your target range, but to be honest with you you would be better off going with a zero down lease and having a slightly higher monthly payment. Consumers who make large down payments on leased vehicles risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.
Car_man
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Two follow up questions. One, is this a good time of year to get the best deals on a Lexus and two, how much can I expect Lexus salesmen to negotiate on Es pricing?
Just left the dealership and am a bit confused by my current offer. For a fully loaded es 350 with an MSRP 43,006.00 a sales price of 41,800.00, a money factor of .00270 and a residual of 58%, im currently being offered a monthly payment of 653.00 after 3,300.00 down. To me this sounds very high. Am I correct and will Lexes negotiate on the money factor. My CS is in the low 700's.
I am considering buying my leased vehicle [2008 ES350 with nav] for $23k. I know the history of the car; it has been a great car.
Thanks!
Car_man
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It would be in your best interest to shop around to see if you can find a dealer that will be willing to lease you this car using the buy rate.
Car_man
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I set up a 2011 Infiniti G37x on their website with a sales price of $38,295 but you have to add back to that a $700 destination charge. Again, a $4,000 trade in (so adjusted capitalized cost is $34,995), 36 month, 10k mi/yr, excellent credit. The resulting payment is $346/mo.
Is Lexus's interest rate so bad that it really adds almost $4k to the price over the term? Do the two sites do something differently? Did I just screw something up?
I really can't see paying that much more in interest - I never even carry a credit card balance.
Thanks for helping me figure out what I'm missing.
(BTW - Lexus's local deal must just be based off a better interest rate, right? Details below - assuming I can add the heated seats, it looks like the difference must be in the rate, although this still leaves a gap compared to Infiniti)
LEASE*
2011ES350
$389mo.36mos.
$3,789due at signing.
Excludes official fees, taxes and dealer charges. No security deposit required.
*Available on approved credit to qualified customers through Lexus Financial Services and participating Lexus dealers on a new 2011 ES 350. Not all customers will qualify. Offer based on MSRP of $38,995 for ES 350, including delivery, processing and handling. 36 monthly payments total $14,016. Monthly payment may vary depending on final price of vehicle & your qualifications. At vehicle turn in a disposition fee will be charged. You pay maintenance, insurance, excess wear & tear & $0.25 per mile over 10,000 per year. Lease-end purchase option price $23,007 plus taxes & fees. See dealer for vehicle and lease program details. Must take delivery by 9/6/11. This offer is available in the Lexus Eastern Area.
I'm at the end of my lease for a 2008 ES350 and the ratio of current private party value to original MSRP is about 68%. That's about $4000 more that I paid on my 36 month lease (or about $100 per month) than the actual depreciation.
The good news is that I will negotiate to put this "equity" into my next lease by lowering the cap cost by $4000. I'm pretty sure they will go for it because the spread between the dealer used price and trade-in value on kelly blue book is almost $6000 (i.e. the dealer used price is almost $10K more than the lease purchase price). I'm shooting for invoice less $4000 less $1000 loyalty bonus.
Of course, the downside is that:
a) this is a form of "enforced savings" by Lexus - you get no say
b) you bear more of the risk for the future value of the vehicle
c) you pay interest on the inflated depreciation
Given the low interest rates, I'm happy to eat the (minimal) extra interest but Lexus will feel more pain from customers if interest rates go up.
I'll keep everyone informed on my progress...
In reference to my previous post on equity in a lease, the dealership I visited in New Jersey on the weekend would only offer $1000 for the trade-in, claiming they could buy it at auction for $20K (even though KBB shows the trade-in value at $23K).