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2013 and earlier Lexus ES 350 Lease Questions

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  • spygamespygame Posts: 6
    hi,
    first off i wanna say that i am new here, and new to the whole leasing process. reading the previous posts has given me some insight into the whole leasing procedure, but i still have a long way to go.
    im thinking of jumping on the ES 350, $449 /month , with $0 due at signing( thats what the advertisement on lexus.com and the newspaper ad say)., 48 months and 10 k/year. The 4 years is the only thing that is really holding me back, 36 months sounded much better to me.
    i spoke to the local dealer, and they said it comes to around $ 475 (with Kentucky taxes), and would owe out of pocket around $ 920 ( includes the first months payment, plus taxes and title). Haven't spoken to them about the entire breakdown, just wanted to get some opinions here, does that sound decent. This is ofcourse with the TIER 1 plus credit. The car offered is the with premium package without the Nav.
    Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, fusilli. Vehicles' residual values are set by banks and individual dealers do not have the authority to alter them. Money factors are slightly different though. Banks set vehicles' buy rate lease money factors. This is the lowest possible factor that dealers can charge. Dealers are often allowed to mark-up banks' buy rates to add additional hidden, back-end profit to deals. This is why it is a good idea to find out exactly what the buy rate should be for the vehicle that one is interested in prior to visiting dealers.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome spygame. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    The best way to evaluate the deal that you were quoted is to find out what selling price the dealer is charging you for the car that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shoot for a selling price that is as close to dealer invoice as possible. Once you have arrived at a selling price that you are comfortable with, have the dealer use Lexus Financial Services' buy rate lease money factor to calculate your monthly payment. LFS' current buy rate for a 36 to 48 month lease of an '08 ES 350 is .00065 for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • fusillifusilli Posts: 24
    Yep, that's how they get you in the door. Throw a monthly payment out for Tier 1+ credit scores. The payment creeps up from there. As I said before, lessees with a 730 credit score are not a robust group these days, so expect to pay a bit more with the money factor being tweeked. You can get out the door with one, but it'll cost you. Unlike housing, it seems to still be fairly easy to lease a car with okay to good credit. I'm learning fast, Carman! In the past, I've paid cash for a lot of my cars, but this will be my fourth lease, and I am bound and determined to learn how the process works. This forum has been great.
  • I've learned a lot from this forum and am ready to go negotiate a great lease. One question remains though....what is the "dealer holdback" amd "whsl financial reserve" that I have read about? And can I negotiate them away? Thanks.
  • fusillifusilli Posts: 24
    Well, I'd like to know about those items as well. I am leasing a car before the end of the month, yes, that would be in about seven days...so I'd better complete my education process, and quickly!
  • Thanks to everyone on the forum for the information that helps all of us negotiate a better deal. I picked up a new ES350 for my wife at the new Lexus of Mt Kisco, NY that just opened. The forum posts helped me save an extra $1500 with just a couple of phone calls. Information on deals that others have made is such a powerful negotiation tool. Thanks!

    My deal terms:

    2008 ES 350
    Navigation
    Premium Plus
    HID headlamps
    Intuitive parking assist
    Wood & leather steering wheel
    Rear side airbags
    Full size spare
    Preferred Accessory package (trunk mat, cargo net, wheel locks
    MSRP including destination of 42,385

    24 month, 15k/yr lease
    vehicle cap cost 36,594 (I got 1000 extra off from Lexus for being a repeat customer)
    residual 57% 24159
    money factor .00065 (1.6% interest rate, wow!)
    sales tax of 7.375% and 600 bank fee all rolled into the monthly payments

    629.99 per month, includes tax and bank fee for 24 months
    zero down
    1st month payment and motor vehicle and document fees of 240 due at drive away, total $870 paid at dealership
    no security deposit required

    My wife loves the car, with all of the nice electronics and controls, and the smooth, luxurious ride. Good luck making a great deal.
  • fusillifusilli Posts: 24
    Good money factor. I am looking for 36 mo lease, 10k miles, just premium package, so I think I'd be looking at under $400 a month in Florida with 7 percent sales tax. I would think, huh? I don't want to write a check out for $600 a month, that's for sure.

    I am about to open up the negotiating can of worms this week. Wish me luck!
  • manu99manu99 Posts: 18
    i leased es 350 today from keys lexus in van nuys ca

    msrp; 40305.00
    negotiated price; 34823.00
    down pymnt; 1750.00 inc 1st pay, tax, license, title and the b.s
    600.00 doc fee which is negotiable
    residual; 17331.15

    money factor; .00065
    monthly payment; 425.00 for 48 month 12000 miles per year

    did i get a good lease

    please let me know
  • Hi Car_man,

    I read in one of your replies that the 'residual' values are set by the bank. Can you tell me how or where I can get that information? I am looking to lease an ES350 in NJ for 48 months @ 20K/yr. The ES350 MSRP is $35,000 and I can get it for a sell price of $32,000. The invoive price is approx. $31,800.

    Thanks,

    lbjunior
  • I was in southern CA recently and saw an ad for an ES 350 lease for $379 for 36 mos. I couldn't read the fine print; no surprise. Is there a place on the Lexus web site that lists the current special offers? Other manufacturers do this, but Lexus seems to be coy about this. Also, I don't believe you can check Lexus inventory and pricing on line (on Cars.com).
  • scoot84scoot84 Posts: 21
    Hi Junior,

    Just as an FYI, I picked up my wifes new ES 350 last Saturday from Lexus of Englewood. I got the car at roughly $1800 under invoice. I was negotiating between Englewood, Warnock and Bridgewater. My deal is 3 yrs / 36k miles per yr at $425 per month with only inceptions of $1599 due at signing. With the 09's coming any day I think you can get the car under invoice if you work it. I was very happy with the deal I made, but I had to work pretty hard to go back and forth between them.
  • I took the ES 350 on 08/26/08 w/navigation, NJ and NY Metro same price
    $1300 down( bank fee, first payment, etc...) and 506 per month.Included taxes-NY.
    Only one problem lack of inventory, they have only 1-2 colors in stock, or wait until middle of September
  • I leased 2008 ES350 from Van Nuys, CA yesterday. 8.25% sales tax area
    MSRP 40,305.
    Downpayment $926 (1st month lease included).
    Monthly $480 (35 months)
    Cap apprx $36,000 (sorry don't have paperwork in front of me)
    Residual apprx. $21,000
    Mileage allowance: 12K/per year (36 months lease)
    Plus two year service.

    My mistake was that I should have negotiated down to $460 per month - figure based on lease calculator.
  • Signing off on this chatroom. Was very close to buying the ES350, took a Mercedes Benz R350 (totally different creature...they call it "the hearse") for a ride and that was it. Beautiful car. I was sold...fits more with my lifestyle. Good luck to all in your purchases.
  • The salesman I bought my 08 from offered me an awesome lease deal but I decided to buy, if anyone wants his info email me at socal55chevrolet at yah oo .com I totally recommend him for service and pricing.
  • Scoot84,

    congrats on your deal!

    I am new to this forum and having trouble navigating here for some reason.
    I wanted to ask you, what was your MSRP price and did your downpayment of $1,599 include 1st month lease payment of $425?
    I wish I read your numbers before I leased my car. I did get very different figures from edmunds calculator which adds fees in vs. leaseguide calculator.

    Thanks
  • Here is the lease I am working on.

    ES350 w/ Nav an PP
    8.235% ny Taxes down plus fees so about $2500 total which includes first months payment.
    3 years, 12K Miles
    $480/month

    yay or nay?
  • I guess - no. Did you read my post? I gave $926 out of pocket plus $1,000 rebate as downpayment. If I knew that downpayment would be 1926 I would have offered 926 cash.
    What is PP? premium package? what is MSRP? Mine was 40,305 with 825 destination included. Has navigation as well.
    So try for 1,000 rebate as downpayment, no cash at all and perhaps 470-480$ per month for 35 months. Try it.
    Unfortunately noone replied to my post whether it was a reasonable and good deal.
  • Hi lbjunior. Manufacturers' captive finance companies do not provide information on their lease programs directly to the general public. Having said this, I can give you an idea of what this car's current residual values are like. Lexus Financial Services' current buy rate lease money factor and residual value for a 48 month lease of a 2008 ES 350 with 15,000 miles per year are .00095 and 40%, respectively for consumers who qualify for its Tier 1+ credit tier. 15,000 miles per year is the highest mileage allowance that LFS publishes residual values for. If you need more miles than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the end of your lease and have to pay an excess mileage penalty.

    Car_man
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  • Hi genesis6. Unfortunately, Lexus does not provide advertised lease payments on its web site. The closest it comes to this is a buried statement on the ES 350 page which says:

    "Special Lease & APR Offers

    Now through September 30th, returning customers may qualify for our Customer Appreciation Award program. For details, see your Lexus dealer."

    Car_man
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  • There is a possibility that money factor and residual changed after 09.03.
    I was quoted 51% and .000995 for 36 month 12k lease for 2008 model. Is it a right or wrong?
    Dealer in NY offered to sell the car for an invoice price $37680.00
    with PPP,heat. & vent. seats,swivel lights, bluetooth, NAV, wood trim,,mats, nets
    I can not get a $1000 rebate.How does it sound?
    And one more for a lease. If I want to pay taxes upfront, what amount should I calculate taxes from?
    Thanks to everyone who respond.
  • Hi ahsim. The .00095 money factor and 51% residual value that you were quoted for a 36 month lease of an '08 ES 350 are right in line with Lexus Financial Services' current lease program for this model.

    Car_man
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  • What kind of lease or purchase deal do yout think I would get now for a Lexus 2008 ES350 in the MD/DC/VA Metro area? Or is the economy bad enough for them I could do just as well on a 2009? Also when contacting dealers by internet what do I say?
  • 10sfan10sfan Posts: 136
    Is this a good lease offer for an 2008 ES 350? MSRP $38,269, 48 months(10,000 mi per yr) @$399.00 month with $1,137.00 dwon which includes first month payment and acquisition fee and doc fees per year. WI tax is added at 5.5% to the monthly payment.
  • Hi 10sfan. Can you tell if this is an advertisement that is being run by an individual dealership or is it a manufacturer sponsored ad? I have found that savvy consumers who comparison shop are usually able to beat the selling prices that manufacturers' advertised lease payments are based upon, and in turn get slightly lower monthly payments. Use this deal as a baseline for your negotiations and try to beat it.

    Car_man
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  • 10sfan10sfan Posts: 136
    Car man, Thanks for your reply. It appears to be a dealership advertisement. Another dealer in the Chicago area ran a similar add for 36 months term with $2600 cap cost reduction. Apparently they are using a higer cap cost payment with a 36 month term and no cap cost payment with a 48 month term.
  • No problem, 10sfan.

    Car_man
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  • teasipteasip Posts: 16
    One topic that I haven't seen mentioned is the difference in cost between mileage allowances. The standard Lexus lease at my local dealer is 10K mi/year however I would like to know in general how much additional expense one incurs to bump it say to 12K or even 15K? Does the increased cost vary per manufacturer? Reason I ask is that my 15, soon to be 16 y/o daughter isn't interested in the red Civic Si sedan that I purchased last year with the intention of giving to her the first part of next year (3 year note with additional funds being put back each month to allow for pay off in 2 years). The problem is that this is a manual transmission vehicle and she argues that a new driver shouldn't have to focus on shifting and driving at this point (argument could go both ways). That being said she might end up with the wife's paid for '04 IS300. If that's the case then both mom and myself will be in the market for two new leases (two lease payments cheaper than car payment and lease payment) if I were to sell the Honda. Another IS for the wife and an ES for me most likely.
  • Hi car_man,

    Looking for the MF and residuals for 10kmiles/year on the 2008 es350 for 36 months. Thanks!
This discussion has been closed.