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2013 and earlier Lexus ES 350 Lease Questions

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  • rob340rob340 Posts: 2
    Never leased a car but looked up how to calculate.
    Lexus es 38,300 msrp
    59% RES
    .0018 MF
    3789 down payment.
    I came up with a bottom line lease of 491 per month for 36 months.
    How are they offering it for 389 pm? Is this a good deal. Can I get it lower or the same with less of a down payment. Not looking for GPS. Just leather
  • kyfdxkyfdx Posts: 28,475
    You have to know the selling price of the vehicle to calculate the lease payment... You are assuming MSRP as selling price..

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Dear Car_Man,
    I am torn b/w a 2011 es 350 now vs a 2012 in dec. I am getting a 10k/3yr lease for $43061 MSRP for 534/mo (tax included)--sale price 39972. 850 down and tax "waived". I am a current owner, so $1000 loyalty is included. Should I wait? I have tier 1+ credit.

    Thanks.
  • paprofpaprof Posts: 6
    In my view, there is essentially no difference between the 2011 and 2012 model except that Lexus will continue to discount the 2011s more to make room for the 2012s. Why pay more for a 2012 would be my position?
  • Thanks Lexusfan2011. What do you think of the numbers on this deal?
  • rob340rob340 Posts: 2
    Went by Lexus today. Asked about the 389 per month 3800 down. Salesguy said he didn't know about it. Anyway he offered an 11 lexus es msrp 40000. Sales price 38 and change. Nothing down 10 k miles per year. Have to pay a total of 1600 at signing. 1st months payment,Bank fee,security etc. Monthly payment 531. This was without nav. I asked about the ultra package witht the panoramic roof ( top model) they had none. Anyway of course I didn't agree but was this a fair deal? I have no experience with leases.
  • 10sfan10sfan Posts: 136
    Thanks for your reply. These additional up front fee they usually do not want to tell you about of course add to the actual monthly lease cost.

    Dealers play this game on the stated residual and true market value. Had the same problem with two Acura Dealers. I walked.
  • kenb757kenb757 Posts: 149
    With the new 2012 Camry making its debut in October, how long will it be before Lexus introduces the next ES?
  • So, last week I had the experience of being offered $1000 for the $4000 of equity in my 2008 ES350 by a local Lexus dealer ( the equity being a direct result of the low residuals that Lexus uses in their leases). There was no attempt to negotiate any aspect of the deal.

    Last night, I paid a visit to Inifiniti. Picked up a 2011 AWD G37x with premium package for invoice plus received $3000 for the trade. Total payment: $371 per month (after taxes) for 39 months and 12K per year with absolutely zero down - sign and drive off. Bottom line: The dealer actually wanted to sell me a car! Lexus just lost a customer.
  • 10sfan10sfan Posts: 136
    I attempted to deal with both Lexus and Acura based on e mails and their advertisements offering great summer deals. Walked. Learned to fall in love with the deal not the car.
  • Hi Carman,

    Got a 36/12k 2011 ES nav lease:
    MSRP: 42985
    Sale: 39567 (including extra 250 for window tinting)
    Residual: 58%
    MF: 0.001875
    Payment:546/mo
    1000 cust loyalty goes to 1st month, title and cap reduction

    Good deal?
    also got charged 700 acquisition fee and 145 doc fee....are these fees legit?

    Thanks.
  • Hi lexusfan2011. The money factor that you were quoted appears to be a little on the high side. I believe that Lexus Financial Services' current buy rate for the 2011 ES 350 is around .00115 for consumers who qualify for its top aka "Tier 1+" credit tier. Try to get the dealer to use the buy rate to calculate your car's payment.

    As far as the selling price that you were quoted goes, there's a spread of around $3,500 or so between this car's full MSRP and dealer invoice price. That's pretty close to the discount that you were quoted, making this a very good deal.

    The $700 acquisition fee that you mentioned is correct. The doc fee will vary from dealer to dealer, but $145 is not outrageous...provided that the car's selling price is attractive other than that, which it is.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Thanks carman. Unfortunately I needed to do the deal by sep 6 to get tax credit and 1000 loyalty. Maybe next time I'll check with u in advance. Picked up the car today after signing on 9/6. So far I love it. Thanks for ur advice.
  • Hi, CarMan - I've moved over from the Infiniti G forum. Went for a test drive and found it a little cramped. (I'm still considering the M, though, b/c my company has a VPP which gets me $1200 off Inf's invoice price)

    Do you have current or October money factors and residuals for the ES350, no options, 36 months, at 10k and 12k? Much obliged.
  • From what I gathered from the board here, last month residuals on the 2011 ES were in the high 50s. I finally got a quote from my dealer on the October plan:

    Lease-end value (I assume Lexus's term for residual) were
    53% @ 10k
    52% @ 12k
    50% @ 15k

    Money factor was relatively nice at 0.00095

    The car was
    MSRP $40310 (the heated seats package plus some other minor junk)
    Sale price $37000

    Doc fees are a little high at $422.94.
    With CT sales tax, monthly payment at 10k miles is $520.88

    I think there's a little more value to be found in the sale price and doc fee. Hopefully another $500 total.

    But what's up with that residual? Did they just fall off the cliff because of the impending arrival of the 2012s? Or is the dealer messing with me?

    What's the likelihood that the 2012 residual will be enough higher to make up for the interest rate jacking I'm sure they'll also do?
  • I sure do randomjohn. Lexus Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2011 ES 350 with 12,000 miles per year are .00095 and 52%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.

    The residual value for a lease with only 10,000 miles per year would be 1% higher.

    When negotiating your deal on this car, make sure to take advantage of the $1,000 cash incentive that is currently available on it.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Thanks, car_man. How strict are dealerships with the cash incentives? My wife has a tricked-out swagger wagon from the same dealer, but my current car wouldn't otherwise qualify me for the incentive. Is it really a bright-line for the dealers, that if they can't show Lexus what the buyer owns they can't get the cash? Can I just say "sure, I have one of those" even if it's not what I'm trading in?
  • snowman22snowman22 Posts: 109
    OK--I'm new to this whole forum thing. So I'll get right to the point. I'm looking to lease a leftover 2011 ES 350. MSRP is $40,000. My problem is at what purchase price should the lease payment be based on. My way of thinking would be--the car is already one year old-should not the price and lease monthly reflect this. I go to our one and only lexus dealer and they act as though this is the new model year. It's a leftover for crying out loud. They still want $3000 down plus other fee's that total out to over $5000. On a 2011 model?????????? So could someone set me straight on this whole thing. Am I wrong to think my lease buying experience should be a whole lot better than what the dealer is offering. This is a beautiful car--but I don't think they are flying off the dealers showroom floor at this point. What would be the right amount up front "if anything"be and what would be a fair monthly. Orrrrrrrrrrrrrrrrrrr should I wait another month or so.Thanks for any insight.
  • Hi randomjohn. I'm pretty sure that Lexus is fairly strict about who it allows to get its conquest and loyalty cash. I suspect that it requires a copy of the registration as proof of ownership.

    Having said that, there is a $1,000 dealer cash incentive for everyone on this model on top of the loyalty / conquest offers.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi snowman22. If I was in the market for a 2011 ES 350 right now, I personally would shoot for a selling price of around $500 over invoice minus the $1,000 dealer cash that is currently available on it and the $1,000 loyalty / conquest cash that is available on it if you qualify for it. You can look up this car's invoice price over in the New Vehicle Pricing section of Edmunds.com.

    You definitely should not pay $5,000 at signing to lease any vehicle. Consumers can and should put as little money down as possible when leasing. This means not making any capitalized cost reduction. Consumers who make large down payments on leases risk losing part or all of the money that they laid out if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • snowman22snowman22 Posts: 109
    Thank you Car Man. Let me expand on my question. I shoud have entered this info the first time.I believe this lease offer is a factory backed lease. The monthly is $399 with $2800 down plus $700 finance fee "whatever thats for" plus security and tax/tag and a couple other things. I agree about no money down but--you would think the dealer would put a better deal out than what is being offered. The car is a year old. It's only worth trade in wise--$32,000 if i'm lucky.I think $399 with tax and tag should be the norm. What do you think the chances are of something like this in the next few months. I'm not in a hurry so time's on my side.
  • qoorafqooraf Posts: 2
    Folks....I am new to this forum. I am in South Florida and am looking to possibly buy (finance) a 2011 Lexus ES 350. I have been watching this blog and see there are many version of this pricing. I once saw someone posting to have bought the car for $31,000. I am also in the same ball park. I need some advise if this is the acceptable range. I will perhaps put down around $5 to $7,000.

    I shall appreciate your valuable input.
  • snowman22snowman22 Posts: 109
    I'm with you. I agree with car man though---should not be putting much if any money down. But these dealers seem to think the 2011 is new--it is new---BUT---one year old new. We all know how much value the car looses as soon as you drive off ---except that's not what the dealer will tell you at that time---but bring it back a couple months latter and man or man the shoes on the other foot. I think all anyone wants is a fair shake--for the sales rep.,the dealer and the cust.But with profit margins for the dealers and teeth braces for the sales rep's kids----we all know that the elusive really good deal is but lost forever. This blog is a big help in bringing knowledge to the average.I say thanks for any info that can at least give a person some type of chance in the automotive world.
  • What dealership for the Infiniti?
  • You're very welcome snowman22. Savvy consumers who are in an area that has a decent level of competition should be able to negotiate better deals than manufacturers' official advertised deals.

    Lexus will likely offer some attractive deals for its annual "December to Remember" sales event, which will probably begin at the end of November. It is difficult to say whether the deals that are available then will be better than the deals that are available today.

    Car_man
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  • Hi qooraf. If I was in the market for this car right now, I personally would shoot for a selling price of $500 over dealer invoice minus the $1,000 dealer cash that is currently available on it. If you want to finance your '11 ES, you can do so through Lexus Financial Services at 1.9% for five years.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • snowman22snowman22 Posts: 109
    Thanks for the reply---One other question. Lexus dealer has a mint 2010 RX450h. Loaded. Asking 45K. has 24,000 miles. If I were interested in leasing this used vehicle--if that's possible--what would be a reasonable price and money factor anddddddd lets throw in monthly payment for a 48 month lease with no money down. I appreciate your insight.
    Thanks Snowman 22
  • My lease for 2008 ES350 is over. Residual approx. 21K. Edmunds trade in value approx 25K. So, I have 4K in equity that I can negotiate towards another lease/buy? Or am I wrong? Thank You.
  • paprofpaprof Posts: 6
    You are correct. Let us know how much of the equity you're able to claw back.
  • qoorafqooraf Posts: 2
    Car Man...Thanks so much.
This discussion has been closed.