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2013 and earlier Lexus ES 350 Lease Questions

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  • I got a lease quote for $617/mo for 3 yrs/36k with 0 down. Everything rolled into the payment. The MSRP was $41,700. The sale price was close to invoice of around $37k. I live in VA. Has anybody leased recently?
  • tocapallatocapalla Posts: 16
    HI! Please excuse a stupid question, but how do you get the residual value? I know it is a percentage of the MSRP, but how do you get this percentage? Also, has anyone used a Leasing service? Anyone used D&M Leasing in Dallas? Did they (or ANY service) save you money? I was thinking of using a service as there are no immediate Lexus dealerships, and the 1 that is within 200 miles of me will not deal. The service says they work with Lexus dealers everywhere and can get me the best deal. I was also wondering what the leasing co. gets out of it to make there leasing rates so much "lower"? Is there anything I should look out for? Sorry for all the questions, but dealerships DO tend to try and take advantage of women, and I want to be as fully prepared as possible THANKS for all the help in advance.
  • tdohtdoh Posts: 298
    When you ask, "How do you get the residual value?"--are you asking as to how to find out what the exact residual value is for a particular model...or how exactly is it determined as to what the residual value should be for said vehicle? If the former, then just ask your dealer; if the latter...I have no idea--maybe they throw a dart at a dartboard and whatever percentage value it hits, that's the value they'll go with? j/k!!! ;)
  • carluvr4carluvr4 Posts: 2
    Hi,
    The ES350 is on TV for 399 per month without tax, title. How much more per month should it be if the only change is to a car with NAV, and no cap cost reduction. (Still without tax which is paid by buyer up front to the state).

    Thanks!
  • tocapallatocapalla Posts: 16
    Hello. I am thinking of assuming a lease of an '07 ES350, and need some help figuring out the final monthly payment. His lease of $607.00 includes taxes (6.5%-FL). In MS, my state, all I have to do is pay for the tag, which is about $900.00. YES, the amt. is correct. Anyway, do I just deduct 6.5% from the monthly payment? This gives me $567.55, which seems about right. Is this how it should be done? Please help, and THANKS in advance.
  • ramon159ramon159 Posts: 3
    Carman,

    Just sign up for this lease... hope did not get ripped off. :)

    Cap: $38,454
    Residual: 46%
    Term : 48 months
    Rent Charge: $5,104
    Down Payment; $1,000 (includes tags, etc)
    Miles: 12k/Year
    Monthly Payment: $550.18

    Premium Package w/ Nav back up camera and all the toys.
  • ramon159ramon159 Posts: 3
    tocapalla,

    I think you have it right. No tax in MS? wow I am moving there. Make sure the lease does not have a termination fee if you want to return the car at the end. $900 for a tag? wow~!.
    I just got my es350 for $550 a month. All toys
  • tocapallatocapalla Posts: 16
    Help!! I'm really confused and do not know what to tell the person tomorrow about assuming his lease. The car is a '07 ES350 with UL package. MSRP was $43,383. Person told me he got it for $40,000, and he put $2,000 down. His 36 monthly payments are $607.00, including taxes. There are 28 months left on the lease. My monthly payments would be about $595.00, no termination fee. The lease end buy-out is $26,393.40. What I do not get is if he got the car for $40k, put $2k down,makes 36 payments totaling $20,431.62(without taxes), then why is the lease end pay off so high? That would make the total cost of the car, without taxes, to be about $46, 825.02. What am I missing here? Is this a bad deal? Should I take the $850. it will cost me to get it shipped and put it down on a new lease? All the dealers and leasing companies I've talked to were in the $700-$750 range with 0 down. PLEASE help! I do not want to miss out if it is a good deal, but do not want to make a very bad deal. THANKS ever so much for any help anyone can give me!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome, rwarrencfp.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi tocapalla. I am not aware of any resource that provides information on banks' current residual values to the general public. Having said this, I can tell you what this car's current residual value is. It varies by term and mileage allowance, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Lexus Financial Services' current residual value for a 36 month lease of a 2007 Lexus ES 350 with 15,000 miles per year is 54%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi carluvr4. I would be happy to calculate a sample lease payment on the exact car that you are interested in for you. I just need you to let me know what its full MSRP and approximate selling price are, along with how long you want to lease it for and what mileage allowance you need.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello ramon159. What is this car's MSRP? This number will show me how much of a discount you are being given. Let me know and I'll tell you what I think.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey tocapalla. Before assuming someone's lease, you really should compare the monthly payment of the lease that you are assuming with the payment of a similar brand new vehicle. It often turns out that consumers who want to get out of their leases early did not get the best deal.

    I can work up a sample lease payment on a similar car for you to give you an idea of what it would cost to lease right now. According to my calculations, if you were to lease a 2007 Lexus ES 350 with the Ultra Luxury Package and Navigation that has an MSRP of $43,615 and a selling price of $39,200 (a little over $1,000 over invoice) through Lexus Financial Services right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $586. As you can see, the lease that you are considering assuming is nothing special. The only advantage to assuming it is that it is shorter than 36 months. I personally would pass on the assumption and go with a new car.

    Car_man
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  • tocapallatocapalla Posts: 16
    Hey Car Man, thanks for all the advice. If I could find a NEW Lexus E350 for around the $586.00 you calculated, I'd sign on the dot right now. However, every Lexus dealer and Leasing company I've talked to are quoting me a price in the $700 range. Where can I find a car at near the price you quoted? I live in MS, and the few and far between dealers in this and nearby states don't seem to want to deal. I've even contacted dealers in TX and several other states. THANKS again.
  • ramon159ramon159 Posts: 3
    Carman,

    The Window sticker on the car says $41,322.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey tocapalla. If you are in an area that does not have a decent level of competition, the Lexus dealer or dealers that you have spoken with are probably trying to get close to full MSRP for the ES 350 that you are interested in. The higher your ES's selling price is, the more expensive it is going to be to lease. Plus, the payment that I came up with did not include sales tax, which can add quite a bit. All you can do to try to get a good deal on this car is shop around.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Thanks for the additional information, ramon159. A selling price of $38,454 on an '07 ES 350 that has an MSRP of $41,322 is a decent deal. Your car probably had around a $5,000 spread between its full MSRP and its dealer invoice price, so the discount of $2,800 that you received is around $2,000 over invoice. It does not appear as though the dealer that you got your car from marked its month factor up.

    Car_man
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  • closer43closer43 Posts: 11
    Carman,

    I wanted to take time out to thank you and the people who post to this forum. I was looking to lease a ES350 three weeks ago and started doing research with the forum. I live in Tampa, Florida and I headed out with my numbers. I went to the Lexus Tampa dealer. I decided I wanted the Premium Package with Navigation. Total MSRP was $41,322.00. I called them back and offered them $37,200 +TTL. They agreed but then wanted to charge me .00333 money factor and when I questioned I was told that he dosn't even have to share we me the money factor by the leasing manager. That this was the rate and he had been to Lexus financial and different banks. They think you just fell off the back of a truck. (Oh yes and I'm a female). I have Tier 1 credit. I was sure they were trying to make up the difference in the price of the car on the financing. I then e-mailed the Lexus dealer in Sarasota and within one day had my terms. $37,200 + TTL, 57% residual, money factor .00275, for 36 months and they had to order my car so I could have the color I wanted. I'm picking up my car tomorrow and I feel good about the deal. If it wasn't for your site and reminding people to contact different dealers I would have been paying a much higher payment. P.S. It felt good when the first dealer called back and asked if I was ready. LOL
  • eyeman3eyeman3 Posts: 1
    If i may ask
    What was your final monthly pmt, lease term, miles, money down ect.....

    thank you for your input
  • I've been out of the loop for a while, so I'm not sure what the numbers look like right now but ...

    A friend of mine leased a 2007 ES350 with the $7,230 options package back in January. He walked out paying $36,250 (leased of course). I am negotiating the same deal right now. What would the current money factor, residual value, and monthly payment be for a 48 month lease (assuming no T/T, no capital reduction, and 15K/year)? I'm Tier-1+ credit.

    Thank you in advance!
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