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

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Comments

  • TimelockmindTimelockmind Member Posts: 30
    I haven't checked in for a while and am very surprised that the deals aren't better. At the end of November lots of folks were getting 7 to 9 off list. As it's the perfect time for dealing (end of the month, end of the year, weak economy, overstock) has anyone gotten 10 off list?

    My deal -- list at 44, bought at 35.
  • BlessendcBlessendc Member Posts: 12
    Alrite after a month of going back and forth with multiple dealers, i picked up the 2009 RX350 Pebble Beach Edition
    15000 a year, 36 months, just 1month and fees totaling 1300 came out to 508 a month including tax. plus free car washes as long as I own the car, pickup and dropoff of the car with a loaner. got the car in central jersey. thanks guys for all your help through the process!!
    Merry XMAS!
  • lex_njlex_nj Member Posts: 16
    fanat,

    what deal did you end up getting. did you end up paying $430 with no cap cost reduction for the prem+navi?
  • lex_njlex_nj Member Posts: 16
    nyc6035,

    did you end up closing this deal? It's the best one I've seen for prem+nav in the NYC area. The lowest I am getting is about $440 (no cap cost reduction) in the tri-state area.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new RX, Leaser310. Thanks for taking the time to stop back and let us all know how everything turned out. Sorry to hear about your terrible dealer experience. If you would like to, you can post a review of this dealer over in the Dealer Ratings & Reviews section of Edmunds.com.

    Don't let your bad dealer experience ruin the fun of getting a new vehicle. Happy Holidays and enjoy your new ride :shades: !

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome LexRX350. Let me begin by saying that $3,700 is too much money to put down on a lease. I always advise consumers not to make large capitalized cost reductions on leased vehicles. Those who make them risk losing part or all of that money if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be much better off going with a zero down lease.

    As far as this specific deal goes, the best way to evaluate a lease is to look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a dealer discount you are being given. Find out what it is and let us know here. I am sure that either myself or another knowledgeable community member will be happy to give you their opinion of it.

    Car_man
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  • nyc6035nyc6035 Member Posts: 13
    lex_nj,

    Yes. The MSRP was 46241 (which is prem plus, nav, heated seats, cargo tray, etc.). My payment is $439 a month for 36/10K with Westchester County tax (7.375%). My payment before tax is $409. Out the door was acq fee, first month and registration fees. I believe that was like $1440. (It's been a week...the exact OTD is fading...but that's all there was).

    There was a 'small' decrepency between how I calculated the tax and how they did. We agreed on $38,000K sell price which should have been $409 and $439 by my calculator. They were about$5 more with taxes a month. We settled on the $439 with taxes in number which drove the actual sales price down to (I believe...don't the paperwork in front of me) to $37821 in order for them to come in at the $439 a month payment with taxes.

    So this deal was Prestige Lexus of Ramsey,NJ. A big dealer...a bit north of Paramus. I did the initial contact through their website...but they were very much a 'talk on the phone' kind of dealer once initial contact was established. When we talked, he salesguy asked me if there was a number I wanted them to beat. I didn't give him one and his offer was 39500. I went back and said all I wanted was a 'fair deal' and that fair (in the world of the Edmunds Forum at least) appears to be $38000. He matched that number within about 15 minutes. (Of course he had to talk to the sales manager.)

    My local dealer in Mt Kisco when I tried to 'work them' to the same price could only come in at $38300 for the same vehicle even with knowledge of the other offer. Ray Catenia in Larchmont might have been willing to work the price down to the same numbers...but I didn't think there was any difference between the two dealers in terms of distance from my house...so I took the first offer from Prestige.

    In hindsight it's a little bit of 'drag' as a NY resident buying a car in NJ. I didn't get new plates or a NYS registration sticker on delivery....I'm waiting for them to arrive at the dealer so they can be mailed to me. Also, the vehicle didn't come with a NYS inspection sticker...I haven't been back in touch with the dealer about it...but I suspect I'm out $35 and the time to have a local service station inspect the car to get the sticker. The $35 isn't a big deal of course...it's just another thing I have to get done on a Saturday.

    All and all it was a reasonable experience....I'm not 100% sure that next time I'd travel the 30 miles to save the $300...given that the free loaner car component will now require me to drive to NJ to receive the benefit (should I decide it's important to take advantage of)...and the 'wierdness' of driving a vehicle around with two dealer 'plates' that say Prestige and no registration other than a 'transport' sticker that's good through the end of the month.

    Hope this helps.
  • rain_manrain_man Member Posts: 9
    Prices on RX 350 and 400h are great in the Bay area these days.
    Yesterday, I bought an rx400h from Magnussen Lexus in Fremont. I first established contact by email. Paul Wright responded and he was great throughout the process.
    We visited the dealership for a test drive. As we did not want a lengthy negotiation at the dealership, I did the negotiation by email/phone over the next couple of days.

    Agreed to $8800 off MSRP, which was about $52,400 AWD with Nav+Levinson

    The terms of the lease 36/10k:
    $900 down + $1100 refundable deposit
    $539/month incl. tax (8.25%).
  • rain_manrain_man Member Posts: 9
    DOWN PAYMENT
    I agree that $3,700 is a lot. However, putting a bit extra down is definitely worth it on the RX350 these days.

    The current money factor on RX350 is .00095. However, the MF is reduced to .00015 if you put down a security deposit ($1000-$2000 I think).

    This will typically lower your interest payment from $60/month to $10/month. So you are effectively getting a $600 annual return on your security fee -- this is a great deal.

    EVALUATING THE COST OF A LEASE: RESIDUAL MATTERS
    I agree that the selling price is important for evaluating the cost of a lease.
    The Residual Pct. is very important too -- in particular if you do not plan to purchase the car by the end of the lease.
    To take an example: I just bought an RX400h with an MSRP of $52k with $8,800 off.
    A 36/10k lease has a 51% residual, which makes the capital cost about $485/month =($44,000-$26,520)/36

    In comparison, the RX350 comes with a 55% residual for the same lease, 36/10k. Had the same residual applied to the RX400h the monthly capital cost would only have been about $427/month ($44k-$28,600)/36.
    So I would have saved about $60/month (+tax) if the residual pct on the 2008 rx400h had been the same as that on the 2009 rx350.
    (Naturally, the model year 2008 vs 2009 is part of the reason that a new 400h does not come with as high residuals as a new rx350).

    In general. A higher residual pct makes your monthly payment lower (and your end-of-lease purchase price higher).
  • lowsterlowster Member Posts: 1
    Hello group,

    Just wanted to post the lease deal I signed today on a 2009 RX350 AWD Premium Plus Package; Luxury Value Edition. I have looked at other deals here on Edmunds ' forums and I'm pleased with the deal. Hope this helps others.

    MSRP = $39,100
    With options and Delivery Processing & Handling = $42,776
    Sell Price = $36072.12
    Adjusted Capitalized Cost (incl. taxes) = $37187.54
    Months/Miles 36/12,000
    Rent Charge = $2,061.82
    Residual = 54%
    Money factor = .0095
    Monthly payment incl. tax = $448.62
    Amt due at lease signing = $1,000 (1st month, title, docs, etc.)

    Warnock Lexus, NJ
  • lex_njlex_nj Member Posts: 16
    that's definitely the best deal that I've seen on this board. I deal with Prestige all of the time too - they are definitely the most aggressive dealer (largest in NE I believe) in that area. $409 (before tax) for a nav/AWD with no cap cost reduction and only the inception fees is a steal. Congratulations - enjoy the ride!
  • cityboy2cityboy2 Member Posts: 27
    nyc6035,
    Great post, very detailed and great deal. Congrats!
    I'm trying to close similar deal for the last two days with the same dealership, but so far haven't get anywhere close to your numbers ($409). They are sticking to $450 for the same car, but without NAV (this should be about $2600 less in MSRP). Amazing! I was trying to recreate your numbers using car lease calculator http://www.leaseguide.com/calc.htm but after plotting all your numbers it comes to $417 before tax. I offered them this, but without any luck. He (dealer) told me with laughter that he would lease himself for this price, and it is impossible that somebody from Prestige leased it for this price, and if I can prove that it was bought from their dealership he would be obligated to match the price. I do not know if you are willing to disclose some more info about this deal, but if you do email me to jacob777_98@yahoo.com
  • skopsskops Member Posts: 5
    Just wanted to share details and experience with others as I found this forum extremely helpful.

    Will be finalizing paperwork and picking up car before the 31st.

    Details:
    RX350 with Nav - MSRP $46,241
    Selling price $38,365
    36 mos/12k
    Monthly payment $489 including taxes at a rate of 7.375%
    Drive off- 1st month plus transfer for plates - dont have exact figure but $600 plus

    I worked with local dealer who provided very professional service (also did test drive). The initial quote was at a selling price of $39,500 and I emailed him that I was seeing prices on this forum at $38k from a fairly local dealer and that I would like to give him the business but was willing to go elsewhere. He came back at the above mentioned price which in effect was maybe $11 more per month than $38k which I still had to work for. The only temporary glitch was that after running my credit report, they said I did not qualify for the Tier 1 plus but rather the tier 1 which would add $7 per month. Not that it would be a deal breaker but was concerned that this was a tactic to up the price. I asked how far off I was and if there was any flexibility if I was borderline. He then called me back and said the GM was able to negotiate the better rating. This gave me comfort that no games were being played. I am now able to drive less than 10 miles to get the car and it feels good to be able to give the business to someone I met in person and who delivered excellent service. Thanks to all on this forum and good luck.
  • nyc6035nyc6035 Member Posts: 13
    cityboy,

    I'll dig out the paperwork and get you some additional info by PM shortly.

    Happy Holidays!
  • lex_njlex_nj Member Posts: 16
    cityboy,

    I can't get that deal either. you should probably be paying 410-415 for non-nav and 440-450 for nav in the northern jersey area - Prestige is probably the most likely to give that. That's the best that i've seen so far, except for nyc6035's deal. Again, this is all with no cap cost redux and before taxes.
  • ivar1ivar1 Member Posts: 2
    I am planning to lease 2009 RX 350, awd, Premium Plus in norther va. I would like to roll over everything into my monthly payment with no cash out except 1st instalment at signing.What should be the good deal for monthly payments.
    I would appreciate if somebody could help on this.
  • jamie52jamie52 Member Posts: 6
    I just got a new 2009 RX350 lease with Premium Package, Navigation, Heated Seats, iPod Hookup in Dash and Sirius Hookup for about $450 down (which included all tax, title and license fees) and my monthly, including tax, is $490. It's a 3 year lease with 10k miles annually. The MSRP was around $43k. I got this deal in Southern California.

    Is this a good deal???
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi JBO12. While a cut in the federal funds rate theoretically lowers the cost of money for banks, moves by the Federal Reserve usually do not have an immediate impact upon the interest rates that auto finance companies charge consumers. Lexus Financial Services' current lease program is scheduled to run through January 5th. I do not expect it to make any changes to it before then.

    Traditionally, Lexus' "December to Remember" lease program is its most aggressive of the year. Normally, I would not be surprised if its January program was not as attractive as its December program, but we are in extraordinary times right now. The demand for new vehicles has never been worse...so Lexus might try to keep its current programs in place for a while longer. It's always tough to say exactly what manufacturers will do with their future lease programs.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Cali123. According to the latest information that I have seen, Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2009 Lexus RX 350 AWD without navigation with 12,000 miles per year are .00095 and 54%, respectively for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi spingrinder. The best way to evaluate this deal is to take a look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a dealer discount you are getting. Let us know what this truck's MSRP and selling price are and I am sure that either myself or another helpful community member will gladly share their thoughts on this deal with you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Cali123. The best way to evaluate this deal is to take a look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a dealer discount you are getting. You already mentioned what this truck's MSRP is, just let us know what its selling price is and I am sure that either myself or another helpful community member will gladly share their thoughts on this deal with you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new RX 350, larryj42. Thanks for taking the time to share the details of your lease with everyone. If you'd like, you can share your thoughts on your recent dealer experience by heading on over to the Dealer Ratings & Reviews section of Edmunds.com. Happy Holidays and enjoy your new ride :shades: !

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congrats on getting your new RX, skops. At first glance, $489/month including tax for an EX 350 with nav sounds pretty good to me. I'm glad that you found this forum so helpful. Thanks for taking the time to give back and share information on your lease. If you're interested, you can share your thoughts on your recent dealer experience over in the Dealer Ratings & Reviews section of Edmunds.com as well. Enjoy your new truck!

    Car_man
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  • jgorejgore Member Posts: 1
    What Southern CA dealer did you get this from?

    Thanks in advance.
  • lex_njlex_nj Member Posts: 16
    In Northern VA, expect to pay 500+ if you roll in your inception fees. I wouldn't waste your time at dealers like Pohanka and Lindsay - they are some of the highest in the area in my opinion. Since it is almost the end of the month, you may be able to push them tough. If you have time, I would shop in the NY/NJ/CT/PA area A lot of them offer free delivery to the DC area. Good luck.
  • skylabskylab Member Posts: 37
    Got my wife an '09 RX350 AWD today with Premium Plus, navigation, heated seats, 18" wheels, tow prep, trunk mats and wheel locks (MSRP of $46,241) at $450 a month (incl. 5% MA tax) for 36 months and 12K a year. $1,600 total out of pocket for acq. fee, first month, TTL and docs.

    Happy with that, particularly since my local dealer (who I like) was able to do it, even though I thought the sales manager was going to cry at one point. There's probably a few more bucks to be squeezed out if you go to Herb Chambers in Sharon, as they seem to have truly epic overstock, but I didn't have the appetite for it. Thanks to everyone who has contributed here. Knowing where to dig in was extremely valuable.
  • jamie52jamie52 Member Posts: 6
    Santa Monica. Ask for Danny.
  • ivar1ivar1 Member Posts: 2
    Thanks for the input. are there not any issues with regard to service etc. if we get it from PA/NJ?
  • babybeansbabybeans Member Posts: 12
    Do the $7-$9k off MSRP deals, I'm seeing in the posts, include the $2500 Lexus dealer cash currently offered?
  • vegasgrl13vegasgrl13 Member Posts: 9
    2009 RX350 (no navi)
    36/12k
    54% residual
    .00095 money factor
    2800.00 (total due at signing including taxes first month etc)
    395.00 a month
    If I would like to add XM/Sirius they will install for another 350 at anytime during the lease ( I am undecided about this)

    I do not have the exact MSRP with me at the moment but I believe it is 39k
  • lex_njlex_nj Member Posts: 16
    no issues at all. I'm assuming you are going to lease your vehicle. In three years on a Lexus SUV, you won't be doing much except changing the oil and rotating your tires. Maybe change the cabin filter as well.
  • eastcoast00eastcoast00 Member Posts: 1
    Premium Plus, extra console wood paneling.
    I was quoted:
    msrp $46241
    selling - 40847
    out of pocket $2023(incl. taxes)
    monthly - $543
    dealer will pickup my last two lease payments on current car totaling $1290.
    I suspect it is still high cost and my current 2 leased payments are bundled in here as nothing is free in life.
  • capemaych25capemaych25 Member Posts: 2
    Hello,

    I am going to finalize a deal on an RX350 tomorrow afternoon. I originally asked the salesmen on the phone if he can do $475/month with $2500 total cash down on a base model, he said yes. After reading these I don't think that is a good deal. I would like a unit with nav. Has anyone leased from cherry hill? If so what was your deal? If not can someone help me out with what I should be paying a month, and if I should put less money down, etc? Thanks for your help.
  • lex_njlex_nj Member Posts: 16
    you shoud try to lease a nav at cherry hill for about 450 per month (no money down except for inception fees).
  • capemaych25capemaych25 Member Posts: 2
    Lex, Thanks, have you experienced leasing there? What would those fees be, for the down payment?
  • lex_njlex_nj Member Posts: 16
    actually, I checked out Cherry Hill and they seemed to be a bit on the high side. I ended up leasing in Northern Jersey. From what I have seen, the fees for a lexus should break down as follows:

    approx $250 for doc fee (depends on dealer)
    $700 bank fee (non-negotiable)
    $150 for title and registration (depends on dealer)
    first month lease (around $440 or $450 including sales tax for an AWD nav in NJ)
    there is no security deposit needed for Lexus, at lease during the December to Remember

    total out of pocket should be around 1500-1600. Anything more and you are paying extra to reduce your cap cost which is never advisable in a lease, because if you total your car, you will never recover that money. The goal of a lease is to reduce your monthy payment to the minimum amount possible, with paying as little out of the door (in my opinion). Most good salespeople will advise you of this.

    Try Lexus of Englewood or Prestige Lexus in Ramsey, or just ask Cherry Hill to match them. They might be inclined to since it is the end of the month.
  • vegasgrl13vegasgrl13 Member Posts: 9
    MSRP is actually 41K sell price 36K
    buyout in the end 23,571 can anyone tell me if this is a good deal (see prior post for all details) I would really appreciate any input :-)

    Thanks so much!
  • skylabskylab Member Posts: 37
    The other numbers in your original post look right (54% residual. 0.00095 money factor) but you should be able to get the purchase price down quite a bit more. Several folks here have managed to get $8K or more off sticker on RX350s recently, which would take you down to around $33K. I would try and pay only fees out of pocket (aim for $1,500) and that gets you to a payment of about $355 a month (before taxes).

    PS: The $23,571 buyout doesn't square with the 54% residual. Not sure what's going on there.
  • DaniZDaniZ Member Posts: 2
    I am getting the following deal. Need to validate if it is worth it?

    2009 RX350 AWD with Premium pkg, 18" wheels, multi stage heated front seats, rain sensing wipers, headlamp washers, towing prep pckg, cargo mat and wheel locks. MSRP $42776

    Getting it for $470 pm. Lease for 36 months 12K miles a year. Absolutely NO money down not even first month lease payment.
  • fanatfanat Member Posts: 8
    I've picked up my car yesterday,

    RX350, AWD, Premium + navigation.
    $435 per months excluding taxes
    About 2,600 at signing - taxes are around 1300 + 700 bank fee and 1st month payment.

    I gave up on 435 because arguing further was really starting to get on my nerves and I gave up :)
  • vegasgrl13vegasgrl13 Member Posts: 9
    thanks skylab for the reply....do you know what the residual should be? I don't know how to calculate it
  • skylabskylab Member Posts: 37
    The residual should be 54% of the MSRP, which you said was $41K. So -- $22,140. Unless the residuals have now changed in January.
  • vegasgrl13vegasgrl13 Member Posts: 9
    Hi skylab you are absolutely on the money (guess my memory isn't so good) the actual MSRP is 43,591 and sell cost is 36,074 so about 7500 off.

    and the buyout is 23,539

    they will not budge anymore on price, its 2800 down and 395 a month including taxes from what I hear this is still a good deal in NY at least.
  • lmuellerlmueller Member Posts: 29
    Thank you to all of you who have posted your lease deal info on this forum. It has been very helpful thus far. After going in to my local Lexus dealer last week and test driving an RX350, I emailed the sales consultant who helped me with some of the deal details that folks have been posting on this forum (specifically AWD RX350, prem +, nav, heated seats, 18" liquid graphite wheels, tow pkg, etc.) for 36 months/12K year. I let him know that folks have been getting in the $450/month range with taxes with about $1600 out of pocket at inception.

    Before he even called me back, he had taken this info to his manager and the finance manager. To sum things up, they are no where near the ballpark at all. Only discounting the car $4500 (and they made this sound generous). The finance guy had no idea about the .00095 MF (they quoted .00195). Payments well over $600 (ouch!).

    To their credit, everyone I have spoken to has been quite professional and nice, but we are just not on the same page numbers wise. They suggested that if I could verify that folks are getting this sort of deal in this area (not NY/NJ/MA or CA), they would take another look at it.

    Has anyone had any recent experience with dealers in Texas? Otherwise buying a plane ticket to CA or NJ would be cheaper than leasing from here!

    Thanks in advance!
  • jkenleyjkenley Member Posts: 64
    It's the same thing here in NC. No one here can touch the deals that are reported on this board. It's frustrating knowing people are getting this car at deals that I can't come close to.

    I did call down to the largest Lexus dealership in the country, JM Lexus in Miami. They were able to come very close and I am thinking of doing business with them. The only hiccup is that you would have to have the car shipped to you but for the savings, it's worth it.

    JM Lexus is the same dealership Fleetrates.com uses for those in the SE but they were able to come in lower than Fleetrates.com. BTW, Fleetrates is a legit business, they are brokers but I feel better dealing direct with a dealer.
  • jamie52jamie52 Member Posts: 6
    I just got a new 2009 RX350 lease with Premium Package, Navigation, Heated Seats, iPod Hookup in Dash and Sirius Hookup for about $450 down (which included all tax, title and license fees) and my monthly, including tax, is $490. It's a 3 year lease with 10k miles annually. The MSRP was around $43k. I got this deal in Southern California.

    Is this a good deal???
  • lex_njlex_nj Member Posts: 16
    sweet deal. I picked up my car yesterday as well. I ended up paying exactly the same ($435/month for AWD (MSRP 46181) + $2600 out of pocket which included my state sales tax.
  • joshd1joshd1 Member Posts: 7
    Hi All - Just letting you know that on 12/31 I locked down the following:

    2009 RX350 WITH Navigation
    36 mo.
    MSRP $44,026
    My Price $36,807 (includes a $700 fee from the leasing co.)
    Money factor 0.00095
    Residual 54%
    Monthly payment $454.19 including taxes (8.25%)

    No money down. I only paid $812 for the first monthly pymt plus TTL.
  • dean27dean27 Member Posts: 4
    Can I improve on this?
    '09 RX350 MSRP $40,551.00 I'm not sure which options are on this model as the price doesn't appear on any of the Lexus MSRP.
    sale price 34,000
    tax 1229.92
    official Fees=362.75
    money factor =00105
    residual 54% $21897.54
    cap cost =32,622.33
    $3,000 DP
    Mo payment $384.46 including tax
  • dean27dean27 Member Posts: 4
    What dealer did you use. the money beats my quote.
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