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

jimmylexusnj · May 2009

The standard rate is .00251. You really need to brush up on your figures. Also, the bank fee was raised to $700 about 1 year ago. Lexus won't allow a dealer to "mark up" the bank fee. You alluding to the fact that the client is being ripped off doesn't help the situation.

newkid300 · May 2009

Just signed deal for 36 month lease. First month, bank and DMV fee up front. About $1585 out of pocket. Blue Sapphire AWD with Nav and Premium. MSRP $46,766.00. MR was .00215 (returning customer with Tier 1 plus credit); residual 59%. Monthly is $663.00. Assume this is good deal? I figure the buy was about $44,300 backing the figures in.

mhsj2009 · June 2009

Hey Car_Man,
I visited my local Lexus dealer in San Jose, CA and was quote the following lease

Silver / black interior 4wheel drive w/Navigation, Premium Package, and a few other goodies

MSRP $46,125

Sale price $44,625

36 mos.

10K miles @ year

$3500 drive off

$699 mo. + tax

Based on some quote posts, this seems high. Any ideas on what the best avaialble deal are in Bay Area?

chadnaustin · June 2009

Does anyone know if Lexus has released the MF and Residuals for the 2010 RX350 for June 2009?

I am in Austin, top credit and an existing Lexus owner. My Austin Dealer reported that the best MF being offered by LFS this month on the 2010 RX350 is .00375 for 36mo term (returning Customer with Tier 1+ credit) and he also believed LFS has discontinued the MSD program.

Any help out there would be appreciated. I am not even going to start negotiating on price if they are not going to provide a competitive MF.

davidalan · June 2009

Does anyone know if this is a good deal for a 2010 RX 350 to be leased in Miami?
I would greatly appreciate any help.

"Here are the best numbers for the fully equipped RX 350 with Navigation/Smokey Granite/Light Grey interior:
MSRP: $45,847
Lease: 36 months/12,000 miles per year
$596 per month + Tax = $638.00 (Dade County sales Tax)
Inception fees which include first month's payment, Acquisition Fee, local taxes = $1704.00"

Premium leather w Wood trim, Premium Sound System (12 Speakers), XM radio (3 months free), HID headlamps, 19" alloy wheels, Navigation system, Voice activated Bluetooth, USB and MP3 wired, Rain Sensor wipers etc....COMPLETELY EQUIPPED

newkid300 · June 2009

Hey carman,

Do you have the new money factor for 6/09? Also, did the residual stay at 59% for RX with nav and 12,000 miles per year? Thanks

rackerman · June 2009

I live in Miami too....can you disclose what dealership you got that quote from? I went to Countyline in Hollywood in mid April '09...and they quoted me...

MSRP: $43,630
Lease: 36 mnths/12k miles a yr.
$633/mnth, plus sales tax (7%)
$2,500 due at signing.

I WALKED.....:-) The sales mgr was horrible.

davidalan · June 2009

I went to Countyline which is now Lexus of North Miami. I checked with another dealer in the area who could not beat the deal and I accepted the offer. Try them again. I actually found them to be very professional.

sxylxy · June 2009

The lease on my RX 350 w/Mark Levinson & NAV is 6 weeks away from ending. Any thoughts on my 3 options:

1. Avoid paying the registration & all four new brakes by turning it in.
2. Pay the $26K residual, $430 for the brakes, $480 for the registration, $1K to get it "Certified" and hope that there aren't any additional charges during the certification, plus $2,300 Calif. tax.
3. Sell it to a third party and have them pay the tax...pocket the difference.

Anyone else face this choice? What did you choose?

newkid300 · June 2009

I have deposits on 2 vehicles (one each at 2 dealerships). I called to cancel one and I was informed that in 6/09, the money factor dropped slightly ( I was already at .00215 from 5/09) and they were going reduce payments by about $16 per month. I then emailed the other dealership and the response was that I did not qualify for the new reduced rate because I was coming out of an ES lease and the new rate was for returning RX lease customers. Anyone hear anything on this? Thanks in advance.

skyice · June 2009

I am new in this forum. I live in Canada. Today, I went to a local dealership to test-drive a used 2007 RX350 with premium package with 101k. The sale price is CDN$33K. At the end, the dealer told me if I lease a brand new 2010 RX350 with premium package (no navigation) is better than buying an used one. The MSRP for this car is about CDN$ 53,000. He told me about a security deposit program with Lexus, which will offer me a leasing rate as low as 2.1%. Every CDN$500 I deposit in Lexus will reduce 0.2% off the original 3.9% 4-year leasing rate. After I deposit CDN$4500, I can get 1.8% off 3.9%, which is 2.1%. This is the maxium discount rate that I can get. So, under the 2.1% 4-year leasing rate, the monthly payment will be $551 for premium package model WITH 10K down payment and the residual value is about CDN23k. After 4 years, if I decide to return the vehicle to the dealer, I can get my $4500 deposit back. If I buy a used RX, I will pay slightly less amount every month under 3.9% best financing rate they can offer. My question is, is it worthy to lease a brand new RX? I never did that before. So what should I worry about in the lease term? Also, if I go to purchase a RX in the US, can I carry the warranty over to Canada?

Thanks for your help in advance.

CarMan@Edmunds · June 2009

Hi dengdeng. Yes, it appears as though you were indeed lied to when you leased your new RX. That is not entirely surprising. There are good dealers and bad dealers out there. Many of them lie to consumers all the time.

I doubt that you are going to be able to alter your lease at this point, but you might be able to cancel your extended warranty. If I was in your situation, I would look into doing so right away. If you could get the extended warranty company to send a refund directly to you, the dealer would no longer get a commission and you'd get your money back.

If you are unhappy with the way that you were treated you definitely can send letters to the owner of the dealership and Lexus directly. You also can also post a review of the dealership over in the Dealer Ratings & Reviews section of Edmunds.com.

I am not aware of any resource that consistently provides accurate information on banks current lease programs directly to the general public, except for the Edmunds.com forums.

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CarMan@Edmunds · June 2009

You're very welcome, ctsoxfan2. Thanks for stopping back and letting us know how everything turned out. I think that you did well too. Enjoy your new ride :shades: !

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CarMan@Edmunds · June 2009

Hi jimmylexusnj. Thanks for posting. Unfortunately, I believe that your information is incorrect. In your state, New Jersey, Lexus Financial Services' current standard buy rate lease money factor for Tier 1+ tier customers is .00255.

Dealers' ability to mark up money factors varies from bank to bank. Many banks do allow dealers to mark money factors up. It happens all the time, particularly at luxury brand dealerships. Admittedly, I do not know LFS' specific policy on this matter, but I would be surprised if Lexus dealers were never allowed to mark vehicles' interest rates and money factors up.

I just checked and LFS did indeed raise its base acquisition fee to $700. In stand corrected. Thank you for the information. In my post I said "the last time that I checked." Now I know that it is higher. Man, $700 is a big, annoying fee to pay to lease a vehicle. Acquisition fees are really getting up there.

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CarMan@Edmunds · June 2009

Hey mhsj2009. The 2010 RX 350 that you are interested in probably has a spread of around $5,300 or so between its full MSRP and its dealer invoice price. I have spoken with a number of Lexus dealers lately and they all have said that while RX sales have actually been relatively strong, grosses are low. I personally think that you should be able to do much better than the $1,500 discount that you were quoted.

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CarMan@Edmunds · June 2009

Hi chadnaustin. Lexus still is not providing lease support on the 2010 RX 350. It does have a special money factor for loyal Lexus customers on it (.00215) in certain areas right now. If you are not a returning Lexus customer and you want to lease this truck through Lexus Financial Services, you will have to use its standard lease money factor.

I haven't seen Lexus' specific lease program for the Austin, Texas area but a .00375 money factor is nuts. If I was quoted that, I personally would shop around with a different dealer to see if they quoted me a better money factor. If not, I would pay cash or finance the RX or just go with a different model. With the deals that are out there right now, there's no reason to pay 9% interest on any truck.

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CarMan@Edmunds · June 2009

Hey newkid300. I assume that you're talking about the 2010 model. Correct me if that is wrong. 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 2010 RX 350 AWD with navigation and 12,000 miles per year are .00255 and 59%, respectively for consumers who qualify for its top aka Tier 1+ credit tier. For loyal customers this money factor is enhanced to .00215. This program may vary slightly by region.

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hockey_man · June 2009

Hey car_man --

What's the rate for San Francisco, Oregon, and Washington for Tier 1+ -- still .00215? $2000-$2500 off MSRP seems to be the point where dealers will stop negotiating -- is that in line with what you have heard in your discussions with dealers?

Thanks!

rackerman · June 2009

I just wanted to post info on a lease i just got on a '10 RX 350.

MSRP: $41,048
Residual: 52.53%
Lease Term: 48 months
Total down: $1,500
Monthly payments: $523.12, plus sales tax
Other comments: 10k miles a yr

pialphaphi28 · June 2009

Hey guys, what do you think of this lease I was offered for a 2010 RX350 w/ Nav, Premium and Comfort?

MSRP: $45.6K
36mo/12K mi
Lexus loyalty MF: .00215
Residual: 59%

Selling Price: 41.8K
$639/mo. including tax

OR...

Same selling price, and provide refundable MSD of $3.1K to lower monthly payment to $605, tax included.

Which option would be better?

sbe · June 2009

thanks rackerman,

can you please breakt out the components of your lease so we can compare apples to apples? Acquisition cost was $700? what was your money factor? Seems like there are almost $900 of fees if your drive off was $1500 and your payment was $523. Can you break that down? thanks for your help. this info is very helpful for the rest of us.

carbuyer_2009 · June 2009

Hi pialphaphi28, I just got RX350 in SoCal and it was a similar case to yours.
--------------------
MSRP 46106 (FWD, premium+navi+comfort)
Nego 41600
36mo/36000mi
Residual 59%
MF w/ loyalty .00215
MF w/ 9 x MSD = .00143
Final Monthly = $499 + tax = $543
--------------------
For each additional multiple security deposit (MSD) you put in, your MF gets reduced by .00008. Lexus allows you to put down up to 9 months of MSD, for a maximum reduction of MF by .00072. This is what I did. So my final MF turned out to be .00143.

I think your deal with MSD is better than the one without. Here's why:

Option 1 = $639/mo x 36 months = $23004 for 36 months (excluding other fees)
Option 2 = $605/mo x 36 months = $21780 for 36 months (excluding those same fees)
The difference between the 2 options is $1224, and this is your "savings" or "interest rate" by investing those $3100 in Lexus for 3 years.

$1224 savings / 3 years = $408 savings / year.
$408 savings / $3100 investment = about 13% earning rate (interest).

Now imagine if you were to put these $3100 in your bank, I don't think you'll get nearly as much interest as 13%... right?

Better yet, if you can afford it, I would put the maximum MSD allowed (9 months) into this lease, to get a bigger savings.

Hope this helps.

mookie18 · July 2009

Mine was supposed to end mid-May but extended it for another 6 mos.
I was planning to buy it in May, but thought I should check how much older models (2008-2009) will be by end of the year. My residual was around 27k so I want to check what other car I can buy for that same amount.

By the way, the extension is on a month-to-month basis, for at most 6 months. So I can either buy or turn the car in anytime during that period.

I've not heard of the option of paying 1k to get it Certified. Is that something the dealer offered you? I'm in CA too, so really hate the higher tax they just imposed.

scrapluv · July 2009

Car Man,

Is the enhanced money factor of .00215 for Loyal Lexus customers just for 36 Mo leases or is there a different money factor for 48 Mo? Most of the quotes I've been receiving have been between the .00253 - .00245 range for 48 MO leases

vandyman4 · July 2009

Hi:
I am about to sign the following lease and need to know if it's fair.
2010 RX 350
10k miles per year
$43,285 list
$39,800 sell
$585.00 per month
$1804.00 out of pocket to include $585 first month, $700 bank fee, $274.00 motor vehicle, $238.00 documentation, and the balance is tire tax.

I have never leased a lexus so I am not sure if all the fees are standard. Please advise as soon as possible as I must make a decision in the morning.
Thanks,
JON from NJ

NRI · July 2009

I leased 2009 RX 350 on Jan 03 from Lexus of Edison ( NO Nav.)
$450/month
12k miles per year
&1651 out of pocket to include first month, and all other you mentioned.
Other dealer were offering the same deal but did not have right color.

sw286 · July 2009

Hi vandyman4,
can you please tell me the length of the lease ? is $585 include tax ?
I am currently looking to lease one too.

thanks

vandyman4 · July 2009

Hi:
Yes, the price includes tax. Another dealer just offeref me $565.00. These deals are in New Jersey where the dealers are loaded with cars.
JON

sw286 · July 2009

I am trying to get similar in Chicago area but no luck.

samm3 · July 2009

would u please give me the dealer name. i live in PA ..I can not find any thing even close to your numbers
thanx

scrapluv · July 2009

$46,825 MSRP
$42,700 Cap
$750 rebate
$1,500 down
.00245 MF
48 MO/15K miles
$595.00/MO

What do you think?

samm3 · July 2009

please give your dealr name,what opts do u have have on your car?

sxylxy · July 2009

The dealer offered the certification. They buy it from Lexus for about $1K, so it's a little more for the consumer.

The increased tax in Cali amounts to $200-$300 more for our purchase, but the Federal stimulus will save us about $1,000 on a new car (you can deduct sales tax from your income).

vandyman4 · July 2009

Hi:
Try Eric Saltz at Warnock in East Hanover. Great price and servce. Tell him Jon S. sent you. wILL GIVE PRICE OVER THE PHONE. Flawless car and took just 10 minutes to sign all the paperwork.
GOOD LUCK.
JON

samm3 · July 2009

Thank u

smarty666 · July 2009

The previous posts are correct, NJ Lexus dealers are offering much better dealers/figures then PA Lexus dealers and are willing to work with you compared to PA dealers for example on a new 2010 RX350;

NJ Lexus Dealer: MSRP: 43,265: $3000 down/$560 a month for 36 months/ 12k miles a year: 0.9 interest rate - this is out the door including everything

PA Lexus Dealer: MSRP: 43,265: $3000 down/$620 a month for 36 months/ 12k miles a year: 6.0 interest rate - this is NOT out the door and didn't include tax, interest, etc

I was shocked by the PA Lexus and when I told them they had to do better they told me no, that was as good as it was going to get for tier one credit

Obviously I'll be doing my business in NJ rather than PA; never thought I would see the day when I would say that

vandyman4 · July 2009

Hi:
Try Eric Saltz at Warnock in NJ. I just leased the same one at a much better price with less out of pocket. 10k miles per year. All included and all done on the phone.
JON

gophers · July 2009

I've contacted the NJ dealer and am getting the same interest rate that every other dealer is giving. Where are you seeing this .9% number? They state the only way to lower the Lexus offering is to do the multiple security deposit thing.

vandyman4 · July 2009

Hi:
Did you speak to Eric Saltz? Yes, the interest rate is standard but the amount of discount on the car is high. What was your quote>
JON

gophers · July 2009

It appears the .9% interest quoted by smarty777 is not for the RX, but the IS or ES... apples and oranges.

I spoke to the NJ dealer and am not getting any better interest, basically the same discounts as other places. I was keying in on the .9% interest thinking that was a valid quote on an RX.

I was told to wait for the golden sales event to start (around July 24) and that interest *might* go down. Anyone hear rumors of this?

tommyboy456 · July 2009

Does anyone know a Lexus dealer where I can lease a 2010 RX 350 now. Don't need GPS, so am looking for 36/36 with paying only 1st month and start-up costs
and with payments of $479 tax included

Thanks for any help and advise

thors · July 2009

I am in south florida, palm beach county, probably leasing vs. purchasing the 2010 RX 350, but need help on some of the technical aspects of leasing and understanding some of the things I see here on the board... :confuse:

MSRP $42,546 (this seems to be a popular combo of options as there were quite a few of these same equipped vehicles in the showroom and what it includes is good for me)
have not neg. yet, but using Edmunds TMV looking at my target $ of 39,600 (is this reasonable?)

FWD
Prem
back up mirror
19" wheels
h/c seats
wood/leather steering wheel/shift knob
mats
net
wheel locks
cross bars

Please bear with me on my questions....

from readiing, looks like the MF changes monthly...what is it for Fla for July? (I am not a current lexus owner)
how do they figure the residual %? what should I expect?
what is the MSD? I saw an earlier post that said it's good to put down 9 months worth??
From what I read, really shouldn't put a lot "down" on a lease/want to keep the out of pocket low correct?

Golden Opportunity Sales Event....saw it on the main Lexus webpage, but no specs about it....will there be specific "deals" coming out? Are they just advertising that "it's coming"?

We have been to the showroom, know the vehicle, and would like to avoid spending our life in the dealership negotiating...see here many people are dealing via internet. How exactly is that done? Would appreciate any advice/how to on internet negotiating! The salesperson did tell us that most of their customers lease...

Sorry to have so many questions, but really want to be prepared.

THANK YOU!

smarty666 · July 2009

Yes you are right, I apologize, the 0.9% is on the IS and ES; I meant to say 2.9%. The percentage in NJ is still better in PA. 6% in PA is absolutely outrageous to pay on any vehicle when most of the other luxury automakers are offering 2.0% or lower and especially considering how poorly car sales are doing right now with the way the economy is; you would think Lexus would do what they can to match the interest rate of other luxury automakers in order to increase their sales; if you want to pay almost 6% interest on top of 6% sales tax be my guess; by the time the Lexus dealer is done screwing you around you'll be paying $50-60 more a month, which will really add up in the end

juliank20 · July 2009

I have an offer from a dealer for RX 350 AWD with GPS for $550/mo $3413 due at signing. Is that a good deal? Car cap price $40795 (thats $500 below invoice). What do you think?

sxylxy · July 2009

I think that your offer is reasonable. I just turned in my 2007 RX350 and got a new one for $42.2 w/Prem, Comfort, NAV, cross rails, etc... ($46.1 MSRP) Very happy with it. I looked at many, many cars before making my decision, and Lexus really represents a nice blend of safety, mileage for its size and comfort.

You may have trouble finding the heated and cooled seats without the "Comfort Package". It was hard to find here in Southern California for me anyway. The vehicles typically came in one of three variations.

thors · July 2009

Thanks! It's funny....there are a bunch of RX's in the showroom with that exact configuration, so guessing they think that may be a good seller here in S. Fla.....gotta tell you, the idea of cooled seats here sounds very enticing!!!

I have been looking at a lot of similar/smaller suv's and am finding it hard to beat...price is higher, but looks to be worth the extra when you really start comparing.....

Dealer e-mailed me back he can make me an offer just a litttle over invoice, he'll show me the invoice to earn my business, so we will see......we cannot go in until next week, but getting all my Edmunds ducks in a row!

CarMan@Edmunds · July 2009

Hi hockey_man. Lexus Financial Services' buy rate lease money factor for the 2010 RX 350 is still .00215. Keep in mind though that this is a special money factor for loyal customers. Its factor for non-returning customers is .00255.

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CarMan@Edmunds · July 2009

Yes, scrapluv, the special lease money factor on the 2010 RX 350 is only available for up to 36 months. Lexus Financial Services' 48 month buy rate should be around .00255.

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CarMan@Edmunds · July 2009

Hi thors. Lexus Financial Services' current buy rate lease money factor on the 2010 RX 350 for non-returning customers is .00255 for consumers who qualify for its top aka "Tier 1+" credit tier.

This truck's residual value varies by term, trim level, and mileage allowance. LFS' current 36 month, 15,000 mile per year resid for a 2010 RX 350 FWD without the entertainment system is 57%.

MSD means multiple security deposits. LFS lets lessees make additional deposits on their vehicle, with each extra deposit (up to a maximum of nine) reducing the money factor that is used to calculate their vehicle's monthly payment by .00010 (the last time that I checked). Making MSDs is a much better way to lower your vehicle's monthly payment than making a capitalized cost reduction. Unlike down payments you actually get MSDs back at lease-end.

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thors · July 2009

Car_man...thank you for your information! We are heading to the dealer later this week to see what's what...taking my Edmunds homework with me is......

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

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