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2013 and earlier Lexus RX 350 / RX 450h Lease Questions
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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?
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.
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
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
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.
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?
Thanks for your help in advance.
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.
Car_man
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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.
Car_man
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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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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!
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
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?
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.
--------------------
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.
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.
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
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
$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.
can you please tell me the length of the lease ? is $585 include tax ?
I am currently looking to lease one too.
thanks
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
thanx
$42,700 Cap
$750 rebate
$1,500 down
.00245 MF
48 MO/15K miles
$595.00/MO
What do you think?
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).
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
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
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
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
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?
and with payments of $479 tax included
Thanks for any help and advise
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!
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.
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!
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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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