Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see May lease deals!
Options
2013 and earlier Lexus RX 350 / RX 450h Lease Questions
This discussion has been closed.
Popular New Cars
Popular Used Sedans
Popular Used SUVs
Popular Used Pickup Trucks
Popular Used Hatchbacks
Popular Used Minivans
Popular Used Coupes
Popular Used Wagons
Comments
RX 350 36 mo lease, 12k miles, w/prem+, navigation and other options
MSRP $45.7K
selling price $41.4k
monthly payment (without tax) - $546
resid $26.5k (58%)
Money factor .00195
no cap reduction
taxes paid upfront
Other fees: Reg ($168), Acquisition ($650)
Thanks!
I'm back again, and this is now I believe over 10 years since I have started using this site and your assistance. So anyway I am again in the market to Lease an 08 Lexus RX 350. I know that the deals are generally not as good now as they will be when Lexus announces their "GOLDEN OPPORTUNITY SALES EVENT," typically at the end of July.
So I will be looking for when you have some information available
Gary W
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Lexus just enhanced its lease program last week. Its new buy rate lease money factor and residual value for a 36 month lease of a 2008 RX 350 AWD with navigation, DVD, and 12,000 miles per year are .00165 and 55%, respectively. I'm not sure if LFS offers leases with fewer than 12,000 miles per year.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Once you have arrived at a selling price that you are happy with, make sure that the dealer that gives it to you uses Lexus Financial Services' new buy rate lease money factor of .00165 (for Tier 1+ customers) to calculate your monthly payment.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Once you arrive at a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using Lexus Financial Services' new buy rate lease money factor of .00165 (for Tier 1+ customers).
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Great discussion board... Thanks Car_Man!
I am considering taking over a lease on a RX350 AWD. I really advice if this is a good idea or not. Here is the specs:
Monthly payment: $470
Lease ends: July 19, 2009
Residual value: $24,199
Only other fee is $45.00 for credit check.
I would greatly appreciate advice if to take over this lease or to start a new lease. I will need the car by September or October, and I don't mind getting '07, if one is available new. Also, my credit rating is over 780...
Thanks for any advice on this,
SBH
Only one dealership has gotten back to me. They said since my credit score is 709 that I am considered Tier 1.
These were the options they gave me. It seems a bit high.
$41,356 2WD with NAV
Based on a Tier 1 credit score
$1,000 drive-off's
36 mos.
12,000 months
Payment: $ 610.30 (No Tax) a month
$42,769 with NAV & AWD
$1,000 drive-off's
36 mos.
12,000 miles
Payment: $621.72 (no tax) a month
$40,544 AWD No-Nav w/ Premium Package
$2,000 drive-off's
36 Mos
12,000 miles
Payment: $559.04
$40,544 AWD No-Nav w/ Premium Package
$2,000 drive-off's
36 Mos
15,000 miles a year
Payment $581.83
I was really hoping for a AWD, no nav with premium package with some down and 12K 36 month lease for around 450 a month. But I am starting to think this isn't going to happen.
Thoughts?
the 8800 covered downpayment, all taxes and fees.
dealers in jersey are offering 469 for the basic car with 2969 down and 499 + 4000 down with navi and prem plus package.
For some reason I am not able to get a better deal in the NJ area then the following:
MSRP 45,800 w/nav
36 months
12k miles
2k out of pocket
590 a month including tax
I thought the summer sales event would produce better results? :confuse:
Ray
Thanks for the info.
2008 AWD Premium Plus, no Nav
Capitalized cost $40,000
36 mos
15,000 miles/yr
***wasn't told money factor or residual yet**
$759/month
$0 down, lease includes sales tax and 1st year license fee
I'm not that naive, but what am I missing?
I'm got a quote from a Southern California lexus dealer on a lease of rx 350 wit premium plus package, no Nav
36 months lease, 15,000miles/year
MSRP: 41,496
Cap cost: 36,760 including bank fee
Residual value: 22,822
Money factor: 0.00165 for Tier 1+ and 9 security deposits= new money factor of 0.00093
15,000 miles / year for 36 months
total due at signing: $5150 includes 9 security deposits
Monthly payment of $470
Can anyone tell me if this is a good deal? should I pull the trigger and lease the car?
Hopefully, Carman can look at your deal and the numbers and would be able to tell you if this sounds like a reasonable deal.
2007 Lexus 400h AWD - MSRP - $42580
Accessories - MSRP - $6729
MSRP: 49309
THEIR OFFER: 49000
DESTINATION CHARGE: 765
Dealer installed DVD dual headrest - $2400
FINAL OFFER: $51,679
MONEY FACTOR: 6.9%
RESIDUAL VALUE: 51%
0 DOWN/3 YR/15K MILES LEASE.
Payment comes to about 1,000/month. This seems VERY high to me, but would love others input. Thank you so much!
L
Here's the quote I received.
36 months lease, 15,000miles/year
MSRP: 41,496
Cap cost: 36,660 including bank fee
Residual value: 22,850
Money factor: 0.00165 for Tier 1+ and 9 security deposits= new money factor of 0.00093
15,000 miles / year for 36 months
total due at signing: $5353 includes 9 security deposits
Monthly payment of $472
The dealer told me this was about 1,250 below invoice. This was the best deal out of 5 different dealers. They said the cars are moving out faster and they can't lower their selling price. 2 months ago, I had a quote as low as 1750 below invoice. I guess it's all about supply and demand.
Hey carman (or anyone else), what do you think about this deal?
- 24 mo. (is this available?)
- 36 mo.
BTW, I understand that the residual values are non-negotiable but the MF is. Is this correct?
Also, according to the Lexus website, there is a '1pay lease' program which requires all the lease payments to be made upfront, but the total is lower than the total of the regular monthly payments over the duration of the lease. Any more info on this I can be armed with before talking to the dealer?
This will be my first lease. I have researched the lease info posted here and other websites and I think I have a reasonable handle on the mechanics. Besides the regular other costs for tax, title & reg, any other fees that I should be aware of?
Thanks much.
Here are the specifics:
39 Months
15K Per Year
$525.00 Monthly
From what I see, we got a GREAT DEAL!!!
Dont EVER pay over $575 for this car. Many nicer and expensive cars for that money.
"Money factor: 0.00165 for Tier 1+ and 9 security deposits= new money factor of 0.00093"
I don't get what you mean by "9 security deposits" and how does that effect the money factor?
"Money factor: 0.00165 for Tier 1+ and 9 security deposits= new money factor of 0.00093"
Here is an example of what this means...
For those with outstanding credit (Tier 1), some fund providers will discount the money factor if a customer agrees to pay multiple security deposits (MSD's). For instance, BMW Financial services was deducting 0.0001 from its money factor for each security deposit up to a maximum of nine (9). If the MF equals, say 0.00150, and you put down 9 security deposits, then your money factor becomes 0.00150 - 9 x 0.0001 or 0.00060. It was a great deal and a no brainer. Some folks were even taking out second mortgages to borrow the money so they could pay the security deposits! A second mortgage is around 7.5%. So, why would they borrow money to pay for security deposits? Because the equivalent after tax ROR is a whopping 18.75%!!! This assumes 9 security deposits; a 36 month lease with a $30,000 adjusted cap, and a residual of $20,000 for which the payment is $308 instead of $353. This equates to a monthly savings of $45 for 36 months. The 9 security deposits amount to 9 x $325 or $2,925.
Not bad, eh?
John
Nav + Premium plus
$3,000 drive off (includes $2K cap cost reduction, 1st month's payment, tax, registration, bank fees, etc.)
$500 per month for remaining 35 months INCLUDING tax
57% residual after 36 months on a MSRP of $44,356
12K miles
I have to close on this tomorrow. Would appreciate any feedback.
Thanks
I'm in the NYC area, but can travel to NJ or dealerships outside of NYC. My local dealer said that in the North East, the RX only comes with the Premium Plus Package. Is that so?
The only quote I got so far last week was for $593/month with tax in the monthly payments, about $1,300 due at signing which basically contained a bunch of fees. I don't need Nav and DVD player in it.
Just trying to figure out how much I've getting ripped off!
Thank you very much!
Ross
Thanks for the detailed response and explanation. I've been leasing cars for twenty years and have never heard of MF reduction through MSDs. I've even asked Mercedes Benz Credit Corp. and others if they would decrease the "rent charge" as they call it by paying more payments up front (GM's one pay) and they said no!
Glad to see that some of these lease finance companies are getting a little more creative.
Regards,
JT
Below are some formulas and terminology that you might find useful...
First, there are three formulas that you need to understand.
(1) A = V + F - K
(2) R = Residual Factor x MSRP
(3) P = M x (A + R) + (A - R)/N
where:
A = Adj. Cap Cost
V = Agreed Upon Value (Sell Price)
F = Amounts Financed (capitalized) in the lease
K = Capitalized Cost Reductions
R = Residual Value
P = Payment (may or may not include taxes depending upon whether or not taxes are capitalized in the lease).
M = Money Factor
N = Term (months)
EXAMPLE
Now, consider the following hypothetical example...
MSRP = 37,000
V = 33,000
F = 600 (acquisition Fee)
K = 1,000
A = 32,600
Res. Factor = 54%
R = 0.54 x 37,000 = 19,980
MF = 0.00180
Term = 36 months
Base Payment = 0.00180 x (32,600 + 19,980) + (32,600 - 19,980)/36
= 445.20
I'm not sure how sales tax is computed in NY but I hear it's a real screamer. If NY taxes the payment streams and your sales tax rate is, say 6.00%, then
Payment w/ tax = 471.91
Items Due at Lease Signing...
1st. Payment = 471.91
Sec. Dep. = 475.00
TTL = 150.00
TOTAL DUE = 1,096.91
You may want to look at some of my sample lease proposals in this forum as well as others (e.g., Post #893 in the Lexus RX350 forum Prices Paid & Buying Experience" and #874). Or, just do a search on delta737h to see what I've posted in this regard.
If you still need some help, please fire away or email me and I'll be happy to provide any needed assistance.
John
Medina, Ohio
John
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Lexus still charges interest on one pay leases, but it provides a .00100 reduction in the money factor that is used to calculate the interest portion of the lease.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum