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2013 and earlier Lexus ES 350 Lease Questions
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The money factor they used is 0.00155 but they do get evasive on that.
How do we know the current LFS MF and how to convince the dealer of that?
Thanks!
Thanks for any help here.
Lexus Dealership offers couple of plans with a ES350 lease:
LexusCare - prepaid service plan for all routine maintenance @ 33 per month.
This is about $1580 over 4 years. Is this worth buying? (is the cost of maintenance
recovered by this??)
Excess wear and tear coverage plan - to cover scratches or dents or other wear and tear etc upto $5000.
The cost is $16 per month or $800 over 4 years.
Do you recommend buying any of the above plans?
Thanks in advance for your help.
MSRP: 42,xxxx
Selling Price: 37,500
10k/36months
Due at signing: $2674.58 (this include DMV, first payment, taxes, bank fee and registration)
Monthly Payment: $470.76
12k/36months
Due at signing: $2714 (this include DMV, first payment, taxes, bank fee and registration)Monthly Payment: $481.96
Money factor they are using for both leaes is .00120. Is there any incentives that they have they can get or is this as low as Im going to get?
Thank You,
James
2008 Lexus ES350 Sedan (non-Ultra Luxury)
24 M – Residual 58% – .00085
36 M – Residual 52% – .00085
48 M – Residual 43% – .00125
60 M – Residual 34% – .00225
Residuals assume 15k annual miles. Add 2% for 12k annual mile, and 3% for 10k annual miles.
The base rates listed for the ES assume that the lessee qualifies for LFS's Tier 1 + credit tier, which is currently 720 FICO or higher. If you're between 700-719, you'd be considered Tier 1.
Don't get me wrong, they are both great cars, but it will probably come down to where your loyalty falls... Toyota or Nissan?
Premium Plus w/Nav. 12k mi./yr.
MSRP $42,534
Cap Cost: $38,818 (he says this is invoice)
Residual: $22,969 (54%)
.00155 Money Factor (told me that's all Lexus offers and he can't go any lower)
Drive off: $1,047.85
.
I recently posted the may numbers so check those against what the dealer is quoting you. At .00155, he's definitely marking up his rate to build profit into the deal. It's certainly not illegal for him to do that, but with your excellent credit, you deserve the buy rate money factor.
If they won't utilize the buy rate money factor, find another dealer - simple as that. There is nothing wrong with letting him know that you know the numbers. I always advise prospective buyers to be firm, but be polite. He needs the deal more than you, especially when there is competition - remember that.
Double check his invoice against Edmund's or KBB. His invoice will be off about $400-$500 as it accounts for a regional advertsing fee.
Unless you are really rough on your cars, I personally would pass on the excess wear and tear coverage as well. Most manufacturers' captive finance companies are very reasonable when evaluating the lease-end condition of vehicles that are being returned. It doesn't make sense for an automaker to nickel and dime a lessee to death and risk making them mad enough that they won't purchase or lease another vehicle from them.
Car_man
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Car_man
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- $2000 (net cost when I leave parking lot)
- $399 /mth (everything included)
Is this a good deal on lease of ES 350 non navigational?
thanks for help
Buying a meal and buying a car are not fair comparisons.
A volume (near luxury) vehicle like the ES is gonna' fleet out at $500 or below all day long - anyway you look at it, it's a mini for the sales guy. As a salesman (which I'm guessing you are), you know that there aren't many vehicles in the market nowadays that can hold substantial gross. Blow 'em out, bonus out - that puts food on the table on a much more consistent basis than trying to nickel and dime a well-educated buyer.
If customer is savy enough to ask around for the captive numbers and has a strong bureau, as long as his deal is reasonable, wrap it up.
BTW It is a buyers market right know.
:confuse: Does anyone know what, if any, restrictions there are with the $1000 Customer Loyalty cash that LEXUS is offering prior ES owners?
Can I use it as a Cap cost reduction, in lieu of inception money, or any another way I may not have thought of?
I would prefer to use the $1k to reduce my cash out of pocket @ closing, you know use it to pay my 1st months payment, tag transfer fees, taxes and bank (acquisition) fee but the dealer wants to use it as a cap reduction to lower the cost of the car. (Big surprise!)
Any thoughts out there???
I am new to this forum and would appreciate any help. I am leasing for the first time ever and thinking of ES350. Been doing some research, but I guess your specialized advice is worth so much more. So, here it is:
Was offered by a dealer in NY area:
1) a lease with $800 down (first month, etc) and $467/month for 36 months, 10 K miles, MSRP $37,400 for the car with the premuim package and
2) lease with $1200 down (first month, etc) and $528/month for 36 months, 10 K miles, MSRP $42,500 for the car with the NAVI.
Please let me know what you think, would appreciate any useful input that will help me make the decision by the end of this month. Afterwards, dealer says, rates will change.
Grateful,
John
- Sales Price
- Money Factor he is quoting you
- Residual rate for your model
- Tax Rate
I'd suggest you focus on the actual price that he is charging you and the money factor as your monthly payment is a result of a math problem based on those two key figures!
Best of luck... also, he may be telling you the rates are going to change to pressure you into buying -- don't let him. They may in fact change (and there maybe someone on this board that knows) but don't let that PRESSURE you into a deal that doesn't feel good - because they could go DOWN!...
Good luck!
I'll try to obtain those figures and get back to the forum.
Here are the figures you requested:
- Sales Price : 1) $33,000 2) $37,300 (Navi)
- Money Factor : .00120
- Residual rate: 54% for both models
- Tax Rate : 7.375
Again, this is the offer:
1) a lease with $800 down (first month, etc) and $467/month for 36 months, 10 K miles, MSRP $37,400 for the car with the premuim package and
2) lease with $1200 down (first month, etc) and $528/month for 36 months, 10 K miles, MSRP $42,500 for the car with the NAVI.
Please advise at your earliest if you can.
John
So, in conclusion, if I get the above mentioned figures from the dealer in terms of "drive-off" payment and monthly rate, shall I gon on with the deal and sign the papers? Your opinion is important.
John
So I say you consider moving forward if you feel this is right for you and your financial situation (only you can determine that) and just look at the paper work very closely!
Brian
At any rate, the mf and residual appear to be accurate (for your region), and the cap cost looks good. Your drive-off's are low (1st mo and dmv's), so I'd say you've got the green light to proceed. Say "no thank you" to everything in Finance and you'll have yourself a great deal, and a fabulous car to drive around in for the next 3 years.
John
John
I'm looking at a 2008 ES 350 level "3" car (Nav) for a 2 or 3 year lease. I have level 2 credit and live in zip code 30022. I would like to do a 1 payment lease. Hand 'em a check and I'm square for the lease term. Need 15,000 mi per annum.
Is $16,000 to $17,000 a reasonable "1 pay" amount (for 36 mo), or am I going to be forced to go higher? (Any insights will be greatly appreciated) thanks!
P.S. - Any thoughts on a reasonable 1-pay amount for 24 mo? Again, thanks!
All of this math equates to a payment of $450.42 Including (Ft Myers, FL) Tax...
Any thoughts here?
Just got my order on Smoky Granite ES350 with black leather interior from a NY dealership. I'll go pick the car in a few days.
These are the options:
NV : Lexus Premium Audio w/Navigation
PT : Premium Plus Package
HL : HID Headlamps w/Adaptive FrontLighting
PA : Intuitive Parking Assist
WU : Wood and Leather Steering Wheel
FS : Full-Size Spare Tire
BE : Rear seat side airbags
Z1 : Port installed accessories: Wheel Locks, CargoNet and trunk mat
1K, 5K, 10K service included free by dealer
15% off service x 36 months by dealer
Got the car for 36 months, 10K/year with $2565 down and $439/month for a selling price of 36,403.
Please tell me what you think.
When you mean premium audio you mean the Mark Levinson right?
When you mean premium audio you mean the Mark Levinson right?
Educate yourself, you'll be glad you did.
Car_man
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