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2013 and earlier Lexus ES 350 Lease Questions

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  • wrinniwrinni Member Posts: 6
    I am trying to lease 08 ES350. From what I'm seeing on this forum, I think it's not a great deal. I think I should be in tier 1, my credit score is over 750. The lease is for 36 months with 10k a year. No money down, first month payment, they're asking for 525+ tax. Does that seem right? The dealer also told me that there are other additional charges like 600 bank fees and 638 doc and title fees. But I still think the payments are very high. Thank you for your help.
    MSRP 37520
    Cost 33785
    Residual 53%
    Money Factor .00150
  • qkslvrqkslvr Member Posts: 34
    CarMan, I am trying to lease a 08 ES350 with the Ultra Package. Current offer is:
    MSRP 45225
    Cap Cost 42970
    Money Factor .0020
    Residual 52%
    10K miles / year
    36 month lease
    tax credit (eliminates sales tax)

    I feel the money factor is too high, but I called another dealership and was told the same rate.The Houston dealers seem to be aligned in their pricing, rates, etc. Are these the current rates?
  • scoot84scoot84 Member Posts: 21
    Hi all,

    I am in the process of trying to find a deal on an 08 ES 350 for my wife. I have engaged a few local NJ dealers via the internet. I basically asked them to furnish the current money factor and residual based on 3 year and 36k mile lease. A few of them told me the august MF and residual would be coming out on the 24th (today.) If you get word of what the new MF and residual are can you post it here asap.

    I greatly appreciate this forum as I used it to lease my MDX at dealer invoice. If it weren't for this forum I know I would have been robbed.

    Regards,
    Scott
  • qkslvrqkslvr Member Posts: 34
    OK, I just got back from leasing the 2008 es350 with Ultra luxury plus ML audio and accessory pkg.
    MSRP 45225
    selling price 41450 ($3775 off MSRP)
    tax credit (saved $2580 sales tax)
    money factor .00125 (quoted .00165)
    residual 51% 10K miles /year $23064
    $1000 down / payments $599 36 months

    Residuals are the same as earlier in July.I tried to use MSDs to buy the rate down, but they said no multiple security deposits on the promotional rates.
  • bonurabonura Member Posts: 2
    I am trying to lease an ES350 and am just not sure how good of a deal this is based on other postings. Similar to posting #319 I too am doing a deal on a Ultra Luxury package with ML audio and satellite radio with almost identical MSRP of $45,224, sell price $42,724 is $1200 higher and my residual is lower at $21,700, AND I do 15,000 miles a year not 10K. So, this is a factor. Speaking of factors I don't know the MF they are using. Nothing down...don't see the point on a lease except to lower the monthly note...anyway, the monthly note quoted to me is $778. This is significantly different than $599 in the other post but I have nothing down and more miles factored in. So, is $778 a decent deal or not? Are the $178 more worth the extra 5K miles and $1000?
  • scoot84scoot84 Member Posts: 21
    Just as an FYI...the money factor and residual I am being quoted in NJ are .00065 and 52%. That is based on 36 month and 12k / year.

    The money factor is fantastic, but the residual in my opinion is ridiculous. If you look at just about any car that I consider to be in its class ie: MB C300, Audi A4, BMW 328, Infiniti G35/37 they all have residuals of 56% and upwards of 59%.

    I know we rarely will get a money factor as low as .00065 and a residual at 56+%, but 52% in my opinion is insulting.

    I had a discussion about it with a salewoman at a local NJ dealership. She was ranting an raving about how much more u get with the es350 than any of the other cars I mentioned and how much better the car is in general. I asked her how then is it that the car loses on avg 5% more to depreciation than the other "inferior" vehicles. She didn't have much of an answer other than...u clearly like the car or you wouldnt have inquired.

    I can not buy / lease a car if I feel like I am being swindled simply because everytime I see it or drive it I will be annoyed by it.

    Has anyone ever had an experience where they were able to get the dealership to raise the residual or am I stuck to try to negotiate under invoice to make up for their unrealistic residual?

    For anyone that thinks I am being over sensitive go to a local lexus dealers website that will show their pre owned inventory. If they have a 2006 es330 (no nav) with roughly 36k miles I bet it will be for sale at roughly 27k. That car had a sticker of 35k. That is a residual of 77%. They are simply making a ton of money on the resale. I am all for them making money on the cars...but thats too much for me.
  • kyfdxkyfdx Moderator Posts: 234,734
    Residuals are set by the leasing bank. The dealer has no control over them, or authority to change them.

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  • scoot84scoot84 Member Posts: 21
    Thats pretty much what I thought. I guess I will have to get the car under invoice or walk away from it. The good news is the 09's are coming and the dealership I am working with has a ton of 08 es's on their inventory lot. They must have a minimum 50 es's that I imagine they want to unload as many as possible before September. I'll keep everyone posted as to whether I can pull off a sick deal or not.

    Thanks for the quick feedback.
  • qkslvrqkslvr Member Posts: 34
    The extra $1000 down affects your payment by approximately $27/month, and the $1000 higher selling price affects you another $27/month . The issue you have is a lower residual (48% for 15k miles ) versus 51% for 10K miles and the money factor that you were not quoted. Looks like money factor can be anywhere from .00065 to .0020, which makes the interest component of your payment swing anywhere from $40-$120. Money factors are set by Lexus, but the money factor is commonly marked up by the dealership. Tell them you are buying either the Lexus or an infiniti within the next 3 or 4 days, and ask them to give you their final best offer.
  • scoot84scoot84 Member Posts: 21
    2008 ES350
    PM - Premium Package
    HL - HID Headlamps
    HH - Heated and Ventilated Front Seats
    PA - Parking Assist
    WU - Wood and Leather Steering Wheel
    DC - Bluetooth Audio
    BE - Rear Seat Side Airbags
    HN - Power Rear Sunshade
    FS - Full Size Spare Tire

    $35,000 (thats roughly $230 over invoice)
    36 month lease with 12k miles per year at $438.37 / month
    Just inceptions plus first month payment due (roughly $1500 at signing)

    Are these fees they say are part of inceptions standard: Bank Fee, Doc Fees, DMV Fees, Tire Tax.

    I believe this is a good deal. I worked it pretty hard. What do u all think before I go down to finalize?
  • bonurabonura Member Posts: 2
    Interesting you say offer them an ultimatum because that is what I did already. It was the ES350 or the Infiniti M35. They dropped the monthly note by $49 with no change in anything else in the deal. That saved me $1764 over 36 months. Sounds like they gave up some of the MF markup. I did the deal. Thanks for your input.
  • climbonboardclimbonboard Member Posts: 9
    Assuming that your money factor and residual are the same as you said above (.00065 and 52%), and at a sticker price with options of $39,475 you should be paying $431.76 and not $438.37.
    I just used the Edmunds.com lease calculator. (http://www.edmunds.com/advice/leasing/articles/48365/article.html)

    Also, Bank Fee, Doc Fee, Tire Tax are BS fees, and especially at $1060 (=$1500 inception - $438.37 first month's payment).

    TTL is legitimate = Tax, Tag, License.
    Tag and License =$200 so $1060 is overpaying by $860.
  • scoot84scoot84 Member Posts: 21
    Thanks for the info Climbonboard. In your experience have you been able to get dealers to waive the bank fee, doc fee and tire tax? The tire tax is like $7 so not that concerned there, but the doc fees and bank fees add up to roughly $1000 out of pocket.

    Also, what about the destination charge of $850? Is that legit?

    I am going to the dealer on Monday night to discussgetting this deal done and would love to know if I should stand hard on the fact I am not paying those fees.

    Thanks again.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi wrinni. On July 25th, Lexus enhanced its lease program on most models. You never mentioned what state you are in and Lexus' lease program often varies by region, but in most of the country right now Lexus Financial Services' current buy rate lease money factor for the 2008 ES 350 is .00065 for consumers who qualify for its Tier 1+ credit tier. This is obviously a lot better than the factor that you were quoted. Make sure that the dealer uses the lower one to calculate your car's monthly payment.

    The $600 acquisition fee is legitimate. LFS charges this fee on every vehicle that it leases. The doc fees on the other hand vary from dealer to dealer. While most dealers charge one, some dealers charge a lot more than others. Make sure to look at the $600 doc fee as part of your car's total selling price. If you feel that your total selling price for the ES that you want including the fee is lower at this dealer than it would be elsewhere, go for it. If not, you might want to shop around.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello qkslvr. The money factor that you were quoted is definitely way too high. On July 25th, Lexus enhanced its lease program on most models. I have not seen the specific numbers for the Houston area, but in most of the country right now Lexus Financial Services' current buy rate lease money factor for the 2008 ES 350 is .00065 for consumers who qualify for its Tier 1+ credit tier. Make sure that the dealer uses the lower one to calculate your car's monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm glad that you have found this forum so helpful, Scott. Here's the information that you're looking for. Lexus Financial Services' new buy rate lease money factor and residual value for a 36 month lease of a 2008 ES 350 with 12,000 miles per year are .00065 and 52%, respectively for consumers who qualify for its Tier 1+ credit tier in your area.

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  • wrinniwrinni Member Posts: 6
    Thank you very much. This forum has helped me learn so much about leasing. I finally felt confident enough to know what would be a good deal. If it weren't for everyone on this site sharing their experiences, I know I would've been ripped off. Thanks again :)
  • yukonballeryukonballer Member Posts: 3
    Hi Car_Man,

    May I ask your assistance on this deal I am working on. This is my first time leasing, on my current camry I only dealt with the OTD price (after TT&L). I was able to get a dealer to go $38k OTD ($40,315 MSRP), I would like to lease as to keep my monthly payments low. But I do plan to purchase at end-term..
    My question is, after reading through this forum. How can a dealer go about doing OTD when LFS determines the residual (that later will be taxed when I buy) and therefore I end up paying more? Is the dealer pulling one on me?

    Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, wrinni. I'm glad that you've learned so much from visiting this forum.

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  • yukonballeryukonballer Member Posts: 3
    Hi Car_Man,

    May I ask your assistance on this deal I am working on. This is my first time leasing, on my current camry I only dealt with the OTD price (after TT&L). I was able to get a dealer to go $38k OTD ($40,315 MSRP), I would like to lease as to keep my monthly payments low. But I do plan to purchase at end-term..
    My question is, after reading through this forum. How can a dealer go about doing OTD when LFS determines the residual (that later will be taxed when I buy) and therefore I end up paying more? Is the dealer pulling one on me?

    Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi yukonballer. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. It's true that the depreciation portion of your lease payment is determined by taking a percentage of your car's full MSRP, however the interest portion of the payment is based upon its selling price. The lower your car's selling price is, the lower its monthly payment will be.

    I hope that this answers your question for you. Since this is your first time leasing, it might be a good idea for you to check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Car_man
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  • gbh43gbh43 Member Posts: 1
    Car Man

    Do you know if the .00065 MF and 52% RV are good in MN??
  • eleverooneleveroon Member Posts: 2
    Fully loaded on both. 24 month lease in NY. Lexus for 515 and G35 for 485. I liked them both. I tested them both. What advantage does the ES350 have over the g35 and what do you guys think of the lease quotes?
  • gforce11gforce11 Member Posts: 225
    I think the ES350 is a bit larger than the G35x, with slightly better gas mileage. Both are very nice cars. Right now Infiniti is giving out the better leases though. Most of their lineup is heavily discounted.
  • fusillifusilli Member Posts: 24
    This is my first venture into Japanese luxury cars. I have had 3 Corvettes (in my 20's, that was fun) and then 5 Benzes to follow. I haven't even taken this ES350 for a test drive! However, I do have a question...regarding the leasing. Is it true that dealerships use credit scores as a bargaining chip and that it really doesn't matter? Not that I have bad credit, but I always read that you don't tell them how good or bad your credit score is. What is Tier 1 pricing according to Lexus? Is it a perfect 850 credit score or are they more reasonable? I am in the mortgage biz, so credit scoring is something I know something about. I just want to know from a car buying/leasing perspective what the general guidelines are like. Thanks.
  • stanshrubstanshrub Member Posts: 1
    I am leasing 2008 ES 350 w/Ultra Luxury Package, Nav w/Mark Levinson and Intuitive Parking Assist in GA. 36 month/12K
    MSRP 45285.
    MF 0.00065.
    Residual, I was told at one dealership that residual for Ultra Luxury Package is 50% and the other dealership told me it was at 52% (???).
    The quote I get is 560 per month incl 7% GA tax.
    No money down, just acquisition fee of 389 plus DMV fee of 41.
    If the quote was done based on 50% Residual than Cap Cost is at 40000.
    Payment ~ $523 + $37 tax.
    My questions are:
    What is a 'True' Residual value for this Model?
    How good is this deal?
    Do I have any more room to lower my payment?

    Thanks,

    Stan
  • fusillifusilli Member Posts: 24
    I guess we need to delve more into credit scores and pricing. Tiers, etc. That is the only way, truly, to see if one is getting a good deal on a lease or not. I just pulled my credit before I finally went and took an ES for a test drive. (by the way, liked it well enough to live with it for 36 months). My Beacon is 687 (not bad, used to be 720)...this should be decent enough to get pretty good pricing, don't you think? Someone needs to address the credit thing, because it is important to the leasing equation.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gbh43. I believe that they are, but I have not seen an actual lease program from a dealer in your state.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi fusilli. Credit scores definitely do matter when leasing. Most of the lease money factors that you see mentioned in this discussion are for consumers who qualify for Lexus Financial Services' "Tier 1+" credit tier. In order to qualify for this tier, consumers must have a credit score of something like 730 or higher. LFS' money factors for other credit tiers are higher.

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  • fusillifusilli Member Posts: 24
    Thanks for the credit info. I knew they would be a factor, so I believe MY best bet would be to determine the pricing and then go from there. I have a quick verbal price of $33,500 (South Florida) and I believe the money factor and residual, from what I am reading, is set by the financial company, yes? I think with a score of 687, I should be in the ballpark and they'll hit me with a higher payment, but not that much higher that I can't live with it. Heck, being in the mortgage biz, and especially these days, not many have scores over 700.
  • spygamespygame Member Posts: 6
    hi,
    first off i wanna say that i am new here, and new to the whole leasing process. reading the previous posts has given me some insight into the whole leasing procedure, but i still have a long way to go.
    im thinking of jumping on the ES 350, $449 /month , with $0 due at signing( thats what the advertisement on lexus.com and the newspaper ad say)., 48 months and 10 k/year. The 4 years is the only thing that is really holding me back, 36 months sounded much better to me.
    i spoke to the local dealer, and they said it comes to around $ 475 (with Kentucky taxes), and would owe out of pocket around $ 920 ( includes the first months payment, plus taxes and title). Haven't spoken to them about the entire breakdown, just wanted to get some opinions here, does that sound decent. This is ofcourse with the TIER 1 plus credit. The car offered is the with premium package without the Nav.
    Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, fusilli. Vehicles' residual values are set by banks and individual dealers do not have the authority to alter them. Money factors are slightly different though. Banks set vehicles' buy rate lease money factors. This is the lowest possible factor that dealers can charge. Dealers are often allowed to mark-up banks' buy rates to add additional hidden, back-end profit to deals. This is why it is a good idea to find out exactly what the buy rate should be for the vehicle that one is interested in prior to visiting dealers.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome spygame. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    The best way to evaluate the deal that you were quoted is to find out what selling price the dealer is charging you for the car that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shoot for a selling price that is as close to dealer invoice as possible. Once you have arrived at a selling price that you are comfortable with, have the dealer use Lexus Financial Services' buy rate lease money factor to calculate your monthly payment. LFS' current buy rate for a 36 to 48 month lease of an '08 ES 350 is .00065 for consumers who qualify for its Tier 1+ credit tier.

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  • fusillifusilli Member Posts: 24
    Yep, that's how they get you in the door. Throw a monthly payment out for Tier 1+ credit scores. The payment creeps up from there. As I said before, lessees with a 730 credit score are not a robust group these days, so expect to pay a bit more with the money factor being tweeked. You can get out the door with one, but it'll cost you. Unlike housing, it seems to still be fairly easy to lease a car with okay to good credit. I'm learning fast, Carman! In the past, I've paid cash for a lot of my cars, but this will be my fourth lease, and I am bound and determined to learn how the process works. This forum has been great.
  • toddandregtoddandreg Member Posts: 6
    I've learned a lot from this forum and am ready to go negotiate a great lease. One question remains though....what is the "dealer holdback" amd "whsl financial reserve" that I have read about? And can I negotiate them away? Thanks.
  • fusillifusilli Member Posts: 24
    Well, I'd like to know about those items as well. I am leasing a car before the end of the month, yes, that would be in about seven days...so I'd better complete my education process, and quickly!
  • doctormarkdoctormark Member Posts: 7
    Thanks to everyone on the forum for the information that helps all of us negotiate a better deal. I picked up a new ES350 for my wife at the new Lexus of Mt Kisco, NY that just opened. The forum posts helped me save an extra $1500 with just a couple of phone calls. Information on deals that others have made is such a powerful negotiation tool. Thanks!

    My deal terms:

    2008 ES 350
    Navigation
    Premium Plus
    HID headlamps
    Intuitive parking assist
    Wood & leather steering wheel
    Rear side airbags
    Full size spare
    Preferred Accessory package (trunk mat, cargo net, wheel locks
    MSRP including destination of 42,385

    24 month, 15k/yr lease
    vehicle cap cost 36,594 (I got 1000 extra off from Lexus for being a repeat customer)
    residual 57% 24159
    money factor .00065 (1.6% interest rate, wow!)
    sales tax of 7.375% and 600 bank fee all rolled into the monthly payments

    629.99 per month, includes tax and bank fee for 24 months
    zero down
    1st month payment and motor vehicle and document fees of 240 due at drive away, total $870 paid at dealership
    no security deposit required

    My wife loves the car, with all of the nice electronics and controls, and the smooth, luxurious ride. Good luck making a great deal.
  • fusillifusilli Member Posts: 24
    Good money factor. I am looking for 36 mo lease, 10k miles, just premium package, so I think I'd be looking at under $400 a month in Florida with 7 percent sales tax. I would think, huh? I don't want to write a check out for $600 a month, that's for sure.

    I am about to open up the negotiating can of worms this week. Wish me luck!
  • manu99manu99 Member Posts: 39
    i leased es 350 today from keys lexus in van nuys ca

    msrp; 40305.00
    negotiated price; 34823.00
    down pymnt; 1750.00 inc 1st pay, tax, license, title and the b.s
    600.00 doc fee which is negotiable
    residual; 17331.15

    money factor; .00065
    monthly payment; 425.00 for 48 month 12000 miles per year

    did i get a good lease

    please let me know
  • lbjuniorlbjunior Member Posts: 1
    Hi Car_man,

    I read in one of your replies that the 'residual' values are set by the bank. Can you tell me how or where I can get that information? I am looking to lease an ES350 in NJ for 48 months @ 20K/yr. The ES350 MSRP is $35,000 and I can get it for a sell price of $32,000. The invoive price is approx. $31,800.

    Thanks,

    lbjunior
  • genesis6genesis6 Member Posts: 8
    I was in southern CA recently and saw an ad for an ES 350 lease for $379 for 36 mos. I couldn't read the fine print; no surprise. Is there a place on the Lexus web site that lists the current special offers? Other manufacturers do this, but Lexus seems to be coy about this. Also, I don't believe you can check Lexus inventory and pricing on line (on Cars.com).
  • scoot84scoot84 Member Posts: 21
    Hi Junior,

    Just as an FYI, I picked up my wifes new ES 350 last Saturday from Lexus of Englewood. I got the car at roughly $1800 under invoice. I was negotiating between Englewood, Warnock and Bridgewater. My deal is 3 yrs / 36k miles per yr at $425 per month with only inceptions of $1599 due at signing. With the 09's coming any day I think you can get the car under invoice if you work it. I was very happy with the deal I made, but I had to work pretty hard to go back and forth between them.
  • supcleansupclean Member Posts: 2
    I took the ES 350 on 08/26/08 w/navigation, NJ and NY Metro same price
    $1300 down( bank fee, first payment, etc...) and 506 per month.Included taxes-NY.
    Only one problem lack of inventory, they have only 1-2 colors in stock, or wait until middle of September
  • manika24manika24 Member Posts: 12
    I leased 2008 ES350 from Van Nuys, CA yesterday. 8.25% sales tax area
    MSRP 40,305.
    Downpayment $926 (1st month lease included).
    Monthly $480 (35 months)
    Cap apprx $36,000 (sorry don't have paperwork in front of me)
    Residual apprx. $21,000
    Mileage allowance: 12K/per year (36 months lease)
    Plus two year service.

    My mistake was that I should have negotiated down to $460 per month - figure based on lease calculator.
  • fusillifusilli Member Posts: 24
    Signing off on this chatroom. Was very close to buying the ES350, took a Mercedes Benz R350 (totally different creature...they call it "the hearse") for a ride and that was it. Beautiful car. I was sold...fits more with my lifestyle. Good luck to all in your purchases.
  • gnarlydudegnarlydude Member Posts: 11
    The salesman I bought my 08 from offered me an awesome lease deal but I decided to buy, if anyone wants his info email me at socal55chevrolet at yah oo .com I totally recommend him for service and pricing.
  • manika24manika24 Member Posts: 12
    Scoot84,

    congrats on your deal!

    I am new to this forum and having trouble navigating here for some reason.
    I wanted to ask you, what was your MSRP price and did your downpayment of $1,599 include 1st month lease payment of $425?
    I wish I read your numbers before I leased my car. I did get very different figures from edmunds calculator which adds fees in vs. leaseguide calculator.

    Thanks
  • glevitanglevitan Member Posts: 8
    Here is the lease I am working on.

    ES350 w/ Nav an PP
    8.235% ny Taxes down plus fees so about $2500 total which includes first months payment.
    3 years, 12K Miles
    $480/month

    yay or nay?
  • manika24manika24 Member Posts: 12
    I guess - no. Did you read my post? I gave $926 out of pocket plus $1,000 rebate as downpayment. If I knew that downpayment would be 1926 I would have offered 926 cash.
    What is PP? premium package? what is MSRP? Mine was 40,305 with 825 destination included. Has navigation as well.
    So try for 1,000 rebate as downpayment, no cash at all and perhaps 470-480$ per month for 35 months. Try it.
    Unfortunately noone replied to my post whether it was a reasonable and good deal.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi lbjunior. Manufacturers' captive finance companies do not provide information on their lease programs directly to the general public. Having said this, I can give you an idea of what this car's current residual values are like. Lexus Financial Services' current buy rate lease money factor and residual value for a 48 month lease of a 2008 ES 350 with 15,000 miles per year are .00095 and 40%, respectively for consumers who qualify for its Tier 1+ credit tier. 15,000 miles per year is the highest mileage allowance that LFS publishes residual values for. If you need more miles than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the end of your lease and have to pay an excess mileage penalty.

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