Just left the dealer with my 2015 RX350. Here's my deal:
27 months/7500 miles; NYC area
MSRP: 50,435
Cap Cost: 44,161 (after 1,000 lease cash)
1,117 - taxes
700 - bank fee
350 - DMV
= 2,189 at signing
MF: .00090; Residual: 70%
Monthly: $400
I did my homework and shopped 4-5 dealers in the NYC area against each other. I figured I landed a good deal when none of the other dealers would match.
Many thanks to @Michaell for the reliable and quick advice.
Good luck to all.
I am new to leasing cars and I'm trying to understand everything. I received a few specs sheets from the dealers with the MSRP, so from what I am reading here, the price shown on MSRP, could that price actually go lower? I guess what I am trying to ask is that price on MSRP is should not be the selling price?
Also, how are you guys getting offers with MF, residual, monthly pmts. I am just shopping around to see what price I can get however none of the dealers has given me numbers to work with. Do you guys give them your SS to look up your credit score in that way they can come up with these numbers? I'm skeptical in giving my personal info to the dealer but is that needed for them to give me an offer?
Thanks in advance.
Yes, you should absolutely be able to negotiate a price lower than MSRP - use the "Make / Model / Year" pull downs at the top of the page to help you with pricing.
You do not need to provide personal information in order to get a quote from the dealer.
Hi bctez, The first thing you need to do is negotiate the selling price of the car you want with all your local dealers (do it via email with the sales rep contact).
Do not shop around by asking what the monthly payment will be as this will only benefit the dealer. Only focus on the selling price of the vehicle.
Once you are comfortable with the selling price you can figure out what your monthly payments will be by using a lease calculator. You will need to know the selling price, residual (non negotiable) and the money factor. Money factor will depend in your credit score. If you have a great credit score then your money factor will be the base money factor. Money factor is negotiable only if the dealer is bumping it up to increase there profit. Be sure to get the lowest MF allowed for your credit score.
Read this forum for current residuals and base money factor.
Also, make sure Lexus incentives ( lease cash, first month waived) are applied after the selling price is negotiated. You can structure the lease the way you want it. No money down if you wish. Dealer just wants to get the car off the lot.
I am new to leasing cars and I'm trying to understand everything. I received a few specs sheets from the dealers with the MSRP, so from what I am reading here, the price shown on MSRP, could that price actually go lower? I guess what I am trying to ask is that price on MSRP is should not be the selling price?
Also, how are you guys getting offers with MF, residual, monthly pmts. I am just shopping around to see what price I can get however none of the dealers has given me numbers to work with. Do you guys give them your SS to look up your credit score in that way they can come up with these numbers? I'm skeptical in giving my personal info to the dealer but is that needed for them to give me an offer?
Thanks in advance.
Yes, you should absolutely be able to negotiate a price lower than MSRP - use the "Make / Model / Year" pull downs at the top of the page to help you with pricing.
You do not need to provide personal information in order to get a quote from the dealer.
Hi bctez, The first thing you need to do is negotiate the selling price of the car you want with all your local dealers (do it via email with the sales rep contact).
Do not shop around by asking what the monthly payment will be as this will only benefit the dealer. Only focus on the selling price of the vehicle.
Once you are comfortable with the selling price you can figure out what your monthly payments will be by using a lease calculator. You will need to know the selling price, residual (non negotiable) and the money factor. Money factor will depend in your credit score. If you have a great credit score then your money factor will be the base money factor. Money factor is negotiable only if the dealer is bumping it up to increase there profit. Be sure to get the lowest MF allowed for your credit score.
Read this forum for current residuals and base money factor.
Also, make sure Lexus incentives ( lease cash, first month waived) are applied after the selling price is negotiated. You can structure the lease the way you want it. No money down if you wish. Dealer just wants to get the car off the lot.
Thank you for this detailed info I appreciate it. This will surely help me.
Looking to lease a 15 crafted line rx350, 36month, 12k miles 54060 mrsp without accessories (one dealer offered suv at $ 50300)
51789 (vehicle sale price with remote start and tow hitch installed, all OEM) 1700 total rebates, (1000 lease cash and 1st payment made) 32,436 residual (60%) given by dealer .0009 money factor 9.5 tax rate
i first calcuated $672 (with tax) but was not sure where to calculate the rebates in, when i subtracted them in vehicle sale price, i calculated $618 (with tax), i am not sure if i am missing something. On workup sheet dealer gave me, it had figure of $898.40, total cap reduction and $720.74 , for advanced payment. They originally offered me $720.74 payment for 35 months with lexus picking up 1st payment on same vehicle.
after more reading on forums, i read that residual should be calculated with MSRP and Accessories added at sale, if that is the case i am now coming up with $33329 residual, and when recalculating i'm coming up with $597, a far cry from the original $720 they offered originally.
Looking to lease a 15 crafted line rx350, 36month, 12k miles 54060 mrsp without accessories (one dealer offered suv at $ 50300)
51789 (vehicle sale price with remote start and tow hitch installed, all OEM) 1700 total rebates, (1000 lease cash and 1st payment made) 32,436 residual (60%) given by dealer .0009 money factor 9.5 tax rate
i first calcuated $672 (with tax) but was not sure where to calculate the rebates in, when i subtracted them in vehicle sale price, i calculated $618 (with tax), i am not sure if i am missing something. On workup sheet dealer gave me, it had figure of $898.40, total cap reduction and $720.74 , for advanced payment. They originally offered me $720.74 payment for 35 months with lexus picking up 1st payment on same vehicle.
after more reading on forums, i read that residual should be calculated with MSRP and Accessories added at sale, if that is the case i am now coming up with $33329 residual, and when recalculating i'm coming up with $597, a far cry from the original $720 they offered originally.
Most accessories can't be residualized.
With your MSRP and a CAP cost of $50789, I get a payment of $585/mo.+tax.
But, the one figure you don't have is the NET CAP cost. What has been added to the selling price? Acquisition fee? Title/license/doc fees? Or, are you paying those upfront?
The dealer came back with $50000 including trailer hitch and Remote start. rebate $1000 (total sale price is $49,000) Residual of $32548, (60%), MF .0009, acquisition fee of $700, and DMV fees @ $100 in title / registration fees
MSRP $50,669 Invoice $47,966 Sale price $45,866 Residual 60% MF .00090 $0 down 1st month free Due at signing roughly $970 (Bank Fee $770 & Plates ~$200).
Monthly Payment $540 incl tax
Looks quite competitive to me. What do you think?
Anyone cares to comment on the offer?
I am also considering longer term lease (48m), payment is a bit lower for 4yrs. This is the best price I've seen on a RX - I don't remember it ever being below $600, so may as well get it for a bit longer.
MSRP $50,669 Invoice $47,966 Sale price $45,866 Residual 60% MF .00090 $0 down 1st month free Due at signing roughly $970 (Bank Fee $770 & Plates ~$200).
Monthly Payment $540 incl tax
Looks quite competitive to me. What do you think?
Anyone cares to comment on the offer?
I am also considering longer term lease (48m), payment is a bit lower for 4yrs. This is the best price I've seen on a RX - I don't remember it ever being below $600, so may as well get it for a bit longer.
Any drawbacks of 48m vs 27/36m lease?
Good discount from sticker and base MF; not sure how you can do any better.
What is the warranty on the RX? Usually the best lease terms are 36 months as that is how long the bumper to bumper warranty is. Anything longer subjects you to risk of out of warranty repairs.
MSRP $50,669 Invoice $47,966 Sale price $45,866 Residual 60% MF .00090 $0 down 1st month free Due at signing roughly $970 (Bank Fee $770 & Plates ~$200).
Monthly Payment $540 incl tax
Looks quite competitive to me. What do you think?
Anyone cares to comment on the offer?
I am also considering longer term lease (48m), payment is a bit lower for 4yrs. This is the best price I've seen on a RX - I don't remember it ever being below $600, so may as well get it for a bit longer.
Any drawbacks of 48m vs 27/36m lease?
Good discount from sticker and base MF; not sure how you can do any better.
What is the warranty on the RX? Usually the best lease terms are 36 months as that is how long the bumper to bumper warranty is. Anything longer subjects you to risk of out of warranty repairs.
im being charged $700 acquisition fee, which sales manager , said goes on all lexus lease deals (?) but no dealer service charge, she seems to be really upfront so far....whatever i have asked to see, she emails me...
What is the warranty on the RX? Usually the best lease terms are 36 months as that is how long the bumper to bumper warranty is. Anything longer subjects you to risk of out of warranty repairs.
Bumper-to-bumper warranty is 48 months/50,000 miles.
On the 4yr lease it will be 48 months/48,000 miles, basically all is covered.
I guess I could be on the hook for brakes and tire wear, but that can happen on 36k miles as well.
I am being charged a $589 Dealer Services Fee and a $700 Acquisition Fee does that seem normal?
The acquisition fee is assessed by Lexus Financial and cannot be negotiated. Dealer Fee is negotiable - try to get a lower sales price to mitigate this fee.
What is the warranty on the RX? Usually the best lease terms are 36 months as that is how long the bumper to bumper warranty is. Anything longer subjects you to risk of out of warranty repairs.
Bumper-to-bumper warranty is 48 months/50,000 miles.
On the 4yr lease it will be 48 months/48,000 miles, basically all is covered.
I guess I could be on the hook for brakes and tire wear, but that can happen on 36k miles as well.
OK, I don't see any problems with a 48 month lease if the car will be in warranty the entire time.
Hello Michaell hopefully you can help me I am looking at both a 36 month and a 48 month rx350 fwd with nav 10k miles. I need Residual and mf. Is the $1000 and first payment the only incentives? I would be a returning Lexus owner. Thank you in advance.
Hi bctez, I don't want to confuse or worry you, but your lease numbers do not look correct.
I am using a money factor of .00090 and residual of 61%( 10k miles, 36 months). I do not know what upfront costs you are paying, or if you are rolling everything in. For my calculations I decided to roll in the 700 acquisition fee into the lease and no money down.
With 5000 dollar trade in I get $314.16 per month before taxes for 36 months.
Without 5000 trade in I get 457.55 per month before taxes.
Maybe you are at a higher money factor? As I said before, I do not know what else you are rolling in ( document fees, motor vehicle registry/title charges). I just don't think those extra charges will raise your monthly that much. Sales tax may be given you the higher 399 per month, but that would be a very high tax rate. Maybe you are in one of those states that charges tax in the sale price of vehicle.
Hi bctez, I don't want to confuse or worry you, but your lease numbers do not look correct.
I am using a money factor of .00090 and residual of 61%( 10k miles, 36 months). I do not know what upfront costs you are paying, or if you are rolling everything in. For my calculations I decided to roll in the 700 acquisition fee into the lease and no money down.
With 5000 dollar trade in I get $314.16 per month before taxes for 36 months.
Without 5000 trade in I get 457.55 per month before taxes.
Maybe you are at a higher money factor?
The dealer has not provided me with the MF so I didn't know if it was possible to get that based on the info I provided. He said that's calculated from Lexus Financial..but with his calculations he used the lowest based on excellent credit score.
The monthly of $359 for 2 yrs with 5000 trade in was inclusive with taxes.
Do you know if the selling price for an MSRP of $51379 is $44,629 that is with $6000 discount, is this selling price reasonable?
Bctez Its a great selling price. No problems with that. You need to find out what the MF is. If you have top credit then it should be .00090. Without the MF then it is impossible to calculate your lease for you.
It would also help if we knew other costs like document fees, motor registry fees, etc. Are you paying those upfront or rolling them in?
Also some more info on taxes. what is your state tax and do you have to pay taxes on only the lease or the full sale price of vehicle?
Hello Michaell hopefully you can help me I am looking at both a 36 month and a 48 month rx350 fwd with nav 10k miles. I need Residual and mf. Is the $1000 and first payment the only incentives? I would be a returning Lexus owner. Thank you in advance.
.00090 MF and 61%/52% residual
$1000 lease cash and complimentary 1st payment.
Click on the Car Research tab at the top of the page to search for Incentives and Rebates. The advertised leases include a dealer discount of $2450, but no other incentives (besides the $1000 and 1st payment)
Bctez Its a great selling price. No problems with that. You need to find out what the MF is. If you have top credit then it should be .00090. Without the MF then it is impossible to calculate your lease for you.
It would also help if we knew other costs like document fees, motor registry fees, etc. Are you paying those upfront or rolling them in?
Also some more info on taxes. what is your state tax and do you have to pay taxes on only the lease or the full sale price of vehicle?
This is Atlanta Ga area. I'm not sure what is the percentage. Also, I'm not sure if the taxes is for the lease or full price of vehicle. I would need to get those info.
As far as doc fees etc., is it best to roll them in or pay upfront? Btw, by rolling them in you mean including in the selling price? What does that actually mean?
To bctez I believe Georgia only charges tax on the leased amount . Other posters on this forum may be from Georgia.
Rolling other costs into the lease simply means paying those costs over the course of the lease. It can be thought as an added sum to the sale price of the car, but certainly will not be listed as such in your lease contract. For example let's assume you have 2400 in upfront costs (document fees, registry fees etc) and you roll them into a 24 month lease. Your monthly lease will increase 100 dollars.
Better to roll everything in. That way if you total the car in an accident you don't lose any money you gave upfront.
Just a reminder. You need to know the money factor to figure out if your lease offer is accurate. Plus all the other miscellaneous charges.
To bctez I believe Georgia only charges tax on the leased amount . Other posters on this forum may be from Georgia.
Rolling other costs into the lease simply means paying those costs over the course of the lease. It can be thought as an added sum to the sale price of the car, but certainly will not be listed as such in your lease contract. For example let's assume you have 2400 in upfront costs (document fees, registry fees etc) and you roll them into a 24 month lease. Your monthly lease will increase 100 dollars.
Better to roll everything in. That way if you total the car in an accident you don't lose any money you gave upfront.
Just a reminder. You need to know the money factor to figure out if your lease offer is accurate. Plus all the other miscellaneous charges.
okay. Thank you so much for all these info.
If my dealer said I didn't have to put anything up front just the trade in figure, do you think that is good? It's also difficult because I do not have an exact value of my trade-in just yet. I did check KBB value for trade in but I do have a big dent on the rear bumper so I know the dealer would have to deduct all of that but other than that I believe its good condition inside and out as I am the only owner.
Is it true that the MF comes from the Lexus Financial and all depending on your credit score?
Also, does anyone know when you do go in to meet with the dealer and check your credit..Do they go into detail as far as what you owe on credit cards you may have? or do they just get the credit score and then just base everything from there?
Bctez, I would not trade in vehicle to the dealer. I would sell it to the dealer and have them write you up a check. Your lease payments will be higher but you can use that check money for future payments. This way you don't lose the money if you total the car. Bare in mind though that a dealer will pay you less than what you can get in a private sale.
I would roll all costs into the lease. No money down.
MF is set by Lexus Financial. They set up a base MF for different tiers of credit scores. The lowest MF is for Tier+1 credit, which currently yields an MF of .00090. The lower the credit tier the higher the MF. You need to know what tier your credit falls in and what the base MF is for your tier. The dealership is allowed to increase the money factor to increase their profits, just be sure to negotiate down to the base MF for your credit tier if they are not giving it to you. For example, you may have tier+1 credit and qualify for the MF of .00090, but the dealership may be given you a MF of .00125 to increase their profit.
Your credit score will be checked out by the dealership in advance if you are serious about leasing with them. Yes, how much you owe in credit cards will be reflected in your credit score, as will any current loans and your on time payment history, plus other factors.
I think a credit score of 769 or above will qualify you for the lowest money factor. If you do not know your credit score then it is to your advantage to find out before leasing so you know what tier you will fall in.
Download the Credit Karma app on your smart phone to keep track of your credit score. It's a free app and pretty much summarizes your credit history and current credit activity. It will also give you your credit score.
it is imperative that you know your MF, residual, MSRP, selling price, plus all other extra costs before signing the lease. You need to be able to figure out what your monthly payment is before they even tell you how much it we'll be. Also, learn the different terms and math that go into a lease. The last thing you want is to walk into the dealership and have them talk to you in non sensical math and lease terms, leaving you confused. Do a little homework. Also, to make things even easier be sure your calculations agree with theirs before you even go to the dealership to sign the leas.
Fool around with a lease calculator or piece of paper and a standard calculator to become familiar with the math behind a lease. A lease is not that complicated to figure out once you understand how the math works. Math is math, and 10 different people should get the same results if they are using the same numbers.
Bctez Its a great selling price. No problems with that. You need to find out what the MF is. If you have top credit then it should be .00090. Without the MF then it is impossible to calculate your lease for you.
It would also help if we knew other costs like document fees, motor registry fees, etc. Are you paying those upfront or rolling them in?
Also some more info on taxes. what is your state tax and do you have to pay taxes on only the lease or the full sale price of vehicle?
This is Atlanta Ga area. I'm not sure what is the percentage. Also, I'm not sure if the taxes is for the lease or full price of vehicle. I would need to get those info.
As far as doc fees etc., is it best to roll them in or pay upfront? Btw, by rolling them in you mean including in the selling price? What does that actually mean?
Thanks.
Georgia has what is known as an "ad valorem" tax of 6.75% that is applied to the entire selling price of the car. This will substantially increase your lease payment.
Looking to turn in a 2012 RX 350 with 5 months payments of $575 remaining on the lease and do a new lease on a 2015 RX 350 AWD as follows: MSRP: $50,514 Term: 36 Months Miles Per Year: 15,000 Money Factor: 0.0009 Residual: 58% Lexus will waive the last 3 months of the existing lease Dealer will pay off the other 2 months of the existing lease Lexus will waive first month lease on new vehicle (December to Remember) Includes $1,000 December to Remember capital cost reduction Bank fee of $700 is capitalized and included in the lease paments Monthly lease on new vehicle is $575 (same as prior) Out the door payment is only sales tax + $75 processing + $10 state inspection +$12.50 NY State Tire Fee
It sounds reasonable to me. What do you all think???
If 575 is your monthly payment before taxes then it looks like you are getting the vehicle for 2.5 K less and that is with the 1k reduction.
I think you can reduce the selling price by another 2k at least. It's worth a shot. In NY you have many dealers you can contact ............................................ Jessica, don't we need to somehow recognize that the dealer is putting $1150 into the deal by paying off 2 of my 5 remaining lease payments on the old 2012 lease. Maybe even have to take into account that Lexus is waiving 3 more remaining lease payments on the old 2012 lease?
If 575 is your monthly payment before taxes then it looks like you are getting the vehicle for 2.5 K less and that is with the 1k reduction.
I think you can reduce the selling price by another 2k at least. It's worth a shot. In NY you have many dealers you can contact.
Yes, the $575 is less taxes....the tax will be paid up front. MSRP is $50,514 Initial Cap Cost is $47,797, the $1K reduction brings it down to $46,797, and then the capitalization of the $700 bank fee brings it up to $47,497. This results in the $575/month for 36 months with 15K miles per year (with the $700 bank fee in the cap cost and monthly lease).
The way that I was looking at it is that if the dealer wasn't paying off 2 months of the remaining 5 months on my 2012 and instead put that $1150 against the cap cost it would have reduced the cap cost to $46, 437 and would have resilted in a monthly lease cost of about $541. Actually could look at the 3 months ($1725) that Lexus is going to waive on the 2012 vehicle in the same light...although that is purely a Lexus offer I received in the mail and not a part of the deal with the dealer. Is there something erroneous about my thinking.
Incidentally, just to ice the cake I am running over the mileage allowance on my 2012 vehicle so if I keep it til the end of its lease I will have about another $1250 to pay for that....but if I turn it in now, it will be a small amount under the 45,000 mile allowance
In Georgia it makes sense to do the longest lease possible. If I buy the Lexus just my tax is $2800. The payment is so high across all the months. You finally get the payment relief at 48 months. I went from 567 to 514 area from 36 months to 48 months. The 27, 33, and 36 month payments are pretty close to each other.
You make a strong argument. My previous math was wrong. It's not a 2.5K reduction from MSRP with the rebate but rather a 3.7K reduction with rebate, so right away it looks better. By adding your 2 payments the dealer is absorbing it does in effect bring down the selling price of the vehicle to 46647. With addition to the 1k rebate (lease cash I think) your looking at 45647 for a vehicle with MSRP of 50514. If your are in NYC area you should be able to knock more off the MSRP. Before the rebate (but including your two previous lease payments they are absorbing) you are shaving almost 4k off the price, I would shoot for 5k off before they apply the rebate. 5k off is very possible in the NYC area, especially at the end if the year. I understand you will be avoiding excess mileage fees so I guess that will make up for it. If you don't have many dealers in your area then my argument is groundless
I will not consider the 3 waived payments by Lexus Financial as this is part of their business model to retain customers.
You make a strong argument. My previous math was wrong. It's not a 2.5K reduction from MSRP with the rebate but rather a 3.7K reduction with rebate, so right away it looks better. By adding your 2 payments the dealer is absorbing it does in effect bring down the selling price of the vehicle to 46647. With addition to the 1k rebate (lease cash I think) your looking at 45647 for a vehicle with MSRP of 50514. If your are in NYC area you should be able to knock more off the MSRP. Before the rebate (but including your two previous lease payments they are absorbing) you are shaving almost 4k off the price, I would shoot for 5k off before they apply the rebate. 5k off is very possible in the NYC area, especially at the end if the year. I understand you will be avoiding excess mileage fees so I guess that will make up for it. If you don't have many dealers in your area then my argument is groundless
I will not consider the 3 waived payments by Lexus Financial as this is part of their business model to retain customers.
Thanks for your input Jessica. I have 2 other reasonably well located alternative dealers that I will explore this with.
Appreciate your help with the following terms; 2015 lexus rx 350 AWD msrp 50254 sales price 46736 36/12k 0 down 1000 rebatae 190+plates 3 years maintenance included monthly 575
Appreciate your help with the following terms; 2015 lexus rx 350 AWD msrp 50254 sales price 46736 36/12k 0 down 1000 rebatae 190+plates 3 years maintenance included monthly 575
is this a good deal?
Thanks all
.00090 MF and 60% for 36/12. With your MSRP and selling price, I get a pre-tax payment of $529.86.
Comments
2015 RX 350 FWd with Nav package + premimium package w/ blind spot 12k/36 months
MSRP 48543
invoice = 45861
residual 60%
MF .00090
Taxes and Fees = $391 + 109.25
Drive off from you = $1800. Rebate from Lexus = $1000 1st payment waiver from lexus $541
Aq fee = $500
monthly payment =541 inc tax
TIA
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You do not need to provide personal information in order to get a quote from the dealer.
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The first thing you need to do is negotiate the selling price of the car you want with all your local dealers (do it via email with the sales rep contact).
Do not shop around by asking what the monthly payment will be as this will only benefit the dealer. Only focus on the selling price of the vehicle.
Once you are comfortable with the selling price you can figure out what your monthly payments will be by using a lease calculator. You will need to know the selling price, residual (non negotiable) and the money factor. Money factor will depend in your credit score. If you have a great credit score then your money factor will be the base money factor. Money factor is negotiable only if the dealer is bumping it up to increase there profit. Be sure to get the lowest MF allowed for your credit score.
Read this forum for current residuals and base money factor.
Also, make sure Lexus incentives ( lease cash, first month waived) are applied after the selling price is negotiated. You can structure the lease the way you want it. No money down if you wish. Dealer just wants to get the car off the lot.
54060 mrsp without accessories (one dealer offered suv at $ 50300)
51789 (vehicle sale price with remote start and tow hitch installed, all OEM)
1700 total rebates, (1000 lease cash and 1st payment made)
32,436 residual (60%) given by dealer
.0009 money factor
9.5 tax rate
i first calcuated $672 (with tax) but was not sure where to calculate the rebates in, when i subtracted them in vehicle sale price, i calculated $618 (with tax), i am not sure if i am missing something. On workup sheet dealer gave me, it had figure of $898.40, total cap reduction and $720.74 , for advanced payment. They originally offered me $720.74 payment for 35 months with lexus picking up 1st payment on same vehicle.
after more reading on forums, i read that residual should be calculated with MSRP and Accessories added at sale, if that is the case i am now coming up with $33329 residual, and when recalculating i'm coming up with $597, a far cry from the original $720 they offered originally.
Most accessories can't be residualized.
With your MSRP and a CAP cost of $50789, I get a payment of $585/mo.+tax.
But, the one figure you don't have is the NET CAP cost. What has been added to the selling price? Acquisition fee? Title/license/doc fees? Or, are you paying those upfront?
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2015 RX 250 AWD w/comfort pkg, parking assist, navigation, premium w/blind spot
MSRP:$51,379
Discount:$6,000
military rebate:$750
Trade-in value:$5000
Selling price: $44629
2-year lease: 10Kmiles/year $359 monthly pmts includes taxes
3-year lease: 10Kmiles/year $399 monthly pmts includes taxes
with my trade in value and the package does these monthly payments seem like a good deal?
how do i calculate the residual amount based on the info provided?
2015 RX 350 AWD, Comfort, Navigation & Premium packages.
12k/year
36 months
MSRP $50,669
Invoice $47,966
Sale price $45,866
Residual 60%
MF .00090
$0 down
1st month free
Due at signing roughly $970 (Bank Fee $770 & Plates ~$200).
Monthly Payment $540 incl tax
Looks quite competitive to me. What do you think?
47,149 MSRP
42,800 Price
33 Month 63% residual
$2876 Georgia Taxes Ouch!!!
43,596 Total Cap Cost
$1565 = Total Rebates 1st Month + $1000
+ $29703.87 Residual
565 Including everything nothing out of pocket.
Residual is based off the MSRP
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I am also considering longer term lease (48m), payment is a bit lower for 4yrs. This is the best price I've seen on a RX - I don't remember it ever being below $600, so may as well get it for a bit longer.
Any drawbacks of 48m vs 27/36m lease?
What is the warranty on the RX? Usually the best lease terms are 36 months as that is how long the bumper to bumper warranty is. Anything longer subjects you to risk of out of warranty repairs.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
With the monthly they are providing me is that a good price? will i be better off leasing without equity?
Rather, have the dealer cut you a check for the equity and use that to offset the higher payment you'll have.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I don't want to confuse or worry you, but your lease numbers do not look correct.
I am using a money factor of .00090 and residual of 61%( 10k miles, 36 months). I do not know what upfront costs you are paying, or if you are rolling everything in. For my calculations I decided to roll in the 700 acquisition fee into the lease and no money down.
With 5000 dollar trade in I get $314.16 per month before taxes for 36 months.
Without 5000 trade in I get 457.55 per month before taxes.
Maybe you are at a higher money factor?
As I said before, I do not know what else you are rolling in ( document fees, motor vehicle registry/title charges). I just don't think those extra charges will raise your monthly that much. Sales tax may be given you the higher 399 per month, but that would be a very high tax rate. Maybe you are in one of those states that charges tax in the sale price of vehicle.
The monthly of $359 for 2 yrs with 5000 trade in was inclusive with taxes.
Do you know if the selling price for an MSRP of $51379 is $44,629 that is with $6000 discount, is this selling price reasonable?
Its a great selling price. No problems with that.
You need to find out what the MF is. If you have top credit then it should be .00090. Without the MF then it is impossible to calculate your lease for you.
It would also help if we knew other costs like document fees, motor registry fees, etc. Are you paying those upfront or rolling them in?
Also some more info on taxes. what is your state tax and do you have to pay taxes on only the lease or the full sale price of vehicle?
.00090 MF and 61%/52% residual
$1000 lease cash and complimentary 1st payment.
Click on the Car Research tab at the top of the page to search for Incentives and Rebates. The advertised leases include a dealer discount of $2450, but no other incentives (besides the $1000 and 1st payment)
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As far as doc fees etc., is it best to roll them in or pay upfront? Btw, by rolling them in you mean including in the selling price? What does that actually mean?
Thanks.
I believe Georgia only charges tax on the leased amount . Other posters on this forum may be from Georgia.
Rolling other costs into the lease simply means paying those costs over the course of the lease. It can be thought as an added sum to the sale price of the car, but certainly will not be listed as such in your lease contract. For example let's assume you have 2400 in upfront costs (document fees, registry fees etc) and you roll them into a 24 month lease. Your monthly lease will increase 100 dollars.
Better to roll everything in. That way if you total the car in an accident you don't lose any money you gave upfront.
Just a reminder. You need to know the money factor to figure out if your lease offer is accurate. Plus all the other miscellaneous charges.
If my dealer said I didn't have to put anything up front just the trade in figure, do you think that is good? It's also difficult because I do not have an exact value of my trade-in just yet. I did check KBB value for trade in but I do have a big dent on the rear bumper so I know the dealer would have to deduct all of that but other than that I believe its good condition inside and out as I am the only owner.
Is it true that the MF comes from the Lexus Financial and all depending on your credit score?
Also, does anyone know when you do go in to meet with the dealer and check your credit..Do they go into detail as far as what you owe on credit cards you may have? or do they just get the credit score and then just base everything from there?
Thanks again.
I would not trade in vehicle to the dealer. I would sell it to the dealer and have them write you up a check. Your lease payments will be higher but you can use that check money for future payments. This way you don't lose the money if you total the car. Bare in mind though that a dealer will pay you less than what you can get in a private sale.
I would roll all costs into the lease. No money down.
MF is set by Lexus Financial. They set up a base MF for different tiers of credit scores. The lowest MF is for Tier+1 credit, which currently yields an MF of .00090. The lower the credit tier the higher the MF. You need to know what tier your credit falls in and what the base MF is for your tier. The dealership is allowed to increase the money factor to increase their profits, just be sure to negotiate down to the base MF for your credit tier if they are not giving it to you. For example, you may have tier+1 credit and qualify for the MF of .00090, but the dealership may be given you a MF of .00125 to increase their profit.
Your credit score will be checked out by the dealership in advance if you are serious about leasing with them. Yes, how much you owe in credit cards will be reflected in your credit score, as will any current loans and your on time payment history, plus other factors.
I think a credit score of 769 or above will qualify you for the lowest money factor. If you do not know your credit score then it is to your advantage to find out before leasing so you know what tier you will fall in.
Download the Credit Karma app on your smart phone to keep track of your credit score. It's a free app and pretty much summarizes your credit history and current credit activity. It will also give you your credit score.
it is imperative that you know your MF, residual, MSRP, selling price, plus all other extra costs before signing the lease. You need to be able to figure out what your monthly payment is before they even tell you how much it we'll be. Also, learn the different terms and math that go into a lease. The last thing you want is to walk into the dealership and have them talk to you in non sensical math and lease terms, leaving you confused. Do a little homework. Also, to make things even easier be sure your calculations agree with theirs before you even go to the dealership to sign the leas.
Fool around with a lease calculator or piece of paper and a standard calculator to become familiar with the math behind a lease. A lease is not that complicated to figure out once you understand how the math works. Math is math, and 10 different people should get the same results if they are using the same numbers.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
MSRP: $50,514
Term: 36 Months
Miles Per Year: 15,000
Money Factor: 0.0009
Residual: 58%
Lexus will waive the last 3 months of the existing lease
Dealer will pay off the other 2 months of the existing lease
Lexus will waive first month lease on new vehicle (December to Remember)
Includes $1,000 December to Remember capital cost reduction
Bank fee of $700 is capitalized and included in the lease paments
Monthly lease on new vehicle is $575 (same as prior)
Out the door payment is only sales tax + $75 processing + $10 state inspection +$12.50 NY State Tire Fee
It sounds reasonable to me. What do you all think???
If 575 is your monthly payment before taxes then it looks like you are getting the vehicle for 2.5 K less and that is with the 1k reduction.
I think you can reduce the selling price by another 2k at least. It's worth a shot. In NY you have many dealers you can contact.
I was offered the following deal in FL:
2015 RX 350 FWD, Comfort, Navigation & Premium packages++
10k/year
27 months
MSRP $49,971
Sale price $45,291
Residual 69%
TOP $1,850 (bank fees, registration, 1st month payment)
$0 down
Monthly Payment $475 incl tax
Thoughts? Any room for negotiation?
Thanks,
jessica2011Posts: 28
3:25PM edited 3:28PM
Hazmarty,
If 575 is your monthly payment before taxes then it looks like you are getting the vehicle for 2.5 K less and that is with the 1k reduction.
I think you can reduce the selling price by another 2k at least. It's worth a shot. In NY you have many dealers you can contact
............................................
Jessica, don't we need to somehow recognize that the dealer is putting $1150 into the deal by paying off 2 of my 5 remaining lease payments on the old 2012 lease. Maybe even have to take into account that Lexus is waiving 3 more remaining lease payments on the old 2012 lease?
MSRP is $50,514
Initial Cap Cost is $47,797, the $1K reduction brings it down to $46,797, and then the capitalization of the $700 bank fee brings it up to $47,497. This results in the $575/month for 36 months with 15K miles per year (with the $700 bank fee in the cap cost and monthly lease).
The way that I was looking at it is that if the dealer wasn't paying off 2 months of the remaining 5 months on my 2012 and instead put that $1150 against the cap cost it would have reduced the cap cost to $46, 437 and would have resilted in a monthly lease cost of about $541. Actually could look at the 3 months ($1725) that Lexus is going to waive on the 2012 vehicle in the same light...although that is purely a Lexus offer I received in the mail and not a part of the deal with the dealer. Is there something erroneous about my thinking.
Incidentally, just to ice the cake I am running over the mileage allowance on my 2012 vehicle so if I keep it til the end of its lease I will have about another $1250 to pay for that....but if I turn it in now, it will be a small amount under the 45,000 mile allowance
Your thoughts please?
You make a strong argument. My previous math was wrong. It's not a 2.5K reduction from MSRP with the rebate but rather a 3.7K reduction with rebate, so right away it looks better.
By adding your 2 payments the dealer is absorbing it does in effect bring down the selling price of the vehicle to 46647. With addition to the 1k rebate (lease cash I think) your looking at 45647 for a vehicle with MSRP of 50514. If your are in NYC area you should be able to knock more off the MSRP. Before the rebate (but including your two previous lease payments they are absorbing) you are shaving almost 4k off the price, I would shoot for 5k off before they apply the rebate. 5k off is very possible in the NYC area, especially at the end if the year. I understand you will be avoiding excess mileage fees so I guess that will make up for it. If you don't have many dealers in your area then my argument is groundless
I will not consider the 3 waived payments by Lexus Financial as this is part of their business model to retain customers.
Can you clarify a few things for me
drive off = First months payment + DMV fee + Misc fees (not to exceed $50)
DMV fees for my county is 1.35 %
What about the sales taxes on 1000 + first month payment say 500
= 1500 * 9.75
does this get added to the drive off ?
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Appreciate your help with the following terms;
2015 lexus rx 350 AWD msrp 50254
sales price 46736
36/12k
0 down
1000 rebatae
190+plates
3 years maintenance included
monthly 575
is this a good deal?
Thanks all
What state is this? Tax obligations vary greatly.
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I added remote start ($799) and Lexus pays 1st month.