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Leasing IS 250 Help needed

docsharpdocsharp Posts: 13
edited June 2015 in Lexus
Hi,

Does anyone know how I can keep myself from getting cheated when leasing a car? I am looking at a Lexus IS 250 AWD with NAV and Luxury package. The MSRP is 45, 895. I feel like on my last lease I got cheated so I am hoping to get a decent deal when I turn in the IS I leased in 2012. Any ideas on what I can do to get a fair price?

Additional info. I plan to ask for either 12K or 15K miles per year. I am in Illinois.

Thanks

Comments

  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:

    Hi,

    Does anyone know how I can keep myself from getting cheated when leasing a car? I am looking at a Lexus IS 250 AWD with NAV and Luxury package. The MSRP is 45, 895. I feel like on my last lease I got cheated so I am hoping to get a decent deal when I turn in the IS I leased in 2012. Any ideas on what I can do to get a fair price?

    Additional info. I plan to ask for either 12K or 15K miles per year. I am in Illinois.

    Thanks

    Negotiate the best selling price you can, just like you would for a purchase. Do not negotiate the monthly payment; that gives the dealer too many opportunities to adjust the numbers to their advantage.

    The current 36 month numbers for the IS250 are 62% for 15,000 miles per year and 64% for 12,000 miles. MF is .00050.

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  • docsharpdocsharp Posts: 13
    Thank you for the information.
    Here is the offer they gave me, is it a good deal?

    MSRP 46,150
    MF 0.00060
    10k MILES
    Residual 65%
    36 Month lease
    Actual selling price 42,500
    Tax 6.25

    They told me monthly payment is 499.20. Is this a good deal? I see that your residual is 62%.


    Thank you!
  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:
    Thank you for the information. Here is the offer they gave me, is it a good deal? MSRP 46,150 MF 0.00060 10k MILES Residual 65% 36 Month lease Actual selling price 42,500 Tax 6.25 They told me monthly payment is 499.20. Is this a good deal? I see that your residual is 62%. Thank you!
    I get $415/mo with tax on those numbers. What is the net cap cost and is there any money due at signing?

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  • docsharpdocsharp Posts: 13
    edited June 2015
    They are also including doc fee $168.43, $95.00 registration, $101.00 for license, and $25.00 filing fee. 350 disposition fee. What is the net cap cost? I'll have to ask them tomorrow for that info. Taxes which I am sure you already did were $1,121.69 based on the 6.25 sales tax. No money down. My FICO is above 725.
  • docsharpdocsharp Posts: 13
    I forgot to mention the above Registration, License, Filing fee, and taxes has the word "Capped" listed.
  • docsharpdocsharp Posts: 13
    I believe the net cap cost is 29997. But I have to wait another hour for them to open to verify.  
  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:

    I believe the net cap cost is 29997. But I have to wait another hour for them to open to verify.  

    That doesn't seem right ... should be a number closer to the selling price.

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  • docsharpdocsharp Posts: 13
    They are being difficult they want me to come in and walk through numbers. I was planning to go for test drive today so I said I'll checkout numbers but I'm not signing a deal until I go back home and calculate it myself. 

    I am also checking other dealers and one told me yeah you're going to take those and try to calculate it from online it never comes out right. I said well I'd like it to be close. 
  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:

    They are being difficult they want me to come in and walk through numbers. I was planning to go for test drive today so I said I'll checkout numbers but I'm not signing a deal until I go back home and calculate it myself. 

    I am also checking other dealers and one told me yeah you're going to take those and try to calculate it from online it never comes out right. I said well I'd like it to be close. 

    This isn't rocket science ... the math involved in calculating a lease is simple add, subtract, multiply and divide. Seems like the dealer(s) are hiding something and telling you it's your fault the numbers don't match.

    To calculate a lease properly you need:

    1. MSRP
    2. Net capitalized cost - selling price + taxes & fees - lease cash or down payment
    3. Money Factor
    4. Residual

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  • docsharpdocsharp Posts: 13
    Here is what I was given from a different dealer. 

    Msrp 46150
    sell price 44540
    residual 64%
    mf 0.00050
    36 month
    i think 12k miles
    aquistion 700.00
    rebate 500 used as down payment
    7.25 sales tax

    she also said the last 3 payments of my car are included. 541 x 3

    monthly payment. 498.02. Plus I have to pay doc fee lic reg etc out of pocket. 168.43 plus 145.00

    no down payment out of pocket. Just that rebate. 

    What at do you think? Not sure why I'm getting different residuals and mf these dealers are all in il. 
  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:

    Here is what I was given from a different dealer. 

    Msrp 46150
    sell price 44540
    residual 64%
    mf 0.00050
    36 month
    i think 12k miles
    aquistion 700.00
    rebate 500 used as down payment
    7.25 sales tax

    she also said the last 3 payments of my car are included. 541 x 3

    monthly payment. 498.02. Plus I have to pay doc fee lic reg etc out of pocket. 168.43 plus 145.00

    no down payment out of pocket. Just that rebate. 

    What at do you think? Not sure why I'm getting different residuals and mf these dealers are all in il. 

    What lease term and miles per year? They may be quoting you for a term designed to show you a low payment.

    Also, the trade in may be obscuring the numbers. If this is a leased vehicle, call and get a payoff value. Then, head over to the "real world trade in values" discussion here and figure out what your car is worth. There might be more equity than the dealer is letting on ... paying off the last 3 payments may not be in your best interest.

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  • docsharpdocsharp Posts: 13
    edited June 2015
    12 miles. This is second deal from another dealer. 3 different dealers are saying there isn't enough equity. I will get payoff for sure. What did you think of the 2nd offer above? I have an update on offer 1. I'll post that soon. 
  • docsharpdocsharp Posts: 13
    Here is the 3rd deal I have gotten. Some of this I don't know how to calculate. I did the best I could.

    MSRP 46150
    Residual 65%
    MF 0.00050
    Term 36 months
    Selling price: 42,500
    Rebate: 500.00
    ACQ/Fees: 994.43
    TOT Trade info 1609.00 (Supposed to be 3 car payments I have left)
    Total cap reduction: 1109.00
    Adjusted Cap Cost: 45,700.01

    10K miles

    On lexus I saw a finance APR of 0.9 for financing. I wonder if they are trying to cheat me again.

  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:

    Here is the 3rd deal I have gotten. Some of this I don't know how to calculate. I did the best I could.

    MSRP 46150
    Residual 65%
    MF 0.00050
    Term 36 months
    Selling price: 42,500
    Rebate: 500.00
    ACQ/Fees: 994.43
    TOT Trade info 1609.00 (Supposed to be 3 car payments I have left)
    Total cap reduction: 1109.00
    Adjusted Cap Cost: 45,700.01

    10K miles

    On lexus I saw a finance APR of 0.9 for financing. I wonder if they are trying to cheat me again.

    They are adding your remaining lease payments into your new lease. I get $474/mo with these numbers.

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  • docsharpdocsharp Posts: 13
    Yes they quoted me 474.00 So I take it that is a good deal then?
  • docsharpdocsharp Posts: 13
    Still wondering if 474 is good but also how do I know they are giving me the lowest interest rate do you know?
  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:

    Still wondering if 474 is good but also how do I know they are giving me the lowest interest rate do you know?

    Just ask them what MF they are using in their calculations.

    If you know the MSRP and net capitalized cost it's pretty easy to model the payment using the MF and residual value.

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  • docsharpdocsharp Posts: 13
    edited June 2015
    Well I have a printout of what they used but they did lie last time and gave me 0.00060 and when I told them another Lexus dealer gave me 0.00050 they said oh oops then I said where is the rebate they said oops missed that by mistake. So I feel I can't trust them. I wonder if there is a way to get the real numbers. Well thanks for your help so far. I am waiting on one more dealer to give me quotes. 
  • MichaellMichaell ColoradoPosts: 80,533
    docsharp said:

    Well I have a printout of what they used but they did lie last time and gave me 0.00060 and when I told them another Lexus dealer gave me 0.00050 they said oh oops then I said where is the rebate they said oops missed that by mistake. So I feel I can't trust them. I wonder if there is a way to get the real numbers. Well thanks for your help so far. I am waiting on one more dealer to give me quotes. 

    Just keep pressing ... knowledge is power!

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  • docsharpdocsharp Posts: 13
    Thank you. I end up accepting the 474 offer as the other offers were higher. 
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