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2016 GX 460 - Lexus Preferred Option Financing

cladbolgcladbolg Posts: 15
edited October 2016 in Lexus
Hello everyone.

Would you happen to have the information on how the Preferred Option Financing works?

I'm looking to buy the 2016 Lexus GX 460 using the preferred option financing program.
Basically I wanted to keep payments lease like for a few years with a balloon at the end.

My question is what would the monthly payments total, say on a 55,000 MSRP vehicle. 6 % Florida tax. 60 month financing or 72 month (is 72 month even possible with Preferred Option?)

Is it possible to be sub 500 a month with a larger balloon payment at the end?

Basically what percentage of the sale price is the balloon payment at the end?

I am in a unique situation, I am currently in medicine residency so income is low, but when I finish in 3 years, income goes up significantly from 50,000 a year to 200,000+. So balloon financing makes good sense right?

Thank you for all your help.

Comments

  • kyfdxkyfdx Posts: 152,361
    cladbolg said:

    Hello everyone.

    Would you happen to have the information on how the Preferred Option Financing works?

    I'm looking to buy the 2016 Lexus GX 460 using the preferred option financing program.
    Basically I wanted to keep payments lease like for a few years with a balloon at the end.

    My question is what would the monthly payments total, say on a 55,000 MSRP vehicle. 6 % Florida tax. 60 month financing or 72 month (is 72 month even possible with Preferred Option?)

    Is it possible to be sub 500 a month with a larger balloon payment at the end?

    Basically what percentage of the sale price is the balloon payment at the end?

    I am in a unique situation, I am currently in medicine residency so income is low, but when I finish in 3 years, income goes up significantly from 50,000 a year to 200,000+. So balloon financing makes good sense right?

    Thank you for all your help.

    We don't have info on that program, but I would assume the payments are similar to a lease payment. Which means sub-$500/mo. probably isn't going to happen.

    Regardless of your future projected income, it's always a good idea to live within your means, especially when buying an item that depreciates significantly, like a new car. The future has a way of laughing at your plans.

    Plenty of nice vehicles to lease for under $500/mo. Then, when the big payday comes, you'll be all set to start new, just as your old lease expires. (I'll note that most people with an income around $50K don't lease $500/mo. vehicles, either.)

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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