Car Buying Advice - 2017 LEXUS LS 400 Leasing Help

kevinpatrickkevinpatrick Member Posts: 7
edited April 2017 in Lexus
Very interested in leasing from Lexus of Knoxville. (Tennessee) Honestly I don't know questions to ask but I do know I know what to expect as for incentives, money factor and residual. Can anyone give this newcomer any guidance please?
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  • kyfdxkyfdx Moderator Posts: 227,359
    Ask for a lease quote, with specific numbers, then start from there. No point in giving them a number, first.

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  • kevinpatrickkevinpatrick Member Posts: 7
    Switching gears to ES 350. MSRP 46792 .52 Residual - 15k Yearly - Money Factor .00150 - Lease Cash 2k - Trade in 5k - Payment 653.60
  • MichaellMichaell Moderator Posts: 233,729
    kevinpatrick said:

    Switching gears to ES 350. MSRP 46792 .52 Residual - 15k Yearly - Money Factor .00150 - Lease Cash 2k - Trade in 5k - Payment 653.60

    Not a good deal.

    Base MF on the ES350 is .00050; your dealer is marking it up.

    And, what is the adjusted cap cost?

    We also don't recommend using trade equity to buy down the lease payment; only out of pocket money should be the first payment and DMV costs.

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  • kevinpatrickkevinpatrick Member Posts: 7
    So I should just sell my trade in and take cash?
  • MichaellMichaell Moderator Posts: 233,729
    kevinpatrick said:

    So I should just sell my trade in and take cash?

    You can have the dealer cut you a check for the equity in your car.

    I don't see a selling price / cap cost on that sheet, and you can ignore the taxes, as TN taxes the monthly payment on a lease.

    Any other Lexus dealers you can work with? The competition should help you get the best deal.

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  • kevinpatrickkevinpatrick Member Posts: 7
    Would Carmax be a good place to sell car?
  • kevinpatrickkevinpatrick Member Posts: 7
    I think the selling price would be the MSRP minus the 2k lease cash? What is a cap cost?
  • MichaellMichaell Moderator Posts: 233,729
    kevinpatrick said:

    Would Carmax be a good place to sell car?

    It's certainly a place to check out.
    kevinpatrick said:

    I think the selling price would be the MSRP minus the 2k lease cash? What is a cap cost?

    You should negotiate your best price before applying the lease cash.

    Cap cost = negotiated selling price less incentives plus any taxes or fees you are not paying up front.

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  • kyfdxkyfdx Moderator Posts: 227,359
    Run away from that dealer. Full MSRP and a massive money factor markup, on a car that is usually heavily discounted?

    I rarely say this, but that dealer is trying to take advantage of you.

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  • kevinpatrickkevinpatrick Member Posts: 7
    Thank you guys for the feedback!!
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