2013 and earlier Lexus GX 460 Lease Questions

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  • scijohncscijohnc Member Posts: 4
    I leased this on New Years Eve

    GX470 Black MSRP: $51,605.00
    Includes:
    Navigation System / Mark Levinson Audio Package
    Backup Camera
    Cargo Net, Cargo Mat, Wheel Locks
    Third Row Seat With Rear Air Conditioner
    Tow Hitch Bracket

    Lexus Financial Services
    12k miles per year
    0 security deposits
    no lease end fees

    43,588.02 Gross Cap Cost
    93.77 Cap Cost Reduction
    43,494.25 Adjusted Cap Cost
    24,770.40 Residual Value
    596.24 Base Monthly Payment
    38.76 Monthly Sales Tax
    635.00 Total Monthly Payment

    The inceptions of $1621.00 were picked up by the dealer so I only have to make 47 payments

    Good Deal?
  • gap4jasongap4jason Member Posts: 54
    Looks like a great deal....just for clarification was this on an '07 or '08?
    and that the actual selling price is 43,588.02? That's over 8,000 off of sticker. Sounds like a good deal.

    May I ask what dealership?
  • scijohncscijohnc Member Posts: 4
    It was an 08 with 9 miles on the odometer.

    I had spent 2 hours at JM Lexus in South Florida but they didn't have the car in Black and their price was much higher. I called Lexus of Palm Beach from the JM showroom and they said they had the car and would work for the sale. They were great to work with.

    It was about 1.5 hours after the dealership had officially closed on New Years Eve and they wanted the sale. When my wife started backing away they offered to pick up the incentives. I signed about 10 seconds later.

    They insisted it was a money loser for them and for once I actually believed the dealer. I highly recommend the dealership.
  • scijohncscijohnc Member Posts: 4
    It was actually a little better than $8000.00 off.

    The paperwork was all written up with
    51605.00 MSRP
    - 43588.02 Selling price
    = 8,016.98 off of the MSRP

    But after the paperwork was all complete the dealer kicked in the $1621.00 for incentives.

    My actual cost was 41967.02 for a savings of $9,637.02 off MSRP

    I enjoyed my New Years Eve.
  • slojoslojo Member Posts: 6
    Does any one know the January MF and Residual for 12K/26mo on the GX470?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello slojo. Here's the information that you're looking for. Unfortunately, Lexus is not providing any lease support on the 2008 GX 470 in January. As a result, if you were to lease one through Lexus Financial Services, you would have to use its standard lease program. LFS' current buy rate standard lease money factor is .00255 for consumers who qualify for its Tier 1+ credit tier. Its 36 month, 12,000 mile per year residual value for an '08 GX 470 without the entertainment system is currently 56%.

    Car_man
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  • dijital1dijital1 Member Posts: 8
    Here is the Deal I made last night from Crown Lexus:

    MSRP: $52,668
    Neg price: $46,800
    Net Cap $47,400. Bank Fee added
    MF .00255
    15000/year
    48 Months, 45% residual
    Drive off $ $1179

    Payment $675 + tax.

    Black w/gray int: what a nice Vehicle. We replaced our 2001 Sequoia Limited.

    Dan
  • scoobmanscoobman Member Posts: 4
    Hi there,

    I am not happy with the Lexus Dealers in MN. Want to buy/lease a 2008 470 and the sales people are slow, no inventory, and not motivated to make a deal---there are 3 or 5 cars in the state now, as they trickle in up here. I travel to Palm Beach quite a bit. If they have inventory and are eager to make a sale, what is the downside to purchasing in FL? (other than the drive home).
  • scijohncscijohnc Member Posts: 4
    I don't know about the downside, but I can tell you the upside.

    I leased from Palm Beach Lexus and got an amazing deal (closing time on New Years Eve helped). They had a large inventory and were great to work with. You should also check JM Lexus about 30 miles south. JM is the largest Lexus dealer in the Country and easily leads in sales every month.

    The way it was explained to me is that JM Enterprises basically controls the Port in Jacksonville where the cars come in. They pick what they want and distribute the rest. Their showroom is 30,0000 SF and they have row after row of the GX-470's. When I purchased they didn't have black, but they probably had more than 100 in other colors.
  • neelkamalneelkamal Member Posts: 5
    Hello Dan,
    What was the money factor on your deal? Did you pay any down?
  • neelkamalneelkamal Member Posts: 5
    Hello Car_man,

    Do you know if the money factory (.00255) and the residual value (58%) negotiable? or they are fixed?
  • dijital1dijital1 Member Posts: 8
    MF was .00255

    Nothing down, just the drive-off of $1179

    I think I got a good price on the GX, but the MF isn't the best, but that was the deal. I am now looking at a is250 and the MF on those are much better: .00135.

    Dan
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi neelkamal. Vehicles' residual values are set by banks and individual dealers do not have the authority to alter them. On the other hand, while dealers can not lower banks' buy rate lease money factors they are often allowed to mark them up to add additional, hidden profit to deals. That is why it is important to always find out what the buy rate is for the vehicle that you are interested in leasing. Lexus is not currently providing any lease support on the GX 470, however Lexus Financial Services did recently lower its buy rate standard money factor to .00235. Make sure that the dealer you lease from uses this factor to calculate your payment.

    Car_man
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  • progolferv1progolferv1 Member Posts: 1
    Just stopped by a dealer in dallas to work out a deal on the GX470. they said the money factor was .0035 and the payment was 810 a month for 48 months with tier 1 credit. Does that seem high?
  • topgun26topgun26 Member Posts: 16
    Here is a deal I recieved on a 08 GX470 with nav, dvd, and sat radio
    $743 per month, taxes in payments and no money down, just security bank fee, dmv and 1st month. its for 36 months and 12k miles. Any opinions of this deal? Thanx!
  • louiesmomlouiesmom Member Posts: 10
    I am going tomorrow to finalize a lease that I have been 'working on' all week.
    Here are the numbers:
    08 GX470
    MSRP: $52589
    Neg Price:$45419

    12k/year 48 months
    Nav, Mark L audio (bluetooth, back up camera etc), towpkg, 3rd seat, mats, spoiler, pref accessory pkg.
    Blizzard Pearl w/ Grey interior

    MF:0.00160
    Residual: 46%
    FICO score is 800

    Due @ signing:
    $599.99 (1st months pymt)
    $12.50 tire disposal
    $700 (cap cost red)
    $60.30 (sales tax on cap cost)
    $795 (Acquisition fee)
    $10 Inspection fee
    $45.00 (dealer fee??)

    total @sign= $2222.87

    (taxes are rolled into lease) payments are $599.99/month

    i really love this truck and I have been negotiating for some time with various dealers. this is the best price I have been able to get.
    this forum has helped me SO much. thank you all for your numbers and comments. i wish i had known about this site when i negotiated my last 2 leases!
  • gomavsgomavs Member Posts: 1
    louiesmom,

    Was that MF from LFS or an outside lender?
  • louiesmomlouiesmom Member Posts: 10
    No, Lexus almost never has MF's so low....This one was from Wells Fargo
  • lalawlalaw Member Posts: 1
    Looking to Lease a 2008 GX 470. Went to one dealer with disappointing results. Looking for a well loaded model with Nav/Audio pack, 3rd row seat, rear spoiler, head rest DVD, XM radio. Got a MSRP of $53K. Dealer discounted $1,500 and included dual DVD headrest at no cost, basically a $3,500 discount. On a 36 month/15,000 mile lease, monthly payments are close to $1,000 per month. It appears that the money factor was 2.95. Residual at 52%. Credit score is not a problem, currently at 796.

    This does not seem right looking at the other postings. I have a current lease on a Volvo that runs out at the end of September. Should I wait till July, August or September or is this dealer full of it.

    HELP, PLEASE
  • louiesmomlouiesmom Member Posts: 10
    That price does seem kind of high. Was that money factor from Lexus financial? What made the difference for my deal was getting a lower money factor from a different bank. I only picked up the truck last week so, you should be able to negotiate a better money factor. Is this price of $1000/month with 0 due at signing? That does seem very high.
    My Volvo lease was up in July and I just turned it in because I was over on my miles. Are you over on mileage? If not, you may want to wait until July or August. I am sure you will be able to get a great deal if gas keeps going at this rate.
    Good Luck. It's a great truck!
  • lebradlebrad Member Posts: 1
    Has anyone seen any "unbeatable" Memorial Day lease specials on a GX470? I live in NJ and am a current Lexus lessee.

    Any guidance would be most welcome.

    Thanks!
  • dquigleydquigley Member Posts: 1
    I also live in New Jersey, Mercer County to be specific, have you had any luck. I want to lease a 470 within the next 3 to 4 weeks.

    Thank you
  • aubchicaubchic Member Posts: 9
    I just left the lexus dealership and thought i would check with you guys about my price and lease for the 08 gx

    msrp was 54938 and included:

    nav
    lexus link
    dealer installed dual dvd system for 2k

    they knocked off 5k bringing the total to 49938. from what i have read invoice is what people are paying for the gx's, closer to 47600 or a little over 7k from msrp.

    my lease was 48 mo/10k residual was 44% and money factor 2500 drive off- payments were 765. are these number correct? this is through LFS. what are the 48/12 numbers? is LFS the best program for june? i think the mf is high.

    i feel like there is more room to haggle with the dealer.

    thoughts??
  • aubchicaubchic Member Posts: 9
    well, i was right about the dealer. there was plenty of room to negotiate.

    i just closed on a deal in dallas at sewell lexus. the internet department was absolutely fantastic and i am excited to have my car shipped to me in a few weeks.

    Here is my gx:

    nav/levinson
    tow package
    preferred accessories
    spolier
    third row

    msrp: 53089
    invoice: 46547

    dealer added:
    dual dvd player (2495)
    tint/stripes (395)

    total msrp: 55979
    selling price: 48695
    savings: 7284

    i paid 742 back of invoice.

    My lease payments are 734 a month for 48/12k with 2500 drive off.
  • mattiefebmattiefeb Member Posts: 8
    Hi this is the lease quote I received from a NJ dealership yesterday:
    2008 GX 470
    MSRP $52500
    discount $4350
    Sale price - $48150
    36 months - 12,000 miles
    total due at signing $4,500
    monthly payment incl tax - $650
    Does this sound too high? I still have 3 months on my current lease but they said I can take delivery in August (if summer rates go down I will be able to cancel this deal and go into new deal with better rates) . All I have to do now is choose a color and give a credit card. Should I try to get a bigger discount off of the MSRP?
    Thanks! Mattie
  • reallywannambreallywannamb Member Posts: 1
    Anyone know if this is a good deal?
    Lexus of Greenwich, CT
    08 GX470
    36 months lease
    36K allowable miles

    822.06 first month
    600.00 acquisition
    249.00 Dealer Conveyance
    50.94 sales tax
    108.00 registration
    ________________
    1830.00 total on signing
  • rob222rob222 Member Posts: 49
    My 4-year GX lease expires at the end of January. The buy-out price is $25,000. Is it possible to offer a price lower than the buy-out price? If so, how is this done?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rob222. It's absolutely possible to offer the bank that you are leasing though, which I assume is Lexus Financial Services, a lower price than your truck's official lease-end purchase price. Whether they will accept your offer is another matter. More often than not banks won't. Still, you don't have anything to lose by trying.

    Place a call directly to LFS a month or two before the scheduled end of your lease and tell them that you are considering purchasing your truck but that you want a better price. If your initial contact there is unwilling to work with you, work your way up the ladder to a manager and see if you have any better luck. There's no guarantee that they will be willing to work with you, but it's worth a shot.

    If you wouldn't mind, I'd love it if you would report back and let us know what they tell you. Thanks and good luck.

    Car_man
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  • kbalikbali Member Posts: 1
    Who is paying for your shipping.
  • anthonyl88anthonyl88 Member Posts: 15
    I went to Lexus of Manhattan looking at the GX470.

    They wanted $2500 down payment, so after taxes, 1st month payment and bank fees etc., it came out to $5900 down. $549/36 months 10K a year.
  • rob222rob222 Member Posts: 49
    I contacted Lexus Financial and they were very rigid. It is, what it is. "No point in talking with a manager, we don't deal." I think Lexus is unaffected by the general market. They will get top dollar from someone, and therefore they will not give you a deal to avoid the hassle of wholesaling the vehicle.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Sorry that they weren't willing to work with you, rob222. Thanks for stopping back and letting us know what LFS said.

    Car_man
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  • rob222rob222 Member Posts: 49
    Forget the last three months on my 05 GX

    New 08GX with Navigation/Mark Levinson for 48months/48 miles for $660/mo

    Good deal? What would the money factor, residual, etc. be on this new 08 GX?

    Thanks, Rob.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey Rob. The best way to tell if this lease is a good deal is to look at its selling price in relation to either its MSRP or better yet, its dealer invoice price. The selling prices of lease vehicles are negotiable, just as if you were paying cash for or financing them.

    Here is the information about the lease program that you requested. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2008 Lexus GX 470 without the entertainment system with 15,000 miles per year are .00135 and 49%, respectively for consumers who qualify for its Tier 1+ credit tier.

    Car_man
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  • nomisnynomisny Member Posts: 11
    Currently have a 2006. The lease was up on Dec. 1.
    Have Navi and RES, paying 650+, with $3500 Total OP

    Was looking for the same deal for a 2009, but dealers are telling me the money factor and residuals are not as good anymore, and are now quoting me almost $800 for same car, with about the same TOP.

    I called Lexus and asked to extend my lease on a month to month basis. I have until Dec. 11 as a courtesy. Car Man, or anyone know if the December rates are any better?

    Thanks,
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi nomisny. I've heard that Lexus' baseline special buy rate lease money factor for the 2009 GX 470 is .00195, but that it has been enhanced in certain regions to .00150.

    The main difference between this truck's current lease program and the program that was available when you leased your '06 model is probably the residual values. Banks have found that SUVs future values don't hold up nearly as well as they had been estimating and as a result most have revised their residuals downward. Lower residual values means higher lease payments.

    Car_man
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  • CABOCABO Member Posts: 1
    Didn't think this would be that hard. Buyout of 06 with tow pack,Navi back fin and chrome wheels,26400. New GX470 36 months 48778, (806.00/month payment) with 1500 down. Can't someone do better?
  • lilly9902lilly9902 Member Posts: 1
    The lease on my 2005 GX 470 is up on April 1. Last week I backed out of my garage, not realizing that the garage door was not all of the way up, and ripped the rear spoiler off of the tailgate!! There is no body damage but the spoiler itself as well as the 2 plastic roof rack end caps are damaged. I have gotten 2 estimates ranging from $860-1100! I'm 4000 miles under mileage and there is no other damage to the vehicle. Should I take the car by the dealer and ask them what their charge will be for repair. I was hoping to use as leverage on a new RX but would prefer to wait 6+ months. Any advice??
  • bgardinerbgardiner Member Posts: 19
    We are month to month on our lease. Nothing new out there I like as much as my 3 yr old Lexus. Couple questions:1
    Can I turn it in, have the dealership certify it, then buy it back at a lower rate than buy-out? The dealership gets it at a discount from Lexus (resid is 29.9k) so I figure I could pay about 27 and get the warranty extended.

    What is the status on the new SUV from Lexus. The dealer told me there is a new body style coming out, but then says no its a new smaller SUV. Any word on this?
  • drmhfdrmhf Member Posts: 29
    I want to lease a 2009 GX-470 with nav/levinson,tow package,third row seat.
    48 month lease, 12,000miles/yr, no money down.
    Several online buying services came out to about $800/mo. including tax.
    What can I expect to pay, I'm on Long Island in NY. Any dealer suggestions?
    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi drmhf. I would be happy to use Lexus actual lease program to work up a sample lease payment on the GX that you are interested in for you. However, in order for me to do so I need you to provide me with the MSRP and approximate selling price of the exact model that you are interested in. If you don't know what the selling price would be, the dealer invoice price would suffice. You can find this data over in the New Vehicle Pricing section of Edmunds.com.

    Car_man
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  • drmhfdrmhf Member Posts: 29
    Hi Car_Man. Invoice is $46,310. This includes destination charge of $825. Tax is 8.65%. I guess there would be a bank charge and acquisition fee added in as well.
    I haven't spoken with any dealers yet. I really want to be educated and know what a good deal is before I do. Thanks
  • jc28jc28 Member Posts: 3
    Hi:

    Sticker $52,275 / 36 month lease / 12,000 miles / $5,000 due at signing / $745 a month. NJ 7% tax is paid within the $5,000 due at signing. Is this a good deal anyone?

    Many thanks

    Mark
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi drmhf. Thanks for the additional information. I cam come up with an approximate selling price using the invoice price that you provided me with, but I still need this truck's MSRP to calculate an accurate lease payment for you. Both numbers need to be put into the formula.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Mark. $5,000 is a lot of money to pay at lease signing. Why not roll the sales tax into your monthly payment. I believe that New Jersey will allow you to do so. As far as I am concerned, the less money that's due at lease signing the better. Consumers who make large down payments on leased vehicles risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though your monthly payment will be a little higher, you will be much safer paying as little at lease signing as possible.

    Car_man
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  • jc28jc28 Member Posts: 3
    Car_man: Thank you very much for the suggestion!

    Mark
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, Mark.

    Car_man
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  • drmhfdrmhf Member Posts: 29
    I was offered the following deal on a 2009 GX-470 with Nav, 3rd row seat, tow prep pkg ($50msrp), preferred accessory pkg ($240msrp), rear spoiler ($550msrp-that I don't want):

    MSRP $53,016
    Cap Cost $48,039
    Residual 39% $20,676
    MF .0021
    Tax $3350
    Bank fee $700
    Processing fee $75 (tire fee, NYS inspection)
    48 months 12,000 miles/year
    Due at signing, 1st month payment + processing fee = $867.
    Monthly payment = $792

    Is this a good deal, or can I do better?
  • drmhfdrmhf Member Posts: 29
    I'm negociating both for a GX and ML 350. When I get bottom line prices I'll decide which one to lease. Actually my wife will chose which she wants to drive.
    Today I got this offer for a GX 470 with Nav, 3rd row seat
    MSRP 52,225 invoice = 46,320
    Cap Cost $46,479
    Residual 39% $20,367
    MF .00216
    Tax 8.62%
    Bank fee $700
    48 months 12,000 miles/year
    Due at signing, 1st month payment + processing fee = $900
    Monthly payment = $779

    The manager said he would take off another $10-15/ month to make the deal.

    This offer is better than the last, but I would still like to get the payment under $700/mo. like I did with the ML350. I'll post that deal on the ML 350 forum.

    Is this a reasonable deal? Is less than $700/ mo reasonable?
    Is there anyone out there reading these posts?
  • jc28jc28 Member Posts: 3
    Hi drmhf:

    Last week I returned my 42-month 2006 GX470 lease and got a 36-month 2009 GX470 lease. Below is what I got.

    MSRP $53,204.00
    Gross Capitalized cost $47,183.95
    Capitalized Cost Reduction $2,975.16
    Adjusted Capitalized Cost $46,217.35
    Residual Value $25,005.88
    $742.34x36 / 12,000 miles per year

    Due @ signing $5,000 includes:
    Capitalized Cost Reduction $2,975.16
    First Month $742.34
    Registration Fee $386.00
    Acquisition Fee $700.00
    Tire Tax $7.50
    Doc Fee $189.00
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