Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!

2013 and earlier Lexus RX 350 / RX 450h Lease Questions

1101113151655

Comments

  • richzrichz Member Posts: 160
    The residual and money factors are set by LFS, but the dealer is free to mark up the money factor. To make sure you're not getting marked up on the money factor you need to calculate your monthly payments yourself to see if the numbers work out right.
  • hwyrangerhwyranger Member Posts: 3
    I thought I would share my experience as this site has been a big help. Southern California Area - Apr. 27th, 2007

    2008 Lexus RX350 AWD
    MSRP: $49,036.00(Rear-seat DVD, 18" seven spoke wheels, Multi-stage heated front seats w/rain sensing wipers, tow package, Nav/Mark Levinson package, cargo mat, wheel locks)
    Gross Cap Cost: $42,741.00(negotiated price before any other fees)
    Adjusted Cap Cost: $43,341.00($600.00 Aquisition)
    Residual: $27,460.16 (56%)
    Money Factor: .00195 (4.68%)
    Drive off's: $1,038.57($639.33 first payment, + $342.00 title, reg, lic. fees + $45.00 doc fee + $8.75 Ca. tire fee, $3.49 doc fee tax)
    36 mo./15,000 miles
    Payment: $593.35 plus taxes of $45.98 = $639.33

    Anybody who walks into a dealership blind is a fool. Buying a vehicle through the internet is the only way to go as you can obtain multiple quotes with absolutely no pressure.

    If you are going to lease you need to be armed with the following information:
    - knowing the residual for the time and miles of the lease
    - knowing the buy rate(money factor for top tier credit)(dealerships can mark up the money factor to increase their profit)
    - knowing the invoice price(so you can negotiate a fair price)

    I was able to get all the above information from looking through prior messages posted here. Also, Edmunds and KBB.com were good for obtaining invoice pricing.

    Hope my experience helps. Knowledge is power!! :shades:
  • sxylxysxylxy Member Posts: 29
    I got a similar deal (although it was 2wd) last year. Same exact payment! I will say this...after 10 months, I still absolutely love this vehicle. The smooth ride, the power, the gas mileage (28 on the freeway), and the Mark Levinson is the icing on the cake. Congratulations!
  • billc112billc112 Member Posts: 41
    I am interested in leasing a 2007 RX 400h for 3 years/ 36000miles.
    Does any one know the residual on this car? (53%?)
    Thanks
  • scotty14scotty14 Member Posts: 3
    I was quoted yesterday a 52% residual in 36 months but that was for 45000 miles.

    Do you or does anyone know what money factor LFS if offering right now? I was quoted 0.00325 which seem a bit high, probably marked up.
  • scotty14scotty14 Member Posts: 3
    Car man-
    I was offered a lease on a 2007 Lexus RX 400h AWD with a 0.00325 money factor and 52% residual. I'm guessing th money factor is marked up. Do you know what the appropriate deal should be? The retail plus accessories(well equipped) is $49965 with a $3000 discount making the purchase price 46965.
  • billc112billc112 Member Posts: 41
    2007 2WD 400H with premium plus/nav/18" wheels, wood trim, heated seats, auto sensing wipers, etc.
    3 year 36000 mile lease.
    MSRP 48,306
    Actual cost: 43,587
    Money factor 0.00245
    Residual (53%)25,602
    Drive off: 1137
    Monthly payment: $742

    Seems like a pretty good deal. Price is close to invoice.
    Any advice?
  • scotty14scotty14 Member Posts: 3
    That's a great deal compared to what my dealer has offered. I'm looking at AWD though. I'm a bit frustrated and probably going to wait until I move to Denver in a couple months. Where are you located out of curiosity? I'm at a disadvantage right now having only one dealer in the area. They seem to know it. Is your deal their "Sign and Drive"? How did you get such a good deal do you think?
  • billc112billc112 Member Posts: 41
    I am located in Southern California.
    I simply emailed the internet sales dept of several local lexus dealers and this is the best deal offered to me so far. I have not negotiated at all. I appreciate straight forward dealings, so, if no one else beats it, I will probably just give them their price as opposed to haggling for an additional couple of hundred dollars. I have yet to talk to any salespeople in person or by phone (other than the test drive) and plan to keep it that way if possible.
  • billc112billc112 Member Posts: 41
    Just wondering if anyone else thinks 53% residual on 36month/36000mile lease is low. Maybe because its a hybrid?
  • billc112billc112 Member Posts: 41
    So I am about to purchase the 400h 2wd, with premium plus/nav, etc. MSRP 48.3k. Final price 43.2K. 3 year, 36k miles. 53% residual, money factor 0.00245 (5.88%)
    I will give them the final okay in the morning and they will deliver the car to my house tomorrow afternoon. Overall, I'm very happy with the deal, however, one always thinks that there is a better deal out there. No fuss, no muss, never stepped into the showroom.

    Carman and others: do you think this is a good deal for this car or would I be wiser to wait for the newest lease deals later this month. I am not in a rush to purchase the car, but I do tend to jump at a good deal when it is offered.
  • backtoradobacktorado Member Posts: 2
    I'm in the Northern NJ area and looking to lease an 08 RX350, premium + Nav. Current deal is MSRP 45k, selling price is $41k, MF .00195, 56% residual. Payment offered is about $585/mo incl. 7% sales tax, 36 mo.

    When I work the numbers backwards I get that, including sales tax, the monthly pmt should be about 575/mo...that's using what they quote as MSRP, selling price, MF and residual. When I asked the dealer to show me how 585 was arrived at, and showed my math, I got the run-around.

    What do you think of what's on the table? What's a "good deal" on what I'm looking for in my area. Better to hold out 'til end of month?

    Thanks to all -
  • billc112billc112 Member Posts: 41
    Did you add in the "acquisition fee"? I believe its about 6 or 7 hundred dollars which is added onto the negotiated price minus any down payment to obtain final "cap cost".
  • backtoradobacktorado Member Posts: 2
    It's about $700 and I'm paying all fees (registration, doc fee, NJ tire fee, acq. fee, etc.) up front. Rolling sales tax (7%) into the monthly payment.

    Thanks for your reply -
  • mdntcallrmdntcallr Member Posts: 3
    Hi everyone & Car Guy:

    I was just offered 2 deals and don't know how they stack up in todays market. I think it's a good deal, but dunno if it is the best one i can drive. so here goes:

    1- 2007 rx400h 2wd With the Premium Package and Navigation, heated seats
    MSRP: $48,365
    my price: $43,822 Plus Fees
    36 Month Lease & 12,000 Annual Miles
    .00245 Money Factor
    $3,500 out of pocket
    Monthly Payment: $675.40
    The residual value would be 52%

    2- 2007 AWD RX400H
    With the Premium Package, Navigation and Mark Levinson
    MSRP: $51,346
    my Price: $46,294 Plus Fees
    36 Month Lease & 12,000 Annual Miles
    .00245 Money Factor
    $3,500 out of pocket
    Monthly Payment: $700.01
    Residual value of 53%

    so?? is this a good deal? it is about $500 over invoice.
  • smiley6smiley6 Member Posts: 4
    Good morning.

    I am leasing a 2008 Lexus RX 350 FWD with the
    navigation system,
    premium plus package,
    tow hitch receiver,
    all weather mats,
    all windows tinted,
    a full size spare tire,
    1 year of AAA for lexus.

    for $43,500.00. Interest rate at 4.68 %. Money factor of .003. This is with $3300.00 down and $12000.00 for trade in at 48 months.
    Monthly payment of $250.00.
    Oh yeah this is out the door with everything included.
    Is this a good deal?
  • parthabnparthabn Member Posts: 2
    With 18" 5 spoke alloy wheel, heated front seats, rain sensing wipers, Gen 5 Nav, Bluetooth, Backup camera, Premium Plus package, wheel locks, cargo mat -

    MSRP: $44,146.00
    Invoice: $39,270.39
    Down Payment (including registration, tax, title): $2000.00
    Residual: 19,866.00
    Term: 48 months
    Mil: 15000 per year
    Monthly Payment (with taxes): 550.00
    Money Factor: 0.0017

    I absolutely love the car!! I am based in Riverside, CA and bought the car from Newport Lexus!!
  • calred34calred34 Member Posts: 7
    Thanks to all the valuable and informative information I've read on this forum I'm now trying to put together an 'offer' for a 2008 RX350 AWD - Lease for 36 months. I'm in the Washington DC area. The dealer I'm currently working with has basically said they have three models available and on-site. Others will require special ordering. A base model, one with Premium Plus and NAV and one Premium Plus without NAV. I've decided I want the Premium Plus with NAV. The MSRP they're quoting me is 45,706. This matches when you go to the lexus.com site and select the Premium Plus Package - Luxury Value Edition with Additional Options with an MSRP of 6,191. I believe I should qualify for the top tier .000195 Money Factor (if that is what it is right now). For a lease of 36 months they are showing a residual value of 26,509 which works out to the 58% that I have been seeing. I'm now trying to negotiate the Selling Price. I understand the Invoice price of the Base Model is 34,338. Does anyone have the Invoice price for the above "Package". When I try to use KBB and Edmunds to match the 45,706 they are listing, I'm getting a different figure because on those sites you select the options individually as opposed to the "package". I'm hoping to put together a fair offer to include some profit to the dealer, and I'd really like to have that 'package' invoice price to work with. I will then be adding in the Destination Fee and other miscellaneous accessories. Any and all help will be greatly appreciated. I'm hoping to become a first time (and long term) Lexus owner! P.S. Am posting on a couple of forums.
  • texashtexash Member Posts: 2
    Here's what I got from Keyes Lexus in Van Nuys last night.

    2008 RX 350, Premium Package, 18 inch alloys, heated front seat with rain sensing wipers, cargo mat, wheel locks, MSRP 41,496. Invoice $37103 (looking at Edmunds). Agreed upon price of vehicle 36488 + 600 acquisition fee(delivery charge). Gross capitalized cost $37,087, money factor .00195 (lowest),

    $6395 down, $357 a month. 36 month lease, 12k miles/yr

    Not bad for an '08 Lexus RX350. I think it's a good deal. The salespersons probably thought we were hard bargainers (putting it lightly), but surprisingly they did not show attitude or get pissed like at other dealerships.

    Keyes Lexus is much better than Longo Toyota. Let me know if you agree and what you think of my lease deal.
  • ycr1ycr1 Member Posts: 18
    Does anyone know what the current money factor and residual value are on a 36 month lease for a RX350?
  • texashtexash Member Posts: 2
    Wow did they really give you that low of a money factor?

    that works out to be .0017 x 24 = 4.08% which is the lowest I've seen. Maybe only available on a 48 mo lease
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes, geekma, the money factor and residual value that you posted are correct. In case you are interested, using these numbers, an MSRP of $45,706, and a selling price of $41,069 I estimate that this truck's zero down, pre-tax monthly payment should be around $537.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings tacomaboy. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Let's work up a lease payment on this truck using Lexus Financial Services' current lease program and see what we come up with. According to my calculations, if you were to lease a 2007 Lexus RX 350 AWD without the entertainment system that has an MSRP of $40,500 and a selling price of $38,000 (I think that there is a good chance that you can do better than that) through LFS right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $544. 15,000 miles per year is the highest mileage allowance that LFS publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the scheduled end of your lease and have to pay an excess mileage penalty.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're right, tacomaboy, a score of 740 is good enough to qualify for Lexus Financial Services' top aka "Tier 1+" credit tier. The cutoff for this level is 730. While individual dealers do not have the authority to lower banks' published money factors, they can and often do mark them up to add additional hidden profit to deals. That is why it is important to find out what factor is being used to calculate the payment that you were quoted.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello dcsure5148. You never mentioned the selling price or MSRP of the RX 350 that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be glad to give you my opinion of this deal if you let me know what these numbers are.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting such a good deal on your new Lexus RX 350, hwyranger. Thanks for taking the time to share the details of your deal with everyone. Enjoy your new ride!

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi billc112. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2007 Lexus RX 400h AWD without the entertainment system with 12,000 miles per year are .00245 and 54%, respectively.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're right, scotty14, a money factor of .00325 is way too high. Lexus Financial Services' current buy rate for a 36 month lease of a 2007 Lexus RX 400h is only .00245 for consumers who qualify for its "Tier 1+" credit tier.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey billc112. The selling price that you were quoted for this car appears to be less than $1,000 over dealer invoice, which is pretty good. Furthermore, the money factor that you were quoted is right in line with Lexus Financial Services' current buy rate for this truck. This looks like a good deal to me.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi backtorado. A $4,000 discount on an '08 Lexus RX 350 isn't bad. It still wouldn't hurt to stop by the following discussion to see how much other community members have paid for similar trucks in your area though: "Lexus RX 350: Prices Paid & Buying Experience". The money factor that you were quoted is right in line with Lexus Financial Services' current buy rate for this model.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mdntcallr. Both of the selling prices that you were quoted for these trucks look good to me. Plus the money factor that you were quoted is right in line with Lexus Financial Services' best buy rate for these models. I personally don't see any reason not to go with one of these deals.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi smiley6. At first glance, the selling price that you were quoted for the EX 350 that you are interested in looks a little high to me. Having said this, it's difficult for me to give you my opinion on this deal without knowing what this truck's full MSRP is. This number will show me how much of a discount you are being given. If you let me know what it is, I can give you a more detailed response to your question.

    Also, the money factor that is being used to calculate your truck's monthly payment is too high. Lexus Financial Services' current buy rate lease money factor for a 36 month lease of a 2008 RX 350 is only .00195 for consumers who qualify for its "Tier 1+" credit tier. Make sure that is the factor that the dealer you are working with uses to calculate your truck's payment.

    Car_man
    Host
    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ycr1. Lexus Financial Services' current buy rate lease money factor for the 2008 Lexus RX 350 is .00915 for up to 48 months for consumers who qualify for its "Tier 1+" credit tier.

    Car_man
    Host
    Prices Paid Forum
  • cpa3cpa3 Member Posts: 89
    Car_man ....is that .00915 or .000915....I think you forgot a zero...otherwise its 21% effective rate...
  • briegelbriegel Member Posts: 139
    I think he may have meant .00195.
  • lexuslisalexuslisa Member Posts: 5
    I've been trying to work a deal in Columbus, Ohio

    2008 AWD Lexus RX-350
    Premium Plus
    No Nav
    MSRP 41,746
    Invoice 37, 511

    I offered 38,511. They countered with 39,011 with a money factor of .00175 and a residual of 20,038. Sounds great.....but then they said they have a $600 bank fee to Lexus Financial for the lease. That pretty much takes away the negotiated discount.

    Is that a legitimate fee??

    I am frustrated because every time I make an offer, they come back agreeing to part of it, then add the money somewhere else. Has anyone else had to haggle for a week plus with these Lexus dealers? I'm getting tired of this but don't want to pay more than I should. Can anyone give me advice???? The sales guy said that Lexus just doesn't sell cars less than $1500 above invoice.
  • cpa3cpa3 Member Posts: 89
    Lisa in Dec I purchased mine for $37,000 (Calif) except it was an 07 which was below dealer costs. They get rebates which can bring their costs even lower then invoice. The bank fee to Lexus Financial is standard. You will find if looking through these posts that everyone has them. In my search I never found anyone who was willing to waive them. I would stick with your offer and see if they change their mind or call some other dealers. Dont go to the dealer do it all over the phone..Its easier to get what you want over the phone.
  • zerogravguyzerogravguy Member Posts: 5
    Lisa,

    I am also in columbus, have been shopping around since about january and its been pretty challenging finding a good deal in columbus. I just signed on a 2008 (AWD and NAV) for $41200 from Woodfield lexus in chicago which also included the $600 fee. I am pretty sure this is standard. I also agree with CPA3. I too did everything over the phone and the internet. Made the whole ordeal much easier till i was commited and ready to sign.

    Good luck! You're going to love your ride. Lexus takes care of you. Im pretty sure im lexus for life now!

    -=zg
  • carlovernjcarlovernj Member Posts: 77
    Thank you all for such great advice and information. I'm hoping that someone knows how to calculate a monthly lease amount for me. I was interested in leasing the following vehicle for 36 months:

    2008 RX 350 AWD with the Premium Plus Package - Luxury Value Edition with additional options. The base price of the car is $38,800 + Options $6,191 + Delivery and Handling $715 = MSRP $45,706. The dealer cost is approx 39,838 and I would hope to pay $41,000.

    I would be in the top credit category (tier 1), I believe is .00195, My out of pocket will be $3,000 at time of lease, NJ sales tax of 7%, assume a residual of 56%. I wanted to know the monthly lease amount with tax.

    If there is another piece of information which is needed, please let me know. Thank you so much for your help.
  • radman3radman3 Member Posts: 1
    Does anyone know what the credit score and agency is for tier 1 credit? Thanks!
  • dpeck1dpeck1 Member Posts: 51
    Looking to lease a new 2008 RX350 with nav, DVD, etc. in New Jersey. Anyone know what a reasonable discount is? What is the residual value and mney factor for June? Thanks.

    What are most people paying 36 month, 10K per year.
  • dpeck1dpeck1 Member Posts: 51
    Looking to lease a new 2008 AWD RX350 with nav, DVD, etc. in New Jersey. Anyone know what a reasonable discount is? What is the residual value and mney factor for June? Thanks.

    What are most people paying 36 month, 10K per year.
  • shatzishatzi Member Posts: 15
    Residual for a 2008 RX 350 is 58% on a 12K lease and 56% on a 15K lease. Don't know what 10K is. Money factor is .00195.
  • shatzishatzi Member Posts: 15
    You have to have 730+ score to get Tier 1 financing. Not sure which credit company they use...most use experian or equifax.
  • shatzishatzi Member Posts: 15
    Here is a formula you can follow to determine your lease payments. Net cap cost is the cost you agree to buy the car for (not the MSRP)- the actual cost you negotiate for:

    I am assuming you are doing 15K miles since the residual is 56%. 12K is 58%.

    Net Capital Cost:
    Taxes (Net Cap Cost - Residual + Rent Charge X 7%
    Acquisition Fee (Bank Fee)- I think it's $600 for Lexus
    Gross Capital Cost( Net Cap Cost + Taxes + Acquistion Fee):
    Capitalized Cost Reduction (includes rebates, down payment, incentives): in your case $3,000
    Adjusted Capital Cost(Gross Cap Cost - Cap Cost Reduction):
    Residual Value (56% of the base MSRP)
    Depreciation/Amortized Amounts (Adjusted Capitalized Cost - Residual):
    Rent Charge (Lease Charge) - Net Cap Cost + Residual X Term X Money Factor .00195:
    Total of Base Monthly Payments (Depreciation + Rent Charge):
    Lease Payments - # Months
    Monthly Payment:

    It's a little confusing but it will give you your monthly payment.
  • pumpkleopumpkleo Member Posts: 4
    In calculating the monthly lease payment, the dealer has been calculating the residual value based on the negotiated price rather than the MSRP. Shouldn't the residual value be calculated on the MSRP - example; 3 year lease, RX350 premium plus package, 58% residual, MSRP = 44,991, negotiated price - 41,000, residual value should be - 26,095
  • carlovernjcarlovernj Member Posts: 77
    Thank you for the lease formula, I was having trouble calculating the lease amount however. For a 36 month lease, what monthly amount do you think it should be with 12k miles/ yr.

    Again, the MSRP is $45,600, negotiated price $41,000, top tier credit .00195, taxes 7%, 36 mont lease, 12k miles/yr.

    Thanks so much, your help is greatly appreciated.
  • jbp2jbp2 Member Posts: 1
    I would appreciate comments on the following lease quote in the NYC area:
    RX 350 36 mo lease, 12k miles, w/prem+ and other options
    MSRP $43K
    selling price $39.2k
    resid $24.9k (58%)
    Money factor .00205
    no cap reduction
    taxes paid upfront
    Other fees: Docs ($199), Reg ($193), Acquisition ($600)
    Monthly lease fee $524

    Thanks for your thoughts.
  • pinkissassy1pinkissassy1 Member Posts: 1
    Got this quote earlier today:
    2008 AWD with Prem Plus + Navigation

    MSRP=$45,706
    Selling Price=$41,745
    39 Mo Lease with 15 K per year
    Dealer aquisition fee=$600
    Document Fee=$263
    Tax & DMV upfront
    Total out of pocket at purchase=$3,763.40

    MOnthly Payment=$595.00

    Your thoughts????????? This is in Northern NJ.

    Thanks!!!!
  • eugenedeugened Member Posts: 7
    I was talking to a dealer in NJ today over the phone and got following quotes:
    Premium Plus Package
    48 month lease
    residual 48%
    12K
    0,00195
    No money down, only fees and taxes
    He did not want to tell me selling price, but said
    it is a little over invoice and he left some space for negotiation.
    How good is the deal sound considering it is for 48 months?
This discussion has been closed.