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

joshuap

Hi all
Have 2007 RX coming off - got 3 month waiver cert. I'm over mileage - want to act quickly.
What is the best you think i should be able to do?
AWD, Navigation
SRP for this?
$ off SRP?
Money factor?
Monthly payment?
Is it helpful buying edmund invoice details to get best deal?
Current Summer promotion mean anything?
Thanks.
Josh

go_orange

I recently looked into this and decided to wait. I am also in metro NYC area.

Unfortunately, the RX is not really "on sale" as part of the Golden Opportunity summer sales event. There is no lease support and there are no incentives. The 2010 is the first year of the new generation of RX and it seems that it is for now still selling well enough where Lexus doesn't have to do anything special financially to boost or maintain sales volume.

Money factor is a rather high .00255, though you (not me) could get a not too bad .00215 as a returning customer. Also, if you live in NJ or CT, you could further lower the money factor by making multiple security deposits. I live in NY where MSDs are not allowed . . .

The good news is that the dealer was offering a substantial discount off of MSRP. In my case, my lease offer was based on a sale price of $39,918 on a RX with a MSRP of $43,265. It was several hundred dollars below Edmunds TMV.

I'm waiting for the winter sales event, hoping for lease support at that time. Or, if we catch a break before then, I'm ready to seize the opportunity.

joshuap

thanks for your feedback. i'm in a pickle in that i'm over mileage, so waiting costs me money every day. i'll see what deal i can extract and let you know.

jacks2

Any updates or rumors regarding (2009) December to Remember?
The best I can find this week for customer loyalty is money factor .215 res. 60 on a RX350 AWD/nav 36/10 lease. What is involved in extending a current lease a month or so?

highfidelity

They will let you extend it up to 6 months, just call up LFS. Which I am doing right now on my 2006 RX330. My problem is that the 6 months is up in November and I really want to wait for the December2Remember event. The current money factory is pretty bad and I'm not a fan of paying over $100 more a month for the same car in my mind.

Here is hoping we see leasing support before then or I will have to beg for one more month. I extremely under my mileage, one more month isn't going to hurt the value of the vehicle, I will cross that bridge when I need to.

dglozman

What are the current MF and Residual value for 36 month lease AWD with Navigation?

jacks2

The best I can find this week for customer loyalty is money factor .215 res. 60 on a RX350 AWD/nav 36/10 lease.

CarMan@Edmunds

Hi dglozman. The numbers that Jack posted are correct...however I heard a rumor that Lexus enhanced its September lease program on all models yesterday, including a 3% residual value boost on the RX 350. If that is indeed the case it would be good news. That would make a big difference in the payment. I'll look into this to make sure that it is indeed the case. Please feel free to check back with me in a few days and I'll gladly give you an update.

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dglozman

Thanks Jack and Car Man.
the only problem is, what I was told by the dealer, that .00215 MF is only if you are coming off from Lexus lease. I own 2004 RX. I was told that I will get .002550

Do you know if i was "misinformed"?

jacks2

Car_man

The new residual makes about a $40 difference on RX350 AWD nav/ 36/10 lease.
Still holding off for a while.
Any December to Remember rumors?

go_orange

I've been waiting for the lease program to get better on the RX. I'm seeking a 3 year, 15K/year lease.

Today I got good news from my local dealer. Lexus just raised the residual from 57% to 60%. My lease quote dropped about $50, even though the MSRP of the vehicle is now $450 higher than before (it now comes with the Lexus version of BMW Assist).

It's probably enough of a movement to get me off of the sidelines. I feel that the residual is probably now as aggressive as it gets, especially for a SUV! The money factor (which stayed the same) could certainly be a lot better, but I have no idea if and when that would happen. And if they do reduce the money factor, they might reduce the residual.

The timing of this long awaited breakthrough surprises me. Why would Lexus improve the lease program on the RX immediately after their summer sales event rather than doing it in time for the sales event? Also strange to me is that the residual would go up as we get later in the 2010 RX model year. I don't understand this movement, but I'm not complaining.

CarMan@Edmunds

No problem dglozman. Unfortunately, what you were told is correct. The .00215 money factor is only for loyal Lexus Financial Services customers.

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CarMan@Edmunds

Hey jacks2. $40 per month is nothing to sneeze at. Good stuff. The 3% residual value boost that LFS just made is scheduled to run through the end of the year. I haven't heard anything specific about the "December to Remember" program but I suspect that Lexus will run it again this year and that it will be more attractive than its current lease offer.

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CarMan@Edmunds

Kudos for holding out for a better lease offer, orange. If you don't immediately need a new vehicle, there's probably no harm in waiting to see if Lexus' lease program improves. The 3% residual value bump is scheduled to run through the end of the year. I would not be surprised in the least if Lexus enhanced its money factors on this truck prior to the expiration of the residuals, making its lease program even more attractive.

Lexus recently decided to boost all of its residual values, for Toyotas, Scions, and Lexi (is that the plural of Lexus? ) for the fourth quarter. The company just decided that now is the time for it to get aggressive and try to boost its market share. Combined with additional spending on advertising, Toyota is going to spend a total of a billion dollars on marketing during Q4.

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go_orange

Thanks for your info Car_Man. With the high 60% residual locked through the end of the year (so no risk there) and a massive 4th quarter campaign by Toyota/Lexus to boost market share, it does seem as though more good things (i.e., a below market money factor) may come to those who can wait even longer.

I have a Honda Pilot coming off lease in Oct, but I could extend the lease a couple of months to see if the money factor will go down. I might just do that, if my wife would not be too disappointed waiting a little longer to get a new RX.

jacks2

Car man

Thanks for the heads up. Two internet sales managers I spoke to claim the 3% residual value bump is valid until the end of September thus encouraging a transaction within the next two weeks.

I find Ironic everyone seems to have a manager title when it comes to internet sales and I find it hard to believe dealerships are left in the dark about upcoming promotions / factory incentives.

Thanks again

J2

jacks2

Car man
Is the .215 customer loyalty money factor set in stone or can a dealership lower it?

Thanks again

J2

thavorn

Car_man, never leased car before. Is it better to lease new than used? It is 3 year better than 4 ? What should I expect from 2009 rx350 with Nav, sticker $37899. TMV, mf factor, residual for 15k per year? any helps are very much appreciated. Hope to ge car by this weekend. Thanks

jacks2

If I may ask what state? How was sales tax handled? Was it leased from LFS?
How long did it take to receive a new title?
Thx

babybeans

Ready to buy a new RX. Just quoted a MF of .00328. When I mentioned the LFS loyal customer rate of .00215 sales guy practically laughed and finance guy said no way. Said that MF was only for an old RX to new RX lease (not an LS430 to RX350).

Anybody have details on the LFS loyalty rate? What are others getting quoted for MF's right now? .00328 is not good.

Thanks for the help!

go99

Hello,
Sorry, but I am new to the site. What does LFS and MF mean?

Many Thanks!

go_orange

Actually, it is you who should have practically laughed and said no way. I'm not sure if the loyalty program is just for old RX to new RX or whether it is for any old Lexus to new RX. I would think that the latter would be the case. But even in the worst case (i.e., you are not eligible for the loyalty rate of .00215), you should still be eligible for the base rate of .00255, unless LFS just jacked it up to .00328 without it coming to my attention yet.

kyfdx

LFS = Lexus Finance

MF = Money factor (lease term that can be roughly converted into an interest rate)

babybeans

I should have laughed but I think I was too bowled over to come up with anything but a dropped jaw.

I know they can pull premium $$ on the RX right now but that's off the charts. I think I'll start selling RX's on the side if that's what people are paying.

babybeans

Thanks for the response go_orange. That's what I was looking for.

go_orange

Does anyone know when the "December to Remember" sales event begins? Is it strictly limited to the month of December as the title of this sales event suggests, or does it actually begin a bit earlier (around Thanksgiving) and end a bit later (after New Year's Day). It may make a difference to me because I am in a situation of extending my lease to see what this sale brings (or doesn't bring, as the case may be).

go_orange

My local dealer thinks there's a good chance it may start as soon as early November.

In the meantime, he confirmed today that the lease program on the RX for Oct is unchanged, meaning a residual of 60% and a (non-loyalty) money factor of .00255 for a 3 year lease with 15,000 miles per year.

lexus21

I have heard that there is a difference between tier 1 and tier 1+ for Lexus.

What is the credit score range for tier 1 and tier 1+

From what I have heard:

Tier1 (720-730)
Tier1+ (730 and above)

Does anyone know if this is correct?

Now is there currently a difference in the MF for October for the RX350 between tier 1 and tier1+?

I am also about to lease a car for the first time. I have never financed a car either but have a credit score between the 720-730+ range. How would I know which tier I would qualify under?

jason_jm2005

Hey all, from my understanding, FWD RX350 is 60% residual 3yr/10k miles

does anyone know what the residuals are for

RX350 AWD 36months/12k miles
RX350 AWD 48months/12k miles

thanks

maha

I got 62% Residual (.00255 MF), 3 year, 12,000mi yesterday when I picked up my 2010 RX350.

greencarleaser

I am interested in a RX 350, no navigation, and FWD only. 12k miles. Anyone have a residual value on that specifically? 3 year lease? I'm a bit new to the game, but am learning quickly. Thanks for any info.

keylex

If you don't mind to share, what is a monthly payment and a down payment/drive off?

maha

drive off is $3500, monthly payment $527 + tax. MSRP $48,669.

CarMan@Edmunds

No problem, J2. The enhanced residual values are definitely good through the end of the year. The dealers that you spoke with were not surprisingly trying to create a false sense of urgency in you to get you to seal your deal ASAP.

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CarMan@Edmunds

Hey J2. The .00215 money factor for loyal customers was the lowest factor that Lexus dealers could offer to loyal customers on this truck. I believe that Lexus did away with the loyalty program for October. If that is indeed the case, then the lowest factor that Lexus dealers can offer on this car this month is .00255.

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CarMan@Edmunds

Greetings thavorn. Whether it is better to lease a new vehicle or a used vehicle depends upon what sort of support is available, if any, on the used vehicle that you want to lease. Given the lack of support that is typically available on used vehicles one often finds that it is actually less expensive to lease a similar brand new model.

All things being equal, the longer a lease is the lower its monthly payment usually is. The exception to this would be if a manufacturer was offering support on a three year lease but no support on a four year lease, making the shorter term less expensive. Since Lexus is not currently providing any lease support on the RX, that is not an issue here.

Unfortunately, I do not personally keep tabs on the details of manufacturers' used vehicle lease programs...just new. So I cannot help you out with the info that you're looking for.

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CarMan@Edmunds

Hello Jason. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 RX 350 AWD without the entertainment system with 12,000 miles per year are .00255 and 62%, respectively for consumers who qualify for its top aka Tier 1+ credit tier. The numbers for an otherwise identical 48 month lease are .00255 and 53%.

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CarMan@Edmunds

Hi greencarleaser. Here's the information that you're looking for. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 RX 350 FWD without the entertainment system with 12,000 miles per year are .00255 and 62%, respectively for consumers who qualify for its top credit tier.

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jayrider

Creating a false sense of urgency to close a deal? Must be a new strategy in sales. Never heard of that one before -- will be on the lookout next time I buy. Thanks for the heads up car-man.

smrithi

Hello- I am planning on leasing 2010 RX350. I live in Ohio. The lexus dealers in Ohio suck!! I visited the dealership and no one seems to be interested in selling the car unless you pay what they ask.. i mean in this day and economy you would think they would do anything to push the car out the door..but to my disappointment thats not the case..could someone please recommend a good dealership in the east coast? I dont mind travelling to get a good deal...

Min down/ around 500 monthly payment/ 10k miles a year...am i asking too much??

greencarleaser

Carman: Thanks for all your help. I am confused on another point -- does the residual value change if you agree to lower miles? If I leased at 10k per year, how do you calculate the difference in price (36 months)? Thanks for any info.

CarMan@Edmunds

You're very welcome greencarleaser. Yes, the lower your mileage allowance is, the higher your vehicle's residual value is. Lexus Financial Services' residual values for leases with only 12,000 miles per year are 2% higher than its 15,000 mile per year residuals. Its resids for 10k leases are 3% higher than the 15k resids.

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audilover18

I am having a tough time deciding on which car to get? The Lexus has much more equipment standard. the Q5 is a cooler car. Your thoughts please??

redhat381

Jacks2 -

I haven't been checking this forum. But in case you still want to know, I'm in California. Sales tax is paid to the DMV when the new buyer registers his new car. The seller has no involvement. It was leased from LFS. It took LFS a few days to process the paperwork, and sent the pink slip out in 4 days I think.

bjordan1

I just started the buying process and rec'd the following for a 2010 AWD RX350:

MSRP = 47518
Cap cost = 46000
Money factor = .00295
Residual = 62%
Zero down
Tier 1 credit
3 yrs / 12k
922 due at signing
771/mo

Does this seem good, bad or avg?

I'm not in a big rush, do you think terms will be better in Dec?

go_orange

What has anyone heard about when this sale will start and whether and how the lease program for the RX will be improved for this sale?

I haven't heard anything definitive from my dealer yet. They "hope" that the sale will start in a week or two, and they "think" that it will be worth the wait. Since the residuals are high and are locked through the end of the year, all they could do is reduce the money factor. There's a lot of room there and so something to hope for.

audilover18

Actually heard the sale could start as early as this Thursday. They are competing with Audi's "Season of Audi" promo who's numbers got released to dealers today.

go_orange

The sale is on. I got the news from my local dealer yesterday. The money factor for the RX has been reduced from .00255 to .00220. The residual, which was boosted 3 points last month, remains @ 60% for a 3 year term with 15,000 miles per year.

By waiting a few months, I'll end up paying about $80 less per month for a vehicle that now costs more than before (they added an On Star-like system which upped the MSRP by $500 or so). That totals up to nearly 3 grand in savings over the course of the 3-year lease. Not bad.

go_orange

Quickly agreed to a deal while the Mrs. decides on color. Details are as follows:

MSRP: $43,715
Sales Price: $39,547 ($300 below what is said to be dealer invoice)
Term: 3 years
Miles: 15,000 per year
Money Factor: .00220
Residual: 60%
bank fee ($700) and sales tax (7.375%) capitalized
paying only first month's lease payment and DMV fees up front
Monthly Payment: $581.66
Location: Metro NYC Area

I found that it is easy to get offers at or about what is said to be dealer invoice, and with a little effort (playing dealers off against one another) they'll go below invoice.

It seems at least in the Metro NYC area, the TMV is much lower than the Edmund's TMV (which I believe is a national average).

jayrider

In illinois I have to pay 6.5% sales tax up front. $2570 -- can roll in the tax at about $72 per month. What was your payment before taxes?