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

go_orange

You can roll in the tax in NY. I do not know about IL.

If you can do this, I would recommend it.

I do not know what my payment would be without rolling in the tax (approx. $1,500), as paying the tax (or any substantial amount)up front on a lease is not an option that appeals to me. I look at it no differently than making a down payment on a lease. If the car is stolen or totaled the day after you take delivery, to use an extreme example, I believe that you'll be out the $2570 and starting over.

jayrider

Your payment would have been $41 less if you divide the 1500 by 36. Tax in ny must be computed on the actual amount of the lease rather than the sale price of the car. Better for you. Ny sounds like a real tax haven -- may move there to take full advantage. You also have a lot of lease brokers in nyc. The prices appear very competitive -- sometimes awsome. Swapalease seems to have a number of them advertising nice numbers.

locksmith3

Any lease brokers that you would recommend in New York City that you've had good recommendations?
Thx

jayrider

Have no knowledge of anything -- the deals look pretty good. I think the advantage is they get better cap costs on some vehicle. The residual and money factor shouldn't be different from the dealer unless the finance is thru a bank.
Someone from ny should have info.

go_orange

Oh, and I'm having them switch the Bridgestones to Michelins. I did research on the OEM tires for the RX in advance on tirerack.com. The former has just about the lowest consumer rating in its class (most people definitely would not get this tire again), while the Michelin is highly regarded. The switch was no problem. All I had to do was ask and they were happy to accommodate me. I gathered that they are used to this request . . .

kevin_vdubz

Got a great deal from Ray Catena Lexus in Oakhurst, NJ (Harvey).

2010 RX 350 with Comfort, Premium, Navigation, Wood Trim Steering Wheel/Shift Knob, Tow Package and Wheel Locks, mats, etc.
Comfort

MSRP: $47,250
Sales Price: $43,000
Term: 3 years
Miles: 12K
Residual: 62%
Money Factor: .00220
Cap Cost Reduction: $0
Out the door:c$1850 to cover first payment, bank fee, title/reg, documentation.
Monthly Payment: $583/month w/ taxes rolled in.

I did my homework and the process was one of the smoothest purchase experiences I've had. Picking the car up tomorrow!!

jayrider

Fwd or awd ?

wstreet

Kevin that's a great deal - congrats! Looking for the same model (FWD?) and options in So Cal; I'll post my results in the next week or so.

Wally

njscott75

I got a similar (better) deal from Ray Catena in Freehold, NJ.

2010 RX 350 with Comfort, Premium, Navigation, Wood Trim Steering Wheel/Shift Knob, Tow Package and Wheel Locks, mats, etc.
and Factory Remote Starter (they are all starting to come like this)

Black on Black p/u end of November (still on the ship now)

MSRP: $47,625 <----but mine has a factory remote starter
Sales Price: $43,200
Term: 3 years
Miles: 12K
Residual: 62%
Money Factor: .00220
Cap Cost Reduction: $0
Out the door:$1801.50 to cover first payment, bank fee, title/reg, documentation.
Monthly Payment: $585/month w/ taxes rolled in.

BUT!!!!!!! I bought down the interest rate. Lexus "holds" almost $5000 in cash for three years. After my lease is up I get my $5000 back. Here is the BIG difference.

My payment with Lexus "holding" my cash in now $535/mo for 36 months.

I know I can't easily make $1800 in the bank with only $5000 to start with.

So $535/mo for 36 months $1801.50 in fees and 1st month payment for a $47,625 car!

jayrider

That deal kicks tush !

joerayo

Hi

I have benefited greatly from Edmunds forums in getting my Acura TL and now the Lexus RX 350. So here's my contribution

Lexus RX 350 RWD
Comfort
Heads up display
Luxury
Mark Levinson
Navigation
Parking assist
Towing
Accessory package (net, mat, wheel lock)

Pretty much fully loaded.

MSRP 51,220.00 (includes 875 destination charge)

Sales price: 44,960 (over 6000 off the MRSP

Did the research on internet. I think the sales prices is close to invoice.

Was looking at the premium package also, here's what I was quoted for that package (Comfort, navigation, parking assist, premium, mat, net, 19 wheels, tow, wheel locks, wood & leather steering wheel & knob)

MSRP 47,010 (includes destination). Offered at 41,888.

I thought the luxury package was a better deal since it was closer to invoice. Not that the luxury package really added all that much, but the heads up display and the side camera were nice electronic gadgets that I like. However, really don't like how Lexus packages all the "options" together - you cannot get the luxury package w/o getting all the options (Mark Levinson, etc.) I was told it's just the type of packages that are shipped to So Cal.

Anyway, I did a lease. For the Dec to Remember deal it's just a lower MF @ 0.00220. The residual values were raised earlier. I got 63% for the 10,000 allowance. The acquisition / bank fee is the standard 700.

The other numbers are dependent on the regions (tax, doc fee, registration.) For the people in Los Angeles area - its 45 doc fee (for which you have to pay an additional 4.39 for tax), 8.75 tire fee, electronic DMV fee is 29.00. Title, registration, license is 603.00. And of course the nearly 10% sales tax.

OK, that's a lot of info, but should give you an excellent idea if you are inputting the numbers in a lease worksheet to get your monthly payments.

Again, thanks to other members I have been able to get what I think is an excellent deal, so hopefully other people will benefit. I recommend Longo's internet department. They were upfront and give me all the numbers w/o any problems. Dealt with a few other So Cal dealers that weren't so eager to give numbers, so there is a difference.

So Cal is great for getting cars because there are so many dealers, but you end up paying the extra sales tax and registration, so it's probably evens out with the deals in other parts of the country.

Joe

maximafan

Joerayo, I hear you on the way Lexus is doing the packaging on
the new RX. While I may get a few extras on the new RX that I
don't have on my '07 RX, there's also some things that I have on my current RX that would make me pay substantially more for the new model to compensate for what I already have.

For instance, the rains-sensing wipers. On the '07 RX, that was a stand-alone option. Now I've got to jump up to the comfort package for another, what, 2500 to get the rain-sensing wipers. Sure, you also get HID lights, which I don't have on my current RX
because I just have the premium package. But my car has just the right amount of equipment that I like on it, and it only MSRP'd
back in 2006 for around $40,0000. With the premium package on my RX, I got the memory seats, power tilt and telescoping steering wheel, Auto headlights, memory mirrors, power liftgate, and paid a separate amount for the rain-sensing wipers and the wood steering wheel and wood shifter. I was perfectly happy with these options and have really enjoyed these last three years in my RX.

So at this point, my lease is up in nine months, and if I decided to
get the new RX, I'll have to decide whether to go with just the premium package, which has everything I want except the RS wipers. Maybe I can live with that, but I sure like having them.
Of course, the 2010 RX still stickers about $3,000 more than the MSRP on my current RX.

By the way, here in the Tampa Bay area, I don't think you can jump up to the Luxury package without getting the premium,comfort and the nav packages. So, once again, the packaging is kind of frustrating!

joerayo

Yeah, it sucks that you have to pay $1950 for the comfort package just to get the wipers. The luxury package by default comes with all the other options. I like how Acura is more simple with their options - it's just navigation or not, none of this itemizing the bill with nickel and diming. BMW is like that too, giving a low entry MSRP, but when loaded with the options you expect, it jumps significantly. This Lexus I got at base is 37250, the options add another 13,000, which is about 35% more.

Oh, I had a typo about the car - it's not RWD but FWD. AWD doesn't make much sense since in So Cal there is no snow.

maximafan

Yep, same here in Tampa, Fl., so I don't need all-wheel drive.

I initially thought Acura offered a good selection with their options
also. I was looking into the 2010 TL with Tech and 18 inch wheels, and the MSRP was coming in at around slightly over $40,000. But then I found out that it doesn't have the power tilt and telscoping steering wheel ( I really like this on my RX!) nor the
rain-sensing wipers ( again, another favorite on my current car.)

I also was looking at the Mercedes-Benz GLK350 today. Actually,
the GLK has a good package selection. I saw a "Mars Red" GLK350 on the lot. It had the Package 1(premium) package on it, panoramic sunroof, the 20 inch wheels, and it was priced between $40,000 and $41,0000. I generally have never gone for the boxy-looking SUV, but I think I'm liking the styling of the GLK the more I see it.

go_orange

I think you are talking about MSDs or mulitple security deposits. Letting them hold $5,000 reduced your monthly lease payment by $50. I'm envious. Unfortunately, MSDs are prohibited in NY and us NYers cannot get around it by leasing cars from dealers in neighboring states such as NJ. I looked into this and was quite disappointed as this is a SAFE way to reduce a monthly lease payment.

roadwarrior6

just looked at the december to remember sales event. am i missing something? looks like a bunch of hype to me. stripped down RX 350 $469 a month 36 month lease with $3644 due at signing? zero cap support? where the incentive to buy? :confuse:

jayrider

lease numbers don't look good to me either. But, check your calendar, it's still november. If folks don't lease and lexus cares[they might not] maybe the deal will improve next month.

go_orange

Residuals are very high, 60% or better depending on miles. Compare that to competitors having residuals 10% to 15% lower, such as the Q5, the MDX, the XC60 and the SRX. Even the X3 only has a residual in the mid-50s.

On the other hand, the money factor is just so-so (.00220) even after the reduction for the December to Remember sales event. If there is room for improvement, this is where it rests.

I can tell you that this lease program got a whole lot better as compared to just 2 months ago. Last month they boosted residuals and this month they lowered the money factor, the combination of which makes this vehicle nearly $100 less expensive to lease than was the case in September.

If you are looking at similar vehicles, the RX lease compares very favorably.

go_orange

Though I've been leasing cars for about 25 years, I'm always learning something new. This time I found out about a concept called "lease equity." If the trade-in value of your leased vehicle is worth more than the purchase option price under your lease agreement, the dealer will buy the vehicle, pay what is owed to the leasing company and pay the difference to you as lease equity. Sure beats returning the vehicle for nothing. I'm getting nearly $1,000. I used nearly all the allowed miles and it is a Honda not a Lexus. It was handled as a totally separate matter from my RX lease negotiation. In fact, the Lexus dealership was going to be kind enough to take care of returning my Pilot to Honda for me, until it turned out that I have lease equity and they will buy it from me instead. I don't know how ordinary or extraordinary lease equity is yet. What I do know is that this is something I will always look into in the future before returning a leased vehicle. I recommend that those of you who lease do the same and that windfalls will come your way too.

Give this a try. Just tell the dealership where you will get your new RX that you want them to appraise your leased vehicle for potential lease equity.

jayrider

Used car prices have rocketed and desirable lease returns may have some cash in them above buyout. The local audi dealer wanted my friends murano off lease and felt there was some equity to apply or cash out. She bought the car so she will never know for sure. But you are absolutely right you have to shop the car a month or two before the lease end -- if you keep it til the end and turn it in -- no equity involved. I suppose you cold drive around to a few dealers to get the best offer they buy it and refund the equity.

go_orange

Viewing lease equity as a windfall, I was super grateful for what the Lexus dealer offered to give me for my Pilot. I did not explore whether and how much more I could have gotten for it elsewhere. Presumably Honda dealers would pay the most for it, since that's where most people would go who are in the market for a 3-year old Honda, "certified pre-owned" or whatever they call it. Maybe I could have done better . . . That gives me something else to think about for next time.

fxnsht

Just got a deal from same people:

2010 RX 350 AWD with Premium, Wood Trim Steering Wheel/Shift Knob, Backup Monitor, SmartAccess Passive Entry System, Tow Package and Wheel Locks, Heated and Ventilated Front Seats, mats, etc.

MSRP: $43,715.00
Sales Price: $40,097
Term: 3 years
Miles: 12K
Residual: 62%
Money Factor: .00220

Out the door: $3.232 to cover taxes, first payment, bank fee, title/reg, documentation.

Monthly Payment: $500/month

You think it's a good deal?

maximafan

Wow, that's an interesting concept. I'm surprised that they have this type of deal offerred. I've been curious about what to do when the time comes to return my RX350 at the end of the lease next August.
My buyout is around 18,500 or 18,700, and I'm awfully tempted to buy my RX, especially when I see the preowned '07 RX350's on the lot at my Lexus dealer with prices over $32,000 currently. The only problem for me is having new car fever, although I'm very attached to my RX. I will definitely see if I'm offerred something like that if I decide to start over again with a new car.

I wonder though how this all would work if I end up leasing another
Lexus vehicle such as the 2010 RX?

jayrider

Your payoff is low. Anything over it a dealer would pay could go in the bank Lease something new --- use the funds to help pay down the monthly payments. You need to know wholesale/auction values for your rx --- that will give you an approximate margin of your equity. Edmunds can give you a tradein figure. Post what you find.

go_orange

I recommend pocketing any lease equity on the old vehicle rather than applying it as a cap cost reduction to lower the monthly payment on the lease of a new vehicle. Otherwise, if the vehicle is stolen or totaled, especially early in the lease term, you will get little or no benefit from the lease equity (i.e., the money will be gone).

go_orange

Sounds to me as though you may have considerable lease equity in your 2007 RX. Your purchase option is around 18.5. They're giving me 19.2 for a 2007 Pilot with 45,000 miles. Your RX must be worth a lot more than a Pilot. If so, that makes it either a good buy for you if you want to keep it or a windfall for you if you want a new vehicle. You win either way and that's a nice position to be in.

exoram

Hey looking to lease the rx450h . Didnt see any other thread dedicated to leasing an rx450h on this site, so i figured this was the closest. I'm looking to lease this car for a 48month period with 15k miles a year. Does anyone know what the residual and money factor would be for this ? Also does anybody know when the winter to remember specials kick in ?

lesvolvos40

I just learned about lease equity as well. Currently have a 2007 RX 350 with the lease up in December. Went to my same dealer and they told me I have $2000 in lease equity. Just as go orange said, dealer will buy the car and pay off the lease. A hidden benefit - it's viewed as a trade in, so on the new vehicle, I only pay tax on the difference between the new purchase price and the value of my 'trade'.

Here is the deal I am going to try to work on a 2010 RX 350.

MSRP $47,678 (with Nav, 19" wheels etc.)
Sales Price: $42,678
Residual: 63%
MF: .00220
Net Cap (after lease equity): $40,678
PMT including tax $485.00

It would seem based on earlier posts I should be able to get $4,000-$5000 off MSRP. Its agressive, but I think I can get close.

Thoughts?

mookie18

I agree with go_orange on pocketing the equity. Or you can look into putting it in as an MSD which is refundable at end of the lease.

When I leased my 2007 RX350, I put in 9 MSDs ($4500) and it lowered my monthly payment by $60. I saved $2160 (60x36 mos) by letting them hold $4500 for 3 years.
Just bought out my lease this week, and waiting for the refund of the MSDs.

maximafan

Wow! I am pleasantly surprised to hear about this. Hopefully, this will present even more options for me when my lease ends.
Sounds like you're getting a great deal!

maximafan

Hopefully, when that time comes, I'll be able to apply that maybe for the down payment on the lease. Keep in mind though that the
18.5 is the buyout at the end of my lease which is 9 months away,
although, I have a feeling I'll be hearing from Lexus sooner than that as far as getting into a new Lexus. They tend to try to get you into a new lease before your current one is up.

Now, I have looked at Carmax.com to see what 2007 RX350's are going for currently, and they were running about 4 to 5,000 cheaper than a CPO RX from the Lexus dealer. I know that I can
go on the Lexus website and look up my account and find out what it would cost to buy my car right now. So I'm going to check on that to get an idea.

maximafan

Hi, Mookie18. If I may ask, what made you decide to buy out your lease on your '07 RX350?

idrive54

Please provide the residual for the 2010 RX450h with rear entertainment system. From what I understand from the dealer, the residual is lower by 2% because of this system.

Last month, for a 36 month lease with rear entertainment, 12k/yr, the residual is 60%. Also, they said the money factor is .00245. Have these number changed due to the December event? Also please confirm the numbers for a 2010 RXh

thanks in advance

mookie18

Maximafan -
My buyout amount was about $27,500. I checked around what other car I can buy for that amount and didn't find anyone close to what I'll get buy just by buying out the lease. I looked into used RDX, CX7 and a new Venza. Even if I added $1000 (for new set of tires, navi upgrade), the RX really did keep its value.

I'm not a fan of 1st year re-designs so I never considered the 2010 model.

sakura5

May I ask, for your new lease what was your total Out Of Pocket?

areway

Am looking at an RX 350 FWD with Premium/Nav/Comfort....MSRP $47k. What should I be looking at for mf, residual, cap red for a 36 mos/15k lease, $0 down.
I'm in the Atlanta area. Thanks.

shusha

i'm looking at an RX350 AWD with $47,018.00 MSRP (invoice is smth about 43000). I'm going to lease for 60 months... Does anybody know how much it will be if my down payment is 3000. Pohanka Lexus, Chantilly, VA gives me 560/month and i don't understand why. I'm leasing IS250 now (2007, $33800) and pay $368.... how can 10000 more cost me $200?! I'm in north VA. Thanks a lot:)
:confuse:

manalive

I received a quote on the AWD 2010 RX 350 with Comfort, Premium, Navigation, Wood Trim Steering Wheel/Shift Knob, Tow Package and Wheel Locks, mats, etc.
and Factory Remote Starter from the Ray Catena in Larchmont NY today with the following details:

MSRP $47,600
Sales Price $43,000
Residual= 62%
MF=0.0023
12,000 miles/yr
Cap Reduction= $0
$565/Monthly Lease payment(excluding sales tax)
Sales Tax=$1,805.18
Bank fees=$752
Registration= $223

This will be my first lease. I really need opinions ASAP. Is this a good deal? If any one knows of a better deal than this please inform me by responding. I'm looking to buy within 2 weeks. Any help will be greatly appreciated.

icyy

N CA numbers:

MSRP = $48,700
Sales Price = $43500
OoP = $2000
Residual = 60%
MF = 0.0022 ( Dec to Rem)
15 K
$558/Monthly Lease payment excluding sales tax or 710 with it.

You have to check your MF!!!
Good Luck! :shades:

jayrider

Another way to spell financial disaster? Sixty month lease!!!! So many negatives -- don't know where to begin so I won't.

sympl123

No,you are taken for a ride here.
1. They quote you monthly payments assuming 60%, not 62% residual. Double check with any web-based or your own lease calculator. This is a trick a lot of dishonest dealers use.
2. You must insist on including sales tax in your monthly payments, not upfront. This way you only pay tax (7% in NJ) on your payments (i.e. excluding residual), not on the *entire* sales price. Although some people mentioned that NY laws may be different and require such an upfront payment. If that's the case, you're certainly better off leasing in NJ.
3. Finally, you should be able get sales price on this car closer to 42K, at least in NJ. Just check a number of previous post, and that was before the Dec to remember promotions!
4. If you really want, you can decrease the MF further down with MSD. But that's optional.
Good luck!

manalive

Thanks Sympl123

I went to the Ray Catena Dealershio in NJ and the're quoting me the following:

MSRP $47,600
Sales Price $42,000
15,000 miles/Yr
MF 0.0022
Residual 60%
Out of pocket costs
Ist Lease payment incl(Taxes) $600
Bank Fee $700
Doc Fee $249
Reg & MV Fees $317.50
Total Out of pocket costs $1,915.50

What do you think? I'll be going there tonight to discuss further.
What free lease calculators can you recommend?

tbuck16

I am looking at leasing the 2010 RX. This would be the 2nd RX that we have owned. Vehicle is AWD, Navigation package, rear camera, etc... Please let me know your thoughts on the current offer from my local dealer:

MSRP = $48,125
Sell Price = $44,685
Residual = 62% or $29,837
Money Factor = .00275
Payment = $578.10
Tax = $31.80
Total Payment = $609.90

*Cash down = $2,181.14
Total at signing = $3,000 (includes 1st pmt and title)

wstreet

Looks like Lexus pulled their lease "specials" on the RX350/450h as of today; perhaps their lukewarm promo rates (vs. their competitors) starting in November haven't helped sales much.

CarMan - any indication that Lexus is lowering money factors from the previous 0.0022? Any other new incentives you can see on the RX350 or 450h? Thanks.

po65ny

Closed deal end of day and end of month (11/30) in S. California

RX, FWD, Premium, wood package, etc. (no nav, comfort, etc. - as base as you can find). 36 mo/12k miles

MSRP: $42,336
Cap Cost of car: $37,621
Fees: $745 (rolled into cap, acquisition and doc fee, total cap $38,366)
Residual: $26,248 (62%)
Out of Pocket: $1191 (registration, first payment)
MF: .0023 (don't know why dealership didn't use .0022, but didn't argue since other numbers were good)
Payment: $485 + $42/tax = $527

sympl123

I have my own spreadsheet The terms look very attractive, but the math still does not add up. So you decided to up your mileage from 12K to 15K, which reduced your residual from 62% to 60%, and I guess this is a 36m lease, so according to my calculations you should be paying about $565/month. Not sure how they came up with this $600 number. It's almost like they charge you tax twice or something... Can you double-check the terms with them?

po65ny

This calculator is pretty easy and accurate: lease guide

wstreet

Trying to lease 2010 RX350 FWD with MSRP of $47,200 and net cap cost of $42,000 for 36-mos, 15k miles, no entertainment center. Has Lexus' Dec-to-Remember promotion for this month changed last month's MF of .0022 or the 60% residual for 15k miles/year? Any lease incentive cash to the dealers? thanks!!

go_orange

I'll be interested to know the outcome.

I started looking at the RX in the summer. The leasing program was not very attractive, so I told the salesperson I was inclined to wait and see what the December to Remember sales event brings for the RX.

The salesperson contacted me in Oct and told me that the residual went up 3 points. I told him that I'll keep waiting it out, hopeful that the December to Remember sales event will have a lower money factor for the RX.

The salesperson contacted me again in Nov to tell me that the December to Remember sales event started early and that the money factor on the RX was reduced for the sale. After getting his confirmation that this was indeed the RX lease program for the December to Remember sales event and not some early teaser (i.e., it wouldn't make sense to wait until December), I did a deal and took delivery in late Nov.

If the RX lease program changed for the better in Dec, I will be upset. I doubt I have any recourse, but I would certainly complain.

wstreet

GoOrange -

Couldn't agree more. Looks to me like Lexus either didn't plan their annual D-2-R promo very well - or, move likely, they simply are concentrating on deals to move the non-movers off the lots as their books close for the year in 3 weeks or so.

I'm hoping they annouce some further reductions as the L.A. Auto Show opens tomorrow. With the bigger Detroit International Auto Show not opening until Jan 11th, the L.A. show is the last big event of this year - so if they have one last card to play, that's probably it. On the other hand, the fact that Lexus upped their RX lease residual percentages and cut (slightly) their money factor to 5.28% for Tier 1+ credit in Nov indicates they gave their dealerships more calendar days to move product and didn't wait until Dec. Time will tell and I'm in no hurry; plenty of inventory in SoCA.