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2013 and earlier Lexus ES 350 Lease Questions

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Comments

  • charliern9charliern9 Posts: 22
    Hello folks,
    Have used this forum for my last couple of Lexus leases and always appreciate and respect the feedback that I've received. My current lease is up in about 3 months and I'm wondering if this is a good time to deal. Again I am in the Atlanta area. My current lease is at $500. and I'd like to stay in that range. I have never had to put any substancial amount down for my former leases so of course I'd hope to do the same this time also. Anyone with any recent deals in my area. I believe this year than ultra package is being offered and that's what I'd want. I can take or leave the NAV. any guidance would be most apreciated!
  • acura_tlacura_tl Posts: 38
    What are the current lease offers for 2010 ES-350? Does anyone have details about the residual value, money factor, etc?
    Thanks.
  • jmartelljmartell Posts: 9
    Hello all! I am also looking for leasing info on the ES350. Are there any areas of negotiation that Lexus typically works with customers on to get favorable lease payments? Is the Money Market Rate around .0019 and the residual value on a 36 month lease approximately 57%? Any help is appreciated!
  • You're very welcome, 10sfan.

    Car_man
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  • No problem, scottya. The numbers that you mentioned are correct.

    Car_man
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  • Switching brands, acura_tl? Here's the information that you're interested in. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 EX 350 with 15,000 miles per year are .00200 and 56%, respectively.

    Car_man
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  • Hi jmartell. Please see my previous post for the information that you're looking for.

    Car_man
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  • jmartelljmartell Posts: 9
    36 month lease with zero down and 10,000 miles.

    IS 250 hard top: $478.60

    ES 350: $539.67

    Any thoughts?
  • acura_tlacura_tl Posts: 38
    Thanks Car_man.
    Yes, my lease on the acura tl is almost up. considering lexus this time. :-)

    Any news on when the 2011 models will be available?
  • mikeyt4mikeyt4 Posts: 5
    my 2008 lease papers do not have a "Money Factor" listed. What is it and how is it used in calculations?

    Has anyone created a spreadsheet on the lease terms from the data provided here by the forum users for the Lexus ES 350? I have pulled about a dozen data cases and have found this:

    Average sell price is 8.5% off of MSRP.
    Residual values running about 60% (of Sell Price).
    MF now down to about .002 (whatever MF is??)

    My 2008 lease papers did not say what Interest Rate was used in calculating the monthly payments, nor has anyone reported it here. It looks to me (by back calculating the Rate from the given data) that it is far higher than it should be. I would expect around 4% in this economy. Is that reasonable?

    One last question. My lease expires 12/26/2010. My 2008 ES 350 probably will have a street value then quite a bit over the $22,000 Residual Value shown in the lease agreement. How can I use this to my advantage when negotiating a new lease?
  • CarMan@Edmunds[email protected] Posts: 38,515
    edited June 2010
    You're welcome, TL. I haven't heard anything about 2011 Lexus models yet, but Toyota has a number of '11s out there already, including the Camry, Avalon, and Sienna, so one would think that the '11 Lexi (or is it Lexuses :) ) should begin to arrive at dealers relatively soon.

    Car_man
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  • Hi mikeyt4. It sounds as though you don't fully understand how leases are calculated. You definitely should check out the following informative articles on the subject that are available here at Edmunds.com before you lease your next ride: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, lease payments consist of two parts...depreciation and interest. Manufacturers use money factors to calculate the interest portion of lease payments. Manufacturers publish lease programs for vehicles, consisting of money factors and residual values, on a monthly basis. Dealers must use that program to work up payments for consumers.

    If your leased vehicle is worth significantly more than its lease-end purchase option price, you may be able to use that to your advantage during negotiations or purchase it from the bank that you are leasing through and try to sell it on your own.

    Car_man
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  • blackjack3blackjack3 Posts: 11
    Car_man, any thoughts as to what will happen to Lexus money factor and residual value? I understand they come out with new numbers on July 6.
  • mikeyt4mikeyt4 Posts: 5
    Car Man - I searched the site and found that by multiplying MF by 2400, you get the interest rate. That's all I needed.

    I'm leasing through Lexus. That's all I know and all that the lease papers say. I figured I'd run all the internet sites for automobile values before going back to Lexus. I'm in a position that I could buy it if I had a guaranteed offer from some one else. My residual value on the ES350 is only $22K. I think I could get at $26K for it.
  • Hey blackjack3. I believe that Lexus' June program is scheduled to run through July 6th. That means that the new July program won't be available until some time on the 7th. Check back with me then and I'll be happy to fill you in on the details of the new program.

    Car_man
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  • vchadvchad Posts: 97
    Carman, I need some information.

    Could you please provide MF, residual on an 2010 ES350. I am located in michigan. Also are the rates diff in Boston area region? For a car with 36months and either 10 or 12k miles. (going for the car without navi package).

    also i know wrong section, but could you post the identical figures for 10 Rx350 awd.

    thanks a lot carman!!
  • Hi vchad. I believe that Lexus' current lease program for the 2010 ES 350 is national.

    Lexus Financial Services' July buy rate lease money factor and residual value for a 36 month lease of a '10 ES 350 with 12,000 miles per year are .00160 and 56%, respectively.

    The numbers for an otherwise identical lease of a 2010 RX 350 AWD without the entertainment system are .00175 and 58%.

    If you were to lease either of these vehicles with only 10,000 miles per year, their residual values would be 1% higher.

    Car_man
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  • vchadvchad Posts: 97
    edited July 2010
    thanks carman, your the best! can't thank you enough for the prompt information!! :shades:
  • charliern9charliern9 Posts: 22
    Hello everyone,
    I am about ready to deal my third consecutive lease on a Lexus ES350. My salesperson has worked with me for the past two leases so I would hope that we have a trusting relationship by now. She quoted me figures for a 36 month lease/10,000 miles of $515. plus tax. The residual value is $19,090 and $1,250 is needed at lease inception which includes first month's payment, tax, tag and title fees. Incidentally she's quoted these figures on an ES with navigation. I guess she didn't remember that my last two ES's didn't have navigation. Unless there is a noticable difference I'll probably go for the navigation this time. Does this sound like a real good deal. Carman I would certainly like to hear from you about this deal. Thanking you so much in advance!
  • mikeyt4mikeyt4 Posts: 5
    Tell me about "Residual Value? My 2008 ES 350 lease has a residual value on it of $22,000. Yet, that model year is listed all over the place here now with a value of $28K - $30K.

    My lease expires in Dec of this year and I want to get the new payment down as low as I can.

    How do I approach this? What barganing chips do I have to get the new payment down?
    Mike (Westside Lexus, Houston TX)
  • You're very welcome, vchad.

    Car_man
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  • Hi charliern9. The easiest way for me to evaluate this deal is to look at this car's selling price in relation to its full MSRP. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without these numbers, it is more difficult to tell how large a dealer discount you are being given, and in turn if there is any room left to negotiate. Let us know what they are and I'm sure that either myself or another helpful community member will gladly tell you what they think.

    Car_man
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  • charliern9charliern9 Posts: 22
    Hi Car man,
    Thank you for your reply and I will get the information you mentioned and post thereafter. I appreciate your help!!!
    Charlie
  • You're very welcome, Charlie.

    Car_man
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  • charliern9charliern9 Posts: 22
    Hi Car man!
    I just got an email today giving me the information we both wanted to see. The MSRP is 39,771 and my price is 35,335. The optional equipment is heated seats, wood & leather steering wheel, preferred accessory package and navigation which includes a back up camera (probably a nice feature to have since visibility in the ES isn't great). Again, my monthly lease payment would be $515., with residual value 19,090 (56%) and $1250. at lease inception (includes first month's payment, tax, tag & title. Would you say this wa a good deal for the Atlanta area? Thanks buddy-appreciate your time and expertise.
    Charlie
  • Thanks for the additional information, Charlie.

    OK, so you're interested in a 2010 Lexus ES 350 that has an MSRP of $39,771 and a selling price of $35,355. That's a $4,400 discount on a car that probably has a spread of around $4,000 give or take...which needless to say is an excellent deal.

    Just make sure that the dealer uses Lexus Financial Services' current buy rate lease money factor of .00160 (for Tier 1+ customers) to calculate your monthly payment and you're in business.

    Car_man
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  • Thanks a million Car Man! It's so much more reassuring to get feedback from an expert. Since my initial post I requested some new figures because I wanted 2 features added to the car, which were xenon lights and a rear sunshade. It increased my monthly lease payment from $515. plus tax to $520. plus tax and the residual value increased from $19,090 to $ 19,920. The money factor was .00200 - is there enough of a difference between that amount versus what you suggested, .00160? I am definitely in the Tier 1 category with an extremely high credit rating. I'll wait to hear back from you and once again - thank you!!! Incidentally, I am working with Nalley Lexus in Smyrna, GA. in case that means anything to you.
  • You're very welcome, charliern9. I definitely would make sure that the dealer uses the .00160 rather than the .00200 money factor to calculate my monthly payment if I was in your situation.

    Car_man
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  • 10sfan10sfan Posts: 136
    Hi Car man, appreciate your numbers for leasing a ES350. Have leased several vehicles in the past for business reasons. Just purchased my MDX off lease. Considering a low mileage lease new or purchasing a 2 - 3 year old ES350. Would consider a certified vehicle or purchase a Lexus extended warranty. Not sure which is more cost effective. Appreciate any feedback.
  • pazzo1pazzo1 Posts: 17
    Hi,
    Could anyone tell me if they have any information on a company called VIP auto leasing located in Staten Island, NY? If so, your thoughts....
    Thank you in advance!!
  • pazzo1pazzo1 Posts: 17
    If someone could give me feedback on a price that was given, greatly appreciated.
    W/Nav package (not ultra luxury)
    12k/48 months/$490/mth (including tax)
    1st month payment only due at signing 490. (No reg/bank fee/sec dep etc)
    MSRP: 41215
    Selling: 34776.73
    $factor: .002150
    Residual: 19371.05
    They are taking my old lease from me early.

    Let me know if this is a good deal.

    I prefer to have a 36 or 39 mth instead. Should I be hung up on this?

    Another offer was:
    10K/36mth/$500/mth
    Residual: NA
    $factor: .0016

    Do not have other specifics, b/c really do not want 10k miles.

    Thanks in advance for any feedback!!
  • geojregeojre Posts: 12
    Hi carman, I am considering a lease on an 2010 es350 no nav. 36months 10 or 12k per year. can you please provide me with residuals?

    I am assuming the mf of .00160 applies throughout. What is the rate for the next tier down? (just in case)

    Also is there any program for a repeat lexus lessee? I read another post of a buyer getting an extra $k, last I knew they only offered waived security. I live in pittsburgh.

    As always, thanks for your help.
  • kenb757kenb757 Posts: 149
    Called them awhile back when they were advertising ridiculously low lease prices on Swap a Lease. Have to have car shipped to you or pick it up and drive it home. Think they're no longer advertising the super low prices; too good to be true prices. Maybe someone finally challenged them on it. Call them, and see what they're "offering" now. I'm curious.
  • pazzo1pazzo1 Posts: 17
    Well I inquired about a Lexus ES350. The initial offer seemed good but I received a better quote direct from dealer. Checking to see if they will beat that price (see my quote under my other post pazzo1, Lexus ES350 thread, would like to hear feedback). Representative from VIP explained to me that they deliver the car with paperwork from Lexus. There was no discussion of paying VIP though? Just not sure I could lease a car without sitting with a representative of the car dealer....
  • pazzo1pazzo1 Posts: 17
    Incorrect Selling price above.

    Adjusted selling price is $36918.95

    Hope someone can give me feedback. Thanks.
  • kenb757kenb757 Posts: 149
    edited August 2010
    Thought $7k off was great, but your correction makes it more realistic. I really don't believe in leases that last more than 36 mos., you might as well buy the car. I went to Swap a Lease and it seems VIP is no longer advertising the low payments and low down they used to. I would bet the next generation ES, Avalon, and Camry will be much better cars considering the quality problems Toyota is having with the current vehicles, which is another reason to go with a short lease and the early buyout Lexus/Toyota may offer to get you into the new model. At least that's the way I see it. Interesting comparo on Swap a Lease: Avalon is significantly more expensive on a lease than the ES 350. Go figure.
  • pazzo1pazzo1 Posts: 17
    I was not looking for the 48mth lease on the other hand I would not have to go car shopping for a bit. Lexus also said that they will get you in a new car b/f the lease is over. So at 39 months it is possible to get into another.

    Do you think think that the offer is good or can a better be done?
  • 10sfan10sfan Posts: 136
    The Avalon is an excellent vehicle offering great room, reliability and mileage. The ES350 has better residual value which can make a difference on a lease. Both are viable new to lease or used to purchase, especially if they are lease backs.
  • pazzo1pazzo1 Posts: 17
    Has anyone ever leased on with putting down a security deposit to lower the money factor? Dealer explained that the entire security deposit would be reimbursed at end of lease provided not over miles, no excessive damage etc. This is just another way of leasing a car.

    Any feedback appreciated.
  • If I could get a quick response I would greatly appreciate it! MSRP $44,360 - purchase price $39,667 --- tax 7.25 - 36 month lease $704 - 39 $715 - total cash price all in $42,800. What do you think - buy because of discount or lease?
  • Hey 10sfan. Whether to get a new or a used Lexus depends upon what sort of pricing you can get on the used vehicle. many people swear by purchasing used vehicles because by doing so one can often avoid the massive depreciation hit that new vehicles experience during their first year of ownership. I am not intimately familiar with what the pricing is like for CPO ES 350s right now, but I have heard that used vehicle prices are very strong in general. CPO vehicles tend to command a premium over non-certified vehicles as well.

    From my perspective, unless I was realizing a significant savings by going with a CPO vehicle, I personally would probably rather go with a brand new one...but that's just me. Again it really would depend upon how cheaply I could get the used ES.

    Car_man
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  • I'd be happy to help you out, geojre.

    Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 ES 350 with 12,000 miles per year in your area are .00160 and 55%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.

    One needs a credit score of 720+ to qualify for the Tier 1+ tier. The straight Tier 1 tier is for consumers with scores from 690 to 719. The factors for that tier are usually .00010 higher.

    The residual value for a lease with only 10,000 miles per year would be 1% higher.

    Lexus is running a special program that provides an enhanced money factor for loyal customers in its Eastern region right now, .00100 instead of .00160, but I don't know if Pitt is in the Eastern or Central regions. I'm sure that your dealer can tell you which one it's in.

    Car_man
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  • Hi pazzo1. While technically one could get into a new car only 39 months into a 48 month lease, more likely than not it will not be free to do so. Unless an automaker is running some sort of official early lease termination program, it is usually fairly expensive to get out of leases early.

    It's never a good idea to enter into a long lease with the intention of getting out of it early. If you only want a 39 month lease, sign up for that from the beginning.

    Car_man
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  • Hey pazzo1. You're talking about a multiple security deposit program. Many banks, particularly the ones that are associated with luxury automakers, offer allow lessees to make MSDs.

    I haven't looked into Lexus Financial Services' specific policy on this matter in some time, but the last time I checked LFS provided lessees with a .00010 reduction in the factor that is used to calculate their vehicle's monthly payment for every additional deposit they make, up to a maximum of nine.

    Car_man
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  • Hello marckschwartz. The car that you're interested in probably has a spread of around $4,700 between its full MSRP and its dealer invoice price. You were quoted a discount of $4,693...which is probably right around dealer invoice.

    This looks like a very good selling price to me. Just make sure that the dealer uses Lexus Financial Services' buy rate lease money factor to calculate your payment and you're in business.

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  • 10sfan10sfan Posts: 136
    Thanks Car Man, this is the delima. Living between the Milwaukee, WI and Chicago metro markets, I have great options in both regards. Unfortunately, with residuals still high, the used car market for this popular model is great and with that comes higher used car prices. Since it is my wife's vehicle, it would be driven 8-10K per year. With low mileage usage, it may make leasing a new ES 350 not as cost effective. Again, your correct in how cheap one can get the vehicle 2 -3 years old. Will follow the future posts and let you know how it works out..
  • Do you know if the dealer cash incentive and lexus lease rates are exclusive offers? or can they be combined?

    Thanks so much for your help!
  • abw123abw123 Posts: 1
    Carman, can you help me too? Really appreciate it. Can you comment on this deal in Texas:

    2010 Lexus ES 350
    12k miles / 48 months
    $41,500 MSRP, $34,700 sales price
    $600 out of pocket and $499 a month

    Does that look like a good deal? Also, what residual % should I assume for a 4 yr lease and what money factor for October?

    Thanks in advance.
  • Hi cartman13. Lexus raised its dealer cash on the 2010 ES 350 for the month of October to $3,000, but it eliminated its lease money factor support. You can still lease a '10 ES through Lexus Financial Services, you just have to use the dealer cash and its standard lease program.

    Car_man
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  • I'd be happy to help you out. The car that you are interested in probably has a spread of around $4,200 between its full MSRP and its dealer invoice price. Lexus is providing $3,000 dealer cash on it on top of that, giving you a total of around $7,200 to work with during your negotiations.

    You were quoted a $6,800 dealer discount on this car. That probably puts you at less than $500 over invoice...which is a good deal.

    Just make sure that the dealer uses Lexus Financial Services' current buy rate lease money factor of .00210 (for Tier 1+ customers) to calculate your monthly payment and you're in business.

    LFS' 48 month, 12,000 mile per year residual value for this car is currently 43%.

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