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2013 and earlier Lexus ES 350 Lease Questions

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Comments

  • rob340rob340 Posts: 2
    Never leased a car but looked up how to calculate.
    Lexus es 38,300 msrp
    59% RES
    .0018 MF
    3789 down payment.
    I came up with a bottom line lease of 491 per month for 36 months.
    How are they offering it for 389 pm? Is this a good deal. Can I get it lower or the same with less of a down payment. Not looking for GPS. Just leather
  • kyfdxkyfdx Posts: 137,252
    You have to know the selling price of the vehicle to calculate the lease payment... You are assuming MSRP as selling price..

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Dear Car_Man,
    I am torn b/w a 2011 es 350 now vs a 2012 in dec. I am getting a 10k/3yr lease for $43061 MSRP for 534/mo (tax included)--sale price 39972. 850 down and tax "waived". I am a current owner, so $1000 loyalty is included. Should I wait? I have tier 1+ credit.

    Thanks.
  • paprofpaprof Posts: 6
    In my view, there is essentially no difference between the 2011 and 2012 model except that Lexus will continue to discount the 2011s more to make room for the 2012s. Why pay more for a 2012 would be my position?
  • Thanks Lexusfan2011. What do you think of the numbers on this deal?
  • rob340rob340 Posts: 2
    Went by Lexus today. Asked about the 389 per month 3800 down. Salesguy said he didn't know about it. Anyway he offered an 11 lexus es msrp 40000. Sales price 38 and change. Nothing down 10 k miles per year. Have to pay a total of 1600 at signing. 1st months payment,Bank fee,security etc. Monthly payment 531. This was without nav. I asked about the ultra package witht the panoramic roof ( top model) they had none. Anyway of course I didn't agree but was this a fair deal? I have no experience with leases.
  • 10sfan10sfan Posts: 136
    Thanks for your reply. These additional up front fee they usually do not want to tell you about of course add to the actual monthly lease cost.

    Dealers play this game on the stated residual and true market value. Had the same problem with two Acura Dealers. I walked.
  • kenb757kenb757 Posts: 149
    With the new 2012 Camry making its debut in October, how long will it be before Lexus introduces the next ES?
  • So, last week I had the experience of being offered $1000 for the $4000 of equity in my 2008 ES350 by a local Lexus dealer ( the equity being a direct result of the low residuals that Lexus uses in their leases). There was no attempt to negotiate any aspect of the deal.

    Last night, I paid a visit to Inifiniti. Picked up a 2011 AWD G37x with premium package for invoice plus received $3000 for the trade. Total payment: $371 per month (after taxes) for 39 months and 12K per year with absolutely zero down - sign and drive off. Bottom line: The dealer actually wanted to sell me a car! Lexus just lost a customer.
  • 10sfan10sfan Posts: 136
    I attempted to deal with both Lexus and Acura based on e mails and their advertisements offering great summer deals. Walked. Learned to fall in love with the deal not the car.
  • Hi Carman,

    Got a 36/12k 2011 ES nav lease:
    MSRP: 42985
    Sale: 39567 (including extra 250 for window tinting)
    Residual: 58%
    MF: 0.001875
    Payment:546/mo
    1000 cust loyalty goes to 1st month, title and cap reduction

    Good deal?
    also got charged 700 acquisition fee and 145 doc fee....are these fees legit?

    Thanks.
  • Hi lexusfan2011. The money factor that you were quoted appears to be a little on the high side. I believe that Lexus Financial Services' current buy rate for the 2011 ES 350 is around .00115 for consumers who qualify for its top aka "Tier 1+" credit tier. Try to get the dealer to use the buy rate to calculate your car's payment.

    As far as the selling price that you were quoted goes, there's a spread of around $3,500 or so between this car's full MSRP and dealer invoice price. That's pretty close to the discount that you were quoted, making this a very good deal.

    The $700 acquisition fee that you mentioned is correct. The doc fee will vary from dealer to dealer, but $145 is not outrageous...provided that the car's selling price is attractive other than that, which it is.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Thanks carman. Unfortunately I needed to do the deal by sep 6 to get tax credit and 1000 loyalty. Maybe next time I'll check with u in advance. Picked up the car today after signing on 9/6. So far I love it. Thanks for ur advice.
  • Hi, CarMan - I've moved over from the Infiniti G forum. Went for a test drive and found it a little cramped. (I'm still considering the M, though, b/c my company has a VPP which gets me $1200 off Inf's invoice price)

    Do you have current or October money factors and residuals for the ES350, no options, 36 months, at 10k and 12k? Much obliged.
  • From what I gathered from the board here, last month residuals on the 2011 ES were in the high 50s. I finally got a quote from my dealer on the October plan:

    Lease-end value (I assume Lexus's term for residual) were
    53% @ 10k
    52% @ 12k
    50% @ 15k

    Money factor was relatively nice at 0.00095

    The car was
    MSRP $40310 (the heated seats package plus some other minor junk)
    Sale price $37000

    Doc fees are a little high at $422.94.
    With CT sales tax, monthly payment at 10k miles is $520.88

    I think there's a little more value to be found in the sale price and doc fee. Hopefully another $500 total.

    But what's up with that residual? Did they just fall off the cliff because of the impending arrival of the 2012s? Or is the dealer messing with me?

    What's the likelihood that the 2012 residual will be enough higher to make up for the interest rate jacking I'm sure they'll also do?
  • I sure do randomjohn. Lexus Financial Services' October buy rate lease money factor and residual value for a 36-month lease of a 2011 ES 350 with 12,000 miles per year are .00095 and 52%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.

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

    When negotiating your deal on this car, make sure to take advantage of the $1,000 cash incentive that is currently available on it.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Thanks, car_man. How strict are dealerships with the cash incentives? My wife has a tricked-out swagger wagon from the same dealer, but my current car wouldn't otherwise qualify me for the incentive. Is it really a bright-line for the dealers, that if they can't show Lexus what the buyer owns they can't get the cash? Can I just say "sure, I have one of those" even if it's not what I'm trading in?
  • snowman22snowman22 Posts: 109
    OK--I'm new to this whole forum thing. So I'll get right to the point. I'm looking to lease a leftover 2011 ES 350. MSRP is $40,000. My problem is at what purchase price should the lease payment be based on. My way of thinking would be--the car is already one year old-should not the price and lease monthly reflect this. I go to our one and only lexus dealer and they act as though this is the new model year. It's a leftover for crying out loud. They still want $3000 down plus other fee's that total out to over $5000. On a 2011 model?????????? So could someone set me straight on this whole thing. Am I wrong to think my lease buying experience should be a whole lot better than what the dealer is offering. This is a beautiful car--but I don't think they are flying off the dealers showroom floor at this point. What would be the right amount up front "if anything"be and what would be a fair monthly. Orrrrrrrrrrrrrrrrrrr should I wait another month or so.Thanks for any insight.
  • Hi randomjohn. I'm pretty sure that Lexus is fairly strict about who it allows to get its conquest and loyalty cash. I suspect that it requires a copy of the registration as proof of ownership.

    Having said that, there is a $1,000 dealer cash incentive for everyone on this model on top of the loyalty / conquest offers.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi snowman22. If I was in the market for a 2011 ES 350 right now, I personally would shoot for a selling price of around $500 over invoice minus the $1,000 dealer cash that is currently available on it and the $1,000 loyalty / conquest cash that is available on it if you qualify for it. You can look up this car's invoice price over in the New Vehicle Pricing section of Edmunds.com.

    You definitely should not pay $5,000 at signing to lease any vehicle. Consumers can and should put as little money down as possible when leasing. This means not making any capitalized cost reduction. Consumers who make large down payments on leases risk losing part or all of the money that they laid out if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • snowman22snowman22 Posts: 109
    Thank you Car Man. Let me expand on my question. I shoud have entered this info the first time.I believe this lease offer is a factory backed lease. The monthly is $399 with $2800 down plus $700 finance fee "whatever thats for" plus security and tax/tag and a couple other things. I agree about no money down but--you would think the dealer would put a better deal out than what is being offered. The car is a year old. It's only worth trade in wise--$32,000 if i'm lucky.I think $399 with tax and tag should be the norm. What do you think the chances are of something like this in the next few months. I'm not in a hurry so time's on my side.
  • qoorafqooraf Posts: 2
    Folks....I am new to this forum. I am in South Florida and am looking to possibly buy (finance) a 2011 Lexus ES 350. I have been watching this blog and see there are many version of this pricing. I once saw someone posting to have bought the car for $31,000. I am also in the same ball park. I need some advise if this is the acceptable range. I will perhaps put down around $5 to $7,000.

    I shall appreciate your valuable input.
  • snowman22snowman22 Posts: 109
    I'm with you. I agree with car man though---should not be putting much if any money down. But these dealers seem to think the 2011 is new--it is new---BUT---one year old new. We all know how much value the car looses as soon as you drive off ---except that's not what the dealer will tell you at that time---but bring it back a couple months latter and man or man the shoes on the other foot. I think all anyone wants is a fair shake--for the sales rep.,the dealer and the cust.But with profit margins for the dealers and teeth braces for the sales rep's kids----we all know that the elusive really good deal is but lost forever. This blog is a big help in bringing knowledge to the average.I say thanks for any info that can at least give a person some type of chance in the automotive world.
  • What dealership for the Infiniti?
  • You're very welcome snowman22. Savvy consumers who are in an area that has a decent level of competition should be able to negotiate better deals than manufacturers' official advertised deals.

    Lexus will likely offer some attractive deals for its annual "December to Remember" sales event, which will probably begin at the end of November. It is difficult to say whether the deals that are available then will be better than the deals that are available today.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi qooraf. If I was in the market for this car right now, I personally would shoot for a selling price of $500 over dealer invoice minus the $1,000 dealer cash that is currently available on it. If you want to finance your '11 ES, you can do so through Lexus Financial Services at 1.9% for five years.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • snowman22snowman22 Posts: 109
    Thanks for the reply---One other question. Lexus dealer has a mint 2010 RX450h. Loaded. Asking 45K. has 24,000 miles. If I were interested in leasing this used vehicle--if that's possible--what would be a reasonable price and money factor anddddddd lets throw in monthly payment for a 48 month lease with no money down. I appreciate your insight.
    Thanks Snowman 22
  • My lease for 2008 ES350 is over. Residual approx. 21K. Edmunds trade in value approx 25K. So, I have 4K in equity that I can negotiate towards another lease/buy? Or am I wrong? Thank You.
  • paprofpaprof Posts: 6
    You are correct. Let us know how much of the equity you're able to claw back.
  • qoorafqooraf Posts: 2
    Car Man...Thanks so much.
  • randomjohnrandomjohn Posts: 9
    edited October 2011
    I picked up my 2011 ES 350 on Saturday, right at the beginning of an awful storm. For anyone else who's interested, here are the highlights:

    heated seats, no nav, wood trim, that stupid 3-piece accessory package with the wheel locks, and maybe one or two other minor things. I really didn't want any options.

    Invoice was $35,886, which they then applied the $1,000 dealer incentive to, so my sell price was $34,886. I traded in my old car for $4k, which I applied as a cap cost reduction (I know that's not recommended, but it wasn't cash out of pocket, made the wife happier with lower payments, etc.),

    so the payment is around $417 for 36 mo/10k miles. The dealer's doc fees were a little high, but I did get them to waive that ridiculous $199 "vin etching." All in all, I'm pretty happy with the deal. I waited until end of month, end of model year, and car_man's advice has been to aim for $500 above invoice, so even with the doc fees I think I did pretty well.

    Lexus of Westport.
  • Hey, Car Man

    Am interested in a 2012 ES350 3 year lease. Can you please provide the Lexus Financial Services' money factor (for top tier 1+ credit) and residual for 10K miles/yr and 12K/yr. Thanks!

    Howdyman
  • Hi snowman22. Generally speaking, manufacturers used vehicle lease programs aren't great deals. Consumers often find that they are able to lease a brand new vehicle for not much more than it would cost to lease an equivalent CPO model. As a result, I do not personally keep tabs on the details of manufacturers' used vehicle lease programs.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • You're very welcome qooraf.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@Edmunds[email protected] Posts: 38,515
    edited November 2011
    Oh I am very familiar with the storm that you speak of, randomjohn. What's the deal with snow in October :surprise: ?

    It sounds like you did very well. Congratulations on getting your new car and thanks for taking the time to share the details of your deal with us. Enjoy your new ride :shades: !

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • I'd be happy to help you out Howdyman. Lexus Financial Services' November buy rate lease money factor and residual value for a 36-month lease of a 2012 ES 350 with 12,000 miles per year are .00150 and 59%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.

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

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • After checking things out--you are correct--used car leases are not the best way to go. I'll stick with your earlier advice and wait for the December to remember programs. I gotta add one thing--in our area we only have one lexus dealer. They will not deal at all because they have the market to themselves.They say the great buying experience----not a chance--they are snooty beyond snooty. Could be I'll buy a ford--"only kidding"
  • What dealer snowman, South Jersey?
  • 10sfan10sfan Posts: 136
    Had a similar unresponsive problem with both Acura and Lexus dealers in a competitive market area. Owning two Acura's, thought I had an advantage.
    Since I was only going to keep this vehicle for 3 years with a low mileage lease to replace an Acura, I looked at all options in my price range.
    Again, Who is kidding who?
    No dealing with either of them. Ford/Lincoln makes a good vehicle, pricing was right and they wanted, yes wanted my business and made the best deal by far.
  • car_dude24car_dude24 Posts: 9
    edited March 2012
    Hi,

    I posted this in one of the other blogs but was redirected here.

    I am looking to lease a 2012 lexus or audi and would like your opinions. A friend of mine just got a lexus ES 350 touring edition (MSRP 40275) for 7000$ down and 300/month. Is that a good deal? This is in New jersey. While I am currently leaning towards the lexus I want to know if the above is a good deal and if I should try to get the same.

    What are your thoughts?

    Thank you for your help.
  • mustangcnjmustangcnj Posts: 1
    edited March 2012
    Hi Car_man,

    can you please provide tier 1 money factor and residual %age (36 months) for this month in NJ/NY area for ES350 and GS350.

    thanks!
  • I certainly can mustangcnj. Lexus Financial Services' March buy rate lease money factor and residual value for a 36-month lease of a 2012 ES 350 with 15,000 miles per year are .00095 and 59%, respectively for consumers who qualify for its top credit tier in your area.

    The numbers for an otherwise identical lease of a 2013 GS 350 are .00190 ans 63%.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • am09am09 Posts: 21
    Hi carman.

    Please provide the money factor and residual value for 10k/36 month lease. I am being quoted price of 35k for afar with MSRP of 39k. Does that look good? I am also being charged $700 bank fee and $300 dealership fee. I am being offered $1000 as a loyalty payment (I currently own a lexus).
    I am being told that the residual value is 58% and money factor is .00105. I am looking in northern Nj.

    Thank you.
  • I'd be happy to help you out, am09. Lexus Financial Services' buy rate lease money factor and residual value for a 36-month lease of a 2012 ES 350 with 10,000 miles per year are .00105 and 58%, respectively...just as you were quoted.

    A $4,000 discount on this car is pretty good.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • am09am09 Posts: 21
    Thank you carman. I finalized my deal today, got my car for $443 for 36 months no money down. I am happy with the car.
  • 10sfan10sfan Posts: 136
    Sounds like a great lease deal. What was the MSRP?
  • am09am09 Posts: 21
    39k
  • Sounds like a good deal AM09. Couple of questions - Is this for the model with navigation? Also, does the $443 include tax? Lastly, did you have to pay any other fees or was all of it taken care of by the loyalty bonus?
  • am09am09 Posts: 21
    Base model with about 1K worth of options - mats/wheel locks. etc.
    443 was with taxes (7%). 36 payments of $443, no other fees. Hope this helps.
  • ezericsezerics Posts: 30
    I have a sort of general question. I leased a 2011 ES 350 back in May of 2011. I ended up with 545 a month. I purchased on Long Island, NY. I visited a few dealers and they explained that the 'base' model around here typically includes wood trim and sunroof, leather, etc. So if that is the case how are you supposed to judge the price. Would you basically use the Edmunds base price and then add the price of the luxury package to that? I ended up getting the Nav system and paying 545/mo. I put zero down but I had some out of pocket cost for sales tax and various fees. I was happy at the time.

    Then in Dec. 2011 my boss leased the same vehicle from the same dealer and got it at 520/mo but claimed that he did not pay any sales tax. Ever since I've wondered how he paid nothing down or even sales tax. Is this possible? I've tried to look into it but I thought you were required to pay NYS sales tax up front.

    Could someone please explain how NYS sales tax works in a lease and what are the permitted acceptable fees that we should pay at the commencement of a lease.
This discussion has been closed.