Car_Man: I am having trouble with the lease calculator. What I would like to know is what the payment should be given all of the same info for closer43 (same car and lease details) except for a no-money or minimum down payment. Would it just be about $5000/36 (around $140) more per month?
Just for clarification as I am in Orlando and considering a lease on the 350, you put $5,000 down and are paying $458/month? For 36 months and 12,000 miles and this was on a vihicle with a 37k sale price?
Does anyone know what the spread between MSRP and invoice is on a base model 08' ES? It is not on the Edmunds yet. Also do we know what the current money factor and risdual are for excellent credit rating?
I can lease a 2007 Lexus ES 350 Premium Package (No NAV) for $553 a month. My terms are 36 months, 15,000, $1000 downpayment, CAP COST=$33,404, Residual=$20,188.
I can also lease a 2008 Lexus RX 350 Premium Package Plus 2WD (No NAV) for $568 a month. My terms are 36 months, 15,000, $1,000 downpayment, CAP COST=$37,360, Residual=$23,237.
What do you think of these two deals? How much/can I get the dealership to lower the monthly payment?
I can lease a 2007 Lexus ES 350 Premium Package (No NAV) for $553 a month. My terms are 36 months, 15,000, $1000 downpayment, CAP COST=$33,404, Residual=$20,188.
I can also lease a 2008 Lexus RX 350 Premium Package Plus 2WD (No NAV) for $568 a month. My terms are 36 months, 15,000, $1,000 downpayment, CAP COST=$37,360, Residual=$23,237.
What do you think of these two deals? How much/can I get the dealership to lower the monthly payment?
Hi , i live in roseville, CA and this is the best deal i have found on leasing a new Lexus ES 350 (a base model with leather, moonroof, no nav system, no park assist, etc. pretty basic)
36 months, 15,000 miles per year $925 down $588 per month after taxes (of 7.25% in CA)
What do you guys think??? (FYI - my credit score is around 775)
Hi orlandofl0. I believe that closer43 negotiated a selling price of $37,200 on an '07 ES 350 that has an MSRP of $41,322. Using these prices, I estimate that your zero down, pre-tax monthly payment for a 36 month lease with 12,000 miles per year would be around $557.
Hi hill0523. As I always say, it is difficult to predict exactly what manufacturers will do with their future lease programs. If I had to make an educated guess, I would say that Lexus' will continue its lack of lease support on the 2007 ES 350. If that is indeed what happens and its residual values fall as the model year moves on, this car will become progressively more expensive to lease. One of the best times to lease a new Lexus is during its "December to Remember" sales event, but that is a long time from now.
Hi Lukesdaddy. I don't believe that Lexus has officially announced its pricing for the 2008 ES 350 yet. If It has, I haven't seen it. As far as this car's lease program goes, Lexus is not currently providing any sort of lease support on the 2007 ES 350. I suspect that this will be the case with the 2008 model as well. If so and you were to lease one through Lexus Financial Services, you would have to use its standard lease money factor. Its current buy rate standard lease money factor for consumers who qualify for its "Tier 1+" credit tier and pay a security deposit at lease signing should be around .00275.
Hello heidibrat. You never mentioned the selling price or MSRP of the car 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 car'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 more than happy to give you my opinion of this deal if you let me know what these numbers are.
The MSRP is $37,387 (includes destination), the selling price is $33,904. Term is 36 months, 15,000 mi per year. My down payment is $925 with $588 in monthly payments. My credit score is 764. Is this a good deal? THANKS!!
Given the additional info you provided in your post #173, I'd say that $588/month is a bit too high. Granted my lease is 36/12K, but MSRP on my ES (UL w/ nav) was $44288, w/ a selling price of $39963...yet my payments are pretty much identical to what you were quoted; all I paid up front was the acquisition fee. I honestly would find it a bit hard to fathom that the difference in residual between a 36/15K and 36/12K lease would account for the $6000 difference in selling price...but maybe Car_man could very well prove me wrong since he is the expert when it comes to car lease figures.
And oh yeah--my credit score was (unfortunately for me) quite a bit lower than yours...meaning that the rate I got was probably higher than what you may very well wind up with...thus making it a bit more harder to understand how your monthly payment could be the same as mine.
FWIW--I notice you're in Roseville, CA (I'm from Rocklin); you wouldn't happen to be getting those quotes from Lexus of Roseville? I ask because when I was shopping for mine, L of R would not even touch the deal I got from Coliseum Lexus of Oakland (that was back in 8/06, but I would imagine L of R still won't be willing to compete w/ many of the Bay Area Lexus dealers since they really believe the majority of folks who live in the Roseville/Rocklin area must be earning tons of money). Guess where I wound up buying my ES from? Definitely not from Roseville...
Hey car_man sent this to your email but repeating it here to make sure:
Hey carman; i've least a couple of Lexuses(or Lexi) in the past. Both times I was able to use multiple deposits to lower the money factor. Was also able to do this with a BMW lease. Do you know if it is still possible with Lexus and what the discount would be per deposit? I believe the last time (on a 1999 GS400) it was .0001 per deposit. espo1 :confuse:
Thanks for all of your contributions you've made to this forum.
I must admit that I am a beginner. I have not owned a car in seven years as I had a company car, however, a job change is requiring me to assume a personal car. That being said, I will only need a car for about 24 months and therefore am considering leasing. I have never leased before.
I want to lease the 2007 Lexus ES350 (UL and NV option packages) for 24 months (FMV=$39574), with little or no money down and 12-15k miles per year. My credit score is 755. *I need to know what difference the downpayment makes in terms of anything beyond lowering your monthly payment? *What difference will the 24 month period make positively or negatively in the lease negotiation? *Is it better to lease directly from a dealer or using a third-party such as my local credit union? *I need tinted windows, as I live in AZ, how is that negotiated *Any other general tips as I begin to dive in?
Interested in getting the lease price on the following ES350 (no Nav).
Premium Plus Package Includes: - Leather-trimmed interior - Heated and ventilated front seats - Driver's seat power cushion extender - Lexus Memory System to control power driver's and front passenger's seats (except lumbar), outside mirrors and steering wheel - Electrochromic outside mirrors with tilt-down in reverse - Rain-sensing intermittent windshield wipers with mist cycle
Additional Options: - Wood- and leather-trimmed steering wheel and shift knob - Bluetooth® Audio - Power rear sunshade - Full-size spare tire with 17-in alloy wheel - Rear seat side airbags - Preferred Accessory Package (includes Cargo net, Trunk mat and Wheel locks)
MSRP is $38157...offered at $34798. Residual is $20604.78. First month down and monthly payment of $599 (includes 8.25% Tx tax) with a money factor of .0035. Everything sounds pretty good except the money factor as I believe it is a little high. The rep told me they can decrease the interest rate from 9% to 7.2%. Is this a good deal?
I am looking to Lease an ES 350 with the Ultra Luxury Package. The MSRP on the of the car is $44,411. I am looking to get the lease payment below $600 before taxes. Is that possible? What would be the going rate for that car?
I don't believe it is realistic to get below $600. Mine was $34,700 and the payment was $599 (around 7% interest rate through Lexus leasing). If you can find an independent leasing company they may have a lower rate (I couldn't find one in Austin that beat Lexus). These cars are popular, so Lexus doesn't need to give great rates.
Why not? Mine is an UL w/ MSRP of $44288 (purchase price $40K); after factoring in a drive-off of $1300, 7.25% sales tax, and non-Tier 1 rates (unfortunately for me, mine was even higher than yours) on a 3 yr/12k mile term, my lease payments are $587/month. I could only imagine how much lower it could have been if I had qualified for Tier-1 plus rates...
To be fair--sales tax can affect how much your monthly payment can be ($6 for every 1% at $600); however, if your monthly payments are $599 on a $34,700 purchase price...either the sales tax in your state is really high, or maybe your term is a 3 yr/15k mile one?
Hey tdoh. Where did you get your car? Do you know the money factor rates for non tier 1 credit? I just got quoted a ridiculous rate of $684. per month,for a 0 down, 12k mile, 39 month lease for a $36962 car (MSRP $41,521). He quoted the money factor rate as 3.55% with a 53% residual rate. This does not include sales tax! What should I counter with? THANKS!
Tocapalla Are you sure about that money factor? Is it 3.55% or .00355? If so that would equal 8.52% APR. The 53% residual maybe OK you are way into the 2007 new car year. or because of the 39 month deal. Why 39 months? And not including sales tax. What state do you live in and what is there rate. In Pennsylvania although sale taxes is 6% leases are rated at 9%. O down is smart. Ask about buying down the money factor with multiple deposits.
Just looked at the e-mail the salesman sent me and it DOES say 3.55 with the residual value of $21986. However, it was for 35 not 39 months. I'm in MS so there is no sales tax per se, but my tag will be around $900 up front. Isn't the 3.55% WAY too high? I think they are trying to make up for the MSRP discount on the back end, don't ya'll?
I'm in the market to lease or buy a 350 and was wondering what you think my payment should look like. MSRP $41,322. Negotiated price $36,980. Tier 1 credit. Looking at a 36 or 48 month lease with 21k miles per. Does it make more sense to buy? Why don't you suggest to put more money down on a lease or pay it off up front to save interest expense? Thanks for any help.
I e-mailed the salesman and told him the 3.5 money factor was way too high. His reply was that the rates are controlled by the banks and this is the best he could do, but the $36962 price was $300 above invoice and I would not be able to beat it. Isn't this BUNK? Should I tell him I KNOW he can do better and offer a different rate and go elsewhere if they won't budge? We havn't gotten so far for them to check my credit, so I know that is not a factor. THANKS for any advice.
Take a look at the deal. If they are leasing the car for a cost of $36962 and the Res. is $21986 than the rent is $14976 divided by the length of the loan 36 mon. So a part of your monthly nut is $416. That means that if there is no taxes figured in the deal your paying $268 a month finance charges ($684) which means your APR is close to 8% If your salesman is saying your money factor is 3.55 ask him is that the APR because money factors are in decibels. a normal money factor from Lexus Finance for excellent credit is .00275 which converts to an APR of 6.6%
By the way how can they offer you a deal with out checking you credit? Your credit is a big factor in figuring the rate of finance charges which is the money factor.
THANKS for all the help ya'll. To answer your question, I don't know. We were just communicating via e-mail. Wouldn't budge on the money factor, so no more communication. Which brings me to my next question,
Anyone know the specifics of "The Event" lexus is now advertising? Money factor rates? Terms, etc.?
Hi Heidibrat. The car that you described has a spread of around $4,300 or so between its full MSRP and its dealer invoice price. You are being a discount of a little over $3,400 on the car that you are interested in. That probably puts you at around $800 or so over invoice, which is a pretty good deal on a Lexus.
If you haven't leased this car yet, you're in luck. Lexus recently enhanced its special lease money factor on it to .00245 for Tier 1+ customers for its new sales event. If you use the aforementioned selling price and this money factor to lease this car you are getting a good deal.
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Hi espo1. The last time that I looked into making multiple security deposits on a Lexus lease, Lexus Financial Services provided a .00010 money factor reduction for every additional deposit made, up to a max of nine extra deposits. This program is not available in some states, like New York.
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Welcome cllemons. 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.
In your post you asked about making a down payment when leasing. I always advise consumers against making them. The main reason that I do so is if your leased vehicle is totaled in an accident or stolen and never recovered, you run the risk of losing part or all of your down payment. You can and should lease any vehicle that you are interested in without making any sort of capitalized cost reduction.
I don't think that the length of your lease will make any difference in your negotiations, but keep in mind that generally speaking the shorter a lease is the higher its monthly payment will be. You will have to pay more per month to lease an ES 350 right now for 24 months than you would have to pay to lease it for 36 months.
The only way that you can take advantage of the special lease program that Lexus is running on this car right now is to use a dealer to lease one through Lexus Financial Services.
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Sorry to keep asking so many qustions, but this forum is the only place I seem to get any straight answers. It seems every Lexus dealer I talk with gives me a different answer or scenerio. So, does the current sales event only have incentives or help those with Tier 1 credit? Does their sale provide any lower rates or incentives in any way to anyone else? THANKS for all the help.
Hi Car_man How long ago did you get that info? The amount of .0008 was given to me about a month ago. Does it change according to where you live or are the rates across the board? If you don't trust what a sales man says about the LFS rates where can you check to make sure what is being said is the truth? :confuse:
Hi mmarketos. The car that you are interested in probably has a spread of around $4,500 between its full MSRP and its dealer invoice price. That puts the selling price that you were quoted for this car at around $1,000 over invoice, which is pretty good. You can stop by the following discussion for additional feedback on the price that you are being given: "Lexus ES 350: Prices Paid & Buying Experience".
Having said that this car's selling price is pretty good, the money factor that you were quoted for it is not. Lexus is now running a special on the ES 350 that provides a special money factor of .00245 for Tier 1+ customers. This factor may vary slightly by area, but the factor that you were quoted is much higher. Make sure that the dealer uses a lower factor to calculate your car's monthly payment.
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Greetings tampa350. There's nothing wrong with leasing an ES 350 right now. In fact, its new special lease program isn't bad. Let's use it to estimate what your car's lease payment should be like. According to my calculations, if you were to lease a 2007 Lexus ES 350 that has an MSRP of $41,322 and a selling price of $36,980 through Lexus Financial Services right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $564 assuming that you qualify for its Tier 1+ credit tier and pay a security deposit at lease signing. The payment for an otherwise identical 48 month lease would be around $535. I based these payments on 15,000 miles per year because that 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.
I always advise consumers against making down payments on leases because by doing so you are putting your money at risk. If your vehicle is totaled in an accident or stolen and never recovered during your lease, you may end up not being able to recover part of all of any money that you put down.
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Hi tocapalla. Lexus just introduced "The Event" last week. It is now providing a special lease money factor of .00245 on the 2007 ES 350 for Tier 1+ customers (this factor may vary slightly by region).
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You are correct, searchingfor. Lexus Financial Services' multiple security deposit program provides a reduction of .00010 for every additional deposit consumers make. A maximum of nine additional deposits are allowed.
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Hey Car_man- Thanksfor all the great info. I got a quick question.. Who big is each additional deposit you talk about to lower the money factor by .00010? Is each deposit equal to a 1 months lease payment? if so what is the diffrence between doing this and making a down payment?
tocapalla--sorry for the late reply; the MF they cited you is .00355; if the sales and/or finance person isn't gonna budge on the MF--especially given that they hadn't even run your credit at that point--better find another dealership. If your FICO-II credit score (this takes into account your income level since it factors your debt-to-income ratio, among other things; your main FICO score doesn't) is 700+, you should definitely be quoted a much lower MF than .00355. If not, then maybe Lexus Financial might cut you some slack and bump you up a Tier level just to sweeten the deal...probably more so, given the Lexus promo that's currently going on.
The residual on my lease is 60%--the higher residual on my lease (compared to the one you mentioned) could be due to a combination of the particular model I purchased (UL) and the fact that I purchased mine back in 8/06...meaning that I doubt a '07 model purchased in mid-'07 would still carry the same residual percentage as that of an identical '07 model purchased mid-'06...but I could be wrong here.
In any case--if indeed there is no sales tax on vehicle leases in your state, then based on the numbers you provided (including the revised lease term of 35 months), your pre-tax monthly payment calculates to roughly $640/month, so the quoted rate isn't THAT ridiculously far off...IF some sort of sales tax was factored into that quote.
What would you say for a price for 12k per year on a 350. My wife also has a ES300 2003 with only 32k on it White/Tan interior and have 4 payments of $525 left. How does this factor into the equation? Today at the Keyes Lexus in Valencia, Ca we were quoted first $594 with $3500 and with the trade-in. Then after we squwaked because we already had 2 Lexus's from the same dealer they reduced the price. $564 w/ $974 down and 12k miles per yr. In both cases the lease was 48 months and they never even did the credit check. PLEASE!! What's your opinion.
I'm in the market for 07 ES350 with Premium Plus/NAV/HID/Preferred Accessory Package. MSRP is $40,627. Carsdirect has it for $36,166. Do you guys think I can get this vehicle for $35,000 + TTL? Anyone know the residual and MF for 12K/36mo lease for August? I think my price is like $1200 under invoice I believe.
I have never leased a car before. I am considering a lease for an ES350. At the end of a lease, when you turn the car in, what determines "normal wear and tear?" If it is spelled out in the agreement, or if there is some standard practice used by Lexus to assess the car, could someone help me with some details on that?
This is the one thing about leasing that worries me the most, turning in a car and getting hit with unexpected charges.
What has been the experience with Lexus Financial?
No problem, blue. Down payments are different than security deposits. Down payments aka capitalized cost reductions reduce the amount that you are financing in your lease. Once you make them, the money is gone. Banks often provide a reduction in the money factor that is used to calculate a vehicle's monthly payment to consumers who make security deposits. Specifically, IFS provides lessees with a .00010 reduction in their money factor for each additional deposit they make after the first. The great thing about security deposits is that you actually get them back at the end of your lease, unlike down payments which just disappear.
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Hi phead2. I don't believe that Lexus is providing lease support on the ES 350 this month. Through October 1st, Lexus Financial Services' buy rate lease money factor and residual value for a 36 month lease of a 2007 ES 350 with 12,000 miles per year are .00285 and 54%, respectively. The numbers for an otherwise identical 48 month lease are .00285 and 44%. This lease program may vary slightly by region.
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I am having trouble with the lease calculator. What I would like to know is what the payment should be given all of the same info for closer43 (same car and lease details) except for a no-money or minimum down payment. Would it just be about $5000/36 (around $140) more per month?
Thanks.
Just for clarification as I am in Orlando and considering a lease on the 350, you put $5,000 down and are paying $458/month? For 36 months and 12,000 miles and this was on a vihicle with a 37k sale price?
Please confirm if I read your post correctly.
Thanks,
Lukesdaddy.
Does anyone know what the spread between MSRP and invoice is on a base model 08' ES? It is not on the Edmunds yet. Also do we know what the current money factor and risdual are for excellent credit rating?
Thanks,
Lukesdaddy
I can also lease a 2008 Lexus RX 350 Premium Package Plus 2WD (No NAV) for $568 a month. My terms are 36 months, 15,000, $1,000 downpayment, CAP COST=$37,360, Residual=$23,237.
What do you think of these two deals? How much/can I get the dealership to lower the monthly payment?
I can also lease a 2008 Lexus RX 350 Premium Package Plus 2WD (No NAV) for $568 a month. My terms are 36 months, 15,000, $1,000 downpayment, CAP COST=$37,360, Residual=$23,237.
What do you think of these two deals? How much/can I get the dealership to lower the monthly payment?
36 months, 15,000 miles per year
$925 down
$588 per month after taxes (of 7.25% in CA)
What do you guys think??? (FYI - my credit score is around 775)
Thanks!
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The MSRP is $37,387 (includes destination), the selling price is $33,904. Term is 36 months, 15,000 mi per year. My down payment is $925 with $588 in monthly payments. My credit score is 764. Is this a good deal? THANKS!!
Heidibrat
And oh yeah--my credit score was (unfortunately for me) quite a bit lower than yours...meaning that the rate I got was probably higher than what you may very well wind up with...thus making it a bit more harder to understand how your monthly payment could be the same as mine.
FWIW--I notice you're in Roseville, CA (I'm from Rocklin); you wouldn't happen to be getting those quotes from Lexus of Roseville? I ask because when I was shopping for mine, L of R would not even touch the deal I got from Coliseum Lexus of Oakland (that was back in 8/06, but I would imagine L of R still won't be willing to compete w/ many of the Bay Area Lexus dealers since they really believe the majority of folks who live in the Roseville/Rocklin area must be earning tons of money). Guess where I wound up buying my ES from? Definitely not from Roseville...
Hey car_man sent this to your email but repeating it here to make sure:
Hey carman;
i've least a couple of Lexuses(or Lexi) in the past. Both times I was able to use multiple deposits to lower the money factor. Was also able to do this with a BMW lease. Do you know if it is still possible with Lexus and what the discount would be per deposit? I believe the last time (on a 1999 GS400) it was .0001 per deposit.
espo1 :confuse:
I must admit that I am a beginner. I have not owned a car in seven years as I had a company car, however, a job change is requiring me to assume a personal car. That being said, I will only need a car for about 24 months and therefore am considering leasing. I have never leased before.
I want to lease the 2007 Lexus ES350 (UL and NV option packages) for 24 months (FMV=$39574), with little or no money down and 12-15k miles per year. My credit score is 755.
*I need to know what difference the downpayment makes in terms of anything beyond lowering your monthly payment?
*What difference will the 24 month period make positively or negatively in the lease negotiation?
*Is it better to lease directly from a dealer or using a third-party such as my local credit union?
*I need tinted windows, as I live in AZ, how is that negotiated
*Any other general tips as I begin to dive in?
Thank you in advance,
Nervous to lease
Premium Plus Package Includes:
- Leather-trimmed interior
- Heated and ventilated front seats
- Driver's seat power cushion extender
- Lexus Memory System to control power driver's and front passenger's
seats (except lumbar), outside mirrors and steering wheel
- Electrochromic outside mirrors with tilt-down in reverse
- Rain-sensing intermittent windshield wipers with mist cycle
Additional Options:
- Wood- and leather-trimmed steering wheel and shift knob
- Bluetooth® Audio
- Power rear sunshade
- Full-size spare tire with 17-in alloy wheel
- Rear seat side airbags
- Preferred Accessory Package (includes Cargo net, Trunk mat and Wheel locks)
MSRP is $38157...offered at $34798. Residual is $20604.78. First month down and monthly payment of $599 (includes 8.25% Tx tax) with a money factor of .0035. Everything sounds pretty good except the money factor as I believe it is a little high. The rep told me they can decrease the interest rate from 9% to 7.2%. Is this a good deal?
Anyone else recently lease one?
To be fair--sales tax can affect how much your monthly payment can be ($6 for every 1% at $600); however, if your monthly payments are $599 on a $34,700 purchase price...either the sales tax in your state is really high, or maybe your term is a 3 yr/15k mile one?
Are you sure about that money factor? Is it 3.55% or .00355? If so that would equal 8.52% APR. The 53% residual maybe OK you are way into the 2007 new car year. or because of the 39 month deal. Why 39 months? And not including sales tax. What state do you live in and what is there rate. In Pennsylvania although sale taxes is 6% leases are rated at 9%. O down is smart. Ask about buying down the money factor with multiple deposits.
I'm in the market to lease or buy a 350 and was wondering what you think my payment should look like. MSRP $41,322. Negotiated price $36,980. Tier 1 credit. Looking at a 36 or 48 month lease with 21k miles per. Does it make more sense to buy? Why don't you suggest to put more money down on a lease or pay it off up front to save interest expense? Thanks for any help.
Anyone know the specifics of "The Event" lexus is now advertising? Money factor rates? Terms, etc.?
Also, I would like to know what is the max no. of security deposits we can make at the time of the lease?
Thank you,
If you haven't leased this car yet, you're in luck. Lexus recently enhanced its special lease money factor on it to .00245 for Tier 1+ customers for its new sales event. If you use the aforementioned selling price and this money factor to lease this car you are getting a good deal.
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In your post you asked about making a down payment when leasing. I always advise consumers against making them. The main reason that I do so is if your leased vehicle is totaled in an accident or stolen and never recovered, you run the risk of losing part or all of your down payment. You can and should lease any vehicle that you are interested in without making any sort of capitalized cost reduction.
I don't think that the length of your lease will make any difference in your negotiations, but keep in mind that generally speaking the shorter a lease is the higher its monthly payment will be. You will have to pay more per month to lease an ES 350 right now for 24 months than you would have to pay to lease it for 36 months.
The only way that you can take advantage of the special lease program that Lexus is running on this car right now is to use a dealer to lease one through Lexus Financial Services.
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How long ago did you get that info? The amount of .0008 was given to me about a month ago. Does it change according to where you live or are the rates across the board? If you don't trust what a sales man says about the LFS rates where can you check to make sure what is being said is the truth? :confuse:
Having said that this car's selling price is pretty good, the money factor that you were quoted for it is not. Lexus is now running a special on the ES 350 that provides a special money factor of .00245 for Tier 1+ customers. This factor may vary slightly by area, but the factor that you were quoted is much higher. Make sure that the dealer uses a lower factor to calculate your car's monthly payment.
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I always advise consumers against making down payments on leases because by doing so you are putting your money at risk. If your vehicle is totaled in an accident or stolen and never recovered during your lease, you may end up not being able to recover part of all of any money that you put down.
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Thanksfor all the great info. I got a quick question.. Who big is each additional deposit you talk about to lower the money factor by .00010? Is each deposit equal to a 1 months lease payment? if so what is the diffrence between doing this and making a down payment?
Thanks in advance.
blue
Thanks!
The residual on my lease is 60%--the higher residual on my lease (compared to the one you mentioned) could be due to a combination of the particular model I purchased (UL) and the fact that I purchased mine back in 8/06...meaning that I doubt a '07 model purchased in mid-'07 would still carry the same residual percentage as that of an identical '07 model purchased mid-'06...but I could be wrong here.
In any case--if indeed there is no sales tax on vehicle leases in your state, then based on the numbers you provided (including the revised lease term of 35 months), your pre-tax monthly payment calculates to roughly $640/month, so the quoted rate isn't THAT ridiculously far off...IF some sort of sales tax was factored into that quote.
My wife also has a ES300 2003 with only 32k on it White/Tan interior and have 4 payments of $525 left.
How does this factor into the equation?
Today at the Keyes Lexus in Valencia, Ca we were quoted first
$594 with $3500 and with the trade-in. Then after we squwaked because we already had 2 Lexus's from the same dealer they reduced the price. $564 w/ $974 down and 12k miles per yr.
In both cases the lease was 48 months and they never even did the credit check.
PLEASE!! What's your opinion.
Suggested price $38,200
12,000 miles per year
$450(including tax) per month
36 months
$3,000 out of pocket (includes tax and others)
Thank you for your input.
LEASE 12k 36MON.
0 DOWN JUST UP FRONT COST + 9MSD
$470 MONTHLY PAYMENT(INCL.7% TAX)
IS IT GOOD DEAL?
R.V. 55%
I have never leased a car before. I am considering a lease for an ES350. At the end of a lease, when you turn the car in, what determines "normal wear and tear?" If it is spelled out in the agreement, or if there is some standard practice used by Lexus to assess the car, could someone help me with some details on that?
This is the one thing about leasing that worries me the most, turning in a car and getting hit with unexpected charges.
What has been the experience with Lexus Financial?
Thanks in advance
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum