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Need help: Good deal?

EnnEnn Posts: 7
edited April 8 in Lexus
Been working on getting GX for awhile.

Credit score currently 620-630 (usually stays in 700s. Decrease which occurred a few months back in scores is a long story. My guess of bounce back is probably 10-12 months to hit low-700s again)

Have few offers on the table for new 2020 lease/finance based on scores of 620-630 after credit was pulled by all 3

Dealer #1:
2020 Luxury trim lease
MSRP $68.5K
10K miles / 36 months
Residual of about $40K
$720/month ($200 due at signing)
$0 down

Dealer #2:
2020 Premium finance
MSRP $58K
OTD $52.5 K
LFS APR 4.5% for 84 months (stated by Finance manager)
$0 down

Dealer #3:
2020 Premium finance
MSRP $58K
$47.5K + my taxes (about $2.4K) so OTD is about $50K
LFS APR 13%
$0 down

The $47.5K + tax (DEALER #3) is obviously the best deal. However, they state they they are offered 13% by LFS even though DEALER #1 offered 4.99% LFS for 72 months if I buy instead if lease and DEALER #2 offered 4.5% for 84 months.

Who should we believe? The dealers are quite far apart so I can't just go in and pretend I'm ready to sign paperwork to look at real rates. Any advice would be greatly greatly appreciated. Thank you so much

Comments

  • kyfdxkyfdx Posts: 152,577
    Enn said:

    Been working on getting GX for awhile.

    Credit score currently 620-630 (usually stays in 700s. Decrease which occurred a few months back in scores is a long story. My guess of bounce back is probably 10-12 months to hit low-700s again)

    Have few offers on the table for new 2020 lease/finance based on scores of 620-630 after credit was pulled by all 3

    Dealer #1:
    2020 Luxury trim lease
    MSRP $68.5K
    10K miles / 36 months
    Residual of about $40K
    $720/month ($200 due at signing)
    $0 down

    Dealer #2:
    2020 Premium finance
    MSRP $58K
    OTD $52.5 K
    LFS APR 4.5% for 84 months (stated by Finance manager)
    $0 down

    Dealer #3:
    2020 Premium finance
    MSRP $58K
    $47.5K + my taxes (about $2.4K) so OTD is about $50K
    LFS APR 13%
    $0 down

    The $47.5K + tax (DEALER #3) is obviously the best deal. However, they state they they are offered 13% by LFS even though DEALER #1 offered 4.99% LFS for 72 months if I buy instead if lease and DEALER #2 offered 4.5% for 84 months.

    Who should we believe? The dealers are quite far apart so I can't just go in and pretend I'm ready to sign paperwork to look at real rates. Any advice would be greatly greatly appreciated. Thank you so much

    #1 and #2 look like pretty good deals, given your credit score.

    #3 likely is taking a big markup to the rate for extra revenue, and then putting that into a bigger discount.

    4.5% APR for 7 years is a good rate, even with good credit.

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

    Edmunds Moderator

  • jtrue28jtrue28 Posts: 18
    Are those numbers including current offers of "Lexus Cash"...either lease or finance? You can get a lower interest rate if you don't accept the $2,500 loan cash...
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