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2013 and earlier Lexus RX 350 / RX 450h Lease Questions
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Comments
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Lexus is providing $1,000 dealer cash on the '09 RX 350, but I am not aware of any certificates.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Thanks
I'm in No Cal and I've been reading these messages for the last few weeks while shopping for the best lease offer. Thanks to everyone who contributes, it has been VERY helpful to me. I actually used numbers from a member to get the dealer where I wanted. Here's where I ended up:
MSRP $47,100
Pebble Beach
AWD
Nav, Heated, Tow(basically most of the main add-ons except Mark Lev stereo)
15k/year
36 mos
money factor .00095
52% Residual
These are the payment options I negotiated:
1)$800 down, nav package, AWD, non- Pebble Beach model (about $45k MSRP),$499/mo
2)843 down, nav package, AWD, Pebble Beach, $520/mo
3)$0 down, nav package, AWD, Pebble Beach, $545/mo
I went for the last one, as my wife liked the Pebble Beach color & wheels and I didn't want to put anything down.
I must have contacted 6 or 7 dealers in the state of CA before finding a person who was friendly and helpful without being too "sales-y". Truthfully, the purchase paperwork was probably the least painful out of any I've experienced. Entire process took about an hour and because I negotiated the deal over the phone, there was no dealer BS once I got there.
Person's name is Ernie at Sacramento Lexus, if anyone is in the area and looking for a great deal on an RX. He even threw in a Lexus travel mug for the car- hey, it's the little things!
Couple of last thoughts:
I looked at the ML, Highlander, FX, and Pilot. Most of them had things I really liked and some I couldn't live with. The HL was actually my fave pick- better room, newer design, more space in the cargo area, same engine, etc. But the lowest lease price I could get was around $650/mo! Crazy that you can lease a car that's $10k+ more for less $. The RX seemed to have the best overall balance for us, taking into account the price. I do wish I could have waited for the new 2010 model, but that's why the price is so low on the 09's.
Mark Lev stereo- I love good music. By far, our FX with the Bose had the best system I've heard. So I was excited to check this stereo out. I listened to the base model and the Mark Lev, and could not tell a whole lot of difference. Not enough to justify the $2k increase in price. Save the money and upgrade your home system ; ) The base model is actually pretty nice.
Cheers!
Steinboy
I went to the Toyota dealer and asked about leasing a HL limited edition hybrid. Lowest number I could get was $719/mo which is crazy. I think if I could get it for around my price point of $500 I would go for it.
I am in Dallas as well and this is the offer I got from Park Place Plano on the same car you leased:
36/mo @ 15k = $615/mo (only $620 due at signing)
Money factor is .00195 (tier 1 plus credit)
Residual is 52% of MSRP $44,841 (res is $23,317)
Using a lease calculator i figure the cap cost is about $39,700. My FICO score is 792, so I am not sure why the difference in MF or the residual. Which dealer did you buy from? Thanks.
36 months, 15k, inception fees out of pocket (~$1700), $450/month including NJ tax.
Cap Cost 36,462
$3000 up front
389.79 base payment (plus tax)
MF .00145
36 months, 12,000 mi/yr
San Francisco area
Sound decent?
Base rx350 AWD (no nav). Sticker right around 42,000.
The deal:
$1,539 down (first month's lease payment plus license, tax and registration)
36/15k
$455 per month (all inclusive).
Do you think I can I do better?
Much appreciated.
Sounds like a fabulous deal, better than I can get here in Phoenix. I'm at the end of my second RX lease (currently a 330), and am looking to save money on our next vehicle. Can you tell me the name of the dealer where you got that quote? It would be worth our while to drive up to SF to get it, and see relatives at the same time.
Thanks.
List... 43,476.00
Cap cost... 3608.81
36 months. 15 thousands miles per year.
Are you ready for this?
I'm doing a one-payment lease for 15557.05 (including drive off and lease acquisition fee)
$410.95 (including tax!) Beat that!!!!
The cap cost is 36.084.81
As I have never heard of any disadvantage of a prepaid lease. Please explain "the risk of losing money is your car is totaled/stolen". I don't sign the deal until Sunday and do not want to do anything stupid.
In a scenario your car is stolen/totaled, your primary insurance company will pay out what they consider to be the market value of the car. If that market value is less than what you owe to the bank (the finance company), your gap insurance will kick in and cover the difference. In the case of a pre-paid lease, you will never be in a situation where you owe the bank more than the car is worth; however, it is likely that you will not recover all of the money you've paid up front. That risk is the greatest in the beginning of the lease, and diminishes over time.
Having said that, the cap cost you've negotiated is very good. Assuming there is a $1000 coupon that the dealer is applying on top of it towards cap cost reduction, you should be at around $430/month with just inceptions up front, assuming 7% sales tax, without pre-payment.
Yes, they applied the $1000.00 coupon toward the cap reduction. As I mentioned, with the one-payment lease I'm at $410.95 (including taxes). That's it. That is the total amount.
With the standard lease I am at $1557.05 down and $455.80 for the remaining 35 months.
I know you can't make a decision for me, but considering the $1,600 savings with the one-pay, what would you do? And considering the excellent cap reduction how much risk do I really have if the car is totaled or stolen at the beginning?
Thanks very much for your help!
By the way, I assume this is an absolutely outstanding deal (or not?)
Ken
As far saving $1,600, consider that $14,000 CD paying 4% yields ~$560/year. I realize there are tax implications, etc , but the point is that your real savings are much less than $1,600.
The one-pay lease:
410.95 X 36 = 14,794.20 plus the $700 Lexus lease acquisition fee plus license fee comes out to $15,944.16.
As to the $430 -- add in the $700 Lexus lease fee plus license plus Los Angeles 8.25 tax and that gets me to the $455.
Make sense?
Oh, and forget 4% for the next three years. My guess is 2 to 3% if we're lucky!
I don't have the residual or money factor on my paper work.
Does this help? One-pay or not? And what do you think of the deal?
Ken
Regarding the interest on your money, I wasnt predicting where the rates are going... All I'm saying is that you can open a 3 year CD tomorrow at GMAC bank with APY of 4.5%.
The residual is $22,000 (and change). I will get the money factor tomorrow. And I will take your figures to the dealership.
I also called my insurance agent for direction on the one-pay issue.
Your input has been extremely helpful.
Forget the few dollars difference in payments for a moment -- have you seen or heard of a better deal than this anywhere?
My lease is about to expire on my Lexus RX330 and have been looking to take advantage of the deals for the RX350. But I'm trying to understand how to get a dealer to provide a cap cost $2K below the invoice price, such as this deal being discussed, and then an the additional $1K Man. to Dealer coupon? I believe I'm missing something with the cap cost. Any help would be greatly appreciated as I am trying to get into an 09 RX350 NAV, thanks.
My salesman claims this is the cheapest deal they have ever done on an RX350 AWD (I bet they tell that to every buyer!). Having said that, I have not seen or heard of a better deal. All I can say is that Lexus - like the rest of the car dealerships - is really hurting. I take no joy in that.
As I said, I think your deal is very competitive. I mentioned in my post from a couple of days ago, I just leased a 2009 non-nav, MSRP $43,591, 36month/15K. I negotiated a cap cost of $36,779, before the $1K lexus coupon, which esentially brings the net cap cost down to $35,779. My drive-off was ~$1700 (acquisition+1st month+doc fees+DMV). Payment is $450/month, including 7% sales tax.
I'm glad you found my feedback helpful, afterall that's what this forum is for :-)
When you factor in my $700 "black-out" kit and my paying $143 less on the drive-off, we got the same deal.
Do you think we could have done even better at the end of December or January?
Since we wanted a specific color combo and our current lease is up anyway, we didn't want to wait -- but it's fun to speculate.
ken
Normally Lexus hold a December to remember events which they either bump up the residual or reduce the money factor. So chance are it is going to be a little bit better deal in December. The one pay lease that you were offer is a different animal than your regular lease. You have to look at your own situation in term of what you can do with the money. If you alternative is make 2-3% with the lease money then may be it is a worthwhile thing to do the one pay. If you can earn 7-8% then it may not be a good thing to do..
The list price was just under $44,000 and our cap cost was a $35,008! Our drive off was $1,506 and the remaining 35 payments are $439.00. Plus free service (oil, etc, but no brakes) for two years.
We could saved another $1,300 but decided not to go with the single-pay thanks to indus2.
Oh, and we also opted to accept the offer from Lexus on their Visa deal. By accepting their new credit card (no annual fee) we got to put the drive-off on the card and receive 6 months interest free. We also get a credit of $175 on the Visa for any future Lexus service -- at any time. We're happy!
How much lower can they possibly go? Not much, I think.
Again, thank you indus2 you saved me several hundred dollars -- isn't the internet great?!
I'm also looking at the RX350 AWD, but I buddies in the gym told me I should go with the FX35 or Murano, since the RX350 is for soccer mom or star bucks lady,,, I'm not sure about that, maybe I should get black color for a young guy? please advise.. -Dave
Forgot to add one more thing -- free car washes!
im trying to get into a RX350 Navi. i livein central jersey and i cant find anyone to get me into one even close to that price on a non nav one. i searched thru the forum and everyone mentions this 1kcoupon and i can tfind it. help.
MSRP=$43,591
Base Cap Cost=$36,779
Cost out of pocket for drive off fee= $950
Cap Cost Reduction= $1,000 dealer coupon
Adjusted Cap Cost= $36,729
Residual Value =$ 23,539 54% on 36k/3 yr lease
Money Factor/Int Rate= .00095 or 2.28%
Term= 36 months
Sales Tax= 9% (live in PA)
Monthly payment=$461.77
I hope this helps all of you! I basically called the 3 boardering states for the deal.
I feel this was a good deal!!!!!!
You've got the 3rd best deal I've seen!
Did you get the Lexus Visa credit card bonus deal (no interest in you down for 6 months plus $175.00 credit towrad any future Lexus service?
Lexus Visa credit card bonus deal- I didn't do it for strictly not wanting to have another credit card open but I was offered that as well.
Thanks for the lookout though. This forum really helped out in the whole negotiation process. For those who didn't not purchase yet, just make sure you educated yourself about leasing and use the data in this forum as a benchmark for getting the deal closed.
how many miles did you get a year?
how did you get the dealer coupon?
and finally
what dealer did you use?
becasue everyone calling me back is around 589 with a nav but i can deal without nav at your price!
I got 12k/36k miles at a Residual at 54% which equates to $23,539.
Let the dealer know that you are aware of the $1,000 cash to dealer coupon and have them apply it to the cap reduction cost. If I were you I would use the terms I got or timelock or indus2 as a bargining tool. You might need to adjust bc you want a nav but if you can live w/o nav use or terms posted earlier.
I used a dealer in NJ but to be honest, once I got the terms I wanted it most but not all of the dealerships where pretty close. So, i would call around.
Hope this helps!
MSRP: $46241
Cap cost: $40000 (includes XM and trailer hitch $860)
Residual: $23954 or 52% (36 months and 15k miles/yr)
Money factor: .001 or 2.4% interest
Looking at $550 month with $1700 out of pocket
I would rather have another 4runner or a Highlander but this kind of deal can't be had at the Toyota dealer.
With more pushing you might be able to get a deal at a better cap cost... $38,000 or so and a better money rate .0095 which could put you at an approx $500 a month lease. (That's the deal my friend got with close to the same equipment)
its the one with the NAV package and everything else.
good deal these days?
$8,000 off list -- you're right on the mark!
I got 9 off list (non-nav)...
Anyone out there getting 10 off list?
this is the deal a local nj dealer is trying to sell me.
2009 RX350 Pebble Beach Edition with Nav
under 500 a month with no money down but taxes, sec dep, first month payment, fees and registration upfront totalling $3000
36 months
15k a year
they tell me the $1000 coupon that people are talking about is for people with lexus lease returns only, not for people with no lease returns. Even though i own a lexus now they cant honor the coupon.
the monthly payment is ok with me but the upfront cost of $3000 without the coupon is what's got me on the fence.
what do you guys think?
any more info to verify the use of the coupon?
I suggest you hold firm... sales are continuing to decline so you're in the driver's seat. Let us know how this turns out.
700 bank fee
first month payment
600 security deposit
385 motor vehicle fees
taxes of the monthly payment over the 36 months
Good luck!