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2013 and earlier Lexus RX 350 / RX 450h Lease Questions
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My deal -- list at 44, bought at 35.
15000 a year, 36 months, just 1month and fees totaling 1300 came out to 508 a month including tax. plus free car washes as long as I own the car, pickup and dropoff of the car with a loaner. got the car in central jersey. thanks guys for all your help through the process!!
Merry XMAS!
what deal did you end up getting. did you end up paying $430 with no cap cost reduction for the prem+navi?
did you end up closing this deal? It's the best one I've seen for prem+nav in the NYC area. The lowest I am getting is about $440 (no cap cost reduction) in the tri-state area.
Don't let your bad dealer experience ruin the fun of getting a new vehicle. Happy Holidays and enjoy your new ride :shades: !
Car_man
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As far as this specific deal goes, the best way to evaluate a lease is to look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a dealer discount you are being given. Find out what it is and let us know here. I am sure that either myself or another knowledgeable community member will be happy to give you their opinion of it.
Car_man
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Yes. The MSRP was 46241 (which is prem plus, nav, heated seats, cargo tray, etc.). My payment is $439 a month for 36/10K with Westchester County tax (7.375%). My payment before tax is $409. Out the door was acq fee, first month and registration fees. I believe that was like $1440. (It's been a week...the exact OTD is fading...but that's all there was).
There was a 'small' decrepency between how I calculated the tax and how they did. We agreed on $38,000K sell price which should have been $409 and $439 by my calculator. They were about$5 more with taxes a month. We settled on the $439 with taxes in number which drove the actual sales price down to (I believe...don't the paperwork in front of me) to $37821 in order for them to come in at the $439 a month payment with taxes.
So this deal was Prestige Lexus of Ramsey,NJ. A big dealer...a bit north of Paramus. I did the initial contact through their website...but they were very much a 'talk on the phone' kind of dealer once initial contact was established. When we talked, he salesguy asked me if there was a number I wanted them to beat. I didn't give him one and his offer was 39500. I went back and said all I wanted was a 'fair deal' and that fair (in the world of the Edmunds Forum at least) appears to be $38000. He matched that number within about 15 minutes. (Of course he had to talk to the sales manager.)
My local dealer in Mt Kisco when I tried to 'work them' to the same price could only come in at $38300 for the same vehicle even with knowledge of the other offer. Ray Catenia in Larchmont might have been willing to work the price down to the same numbers...but I didn't think there was any difference between the two dealers in terms of distance from my house...so I took the first offer from Prestige.
In hindsight it's a little bit of 'drag' as a NY resident buying a car in NJ. I didn't get new plates or a NYS registration sticker on delivery....I'm waiting for them to arrive at the dealer so they can be mailed to me. Also, the vehicle didn't come with a NYS inspection sticker...I haven't been back in touch with the dealer about it...but I suspect I'm out $35 and the time to have a local service station inspect the car to get the sticker. The $35 isn't a big deal of course...it's just another thing I have to get done on a Saturday.
All and all it was a reasonable experience....I'm not 100% sure that next time I'd travel the 30 miles to save the $300...given that the free loaner car component will now require me to drive to NJ to receive the benefit (should I decide it's important to take advantage of)...and the 'wierdness' of driving a vehicle around with two dealer 'plates' that say Prestige and no registration other than a 'transport' sticker that's good through the end of the month.
Hope this helps.
Yesterday, I bought an rx400h from Magnussen Lexus in Fremont. I first established contact by email. Paul Wright responded and he was great throughout the process.
We visited the dealership for a test drive. As we did not want a lengthy negotiation at the dealership, I did the negotiation by email/phone over the next couple of days.
Agreed to $8800 off MSRP, which was about $52,400 AWD with Nav+Levinson
The terms of the lease 36/10k:
$900 down + $1100 refundable deposit
$539/month incl. tax (8.25%).
I agree that $3,700 is a lot. However, putting a bit extra down is definitely worth it on the RX350 these days.
The current money factor on RX350 is .00095. However, the MF is reduced to .00015 if you put down a security deposit ($1000-$2000 I think).
This will typically lower your interest payment from $60/month to $10/month. So you are effectively getting a $600 annual return on your security fee -- this is a great deal.
EVALUATING THE COST OF A LEASE: RESIDUAL MATTERS
I agree that the selling price is important for evaluating the cost of a lease.
The Residual Pct. is very important too -- in particular if you do not plan to purchase the car by the end of the lease.
To take an example: I just bought an RX400h with an MSRP of $52k with $8,800 off.
A 36/10k lease has a 51% residual, which makes the capital cost about $485/month =($44,000-$26,520)/36
In comparison, the RX350 comes with a 55% residual for the same lease, 36/10k. Had the same residual applied to the RX400h the monthly capital cost would only have been about $427/month ($44k-$28,600)/36.
So I would have saved about $60/month (+tax) if the residual pct on the 2008 rx400h had been the same as that on the 2009 rx350.
(Naturally, the model year 2008 vs 2009 is part of the reason that a new 400h does not come with as high residuals as a new rx350).
In general. A higher residual pct makes your monthly payment lower (and your end-of-lease purchase price higher).
Just wanted to post the lease deal I signed today on a 2009 RX350 AWD Premium Plus Package; Luxury Value Edition. I have looked at other deals here on Edmunds ' forums and I'm pleased with the deal. Hope this helps others.
MSRP = $39,100
With options and Delivery Processing & Handling = $42,776
Sell Price = $36072.12
Adjusted Capitalized Cost (incl. taxes) = $37187.54
Months/Miles 36/12,000
Rent Charge = $2,061.82
Residual = 54%
Money factor = .0095
Monthly payment incl. tax = $448.62
Amt due at lease signing = $1,000 (1st month, title, docs, etc.)
Warnock Lexus, NJ
Great post, very detailed and great deal. Congrats!
I'm trying to close similar deal for the last two days with the same dealership, but so far haven't get anywhere close to your numbers ($409). They are sticking to $450 for the same car, but without NAV (this should be about $2600 less in MSRP). Amazing! I was trying to recreate your numbers using car lease calculator http://www.leaseguide.com/calc.htm but after plotting all your numbers it comes to $417 before tax. I offered them this, but without any luck. He (dealer) told me with laughter that he would lease himself for this price, and it is impossible that somebody from Prestige leased it for this price, and if I can prove that it was bought from their dealership he would be obligated to match the price. I do not know if you are willing to disclose some more info about this deal, but if you do email me to jacob777_98@yahoo.com
Will be finalizing paperwork and picking up car before the 31st.
Details:
RX350 with Nav - MSRP $46,241
Selling price $38,365
36 mos/12k
Monthly payment $489 including taxes at a rate of 7.375%
Drive off- 1st month plus transfer for plates - dont have exact figure but $600 plus
I worked with local dealer who provided very professional service (also did test drive). The initial quote was at a selling price of $39,500 and I emailed him that I was seeing prices on this forum at $38k from a fairly local dealer and that I would like to give him the business but was willing to go elsewhere. He came back at the above mentioned price which in effect was maybe $11 more per month than $38k which I still had to work for. The only temporary glitch was that after running my credit report, they said I did not qualify for the Tier 1 plus but rather the tier 1 which would add $7 per month. Not that it would be a deal breaker but was concerned that this was a tactic to up the price. I asked how far off I was and if there was any flexibility if I was borderline. He then called me back and said the GM was able to negotiate the better rating. This gave me comfort that no games were being played. I am now able to drive less than 10 miles to get the car and it feels good to be able to give the business to someone I met in person and who delivered excellent service. Thanks to all on this forum and good luck.
I'll dig out the paperwork and get you some additional info by PM shortly.
Happy Holidays!
I can't get that deal either. you should probably be paying 410-415 for non-nav and 440-450 for nav in the northern jersey area - Prestige is probably the most likely to give that. That's the best that i've seen so far, except for nyc6035's deal. Again, this is all with no cap cost redux and before taxes.
I would appreciate if somebody could help on this.
Is this a good deal???
Traditionally, Lexus' "December to Remember" lease program is its most aggressive of the year. Normally, I would not be surprised if its January program was not as attractive as its December program, but we are in extraordinary times right now. The demand for new vehicles has never been worse...so Lexus might try to keep its current programs in place for a while longer. It's always tough to say exactly what manufacturers will do with their future lease programs.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Thanks in advance.
Happy with that, particularly since my local dealer (who I like) was able to do it, even though I thought the sales manager was going to cry at one point. There's probably a few more bucks to be squeezed out if you go to Herb Chambers in Sharon, as they seem to have truly epic overstock, but I didn't have the appetite for it. Thanks to everyone who has contributed here. Knowing where to dig in was extremely valuable.
36/12k
54% residual
.00095 money factor
2800.00 (total due at signing including taxes first month etc)
395.00 a month
If I would like to add XM/Sirius they will install for another 350 at anytime during the lease ( I am undecided about this)
I do not have the exact MSRP with me at the moment but I believe it is 39k
I was quoted:
msrp $46241
selling - 40847
out of pocket $2023(incl. taxes)
monthly - $543
dealer will pickup my last two lease payments on current car totaling $1290.
I suspect it is still high cost and my current 2 leased payments are bundled in here as nothing is free in life.
I am going to finalize a deal on an RX350 tomorrow afternoon. I originally asked the salesmen on the phone if he can do $475/month with $2500 total cash down on a base model, he said yes. After reading these I don't think that is a good deal. I would like a unit with nav. Has anyone leased from cherry hill? If so what was your deal? If not can someone help me out with what I should be paying a month, and if I should put less money down, etc? Thanks for your help.
approx $250 for doc fee (depends on dealer)
$700 bank fee (non-negotiable)
$150 for title and registration (depends on dealer)
first month lease (around $440 or $450 including sales tax for an AWD nav in NJ)
there is no security deposit needed for Lexus, at lease during the December to Remember
total out of pocket should be around 1500-1600. Anything more and you are paying extra to reduce your cap cost which is never advisable in a lease, because if you total your car, you will never recover that money. The goal of a lease is to reduce your monthy payment to the minimum amount possible, with paying as little out of the door (in my opinion). Most good salespeople will advise you of this.
Try Lexus of Englewood or Prestige Lexus in Ramsey, or just ask Cherry Hill to match them. They might be inclined to since it is the end of the month.
buyout in the end 23,571 can anyone tell me if this is a good deal (see prior post for all details) I would really appreciate any input :-)
Thanks so much!
PS: The $23,571 buyout doesn't square with the 54% residual. Not sure what's going on there.
2009 RX350 AWD with Premium pkg, 18" wheels, multi stage heated front seats, rain sensing wipers, headlamp washers, towing prep pckg, cargo mat and wheel locks. MSRP $42776
Getting it for $470 pm. Lease for 36 months 12K miles a year. Absolutely NO money down not even first month lease payment.
RX350, AWD, Premium + navigation.
$435 per months excluding taxes
About 2,600 at signing - taxes are around 1300 + 700 bank fee and 1st month payment.
I gave up on 435 because arguing further was really starting to get on my nerves and I gave up
and the buyout is 23,539
they will not budge anymore on price, its 2800 down and 395 a month including taxes from what I hear this is still a good deal in NY at least.
Before he even called me back, he had taken this info to his manager and the finance manager. To sum things up, they are no where near the ballpark at all. Only discounting the car $4500 (and they made this sound generous). The finance guy had no idea about the .00095 MF (they quoted .00195). Payments well over $600 (ouch!).
To their credit, everyone I have spoken to has been quite professional and nice, but we are just not on the same page numbers wise. They suggested that if I could verify that folks are getting this sort of deal in this area (not NY/NJ/MA or CA), they would take another look at it.
Has anyone had any recent experience with dealers in Texas? Otherwise buying a plane ticket to CA or NJ would be cheaper than leasing from here!
Thanks in advance!
I did call down to the largest Lexus dealership in the country, JM Lexus in Miami. They were able to come very close and I am thinking of doing business with them. The only hiccup is that you would have to have the car shipped to you but for the savings, it's worth it.
JM Lexus is the same dealership Fleetrates.com uses for those in the SE but they were able to come in lower than Fleetrates.com. BTW, Fleetrates is a legit business, they are brokers but I feel better dealing direct with a dealer.
Is this a good deal???
2009 RX350 WITH Navigation
36 mo.
MSRP $44,026
My Price $36,807 (includes a $700 fee from the leasing co.)
Money factor 0.00095
Residual 54%
Monthly payment $454.19 including taxes (8.25%)
No money down. I only paid $812 for the first monthly pymt plus TTL.
'09 RX350 MSRP $40,551.00 I'm not sure which options are on this model as the price doesn't appear on any of the Lexus MSRP.
sale price 34,000
tax 1229.92
official Fees=362.75
money factor =00105
residual 54% $21897.54
cap cost =32,622.33
$3,000 DP
Mo payment $384.46 including tax