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2013 and earlier Lexus RX 350 / RX 450h Lease Questions

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  • seniortx99seniortx99 Member Posts: 1
    2009 RX350 No Navi
    36 mo. 10,000 miles
    MSRP $41,376
    My Price $36,013
    Money factor 0.0012
    Residual 55%
    Monthly payment $492.08

    No money down. They also paid my first payment, so only 35 payments @ $492.08, which is essentially 36 monthly payments of $478.41
  • umbuumbu Member Posts: 2
    Hi we went to look at the RX350 in the eastern long island area and the deal we were offered was $2807 down with /$467/mo (36mo 12,000miles/yr) without the nav
    or $2947 down with $508/mo with the nav. After reading some of the deals other people have been getting this doesn't seem great!! If anyone has any info on prices in this area or nearby dealerships (including NJ), we would appreciate any help
  • umbuumbu Member Posts: 2
    What type of down payment is reasonable?
  • bocastephenbocastephen Member Posts: 35
    Posted this at the 400h thread, but it's a lease deal, so I should have put it here:

    2008 FWD R400h with Premium Plus, Nav, Tow/Wood/Htd Seats, etc - basically everything except Levinson. MSRP 49,491, cap cost 40,802

    $1,100 cap cost reduction, $1,980 drive-off including first month and registration

    36M/15K

    $506/m plus sales tax

    47% Res, .00035 MF
  • dean27dean27 Member Posts: 4
    Lexus dealers are telling me that the Lease offers expire on Jan 5, 2009.
    Does anyone know what new offerings Lexus will provide after the 5th?
  • LexusGirl2009LexusGirl2009 Member Posts: 4
    Dean27,

    From my experience, they tend to honor thier expired deals (provided that the new deals are not better than the expired one) sometimes a week after. So, inquire; most times if your Tier 1+ especially.

    Happy driving,
    LexusGirl2009 :)
  • lmuellerlmueller Member Posts: 29
    For what it's worth, I just got a follow up call from a dealer who said that the MF was going up to .00395. I'm sure the residuals will most likely drop as well (my opinion - we didn't discuss that part). I wouldn't be surprised if they offer more incentives on a purchase and less favorable terms for leases after this event is over.
  • maoshomamaoshoma Member Posts: 1
    it is very good deal, can I have name of your dealership
  • lmuellerlmueller Member Posts: 29
    Just wanted to follow up on my previous post...

    After not getting anywhere with the dealer closest to home, I put in a request through the Costco auto buying program to see if I could do better with someone else. They referred me to a different dealer in town (about 45 miles away). I contacted them via email, and had very quick responses. Unfortunately, no AWD vehicles are normally found in this area, so had to settle for a FWD. Here's what we ended up getting:

    2009 RX350 FWD, Pebble Beach Edition, Navigation, Heated Seats w/rain sensing wipers, Tow Prep, Wheel Locks and cargo mats. We're also having them swap the Goodyear tires for Michelins, and they are giving us a set of clear mats.

    MSRP $46,056, selling price $38,756 ($7300 off MSRP)
    MF .00089 (2.13%)
    36months/12K year
    Residual 54%
    Only 1st pmnt due at signing (plus refundable deposits, see below)

    $453.87/month

    We did pay multiple refundable security deposits (totalling $2850) to buy down the rate (original rate was .00095 as has been posted here). The way we figued it, we would save ~$31 per month (x36 months=$1120) over the term of the lease, and then also get the $2850 back at the end. That's over a 15% rate of return - not too shabby in the market today. We could have paid more deposits to save more, but settled on a happy medium. They couldn't understand why we wanted to do that (I guess it's not that common), but we did it anyway. The Pebble Beach edition was only $5 more per month than the non PB identically equipped car, so we went with that one. Color selection was getting slim. As for Nav vehicles, they only had the PB editions left, and non PB in Smokey Granite, Obsidian (black), and Silver. We ended up with the silver PB car, and will pick it up later this week after the tires are exchanged for the Michelins.

    The original dealer had good follow up, and asked that I contact him when I got a price from my Costco contact. When I told him what they could do, he naturally tried to get his manager to meet/beat it. They couldn't. He even told me that if we could get the car for that to go ahead and do it, So we did. :D

    For those of you who are in areas of the country that aren't quite as competetive as the northeast or California, you may want to give the Costco program a shot if you're a member. It was absolutley hassle-free.
  • briegelbriegel Member Posts: 139
    Was that six multiple security deposits you paid? I though that each MSD lowered the money factor by .00008, unless that has been significantly reduced based upon the current interest rate environment. It looks like you only got a .00001 reduction per MSD. [((.00095-(6*.00001))=.00089] Is that correct?
  • NRINRI Member Posts: 11
    y'day I brought rhis car home from lexus of edison
    2009 rx 350 msrp $ 43591
    out of pocket money - $ 1691 ( incl. first payment )
    monthly payment - $450
    12000/36 lease term.
    i think there is some money still left the best possible price is more thowards $430/mo on this lease
  • NRINRI Member Posts: 11
    I had the same problem with two dealers in NJ. they did not budge from this figure at all. but I got from 3rd ( did not have right color) and 4th dealer 450/mo price in NJ.
  • lmuellerlmueller Member Posts: 29
    Yes, we paid six. Each security deposit lowers it by .00001. You can pay up to nine total if one were originally required, or eight extra in this case, for a max discount of .00008. The way LFS calculates the deposit amount is based on your monthly payment (without the rate buy down) rounded to the nearest $25 or $50. Then it is just up to you to decide how many multiples of that number you feel comfortable giving LFS to hold on to for the duration of the lease based on the amount of savings you realize each month.

    Originally I thought that there was just a single deposit amount that gave you the .00008 discount, but the way they explained it to us made much more sense, and was verified by another dealer as well. Otherwise we'd be better off investing in LFS than in the stock market! ;)

    While I know that it isn't the best deal anyone has gotten, I think it is an excellent deal for this area, especially considering Texas charges sales tax on the ENTIRE cap cost of the car (and if you purchase it at lease end, you pay it again!). I thought the numbers were reasonable, and when my "closer to home" dealer said that if we could get it for that then do it, I figured we'd might as well take the plunge. We'll most likely pick it up on Wednesday (it's cold and rainy today, and I'd rather have the car clean and dry when we take final delivery).
  • vegasgrl13vegasgrl13 Member Posts: 9
    Hi Umbu

    I just leased my RX350 on Long Island and this is what I paid
    Total at signing 2800 (including taxes) and first month
    AWD-Premium Plus (18in wheels etc) package but no Navi
    36m/12K
    MF .00095
    Residual 54%
    Monthly payment 395 (includes taxes)
    Hope this helps
  • NRINRI Member Posts: 11
    Looking at this scenario, is it possible to re-negotiate the deal
    as I brought the car home yesterday.
  • NYR2009NYR2009 Member Posts: 5
    Where did you get that great deal on Long Island? I have been negotiating back and forther for the last couple of weeks with several dealers in the tri-State area and it would certainly be helpful to have "fuel" to add to the fire. Thanks in advance.
  • NRINRI Member Posts: 11
    I got 12k/36 msrp 43591 4450/mo + 1700 inception , MF = 00095 ( 2.28 apr)
    residucal = .54
    @ lexus of Edison, NJ

    not sure if this can be rengotiated based on new MF = .00039
  • briegelbriegel Member Posts: 139
    The new money factor is .00039? Is that for January?
  • NRINRI Member Posts: 11
    Don't have any idea if lexus leasing has changed the MF to .00039.
    someone posted that the MF has changed .
  • lmuellerlmueller Member Posts: 29
    I cannot say for sure, but all I was told was that it was INCREASING to .00395 from .00095 (big difference that extra zero makes). The poster who had a similar MF for his lease was talking about an RX400h which may have different MF and residuals than an RX350.
  • lmuellerlmueller Member Posts: 29
    I'm not exactly sure what you mean about renegotiating. Perhaps they will allow you to add the security deposits and buy down your rate at this point, but I doubt they will renegotiate the selling price and other terms, etc. It is up to you if you want to let them hold your money for three years. In our opinion, it was worth it.
  • lmuellerlmueller Member Posts: 29
    "What type of down payment is reasonable?"

    None. :)
    Any money you put toward cap cost reduction you will never see back again unless you plan on buying the car in the end. Each state and lender is different as to what they require to be paid up front. Some roll taxes into the payments, others require them to be paid at the begining. Try not to put anything down other than what is actually required.
  • rain_manrain_man Member Posts: 9
    Why do you say that "any money put towards... you will never see back again..."?
    Are you saying that a security deposit will not be returned by the end of a lease?

    A security deposit can earn a huge return, because it lowers the MF. I bought an RX400h in December. By putting down two monthly payments as a security deposit the MF went from .00035 to .00015. Which lowers the monthly interest by about $14. I think this come out to about 15% annual interest on the deposit.

    The security deposit deal on an RX350 is even better (or was in December), because the security deposit lowers the MF from .00095 to .00015, that should lower your monthly payment by more than $40.
  • lmuellerlmueller Member Posts: 29
    Perhaps you misunderstood my response (or I misunderstood his question). I believe I said that any money put towards a cap cost reduction will not be seen again. This is a true statement.

    On the other hand, a security deposit is not a cap cost reduction. I agree with you 100% that putting down multiple security deposits can significantly lower your payment and give a very attractive rate of return. In my earlier post you can read the details of our doing this very thing yesterday in the lease of our new RX350. Each deposit (which is refundable) lowers the MF by .00001 (not .0001) up to a total of .00008 in the case of multiple security deposits. If we had maxed out the security deposit option, in our case our payment would have been lowered by nearly $50. We opted instead to go with 6x the deposits and keep some of that money liquid. I am not sure why more people do not take advantage of this option. Both the sales person and the finance person we dealt with said that they never do this, but were happy to do it for us.

    I hope this clarifies what I was trying to say.
  • bocastephenbocastephen Member Posts: 35
    I wouldn't try JM Lexus for your best deal if you're planning on trucking the car - go to CA for the lowest money factors and the best selection. Use overstock.com to get an idea of your best deal. Some dealers (Lexus of Santa Monica comes to mind) won't bother with out of state deals, but I received a good deal at Lexus of Cerritos, and they ship cars across the country all the time - they even have a relationship with a trucking company to handle delivery. However, I know they were running low on 350s, so I'm not sure what kind of deal they can offer right now.

    For the same cost of trucking the car from FL, you could probably truck it from CA and get a better overall deal.
  • drjcool1drjcool1 Member Posts: 45
    vegasgrl13,
    Would you be kind enough to share the dealership and salesperson you dealt with? Thanks in advance!
  • lordolordo Member Posts: 16
    I am trying to find out what the money factor and residual is for a 2008 rx 400h 36 month lease..Additionally i would like to know what credit scores are required for tier 1 and tier 1+ I am a current toyota owner with an excellent payment history and would also like to know if any incentives are offered for that..
  • lordolordo Member Posts: 16
    I would like to know if anyone can give me a ballpark on what i should be paying for a RX400h 15k 36 month lease.. and if anyone can recommend a good dealer

    Thanks
  • vegasgrl13vegasgrl13 Member Posts: 9
    sure it's Lexus of Massapequa and I dealt with Stewart
  • NYR2009NYR2009 Member Posts: 5
    Vegasgrl13;
    You indicated the following in your post --
    I just leased my RX350 on Long Island and this is what I paid
    Total at signing 2800 (including taxes) and first month
    AWD-Premium Plus (18in wheels etc) package but no Navi
    36m/12K
    MF .00095
    Residual 54%
    Monthly payment 395 (includes taxes)
    Hope this helps

    did you pay taxes twice? i.e. the total due @signing you paid was 2800 then you say your monthly payments are 395 including taxes -- please clarify; thanks!!!
  • jamie52jamie52 Member Posts: 6
    Sanat Monica Lexus. Ask for Danny & Jesse
  • vegasgrl13vegasgrl13 Member Posts: 9
    to clarify I did not pay tax twice it's included in the monthly pmt
  • NYR2009NYR2009 Member Posts: 5
    Vegasgrl,
    last question -- then why did you pay $2800 @signing if you say taxes weren't included? Usually, it's 1st month payment, $700 bank fee and some registration and licensing fees (totalling ~ $1600-1700). I've been trying to deal with the same dealership and they are staying strong on numbers presented to me. Thanks in advance for your reply.
  • bocastephenbocastephen Member Posts: 35
    I don't know what the numbers are post-december to remember, but it depends on your region.

    Eastern US only got MF as low as .00095, while the West Coast enjoyed a top tier MF of .00035, which is why I leased my car from California (definitely NOT Lexus of Santa Monica, don't waste your time with them). .00035 was available to applicants with 720 or better.

    Residuals on both coasts for the 2WD was 47% for 15K miles.

    What they're offering after Jan 5? I have no idea.
  • vegasgrl13vegasgrl13 Member Posts: 9
    HI NYR2009,

    I truly apologize I have been too quick to reply without double checking.
    Tax was paid up front not in monthly payment
    2800 includes

    1286.86 in taxes
    342 cap cost red
    700 aquisition
    395 first month
    and then the smaller fees tires etc.
  • NYR2009NYR2009 Member Posts: 5
    Thanks for the clarification. You definitely got a great deal. I was offered a deal for $450/month, which I thought was taxes included. When I sat down with the financial manager, we went over the numbers and they asked me to bring a check for over $2K which I questioned. I was originally told that there would be around $1600-1700 due at pick-up. He said it was because the taxes were included. I've been leasing cars for over 20 years and never pay my taxes up front! They then re-calculated the monthly payment to just under $500, so I told them the deal was off. I also have a few months to go on my current RX330 and they would have taken it back, but somehow they were building the remaining payments into the future payments (kind of sleazy, I think). I wouldn't mind speaking with you further.
  • vegasgrl13vegasgrl13 Member Posts: 9
    Hmmm...that does sound shady. I was initially quoted ridiculous pricing they came down by a lot right away but then they told me I would have to pay 3k down and 399 month and they wouldn't budge (they did in fact let me walk out the door) a few days later they came down a bit more and we settled on the deal I mentioned above.

    I did have to take ownership by 12/31/08 as part of the deal so maybe that played a factor not sure.

    Did you deal with Richard the finance manager? Waht MF and residual?
  • NYR2009NYR2009 Member Posts: 5
    All of this "wheeling and dealing" is so unpallitable. And, this "December to Remember" that the dealerships keep quoting makes one feel that it's the "deal of a lifetime" ... like it's your LAST CHANCE and "you'll be sorry" if you don't get in on it!!

    Get real people -- look where our economy is these days. Are there that many people banging down their doors buying all these luxury cars that they can let people walk right out? Although I certainly feel they are entitled to make something on a deal, but the pressure they place is horrific.

    Unfortunately, I prefer leasing than purchasing, so I have to go through this nonsense every 3 years -- ugh!

    I dealt with a different finance manager than the one you mentioned. It was the same MF and residual, if I remember correctly.
  • lex_njlex_nj Member Posts: 16
    I think the reason you don't see MSDs used that often is because folks just don't have that kind of cash to pay up front (even if you do get it back). I think you just want to get out the door with the least amount of money out of pocket (i.e. $0 except for the essentials) when you lease, but I suppose if you can afford it, then it makes sense. I guess I look at it from a totally different angle. Also, if the car is stolen or totaled, I don't want to take the chance that the MSDs wouldn't be refunded to me after LFS gets the payout from my insurance company.
  • lmuellerlmueller Member Posts: 29
    I understand completely. For us it came down to where we would be better served keeping that $, and in the long run the MSD's seemed the best financial choice given the alternatives. We didn't feel right putting down the max (close to $5000), but were comfortable with where we ended up. I did ask specifically what would happen if the car was totalled, and they said that we would still get the security deposits back (it might just take a while). I figure that Lexus will want a repeat customer so they would be best served by not trying to screw around with someone about to turn in their car (and potentially lease/purchase another one). I guess we'll know for sure in about 36 months! If anyone has any experience with this, I'd love to hear about it.
  • Naladog315Naladog315 Member Posts: 5
    Anyone know what the current MF and Residuals are for the RX350? I am being told that the MF went up to .00285 and the residual down to 51% in conjuction with the increase of dealer cash from $2500 to $5000. Anyone know if this is true?
  • lordolordo Member Posts: 16
    Does anyone know what the Money factor and residual are for the rx 400h
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi lordo. As one might expect, Lexus is not providing lease support on the 2008 RX 400h any longer. As a result, if you were to lease one through Lexus Financial Services right now, you would have to use its standard lease money factor. It believe that LFS' current buy rate standard factor is .00285 for consumers who qualify for its top aka "Tier 1+" credit tier. The residual value for a 36 month lease of a base '08 RX 400h AWD with 15,000 miles per year is 46%.

    When negotiating your lease on this truck, make sure to take advantage of the $6,000 dealer cash that Lexus is providing on it.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey lordo. Please see my previous post for the information that you're looking for. Thanks.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Naladog315. The money factor and dealer cash that you were quoted are correct. Lexus eliminated its special lease money factors on the '09 RX 350 for January, but it doubled its dealer cash.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • JustinguoJustinguo Member Posts: 14
    New to this forum, one quick question. I am thinking to buy a 2009 400h. Given the $6,000 from Lexus to dealers, what is the reasonable price I should offer? $6,000 below invoice price? or higher? Thanks a lot
  • bocastephenbocastephen Member Posts: 35
    WOW, the boost in money factor makes a huge difference. I was upset at missing out on the extra 3500 cash, but when I ran the numbers through my Reg M lease calculator, the new lease price for the same deal added almost 90/month.

    My original deal was around 41K, 47%, .00035 with a 506 payment.

    The new deal is around 37k, 46% and .00285 with a 588 payment.

    Now I'm extra happy with the deal I got, even if the price paid was much higher. Now if Lexus had kept the .00035 MF and boosted the cash to 6k, then I would be feeling grouchy.
  • skylabskylab Member Posts: 37
    Yeah, me too. The deal in December definitely favored leasing over buying. This month it's the other way around. But it seems like you'd better have cash, because Lexus has apparently also done away with subsidized financing. I'm not sure that's the best way to move inventory in this economy, but what do I know?
  • bocastephenbocastephen Member Posts: 35
    I thought I read some rumor somewhere (maybe Clublexus.com) about Lexus having a massive stock of 2008 R400h at the ports, but being unable or unwilling to ship them to retail dealers - so they were offering "insiders" (I guess Lexus and Toyota employees, dealers, vendors and other associates) a very, very cheap 12 month lease on these cars to get them out of the port.

    Unfortunately I only knew a few people who worked at Toyota, and none of them are there anymore so I was both unaware of the deal, and likely unable to get it without their help.
  • rain_manrain_man Member Posts: 9
    Unlike RX350 there is no 2009 model of RX400h. With the $2,500 deal people were getting almost $9,000 off MSRP. So $12k under MSRP should be realistic now...
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