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

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  • 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 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 Posts: 2
    What type of down payment is reasonable?
  • 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 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?
  • 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 :)
  • 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.
  • it is very good deal, can I have name of your dealership
  • 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 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 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 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.
  • 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).
  • 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 Posts: 11
    Looking at this scenario, is it possible to re-negotiate the deal
    as I brought the car home yesterday.
  • 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 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 Posts: 139
    The new money factor is .00039? Is that for January?
  • NRINRI Posts: 11
    Don't have any idea if lexus leasing has changed the MF to .00039.
    someone posted that the MF has changed .
  • 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.
  • 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.
  • "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.
  • 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.
  • 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.
  • 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.
  • vegasgrl13,
    Would you be kind enough to share the dealership and salesperson you dealt with? Thanks in advance!
  • lordolordo Posts: 14
    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 Posts: 14
    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
  • sure it's Lexus of Massapequa and I dealt with Stewart
  • 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!!!
This discussion has been closed.