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2013 and earlier Lexus RX 350 / RX 450h Lease Questions
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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
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
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
Does anyone know what new offerings Lexus will provide after the 5th?
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
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.
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.
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
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).
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
as I brought the car home yesterday.
residucal = .54
@ lexus of Edison, NJ
not sure if this can be rengotiated based on new MF = .00039
someone posted that the MF has changed .
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.
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.
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.
For the same cost of trucking the car from FL, you could probably truck it from CA and get a better overall deal.
Would you be kind enough to share the dealership and salesperson you dealt with? Thanks in advance!
Thanks
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!!!
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.
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.
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.
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?
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.
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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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.
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.