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

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  • rparisrparis Member Posts: 368
    Would you share the amount of discount?

    Thank you.
  • dollyhdollyh Member Posts: 5
    dear Car Man - can you tell me please:

    Lexus RX 350 2010, 36 mo lease @15K mi per year, need to know residual percentage and money factor.

    dealership in Greenwich, CT - I reside in NY State

    Thanks!
  • lonnalonna Member Posts: 1
    i'm looking at buying or leasing an rx 400h. i guess cuz they're making room for the 2010 model, they are offering $10,000 off msrp. (santa monica dealership) any thoughts on whether this would be a good buy vs lease? i've never bought a car, always leased but am thinking about buying because of the economy--and also because we always have 2 cars so we can continue leasing the other.
    i've got excellent credit and am not very familiar with leasing formula. (know it, hate having to figure it out.)
  • needanewcar77needanewcar77 Member Posts: 5
    I too just looked at the 2008 Lexus RX400h. Yes there is a $10,000.00 off MSRP.....BUT the money factor I was quoted was .00295, roughly 7%!

    I feel the money taken off the MSRP is gotten back on the interest rate.

    My payment was roughly $600.00 per month, but they wanted $5,000.00 down, plus 1st payment.

    The money factor is killing the deal for me, for when I saw Lexus's money factor at 4% or less 2 months ago, I just cant bring myself to do it.

    Car Man, any way Lexus Dealerships can lower the money factor?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gmar1. The problem that I personally have with demo vehicles is that dealers never seem to be willing to discount them enough for me to justify purchasing what is essentially a low mileage used vehicle over an otherwise identical brand new one. I believe that Lexus Financial Services charges an excess mileage charge of $0.25 per mile on leases. I would not be surprised if that is the rate that the dealer tries to discount this truck at. If so, that amounts to an additional discount of less than $300. There's no way that I would go with this car for that little difference. Good luck and let us know how much of an additional discount the dealer is providing on this demo. I'm curious.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I sure do, dollyh. Here's the information that you're looking for. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 RX 350 AWD without the entertainment system with 15,000 miles per year are .00285 and 57%, respectively for consumers who qualify for itst Tier 1+ credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi needanewcar77. Lexus is not providing lease support on the 2009 RX 350 any longer. As a result, if you were to lease one through Lexus Financial Services' you would have to use its standard lease money factors. Lexus Financial Services' current buy rate standard money factor is .00285 for consumers who qualify for its top aka "Tier 1+" credit tier. Dealers are not allowed to charge a lower factor than this.

    Car_man
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  • hotlanta2hotlanta2 Member Posts: 27
    I thought that I had a car ready to go but the dealer sold out from under me. I live in Atlanta and am willing to pay shipping for a good deal on 09 RX 350. I would prefer fwd but would be willing to look at different options. Does anyone know of a dealer who still has some in stock?

    What is a good deal on this car?
  • hotlanta2hotlanta2 Member Posts: 27
    This is a good deal in my book. Where did you purchase?
  • 70wash70wash Member Posts: 13
    Has anyone recently signed leases for a 2010 RX 350 in the NY/NJ/CT area? Please post your price to help a fellow shopper out.
  • bocastephenbocastephen Member Posts: 35
    I got a great deal and service on my 08 400h purchased this past January from Lexus of Cerritos in CA. I worked with Aymy and Desmond - they can handle the transaction via Fedex and arrange for shipping the car to you (about 1k uncovered trailer).

    Go to overstock.com first to get the lowest price in SoCal - they should either match or beat it, although they don't participate in the overstock program. If you're buying from out of state AVOID Lexus of Santa Monica - you're just wasting time with them, even if they post the lowest price on overstock. They refuse to do business with or take seriously out of state buyers, and they can get quite nasty about it too.
  • berrisj1berrisj1 Member Posts: 10
    Can anyone tell me the MF & residuals for 12K miles & 36 months? Equipment: navigation, heat/vent seats, premium, park assist. No current incentives that I see. Should I be happy with invoice price?

    Thanks
  • gfrfangfrfan Member Posts: 1
    All the 330 and 350 lease returns are really depressing used rx prices. This is forcing lexus to push new drivers into buying vs. Renting. I have to think residuals will be taken down accordingly. Every manufacturer who became dependent on owners taking a new car every 3-4 years via cheap rent has to now face the music. Imagine what would happen to the industry if we all bought (not rented) autos we could afford and we held them 7-8 years ?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi berrisj1. Lexus is not providing any lease support on the 2010 RX yet. 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. LFS' current buy rate standard money factor is .00275 for consumers who qualify for its top aka "Tier 1+" credit tier.

    Its current 36 month, 12,000 mile per year residual value for a 2010 RX 350 AWD without the entertainment system is 59%.

    If you can get one for dealer invoice, you should be very happy.

    Car_man
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  • rackermanrackerman Member Posts: 8
    Wow, that's an awesome deal! Take it! Just to compare, I spent 3+ hrs at a S.FL dealership and i couldnt even get near those #'s.

    Can you give me the name of the dealership where you got this quote from, so i can try and work the same deal?
  • rackermanrackerman Member Posts: 8
    I am looking to lease a '10 Lexus RX 350, no nav. system, premium package. Does anyone have any recent deal comps they can share with me? If you can also include the dealership's name, I would greatly appreciate it.
  • clips09clips09 Member Posts: 2
    "I'm about to bite on this deal for an 09 rx350 premium plus/ no nav. Purchase price around $31500, 36 month lease, 12k, 3k down, $439/mo taxes included. Financing thru LFS."

    I got this deal at Beverly Hills Lexus last month. Would have been even lower, however I had no similar purchase on my credit report-although it was tier1.

    Good luck.
  • scotty61scotty61 Member Posts: 2
    CarMan, when do you expect some help for rx 350's from LFS or do you think this will continue to the end of the year december sale time?
  • cypress_pointcypress_point Member Posts: 3
    I'm considering purchasing my 2007 400h off lease in December. Please share any recent lease return experiences. I would assume that dealers are "dinging" people due to the lower car values.
  • redondo2redondo2 Member Posts: 4
    Folks I drove off with this deal yesterday:

    2010 RX350 FWD + NAV + Premium Plus package

    Through LFS, 48months/40K Miles

    $5000 down (cap cost is $3K+ first month+title+etc)
    $499/month INCLUDING taxes.

    It was important for me to keep the monthly to $499, so I put down $5K. Also note these numbers include taxes for LOS ANGELES County.

    What do you think? Thanks.
  • houmihoumi Member Posts: 21
    That's not bad... did you have a trade-in ? Also will you buy this car when the lease is over ? How much was the car (MSRP or Invoice ?)

    Just wondering....

    I am looking to buy a 2010 RX 350, but I'll probably put enough down payment + my trade-in cost to get it below $400 (60 months)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi scotty61. One would think that Lexus will eventually have to introduce lease support on the 2010 RX 350. It's difficult to say when it will actually do so, but I would not be surprised if it was not at some point over the next several months. If I was interested in one and wasn't in a hurry, I personally would wait to see what happens with the lease program.

    Car_man
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  • scotty61scotty61 Member Posts: 2
    thanks carman
  • ach8888ach8888 Member Posts: 8
    I just got a quote in california on a 2010 RX350 AWD with navigation for 41,500 in orange county. Can someone help me work out a good lease on this vehicle.
  • ach8888ach8888 Member Posts: 8
    can anyone tell me what the invoice on the 2010 RX350 AWD is? I like to know how much above invoice the quote I was given is. My quote is 41500. Thanks
  • dreamhomesdreamhomes Member Posts: 1
    I have found somebody willing to let me take over the lease on 2009 RX350. It is only 6 ms old. The terms of the lease: 36 ms, 10K mi/year, 25 c for extra mile, $435/ms. It is only 6 ms old but already has close to 10K mi. I couldn’t find anything less than about $600/ms lease for 2010 model.

    So the questions are:
    1. Is it a good deal?
    2. How to handle transaction? The Bank or dealer? Is it going cost for paperwork?
    3. If this person (hypothetically) attempts to terminate lease this early how much (approximately) it is going cost him? How much would they charge him for the full year of miles allowance he already used?
    4. If I take over the payment, should I do just that or should I ask him to give me additional money close to what the early termination fee + high mileage would be?
  • NRINRI Member Posts: 11
    You are loosing on miles for the 6 months so make sure you get atleast 3 payments done by him.
  • theneocitytheneocity Member Posts: 3
    I am bit confused as well. They quoted me - For Lexus RX 350 2010 (includes NAV + Comfort Package + Premium Package)= MSRP $46106.00

    Monthly Lease : $740 for 36 Months - 12K miles/year ( No extra down payment)

    Is it a good deal? how much shall it be?
  • max64max64 Member Posts: 5
    What do you think of this offer?
    MSRP 47,325
    Selling price: 43,995
    Downpayment: 4,400 (taxes, first payment, etc).
    48 mo lease, 12K, 629/mo

    thanks,
  • max64max64 Member Posts: 5
    Dear Car Man,

    Do you know if Lexus still offers the $5000 dealer cash on the 2009 RX 350 (Iease)?

    Any other current lease incentives?

    thanks
  • theneocitytheneocity Member Posts: 3
    Dear Car Man/All,

    Now the lease deal what i have got is:-

    RX 350 2010 ( Nav System, Comfort Package, Premium Package)
    MSRP: $45700 (approx)

    Term: 36 Months, 12 K a year, No down payment (Just the First months and usual= $1300)

    Monthly lease: $660.00 (Including Taxes). Is it a good deal? how much shall it be?

    Thanks in advance.

    TheNeoCity (Georgia)
  • theneocitytheneocity Member Posts: 3
    Dear Car Man/All,

    Now the lease deal what i have got is:-

    RX 350 2010 ( Nav System, Comfort Package, Premium Package)
    MSRP: $45700 (approx)

    Term: 36 Months, 12 K a year, No down payment (Just the First months and usual= $1300)

    Monthly lease: $660.00 (Including Taxes). Is it a good deal? how much shall it be?

    Thanks in advance.

    TheNeoCity (Georgia)
  • thooper1thooper1 Member Posts: 1
    My Lexus dealer is quoting a money factor today of .00321 (7.704%). Is this a good rate? Also, should I be expected to pay what the dealer calls an "Acquisition Fee" of $700.00?

    Thanks!
  • max64max64 Member Posts: 5
    You can get away with not paying the acquisition fee and, needless to say, 7.704 is insanely high unless your credit is problematic. MF 0.0025 which is 6% is what they have for good credit buyers.
  • briegelbriegel Member Posts: 139
    I don't believe you can get away with not paying the acquisition fee.
  • ctsoxfan2ctsoxfan2 Member Posts: 38
    Car_Man...

    Looking at getting a 2010 RX 350 AWD in the next couple of weeks. The dealer I went to said there is a new leasing special on the 2010 RX 350. Do you have any details?

    Can you give me the details (resid/MF) for a 2010 AWD with Nav, Premium, Comfort, Wood and Towing. MSRP is $46,593. Looking at a 36 mo lease with 12k miles per year.

    Thanks.
  • newkid300newkid300 Member Posts: 18
    Hey carman,

    Have you heard if Lexus is looking to offer any lease incentive on the 2010 RX 350 AWD. Looking for it with Nav and premium. Have offer of 12,000 miles per year, just first month, DMV and acquisition - total about $1565 to get into vehicle and lease of $663.25. MSRP is about $45,600 I believe.

    Can you believe that I have a 2007 ES350 coming off lease on 7/6/09 which misses qualification for leave forgiveness program which just started because it is for leases that terminate from 8/1/09 through 11/30/09. Any thoughts? Dealer said there is not enough in deal for they to pick up my last month of $608 on my ES. They are holding car for a month so I can pay my last month on the ES.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, scotty61.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ach8888. I'd be happy to work up a lease payment on this truck for you. It's great that you know what the selling price is, many consumers ignore this important number when leasing, but I also need some other information from you to run a payment, including this vehicle's full MSRP, how long you want to lease it for, and what mileage allowance you need. Let me know and I'll crunch some numbers for you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey ach8888. Here's a link to the 2010 RX 350 pricing page here at Edmunds.com: '10 RX 350 Pricing. The dealer invoice information that you're looking for is available there.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes, max64, the $5,000 dealer cash is still available on the 2009 Lexus RX 350. Lexus is no longer providing lease support on this truck. This incentive can be used in conjunction with Lexus Financial Services' standard lease program.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi TheNeoCity. The best way to tell if this is a good deal is to look at this truck's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without the selling price, it is difficult to tell how much of a dealer discount you are being given. Let us know what this truck's selling price is and I'm sure that either myself or another community member will gladly give you their opinion on this deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi thooper1. The money factor that you were quoted is way too high. Lexus Financial Services' standard lease money factor is only .00275 for consumers who qualify for its top credit tier. Plus, if you're talking about a 2010 RX, Lexus has a special money factor that's even better than that for loyal customers.

    Most banks that lease vehicles to consumers charge an acquisition fee at lease signing. There's no way to avoid paying this fee. You can either pay it at lease signing or roll it into your vehicle's monthly payment by adding it to the capitalized cost. The last time that I checked, LFS' base acquisition fee was only $600. This means that it has recently raised this fee or that the dealer is marking up the base fee and trying to slip an additional $100 in profit into your deal (probably the latter).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ctsoxfan2. This truck's lease program may vary slightly by region. If you tell me what state you are in I can give you an idea of what its program for your specific area is like.

    Looking at your username, ctsoxfan2, for now I will assume that you are in Lexus' Eastern region. Even though I am a Yankee fan, I will help you out :P . According to the latest information that I have seen, Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 RX 350 AWD without the entertainment system with 12,000 miles per year are .00275 and 59%, respectively for consumers who qualify for its top aka Tier 1+ credit tier.

    Lexus is enhancing this model's money factor to .00215 for loyal customers.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi newkid300. Please see my previous post for a description of what the lease program is currently like on the truck that you're interested in.

    sorry that you miss the cutoff for the early termination program by a month. That is annoying. You can always call LFS to see if they will be willing to work with you, but chances are that you're stuck.

    Car_man
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  • dengdengdengdeng Member Posts: 2
    CarMan:

    Where were you three weeks ago when we bought our 2010 RX350???

    I need some advice on how to handle our signed deal...

    MSRP: 47,200
    Negotiated price: 43,312
    MF: .00258
    MF after 9 MSDs (.00072) : .00183
    After Acquisition, and other fees, the monthly ended up being $565 a month.

    I thought we were getting a fair deal here, and thought we were quoted a fair money factor, as it was close to LFS's money factor for April. I specifically asked what LFS's money factor for May was, and if there were any loyalty discounts. They told us that they were using tier 1+ MF, the only loyalty discount was to get .25% off of financing (not leasing) a car.

    When we were about to sign the contract, the finance person said "I can give you a Simonize warranty without lowering your monthly payment." I previously rejected Simonize as I don't believe it's a good product (interior/exterior warranty). He went on to tack on the Simonize cost ($925) and LOWER my money factor to .00143, leaving the payments roughly the same. I went through with the deal.

    Now reading your post on how there is a special money factor of .00215 for Lexus loyalty, and that .00215 minus my .00072 (in MSDs) = .00143 (which is what I ended up with), I feel that the finance person lied to me about the rate I qualified for, and ultimately cost me an additional $925 for a product that I didn't want.

    I know I signed the deal, and am happy with the car, and I know that overall it is not a bad deal for an RX350 2010. I am just not happy at being lied to about the MF by the Lexus finance person.

    Q1: Do you think I should send a letter to Lexus corporate, our salesperson, finance manager, or dealership owner about being lied to about the money factor? Or post negative responses to consumer review websites? Ding the salesperson on the satisfaction survey (it wasn't his fault)? Or do you think I should just let it go?

    Q: Other than posting here to ask for current lease rates, where can we get up to date accurate lease rates -- I'd been looking for May lease rates on the RX350 for 3 weeks, with no success!

    Thanks for the advice!
  • lexusboblexusbob Member Posts: 4
    Just leased a 2010 EX 350 from Chatham Lexus of Savannah, Georgia. Great car, and new improvements stand out nicely. I found a MF equilavent of 2.76 % which is great for this early in the market. Must have decent FICA score. Talked with Brad who is the General Manager. He wants to please and make a good deal. I paid 4% above invoice. The lease had a 57% residual. I did a Single Pay Lease which is a one time payment for the life of the three year Lease with 15,000 miles per year. I paid $19,114 without taxes. No dealer prep fees either. Brad is in need of used Lexus for the Used Car lot so he is in a dealing mode. Best of luck!
  • ctsoxfan2ctsoxfan2 Member Posts: 38
    Thanks for the response Car_Man. I pulled the trigger on the lease on Saturday. Ended up getting a MF of 0.00275 and 59% residual, as you quoted. Also negotiated the car down to about $1500 over invoice, or $4500 under sticker. I think I did pretty well.
  • gmsmithgmsmith Member Posts: 6
    My wife and I have been looking at an Infiniti FX35 and had settled on that until we drove an RX350 yesterday. We loved it. We are looking at the 2010 AWD Smokey Granite Mica/Black w/Nav,Premium, Comfort.

    Looking at all of the numbers, it looks like $42,000 is a reasonable price for the dealer to sell this car at. LeaseCompare puts this at the selling price with the above mentioned options. The dealer we looked at yesterday insisted they couldn't come off MSRP.

    We are looking to lease @ 12k miles for 36 - 39 months. I understand the residual is 59% and money factor is (.00275, which is high in my opinion). If only we could find a dealer that would take a reasonable profit on this truck, we would have a deal.

    Any tips on how to get through to a dealer on this?
  • ctsoxfan2ctsoxfan2 Member Posts: 38
    Not sure where you are, but just go to another dealer. Them not willing to come off MSRP is ridiculous. Unfortunately there isn't much you can do about the money factor (I was told I could not buy it down with extra security deposits...not sure if I was told the truth by the dealer there...). You should be able to get the car for between $42k-$43k.
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