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

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Comments

  • bignasty1bignasty1 Member Posts: 26
    Can you provide a little more info? I am looking for a similar lease. What was the money down? Where was the dealership?
  • bc_lr3bc_lr3 Member Posts: 3
    Sounds like a decent deal. Same here, I would like to know more info on your lease.
    1. Dealer?
    2. Any down or Cap reduction?
    3. Lease payment? (599 total or 599 + tax)?

    Thanks,
    BC
  • toyotas2toyotas2 Member Posts: 15
    Sorry about that.

    The dealer was located in upstate New York. I paid the taxes up front and that was the only money out of pocket so the payment of $599 was without taxes.
  • wgw13wgw13 Member Posts: 1
    Currently have a $572/mo. on a 52 mo. Lease 07 Rx in FW TX. Dealer covered $1500. on previous lease on a Mercedes. Want a 36mo. lease no nav. What should I pay on a new model? Present lease was nothing down 12000 miles/yr.
  • glex1glex1 Member Posts: 76
    Could I have some feedback on if this is a good deal for a 2010 loaded RX AWD 350
    The MSRP is 47,884, sale price is 43,500, MF .0022 with a residual of 24,420
    What is the current money factor lexus finance is offering on this car? I'm outside of Philly, PA
    I'm getting quoted payments of 627.67 12k miles for 36mths and 601.09 for 48mths 12k total of 1500 out of pocket cost to drive car off the lot.

    Sorry posted this in the wrong thread prior.
    Feedback is appreciated, Thanks
  • arete216arete216 Member Posts: 1
    RX350 FWD with starfire pearl white/light grey leather.

    MSRP $$45,486
    Package(s):
    F FT 19" Aluminum Alloy Wheels
    F HS Heated and Ventilated Front Seats
    F NV Navigation System
    F PM Premium Package
    F WU Wood & Leather-trimmed Steering Wheel & Shift Knob
    P 3T Cross Bars
    P C1 Cargo Mat
    P GN Cargo Net
    P WL Wheel Locks

    Discount price quote $39,925 + tax and license fees
    $1183 minimum due at lease signing.
    36 months, 10k miles/yr
    $501 + tax = $550/mo on approved credit. (I'm in So Cal where tax is pretty high!)

    This offer is only good till tomorrow (4/30) and I need to find out if this deal is good.
    I think it's a pretty good deal from quick research, but any comments will be very helpful.

    Thanks!
  • ckoolckool Member Posts: 86
    I guess u have a very good deal, today I just went to Longo Lexus and they quoted me the following and this is just the basic model, which dealership you went to ?

    thanks

    Lexus Lease Special Offer
    2010 Lexus RX 350 Lease Offer
    $489mo. 36mos.
    $3499 due at signing.
    Excludes official fees, taxes and dealer charges. No security deposit required.
  • glex1glex1 Member Posts: 76
    I was informed on Sat that May lease rates went down. Could someone let me know what the new May rates are thru Lexus Financial for 4yr/15K Lease on 2010 Lexus RX 350 AWD?
  • sachatinasachatina Member Posts: 3
    Your deal is a little bit better than mine. Same package - I paid 1189 down and 562 per month, including tax.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello vonnrv. Lexus' May lease program for the RX 350 is slightly more attractive than its April program was. Lexus Financial Services' buy rate lease money factor for this truck dropped from .00210 for Tier 1+ customers last month to .00190 today.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi aujoe1. $750 over dealer invoice isn't bad, but the money factor that you were quoted is too high. Lexus Financial Services' May buy rate lease money factor for a 36 month lease of a 2010 RX 350 is .00190 for Tier 1+ customers (credit score of 720+). That factor increases slightly to .00200 for Tier 1 customers (690-719).

    Make sure that the dealer uses the buy rate to calculate your payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    What you heard is correct, glex1. Lexus' May lease program is indeed slightly better than its April program was.

    Lexus Financial Services' current buy rate lease money factor and residual value for a 48 month lease of a 2010 RX 350 AWD with 15,000 miles per year are .00190 and 49%, respectively for consumers who qualify for its top aka Tier 1+ credit tier.

    Car_man
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  • nola2nola2 Member Posts: 9
    I have been car shopping via email and phone (after test driving) for weeks. I am having a horrible time shopping for some reason. First, the dealers are not responding with any actual (detailed) lease quotes or even prices. Second, those who respond basically tell me to come in and promise to give me a great price -- I stay away from those. Third, the only dealers who actually sent me lease quotes provided the following, and one does not have to be very literate to know that the prices are high. I am in the Bay Area and willing to drive anywhere at this point to find the right deal. Please provide your input regarding the following:

    Quote 1. MSRP 47K or so (Navigation, Premium package).
    No details other than - "15,000 miles per year with $1975 down (*no idea if total drive off or not) and $610 monthly payment ($670 total with tax). Seems high!!!!

    Quote 2. Same car - FWD 350. No details other than - "36@514 plus tax with 4000 down. 15k per year".

    Another dealer quoted a great price of $41,350 (below invoice) but I emailed for days, and he is basically refusing to provide a written LEASE price quote, and telling me to come in and do it in person. I don't want to work under pressure. Please advise! I am ready to crawl back to Mercedes dealers. I have never experienced that with them in the past.

    Finally, I mentioned to a few dealers that I got $41,350 price elsewhere, and they immediately told me that I have to bring that written price quote to them in order for them to match that, if at all. Should I forward the dealer's price quote to them? Thanks.
  • nola2nola2 Member Posts: 9
    Other than providing input regarding the overall communication issues I am experiencing with the dealers -- I only email and talk to Internet managers -- please provide (1) advise what you would consider a fair lease on a 41K car with 15,000 miles per year, and (2) how do you get the dealers to give you detailed lease quotes?

    Thank you!
  • valueguyvalueguy Member Posts: 208
    If I purchase an extra 5,000 miles up front (lease inception) does anyone know what Lexus charges for these miles? Acura charges 10 cents and Infiniti charges 12 cents if purchased in advance.

    Thanks.
  • nola2nola2 Member Posts: 9
    MSRP $46,800 (comfort, premium package, navigation)
    Invoice: 42,940
    Final sale price: $41,000
    Drive off $1942.78
    Payment $505.58 plus tax for 15,000 miles per year/36 months
    Adj residual $27,483.30
  • valueguyvalueguy Member Posts: 208
    Nola2,

    That is a great deal. What city and/or state? I think the actual invoice is $41,800 according to www.kbb.com Still, you are $800 below invoice. I suspect secret Lexus cash back to dealer right now of $1,000 plus low finance rates or leases.
  • nola2nola2 Member Posts: 9
    What about the $1950 drive off? I thought it was supposed to be $1183. Also, how do I calculate the money factor? Residual value? Please pardon the ignorance.
  • nola2nola2 Member Posts: 9
    Also, what is the APR or money factor that Lexus Financial has right now? I am trying to figure out if the quote given by the dealer is fair.
  • valueguyvalueguy Member Posts: 208
    edited May 2010
    NoLa2,

    The deal you made is A+. You are paying around $700-$800 in dealer fees but getting the vehicle for below invoice. Thus, the dealer is actually selling you the RX350 at invoice. Your payment is great and appears like you are getting the money factor of .00190. Residual is around 59% which again your numbers show are very close.

    Conrads on a great deal in the Bay Area. From your posts it looks like your hard work and effort paid off.
  • newbie39newbie39 Member Posts: 5
    I have recently inquired about a 36 mo/15k miles per year lease for a 2010 RX 330 with a navigation package. I am in the Tampa/St. Peterburg area and have received offers from local dealers with the following specs:
    Sale price: $46,900, $1500 down, payment of $809.00 . This was the initial offer presented to me at the dealership after test driving the car.

    Now, after doing my research, and sending inquiries via email, I did receive a more detailed offer which appears to be much more reasonable:

    Sticker price: $47,385.00
    Sale Price thru internet dept $42,980.00
    dealer documentary and prep charge $589, plus taxes and fees
    36 mo lease, 15k miles per year
    lease payments $626.13 incl tax with start up $1605.20 due at signing.

    I would greatly appreciate anyone's comments regarding this deal. Can I do better? This dealer is about 50 miles from where I live so servicing would be rather incovenient. I have dealt with the Tampa Lexus in the past but their internet quote was $658 per mo with $3k down -- ridiculous!
    Thank you for your comments.
  • valueguyvalueguy Member Posts: 208
    Call Lexus of Orlando. No doc fees and they will beat your other quote by at least $300. You will save at least $900 driving 2-2.5 hours. I think you can do even better but how far do you want to go to save another $500?
  • valueguyvalueguy Member Posts: 208
    Does anybody know how much Lexus financial charges a Tier 1 plus customer to pre-purchase extra lease miles? Acura charges 10 cents while Infiniti charges 12 cents. The local "stealer" told me Lexus charges 20 cents. Of Course, I don't believe him.

    Does any body know the cost of these miles? Car man?
  • newbie39newbie39 Member Posts: 5
    Thank you. I am going to try that tonight and let you know.
  • crubin23crubin23 Member Posts: 4
    Carman,

    Do you or anyone else know the residual on the 350 RX on a 36 month lease for 12k miles.

    Thanks,
    Cole
  • newbie39newbie39 Member Posts: 5
    Dear Valueguy,

    I followed your advice and got the following deal in Orlando on a 2010 FWD with navigation package:
    Sticker $47385
    Final Sale price of $42,900
    Offer: 35 payments of $$661.23 (incl tax)
    Nothing due at signing, first payment due 30 days from delivery.

    They told me that I can turn in my car (leased from Tampa lexus) to their dealership when I pick up the new vehicle and they will take care of any transfer papers without a fee.

    I can turn it in anytime before my lease expires June 10 and their price reflects the "credit for payment" towards the new lease - meaning that there will be 35 payments instead of 36, as I understand it.

    Do you think this is a good deal? It appears to be a fair price. If they are going to credit me my lease payment and basically give me the first month free, I am better off keeping my car until June 9 then picking up the new one. From some reason though, they wont just come straight out and say we give you one month free. Am I missing something>?
    Thanks again!
  • newbie39newbie39 Member Posts: 5
    I am in the Tampa are as well and looking to lease an RX 350 with the navigation. Did you get your lease worked out? If so, do you mind sharing the terms and where you got it? Thanks
  • king1721king1721 Member Posts: 1
    Hello everyone,

    I am getting confused by different money factor and residual information i got from 2 different dealers. I am interested in RX 350 AWD without navigation in St Louis. 36 month & 12,000 miles.
    Plaza Lexus - Money factor 0.00290 Tier 1+ , Residual value at 60%.
    Dave Lexus - Money factor 0.00220 Tier 1+ , Residual value at 58%.

    In some post i saw Money factor at 0.00190, are the dealers trying to scam?

    Thanks,
    king1721
  • onenrg1onenrg1 Member Posts: 12
    Nola2,

    I think you have received an amazing deal. I am looking at the RX with the very same features that you listed. Did you get it over the ML? My wife loved the ML but as you know, the prices are much more. If you can, please email me a few more details on the RX deal you negotiated. omars1974@hotmail.com
  • delta737hdelta737h Member Posts: 626
    edited May 2010
    king1721,

    Lease rates (money factors) and residual rates are independent of each other. One has nothing to do with the other.

    Residuals reflect the estimated wholesale value of the vehicle at the end of the lease. Finance captives (e.g., LFS) will often inflate residuals for competitive reasons. The residual factors are established by the fund provider (or their residual insurance carrier in the case of banks) and so the dealer has no control over these. I see that you were quoted residuals of 60% and 58%. You may want to get some clarification. For example, both appear to be 36 month residuals. However, the 60% may be for 12,000 miles while the 58% may correspond to 15,000 miles.

    Residual factors are computed based on a given level of mileage usage. Some fund providers will "adjust" the resulting residual value for different mileage requirements. So, if 60% reflects 36 months and 12,000 miles and, say, you desire 15,000 miles, then the residual value is adjusted downward at some predetermined cost per mile. In other words, you prepay the additional mileage which is reflected in the "adjusted residual value". For example, suppose you desire 15,000 miles and you prepay the additional 9,000 miles (3 year lease) at the rate of $0.10 ($900) and that the 60% residual factor produces a residual value of 20,000, then, the adjusted residual value amounts to 19,100.

    Money factors reflect the cost of money. The buy rate (0% reserves) is 0.00190. The money factors you were quoted appear to be packed with reserves which are similar to points paid for a mortgage loan. A 1% reserve level means, roughly, that the dealer is compensated 1% of the adjusted cap cost (less acq. fee if included in the gross cap) for writing the lease at a higher money factor (e.g., 0.00220 or 0.00290). For instance, the 0.00220 money factor may reflect a reserve level of 1% while the 0.00290 money factor may correspond to a 3% reserve level. Lease rates (money factors) are usually tiered (e.g., 0.00XXX + R% reserves). Always ask for the base rate or buy rate which is the money factor associated with 0% reserves.

    This may be much more than you really wanted to know but, that's just me being me. Anyway, hope this helps.

    John
  • asnf1asnf1 Member Posts: 1
    Hi Nola2

    You are right. I got the same run around from Stevens Creek and Fremont. Stevens Creek is not responsive at all and Fremont wanted me to come in before they give me any info. What is the point of having an internet department? If I wanted to come in and drive the car I would have already done so.

    What I ended up doing is turn in my E350 lease and get an ML350. All I did was send out an inquiry and Tim at Beshoff was very responsive and gave me a great deal.

    I don't understand all this BS that bay area lexus dealers are doing.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Nola2, Lexus Financial Services' current buy rate lease money factor for a 36 month lease of a 2010 RX 350 is .00190 for consumers who qualify for its top aka "Tier 1+" credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi valueguy. I don't know the exact excess mileage penalty that Lexus Financial Services charges. Here's the section on excess mileage charged from its website:

    Excess Mileage Charge
    Leases generally contain a mileage limitation on mileage and resulting excess depreciation of the vehicle. A set mileage allowance is disclosed in a LFS lease agreement. If this limit is exceeded, the lessee is charged for each mile driven exceeding the allowable mileage, as disclosed in the lease (e.g., $0.15 per mile). However, if at lease inception, you feel you will be driving more than is set forth in the lease, you can add the anticipated excess mileage (at $.10 per mile) to your lease to be paid as part of your monthly payment.


    Those example prices are low though. Surfing around the web, it appears as though LFS charges $0.25 per mile for leased vehicles that are returned with excess mileage. Using the same ratio that LFS used in its definition above, a $0.05 reduction for excess miles paid for in advance, you probably would have to pay around $0.20/mile.

    Again this is just a guess, but it's a pretty good one if I do say so myself ;).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi crubin23. Here's the information that you're looking for. Lexus Financial Services' May buy rate lease money factor and residual value for a 36 month lease of a base 2010 RX 350 AWD with 12,000 miles per year are .00190 and 60%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • onenrg1onenrg1 Member Posts: 12
    I was offered this deal, which is the best one I was able to get:
    36 months/10,000mi
    61% Residual = $28,757
    MSRP $47,153 Nav, Prem, Comfort packg
    Invoice: $42,400
    Negotiated: $42,900
    Drive Off: $1,842
    Monthly Payment: $530 + Tax

    The dealer couldn't find my color combo anywhere and found one with a slightly higher MSPR because of the additional cross bars but said they would give me the same monthly deal. What do you guys think. It sounds about right. Been trying to match Nola's deal but no one wants to come close. Anyone think that I should wait to see about June incentives?

    thanks,
  • shellvilleshellville Member Posts: 9
    Freeman Lexus - Santa Rosa:

    MSRP: $49,044
    Dealer: $44,228

    Price: $43,121.32
    Lease: 48 mos
    15,000 miles
    MF: 1.9 (.0091)
    Residual: 49% ($24,031.56)
    $1990 .47 down (includes: 1st payment $573.88, sales tax $69.84, 1st year fees $591.75, other upfront $755 )

    Package Includes:
    Comfort
    19" wheels
    Navigation
    Premium
    Two Prep
    Accy Pkg
    Cross Bars

    I was told that I am paying $1,000 under dealers invoice, but, have a feeling they are making it up in the down payment. I don't have a lot of experience at negotiating, so, want to make sure I am not leaving anything on the table. Can anyone share their expertise with me? Thank you
  • shellvilleshellville Member Posts: 9
    can you respond, please?

    thank you
  • shellvilleshellville Member Posts: 9
    when and where did you get a quote of $41,350? i got a quote just yesterday of $43121.32. thanks
  • redzone3kgtredzone3kgt Member Posts: 4
    Hi, can someone tell me if this is a good deal- I got a lot of internet quotes from dealerships around the new york tri-state area and the best initial quote i received has been

    2010 RX350 AWD
    MSRP $47,625
    36 month, 12k/year
    $1717 drive off, includes dealer fees(~$800)/dmv fees(~$300)/first month
    $578/month (with taxes included)
    60% Residual, Money factor of .00190

    Options:
    -Premium (PM)
    -Comfort (CP)
    -Navi (NV)
    -12spkr (EK)
    -Tow Package (TO)
    -Preferred (Z1)
    -Wood/leather trim (WU)
  • faf_01faf_01 Member Posts: 6
    I am also shopping around, but the best deal a get for similar car is $560 a month before taxes - drive off is the same.

    where is the dealer (which quoted you ) located?
  • redzone3kgtredzone3kgt Member Posts: 4
    this was at Prestige Lexus, NJ but Lexus of Queens was able to go down to $582, this is with taxes rolled in and included
  • faf_01faf_01 Member Posts: 6
    But you wrote that Prestige Lexus, NJ quoted you at $578 with taxes.....
  • shellvilleshellville Member Posts: 9
    Can anyone respond to my offer from Freeman Lexus in Santa Rosa, CA.

    The payment they quoted me is $573.88 (includes taxes)/mth. Other specifics are in my previous email address. I need to go down today or tomorrow in order to take advantage of this offer. Just need to make sure I can't do any better than this, or if I should negotiate a better deal. Thank you
  • redzone3kgtredzone3kgt Member Posts: 4
    yes-

    Prestige Lexus in NJ quoted me at $578
    Lexus of Queens in NY quoted me at $582

    I mentioned the 2nd one because it's closer to me but no one has been able to beat Prestige's initial offer yet
  • onenrg1onenrg1 Member Posts: 12
    All the number add up mathematically but the biggest concern is the MSRP and Invoice that they quoted. I was quoted $47,644 on the same vehicle. using the pricing tool on Edmunds, I get an MSRP of $47,253 (which doesn't allow for the option of the cross bars or the Accy Pckg but I tried using the JC option to supplement some) and an invoice of $42,147. The dealer that I am dealing with said his invoice is $42,400 and would charge me $500 over invoice. Your deal is a good deal but the dealership isn't losing money on it as they sound like they are doing.

    I have tried to bargain using the deal that Nola2 received but I haven't even come close. My best deal is $530+ tax on the same vehicle you describe. Biggest problem in negotiating with me is that everywhere I go, they don't have a silver with black interior. It seems that there are only two of those vehicle available in FL
  • shellvilleshellville Member Posts: 9
    thank you for your response. the base payment they are quoting me is $525.90 plus taxes of $48.59 = $573.88/mth

    this is with almost $2,000 down.

    if you are being quoted $42,400 plus $500 = $42,900.
    they are quoting me $43,121. so, you are right...their MSRP seems a bit high at $49,044. They are showing a dealer base of $34,146 and the following charges:

    Comfort - $1560
    12 Speaker - $88
    19" Wheels - $528
    Navigation - $2085
    Intuitive Assist - $400
    Premium - $2028
    Tow Prep - $190
    Wood & Leather Trim - $264
    Accy Pkg - $141
    Cross Bars - $168

    Total Acc - $7452
    Dest Chg - $875
    TDA - $585
    Dealer Holdback - $780
    Whsl Financial Reserve - $390

    Total: Dealer $44228.

    Retail: $39025. plus $9144 access and $875 destination = $49044.

    I know what you mean about trying to get the color combination you want. I have been trying to get white with gray leather interior. Not too many to be found...like your desired color combination...however, they did, by chance locate one and made me this offer. I am glad to hear you think it is a good offer...but, you are right, i am certain they are not loosing.
  • shellvilleshellville Member Posts: 9
    hi nola2...where did you buy your rx?
  • maximafanmaximafan Member Posts: 592
    edited May 2010
    Boy, I hear you on the color combos that are on the dealer lots.
    I've been getting frustrated trying to locate the color combos that I would like at the two dealerships in the Tampa Bay area.
    My current '07 RX has the black interior with the Flint Mica exterior. I would prefer to stick with the black interior, but possibly a lighter exterior. I like the Matador Red with black interior, but it's been very difficult to locate. I'm also liking the Cerulean Blue, but I haven't been able to find one with the black interior. I might be willing to settle for the gray interior; but, again most of the Cerulean Blue RX''s are with the cream interior on the dealer lots. I have also had a hard time locating the color combos on the 2010 Cadillac SRX that I would like.

    Of course, this all may be a moot point, because if they can't give me the right price and lease pmts for a Navi, Prem. and Comfort RX, I'm ready to buy my RX at the end of my lease in a few months. I imagine they would make a lot less money off of me if I buy my vehicle rather than lease a brand new one.
  • shellvilleshellville Member Posts: 9
    there is a matador red with black interior sitting on the lot of my local dealer in santa rosa, ca. it is a nice combination. don't know if your dealer could work something out with my dealer or if there is too much distance. your dealer should be able to give you at least the same deal that i got. i am going to inquire what the payments would be on a 3 year lease, however, i believe the payments are only able $5.00 a month in difference. in that case, make sense to do the four year lease.
  • faf_01faf_01 Member Posts: 6
    I tried several dealers in NY - NJ....

    $572 deal is hard to beat... Some dealers offered to match it only....
This discussion has been closed.