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

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Comments

  • eshapireshapir Member Posts: 24
    Ray Catena of Monmouth. Just submit a quote request on edmunds.com and then ask them to match a competitor's deal at 45k and see if they'll lower it by $500.

    Ethan
  • curvesmancurvesman Member Posts: 4
    Ethan, I talked to the dealer and he could not match that #, being I live in NY, Do you live in NY or NJ Taxes may be differant!Thanks in advance!
  • eshapireshapir Member Posts: 24
    I live in NY and I had to shop around. Originally, I had a higher monthly payment. Try calling Prestige Lexus, they gave me the 2nd best price.

    Ethan
  • tbecker128tbecker128 Member Posts: 6
    Hi jennbb,

    I called Joel Cohen at Ray Catena. He is really great, easy to deal with. He is getting lots of calls from your post.

    He gave me two quotes for the same car you leased. 2007 RX350 AWD Premium Plus with NAV:
    $45,706 MSRP
    $40,600 negotiated price
    $0 cap cost reduction
    36 month term, 12K miles/year
    This time he quoted a 57 percent residual which is actual a better deal than 59 percent if you want to buy the car at the end of th lease.

    There were two ways to go with the monthly payment:
    $576 per month OR $498 per month... but the $498 requires a $4500 security deposit which is supposedly FULLY REFUNDABLE and is NOT used as a cap reduction fee, it is only used to secure the payments, NOT to cover any potential damage to the car.

    Did you have to pay the security deposit to get your monthly payment? We did not even talk credit scores. I have excellent credit.
    Thanks!
  • dsesqdsesq Member Posts: 6
    I am dealing with Mark Mura as we speak and am waiting for him to call me back re: the deal...I want sub 500 payments, but I will NOT give them 4500.00...that sounds crazy...
  • marciabcdmarciabcd Member Posts: 5
    Jenn, I contacted Ray Catena Monmouth and they seem very easy to work with. They also offered to deliver the RX to CT, and although it would be easier, would not have the opportunity to look it over first that way. Am going back and forth- McDermott is closest to me in CT, but they will not pickup for servicing unless you buy from them and it is prearranged. Which leaves Westport as the next closest, and they seem to be bit high pressure these days Would be great to talk to you- send me an email if you can.
  • beriskyberisky Member Posts: 35
    Okay, I have read all your posts, and thank you, but get this...

    Emailed FIVE dealers in CA and ALL said I must call to get price. Ugh!

    Right now, the two dealers I'm familiar with gave me this as best price:

    $555/mo (includes tax and lic)
    $1000 drive off ($0 cap red)
    2007 FWD (not AWD) Premium Plus Pack w/Nav
    (basically, max car less AWD, Chromes, Rear Seat DVD)
    36 month / 36,000 mi.

    CA people, am I getting close to the best deal?u> Want to lease this week.
  • tbecker128tbecker128 Member Posts: 6
    $555 per month is high for non AWD. I was quoted $558 with tax for an AWD non-NAV last night with only $1307 up front, which includes first mo payment, bank fees which include gap insurance and license fees.

    Ray Catena in NJ is doing the same car with NAV for $576 a month with $1476 up front which includes:
    1st payment 498 includes the tax
    registration 324
    bank fee covers gap insurance 654 (incl tax)

    MSRP is $45706 AWD Premium Plus with NAV
    or buy outright for $40,600
    57 percent residual = sticker 45706 x .57 = 26052.42 plus tax to buy at end of lease
  • beriskyberisky Member Posts: 35
    Thanks for the quick response, but what you quoted doesn't seem better...sorry for my confusion...

    AWD w/o Nav ($43K in CA) is CHEAPER than FWD with Nav ($44K), so the car I quoted seems like a better deal.

    I also think CA might be more expensive than other parts of the country. Can anyone confirm?

    Thanks for your patience.
  • curvesmancurvesman Member Posts: 4
    Best deal I could get was 622.00 month with monmounth, 630.00 with prestige,went with Prestige 20 miles from my house they dropped from 665.00 so Im HAPPY! Thanks for your help!
  • cpa3cpa3 Member Posts: 89
    BERISKY...go back and find my deal from last week...CA is best place in country to get deals...I think your looking at the same car I leased...Mine was $480 (approx) include sales tax plus drive off was around $850...(first month and dmv only)...You need to do more homework...get details from dealer...whats cap costs? you should be able to easily get $37500....keep looking or call again...I talked to three dealers ...two of them were at $37800 and one hit at $37000...MRRP was about $44460 or close to that...find my post.....
  • beriskyberisky Member Posts: 35
    CPA3...Thanks...I'll look for your post.
  • dcrotty527dcrotty527 Member Posts: 23
    Through a business associate who previously worked at this dealership, I was referred to a salesman who offered the deal below on a 2007 RX350 with premium pkg.

    Is this a good deal? Thanks in advance.

    MSRP $ 40,841
    Sale price $ 37,512
    36 month lease with 15,000 miles per year.
    This is done with excellent credit so 730 + Beacon score.
    Adjusted cap cost 34,218
    $ factor .00243
    Residual 54%
    Acq fee $ 600
    No security deposit required with T1 credit.
    No sales tax with our current program. You will pay $ 450 L&M fee
    Title and license fees are about $ 140
    Monthly payment $ 474 with $ 5000 down.
    Any other questions please let me know.
  • jennbbjennbb Member Posts: 10
    WHAT? No $4,500 deposit not even a $45 deposit. They did away with security deposits on leases.

    If they are really saying this, beware - sounds like they're doing it to make the books higher end of year, then refund it. I've never heard of anything like this, but dealers are sleezy. Never know.

    You're right about the 57% residual (and I am sooo in love with this car I will never part with it so I'm stuck with the buy-out), but then your monthly payments will be a bit higher since you are leasing 43% of the value over 36 months comapred to 41%. BUT what I don't get, and I'm annoyed at myself for not questioning, is that the 59% is based on MSRP, not the negotiated price. What's the point of negogiating a great price like $40,600 if I'll still owe 59% of $45,706??? Well, I guess I'll have to do this again in 2010. See you all then :-)
  • jennbbjennbb Member Posts: 10
    What's your email address? Be glad to talk.

    Also, sounds like you are further south than I am (I'm up by Hartford) so the drive shouldn't be that bad for you. I went on a saturday and it was under 3 hours. Totally worth it!

    Lexus only includes the first oil change so dealer servicing wasn't an issue for me. My boss got his RX400 through McDermott ealier this year. He liked them. I had called them too, but RC beat everyone and treated me great.
  • beriskyberisky Member Posts: 35
    I seem to be getting messsages about better deals, but when I reference them, they are not actually better.

    So far, I can see anyone who has shown me a better CA deal than:

    $555 (includes tax and lic)
    $1000 total drive off ($0 cap red)
    36 mo / 36K mi

    for a 2007 RX350 FWD w/Nav

    If you have a better price on THIS deal in CA, please let me know your post# so I can reference it.

    Thanks everybody for your help!
  • marciabcdmarciabcd Member Posts: 5
    Hi Jenn, Yes, I'm more near New Haven. My email address is on my profile- didnt't want to put it here because sometimes spam harvesters go through forum messages.

    Ray Catena called back and offered to deliver again.
    I was all set to wrap this up tomorrow when I found two things- (1) Went to Acura MDX site tonight, and found out it has an apparently "special" air filter/humidity control system. Does anyone know about it, and how RX compares? On the Lexus site, it just says "air filtration," but nothing more specific; (2) The rumor mill on the club lexus forums say the 2008 RXs (due out in 2 mos) will have 2 new colors- desert sage and brandy wine...I have been dying for a red color but can't find a spy photo anywhere :(
  • cpa3cpa3 Member Posts: 89
    BERISKY,
    Didn't you look at my deal. Look at post #380....Its a lot better than your offer. Mine was 15K miles per year rather than 12K. I did do mine for 48 months rather than 36 months but this only reduces the payment by about $6 per month. I wanted the car for 48 rather than 36. Also go back some before mine and you will see two other So Calif deals similar but not quite as good. Your drive off is about $160 more than mine and your monthly payments are $75 more per month; plus I am getting 15k miles rather than 12K...
  • beriskyberisky Member Posts: 35
    So here's what I got in person from dealers today for all you shopping for a CA RX350. Understand these quotes were given after I told them I heard about prices "with a 4 in front of them" and I was ready to take the car TODAY!

    2007 FWD RX350 Prem Plus Pack w/Nav
    36 mo / 36k mi
    $1000 total drive off ($0 cap red)
    Credit score above 700

    $572/mo
    $555/mo
    $592/mo
    $560/mo

    Can ANYONE in Southern Cal tell me this got THIS car, THIS scenario for around $500??

    Thanks.
  • beriskyberisky Member Posts: 35
    CPA3...you are being a big help, and I would appreciate a little more patience with me as I will be getting a car Thurs or Fri. I looked at your post (#380) and I think it looks great. I will have to pour over the others to see the other SoCal deals (unless you have their #s)

    With ALL due respect though, I find it impossible to believe the diff between 48 and 36 months is ONLY $6/mo. If so, WHY would ANYONE do a 48? Wouldn't you want the choice after three years?

    Thanks again. (And can you direct me to your dealer?)
    lfe1923ataoldotcom
  • briegelbriegel Member Posts: 139
    To accurately assess your deal, we need to know the MSRP of the vehicle, the actual selling price (cap cost), any cap cost reduction (which then gives us the adjusted cap cost), the residual per cent for the number of miles of the lease, the money factor being used, whether you are paying the bank acquisition fee up front or rolling it into the lease (and how much it is)...then we can tell you what the lease payment (without taxes) should be. Total drive-off will be the first payment plus any security deposit you are paying plus any other fees or taxes you are apying up front.
  • beriskyberisky Member Posts: 35
    Briegel...I know this all matters, but since SO many people have already done the deals, and there's so few different model/option setups, I just want to piggy back someone elses.

    $44,146.00 for a RX350 FWD Prem Plus w/nav
    36 mo/ 36k mi
    $0 cap reduction/min drive off.

    I don't know all the other figures because I'm speaking hypothetically. I don't care HOW the dealer sets it up. All is care about is writing a TOTAL drive off check for $1000 or less (incl first payment?) and paying a monthly of $500 or less for 35 months.

    Someone must have done this exact deal in SoCal recently.

    And btw, I'll take AWD if I can get that too.

    Thanks EVERYBODY for your help.
  • briegelbriegel Member Posts: 139
    OK...If you want a drive-off of $1000 or less and a monthly payment of $500 or less, you will have to roll the $600 acquisition fee into the lease. Otherwise, you will have a minimum drive off of at least $1100! A $500/mo payment including taxes means the payment before an 8.25% tax would be $461.89. Using a .00133 Tier-1 money factor and a 56% residual means you would need to negotiate a selling price of $37,730.84 which with the acquisition fee added in would give an adjusted cap cost of $38,330.84. That is a pretty hefty $6415.16 discount! Can you negotiate that? This is what it comes down to!!!

    This also assumes that you are paying no security deposit, which would either add to your drive-off or would have to be added into the lease and would then require that much more of a discount on the price to keep the payments at $500.
  • moolmanmoolman Member Posts: 129
    Here's some tips for some people.

    DO NOT PAY FOR GAP INSURANCE. If you finance your lease through lexus financial, it automatically comes with gap. So the best thing is to not put down a cap reduction, meaning don't put down a down payment, UNLESS it's a refundable down payment that reduces the money factor.

    Here is a repost of my previous post #284, you can also refer to post #266 for redhat's post. We got the same car in So Cal. FWD with NAVI and premium plus, MSRP $44146.

    PLEASE REMEMBER MY DEAL IS FOR 18,000 MILES PER YEAR. So the cost is about $30 more a month for that.

    Following the lead of redhat381, in the same format I will list my details. I followed his advice and got a great deal too.

    Once again, this seems to be a So Cal deal, since the car seems to be way under invoice in this area.

    I too did the 9 MSD's.

    36 month lease with 18k per year.

    $471.48 per month with 9 MSDs and no cap reduction...

    MSRP: $44,146
    Sales price: $37,500
    Acquisition fee: $600
    Registration, license: $335
    Document prep: $48.71
    Other fees: $8.75 (California Tire Fee)

    Lease info:
    Gross Capitalized Cost $38,100 (sales price + acquisition)
    Current Money Factor for 36months 18K: .00133
    Discount for putting down 9 refundable security deposits: .0009
    Final Money Factor: .00043
    Residual = 56% also minus $1350 for 9000 extra miles at $0.15. I'm doing 18K/year.
    Total monthly payment with 8.25% tax = $471.48

    I paid for first months and title at drive off. That's it.

    Side note, I got 56% residual at 15K instead of 12K unlike redhad381. Don't know why, I didn't complain but the norm seems to be 56%/12K, 54%/15K.
  • beriskyberisky Member Posts: 35
    Briegel...you explained it PERFECTLY! Now if you can just explain how others on this forum are saying they got the car I want for $500/mo with $0 cap red, I'd be forever grateful. (I thought my $555/mo was pretty good)

    I'm okay with any drive off, as long as it's whatever the minimum is.

    If my $44K MSRP / $37K Invoice car costs, let's say, $39,000 + tax, then I should be paying about $520/mo incl tax and license.

    Did I get that right, give or take a few dollars?
  • beriskyberisky Member Posts: 35
    What are MSDs?
  • moolmanmoolman Member Posts: 129
    I guess it wasn't a good business associate because your deal is a royal rip off. Unless you don't qualify for tier 1+ credit, your money factor is high and the price is not great either.
  • moolmanmoolman Member Posts: 129
    Just a quick question for you.

    Do you know how to calculate a lease? If not I suggest you go to the tips sections of edmunds and go over it until you can calculate a lease to the last penny, if not there is not point trying to get a good deal because you won't know better and you won't get a good deal not knowing how to calculate a lease.

    Now, the $555 a month after taxes is pretty decent with No MSD's.

    MSD is Multiple Security Deposits.

    MSD is not for people with bad credit. They are REFUNDBLE security deposits you get back at the end of the lease.

    Each MSD is equal to one monthly paymet rounded up the the nearest $25 increment.

    You can make 9 extra MSD's and each one reduces your money factor by 0.0001, so if you make 9 of them, you get a reduction of 0.0009. So lets say you got the Tier 1+ money factor of 0.00133, your new money factor after the 9 MSD's will be 0.00043.

    Now what is the advantage of this. Work out your lease on paper using both money factors, you see that over the course of 3 years you will pay over $2000 less money. So if you have the money, you'll make a refundable deposit of about $4000 or so. The best interest you can get right now is about 5% a year, so you lose out about $600 of interest over the 3 years by Lexus holding on to your money BUT you save $2000 over the 3 years. So you are essentially getting about a 20% return on your money you put down in Refundable deposits. That's a great deal.

    Obviously, this is for people who have some money but I assume if you can afford a Lexus, a $4000 deposit shouldn't be a big deal.
  • beriskyberisky Member Posts: 35
    Moolman: I did not truly understand the money factor thing until five minutes ago, so NOW i undertand, thanks to all of you.

    So, according to many previous posts, I should aggressively negotiate about $5,000 off the MSRP, which would mean...

    2007 RX350 PremPlus w/Nav = $44,146 MSRP
    36 mo / 36K miles, $0 Cap Red, $0 MSDs

    $39,000 + 10% for tax and lic = $42,900 (approx)

    With a money factor (3.192%) and residual (56%), I should be looking to pay:

    $42,900 x 44% x 1.03192 div by 36 months = $541/mo.

    Do I have it now?
  • beriskyberisky Member Posts: 35
    Does anyone know if they can integrate a Sirius to show up and be controlled thru the Nav screen, or is it just an aftermarket tuner placed somewhere in the car?
  • beriskyberisky Member Posts: 35
    I made a mistake above. I should have calculated the tax on the lease rate, not the total cap cost.
  • briegelbriegel Member Posts: 139
    As I said, you would need to negotiate a selling price of about $37,730 ($6415 off MSRP), do the multiple security deposit thing that moolman describes very well, or pay the $600 acquisition fee plus some additional down payment in the drive-off to keep your payments under $500/mo.
  • tbecker128tbecker128 Member Posts: 6
    DSESQ - How did you make out with Mark Mura at Ray Catena?

    Did they waive the security deposit? Joel told me I would save $2808 over the life of the lease by putting down the $4500 sec deposit ($4050 on a non-NAV RX350). The payment was $576 without the deposit and 498 with the security deposit.

    I am worried the lessor will try to keep the security deposit at the end of the lease.

    Has anyone had a lease with a big security deposit like this? How did it end up at the end of the lease - did you get your money back? Looks like just another method to get more money from you up front.

    Does anyone know if the security deposit is factored into the money factor on the lease?

    Thank you.
  • redhat381redhat381 Member Posts: 26
    Berisky -

    If you're near LA, you should be able to get a 2007 FWD with Navi for $37,500 easily (MSRP $44,146). You might be able get it for $37,000.

    Based on $37,500 sales price, the following s/b your numbers.

    Capitalized cost: $37,500 + $600 acquisition fee = $38,100
    Residual = 56%
    Money Factor = .00143 (Assuming Tier 1, not Tier 1+)
    Payment $461,45
    Tax = $38.07 (assuming 8.25%)
    Total Monthly Pmt = $499.52

    Drive off = $500 (1st month's pmt) + $335 (registration + license) + misc fees ($60) = $895.

    So, there!

    Monthly Pmt less than $500 and drive off less than $900.

    Now, if you change your mind about the multiple security deposits - the REFUNDABLE multiple security deposits - and do what Moolman and I did, your monthly pmt w/ taxes would be $438.32.

    But, that's up to you.

    Good luck.
  • redhat381redhat381 Member Posts: 26
    tbecker128 -

    Each security deposit lowers the money factor by .0001. That's the whole point of the MSD - to lower the money factor.
  • dsesqdsesq Member Posts: 6
    They offered a fair deal, best price by 250.00. Not sure it is worth it for me to drive all that way for 250.00 differential...they also wanted me to take delivery ASAP and I don't need the car until end of January...as for the security deposit issue? never came up, but still doesn't sound right.....
  • briegelbriegel Member Posts: 139
    The multiple REFUNDABLE security deposit option to lower the money factor is legit and a great return on investment!!!
  • beriskyberisky Member Posts: 35
    Redhat: That's awesome, but now all I have to do is find a dealer to do it...here's who wouldn't on first pass:

    Santa Monica
    Vista (Woodland Hills)
    Longo
    Glendale

    I'll take another shot and see how it goes!

    Thanks!
  • beriskyberisky Member Posts: 35
    Redhat: I actually get $481.64 + tax. Am I doing it wrong?

    From your calcs above:

    38,100 x 44% x 1.03432 divided by 36 payments = $481.64

    Can you tell me where I went wrong?

    Thanks.
  • redhat381redhat381 Member Posts: 26
    Berisky -

    Where's the 1.03432 coming from?

    Lease pmt = ((cap cost-residual value)/# of pmts) + ((cap cost+residual value) x money factor) + tax.

    residual value = MSRP x residual percentage.

    In your case,
    lease pmt = ((38,100-24,721)/36)+((38,100+24,722)x.00143)+38.07=$499.52.

    As for a dealer, look further South. Cerritos, Westminster, Mission Viejo. I also heard that Longo was aggressive, so I'm surprised that they wouldn't deal.
  • tbecker128tbecker128 Member Posts: 6
    Hi Jenn,

    I have been talking to Ray Catena Lexus for the past two days about the lease deal you posted. They looked up the deal and asked me to contact you directly to discuss the terms. They could not disclose due to confidentiality.
    Can you please email me.. see my profile for the address.

    Thanks.
  • beriskyberisky Member Posts: 35
    Redhat: OKAY, I had the calc all wrong. Thanks for clarifying.

    (Not to confuse, but the 1.03432 was the addl percentage -- 3.432% -- over the calc)

    Thanks for clarifying!

    I took another stab at Longo. We'll see. I'll post my results here.

    Have a good new year!
  • jack1963jack1963 Member Posts: 15
    Hi everyone. I cannot tell you how great this forum is for gathering information and being armed when talking to a dealer.

    My salesperson insisted this was the best lease deal possible (and maybe it is in TX):

    2007 RX350 FWD w/Navigation, Premium Plus, etc.
    36 mo/12K miles
    MSRP $44,306
    Cap Cost: $40,600 (without an AM radio!---go figure)
    MF: 0.00199
    Residual: 56%
    $0 down
    Monthly payment: $619

    Based on what I am seeing in other locations, this deal is not a deal at all. When advising my dealer what others are getting in other places, the Lexus dealer here said it was "IMPOSSIBLE" to get 0.00133 money factor even with the best credit because LFS "won't make a dime." They also said that payments at or around $500 a month are "IMPOSSIBLE" on this vehicle. I repeated some of the deals that others are getting, but I guess they think I am blowing smoke.

    My present 2004 Lexus RX330 payment (purchase) is $595 a month. I would be happy with a new lease if the payment was at or below what I am paying now, but again the dealer here is claiming they cannot do it. Impossible.

    Yeah right. (sarcasm)

    Anyone in TX have any better luck?
  • briegelbriegel Member Posts: 139
    Thanks, Redhat, for giving Berisky the correct formula. I was going to do it but had to run off and didn't have time.

    Berisky...you need to know all the variables involved to know if you are getting a good deal!!! Good luck!
  • jennbbjennbb Member Posts: 10
    I don't know. Sounds like a good way for lexus financial to earn initerest on your money for 3 years. As if they need it.
  • briegelbriegel Member Posts: 139
    Of course it is...but the reduced payment you get over the term of the lease is the equivalent of interest you receive on the "investment" of the refundable MSDs. This is a safe and much better return on investment than you can probably get from any other safe investment! You do get the money back at the end of the lease.
  • tbecker128tbecker128 Member Posts: 6
    This is not a good deal if you can get the SAME deal without the security deposit. If you can get the same deal without the security deposit why would you want to give Lexus MORE money?
  • briegelbriegel Member Posts: 139
    You can't get the same deal without the MSDs...they lower the money factor by .0001 per MSD, which lowers the monthly payment. You can't get the lower money factor without the MSDs.
  • redhat381redhat381 Member Posts: 26
    Hello, Jack1963-

    The money factor is the cost of money Toyota Financial services charges the dealers. If the dealer uses higher money factor, the dealer keeps the profits.

    The .00133 is what the December to Remember is about. That's their promotion. You don't set up a promotional rate and not honor it because you don't make a dime on it. That's just the dealer talking. Not Toyota financial.

    Also, have you considered buying your car in LA and shipping it? I know other people on this board have done it with good results. A new RX350 is the same anywhere. Plus, if you buy it in LA, you'll be able to request ones made in Japan (serial # starts with J), as opposed to the ones made in Canada (serial # starts with 2). If you read other forums, you might have read that the ones with rattles and groaning noises are the ones made in Canada.
  • beriskyberisky Member Posts: 35
    All of you have been a great help. Here's the deal I am getting from two SoCal Dealers:

    2007 RX350 FWD Prem Plus w/Nav
    36 mo / 36k mi
    $0 cap red / $0 MSD

    $525/mo includes tax & lic
    $1500 drive off include sec dep, 1st month, acquisition

    If anyone did better, they're a better man than me.

    Thanks and happy new year.
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