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2013 and earlier Lexus RX 350 / RX 450h Lease Questions
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Comments
I think there's alot of confusion about the Multiple Security Deposit program, or MSDs. MSD is a program by Toyota Financial (or Lexus Financial), not your dealer. Also, it's not the same as capital cost reduction or downpayment. Cap cost reduction and downpayment are not refundable. The MSD is a refundable security deposit.
The discount you receive from MSDs is independent of the deal you make with your dealer. Your dealer has no say on the amount of discount you receive from your MSDs.
Whatever the best deal you make with your dealer, Lexus Financial provides additional discounts based on the number of security deposits you make.
A typical security deposit amount is $450 (your monthly pmt, including taxes, rounded up to the next $25 increment). So, the maximum deposit in this case would be $4,050, or 9 MSDs (the max. they allow).
If you invested this $4,050 in some other low risk, guaranted return investment, how much return do you think you'll get for the next three years? 5%? 6% per year?
If you put down 9 MSDs, the return on your investment would be in terms of reduced monthly payment - about $60 per month for a car with $44,146 MSRP and $38,100 cap cost. That's $720 a year, and $2,160 in three years. Or, about 14.2% per year. guaranteed. for three years. not subject to tax.
It sounds like a good deal to me. Also, there's an additional benefit. When I return the car, I will already have $4,050 to use towards my next Lexus. And, that's probably one of the reasons why Lexus is providing this program in the first place.
deal is done.
Anyway, I hope many of you are able to take advantage of the MSD's. Seriously, it's Lexus Financial that is keeping your money, not the dealer and not some no name company. I wouldn't be too worried about them keeping your money, unless of course you turn in the car totally beat up.
I bought my car from Lexus of Glendale but Longo was willing to deal at the same price for me and so was the Lexus dealer in Valencia. You just have to be firm and willing to buy then and there. I chose Glendale because the service was great and I live in Glendale mainly.
The car is great, $471 a month, 18k a year, nothing down, brings a smile to face everytime, paying under $500 to drive a luxury car is awesome.
Went into get my first service today because the valve stem in my car was leaking, kinda my mistake, the air compressor jammed the valve. Customer service is way beyond Toyota and Ford, my other cars.
So, Valencia was willing to do $37.5, eh? I live 10 min away from those guys and I ended up driving 50 miles to Cerritos because Valencia wouldn't go for $37.5.
I did not talk to Riverside. Based on recommendations on ClubLexus, I talked to Cerritos, Westminster, Mission Viejo and Valencia - the one closest to my house.
My guy from Ray Catena emailed me tonight. What a flurry I've caused. He said: Thanks for referring people and keep 'em coming, but my deal was a mistake. It was the 57%/59% residual mix up and to keep my payments the $498 they quoted me, they lowered the cost of the vehicle to something so low I can't post. Doesn't matter because they won't intentionally do it again. He claims they lost money on the deal to save me as a customer.
marciabcd, dsesq & tbecker (and any others considering Ray Catena) I would still and do plan to go back to them in the future and the fact that they honored a verbal quote with a mistake that may have cost them money says a lot to me about what kind of people they are. They didn't have to do that. I had absolutely nothing in writing. I stand by my previous posts about them being fabulous.
Sorry I got everyone's hopes up, but I still think they're the lowest around. Even w/o that mistake they would have been quite a bit lower than any to the CT dealers and was well worth the drive (especially because I drove back in luxury!)
I hope you all get to too. I can't imagine any regrets.
Does anyone know if I can lease a lexus 400h in california
and would like to use it in Washington state? How does it
work?
Thanks in advance.
MSRP $44146 - RX350 FWD Nav, 18wheels, heated seats,plus more
Cap $37000 plus $600 acquisition fee
Term:48 months
Miles: 15,000 per year
Residual: 45% (four years and 15K miles)
Money Factor: .00133
Drive off: $839.20 (1st pmt plus DMV fees)
Monthly Pmt: $445.89 plus sales tax.= $480.45
Do you mind telling me which dealer and the person
you spoke to about those two offers?
I am looking to lease one soon, REAL soon!!!
thanks.
Can you also let me know your purchase price?
thanks.
The MSRP was about $44,100.
I had the same question. I live in Phoenix and tried emailing all the dealerships in So Cal to get a better deal. Several of the dealerships told me it was impossible - that I could only buy (not lease)from them. Lexus of Riverside had a different story and I got a great deal from them. In fact, my car was delivered this morning to my house without any problems. Ask for Andrea if you email or call them.
RX 350 NAV AWD Prem + package
MSRP: $ 45,706
Selling Price: $39,200.07 (includes delivery)
Trip Permit and DMV charge =$58.25 plus first payment of $514.36 = minimum drive off of: $572.61
36 month term
12,000 annual miles
Residual value % 57 = $26,052.42
Money factor: 0.001430
Monthly Payment: $514.36
None of the AZ dealerships could come close.
Don't let other CA dealerships tell you that you can't lease a vehicle from CA to be used in another state - they are full of it.
Happy lease hunting.
(39,200-26,052/36) + (39,200+26,052 x.001430)=
365.22 + 93.31 + 6% AZ sales tax = $486.04
Where did the extra expense come from ?
In any event, you win for making the absolute best deal.
I'm going to show it to the salesman when I pick up my FWD NAV on Tuesday which I'm paying about $1500 more for.
Have a good new year.
You are right, there is a $600 aquisition fee and $45 doc fee and the sales tax where I am is 7.75% (state + local). I just got lucky with a straightforward salesperson. Have a great new year.
While filling out the credit check paperwork the true colors of Lexus of Cerritos came out, now the price had changed. Trey and his manager now tell me that the car can not be sold for the agreed upon price. I showed all the e-mails and the paperwork including the $1,000.00 receipt to the gentlemen and they still refuse to honor the deal. I thought this type of shady dealing went by the wayside years ago. Lexus of Cerritos truly has made this a December to remember for both me and my wife!
Good luck
I recently leased an RX350 2 weeks ago. I traded in my 2005 RX 330 to the dealership, which they paid off and started a new lease for the RX350. The RX330's registration was through Dec 2006. During the process of moving my personal items to the new car, my salesman asked me for the registration, I gave it to him and said that I hadn't paid for the renewal yet. He took my registration card and then said okay let me look into it and disappeared into the dealership. During the lease signing the subject wasn't brought up again (so I figured that it'd been worked out, however in the back of my mind I wondered why they didn't give me a temporary tag but shrugged it off as "they'll probably get probably send it by the end of the month".
Long story short, I was pulled over on Dec 27th, 2006 by the local police and told that my registration was expired and there was nothing on file for new vehicle that I was driving, consequently I was issued a ticket for improper tags. I also found out that in Georgia the tag officially expires on my date of birth and not at month end. The police officer commented that at month end he likes to run tags because some drivers haven't paid for the registration by their birth date. I've since contacted my dealership to let them know what happened, they accommodated me by allowing me to pick up a temporary tag from them 3 days ago. When I asked about payment of the ticket the salesman assured me that the court would probably dismiss the ticket. Last night I received an email from the same salesman asking me for payment of the ad valor em tax on the old vehicle immediately in order to process the paperwork for the new tag. The next paragraph is what got me, he basically said that we'd discussed before my signing the lease that we'd agreed that they would not submit registration of my new tag until all documentation was in order for the old car. At this point I'm not sure what my recourse is since the later conversation never happened (not with the salesman or Finance Manager). Could someone provide me with additional insight before I proceed.
Im interested in leasing a
2007 Lexus RX 350 AWD, Premium Plus with Navigation
... would like to keep payments at or below $490.00 (sub 500 ballpark).
My current lease isnt up until september so I have some time yet (nothing fancy.. 2k4 jeep cherokee laredo ltd.. 36k miles, allowed total of 60k) Id bail early if the right deal came along but I dont think the current value on the jeep would cover the 16k payoff left on the vehicle.
Im in ohio and dont mind buying out of state. (aside from wanting to find a nice deal, the dealers local here dont have the prem plus packages and all their stock seems to be FWD models only).. Any suggestions you guys could offer would be much appreciated. Anyone else tried to do this? Did you buy out of state and have delivered or road trip it there and back? What are typical delivery costs? How does the RX handle on road trips? What challenges (if any) did you face at turn in time? (do you turn into a local dealer or to the same out of state dealership you leased from?) Any experience with Swapalease? (seems there are many dealers offering brand new leases there)...
Also, a couple of california dealers I chatted with said "Lexus doesnt allow us to lease out of state" which seems to contradict what Ive read here...Im kind of confused?
Anyway.. appreciate your time and thanks in advance!
-terry
2007 AWD RX 350 with Nav Pack 12k miles per year:
MSRP: 45,706
Lease Price: 42000
Current Loan on my Jeep: 16,000
TradeIn value: 13,000 (appraisal from yesterday)
DP for Cap Cost Red.: $1000
Last Residual Factor I was given: 56%
MF quoted @ .00134
Has me @ $508.87 on 48 month term includes 6.75 ohio sales tax.
Im getting mixed signals from several dealers in the area, First, if i throw in an additional 1000 for cap cost red. my payments should drop me to around $489. Instead, I find one dealer wants a whopping 6k to cover I the negative equity in my jeep and quoted me payments in the 600's (lower residual and this may have been @ a 36. i will review the paperwork later)... Another wanted 9400 due at signing using something called multiple security deposits to get me at payments around 530.
...and yet another doesnt want to give me 13k for the jeep.
Understand that I have no problem simply waiting until i turn my jeep in in september unless a killer deal comes along...
Anyway comment on my numbers above, let me know if im off or if theres anything i missed.. thanks in advance!
-=terry
This is my first lease experience. I confess that I'm still very green on this lease thing, even though my lease is due to expire in September. That being said, this is why I'm trying to find out what's the best course of action to take, well before then.
I have a 2004 RX330 with some of the extras, but no navigation system. We've enjoyed it immensely, but would prefer to leave CA with only 1 car payment (my husband's), since we're due to transfer out of state soon. It has about 27,500 miles on it, with a current payoff/purchase amount of somewhere around $28,000. It's currently registered in TX, which is where we initially got the vehicle at.
Would we be better off purchasing the vehicle right now and re-selling it? If so, how would registration work, since we would have to register here in CA? We've also considered trading it in for something that will keep us on budget with smaller monthly payments.
Thanks for any input! ~V
Im facing a similar situation (my lease also up in september) trying to get into an Rx350, except my 2004 Jeep cherokee with 36k miles doesnt retain its value nearly as well!
Have you looked at the edmunds used cars pricing? Or (in my opinion) an even more accurate real world gauge of what your car might sell for privately, check ebay motors and do a search for "Completed Listings"
(that will come up as an option after you input your search parameters)
I did a quick search for you. One that stood out was a 2k4 RX 330 with 37k miles that sold for $25,999.00 (that isnt taking into account whatever options they had on the car).
Login to ebay and you can view the search I did from the link below:
ebay motors search for 2004 rx 330
The listings in green are the cars that actually sold. The ones in red did not.
Good luck!
-terry
P.S. I did not insist on a car that was not in stock I wanted a Silver car. I really have to figure out a way to post our entire e-mail correspondence on line, that to is available to anyone who makes a request. Trey, are you willing to match that offer? This could get very interesting! Stay tuned folks.
Let me refresh your memory,
E-mail from Trey 12-29-06 - "I have reviewed your price quotes and am now issuing my offer of $35,460.00 good for 24 hour due to the limited inventory available thu the weekend."
My reply 12-29-06 - "Thank you for that offer but the purchase still must be 2007, it can be done on 1-1-07 if your open & the car is available."
Reply from Trey 12-29-06 - "Sure Let me know."
12-29-06 - 5:01 pm you had your deposit.
I urge you to please read my post before dealing with this salesman or Lexus of Cerritos. Better yet, look up Lexus of Cerritos at the Better Business Bureau website and see their (F) rating for yourself. BE WARNED.
The jeep is worth 13-14k now and obviously by then it wont be. One of the challenges Im finding is tha many dealers want me to put up the balance of the negative equity... Which is rediculous... I can save 3k simply by waiting and being able to wash my hands of the matter in september.
Anyone else with information on any of the items in my original post? What kind of residuals are we seeing after the december to remember event? I have had one dealer quote me 56 and another quotes 48... If a dealer can give me the rates Ive specified including my jeep tradein, im signing next day... otherwise..call me sitting bull!
-ztj
Rates im looking for:
With an MSRP: 45,709
Lease Price: 42000
Current Loan on my Jeep: 16,000 (2004 Jeep Grand Cherokee Laredo, 36k miles, Lava Red)
TradeIn value: 13,000 (most recent offer from Germain Lexus)
DP for Cap Cost Red.: $1000
Net Cap Cost subtotal: $44,000
Last Residual Factor I was given: 56%
MF quoted @ .00134
Has me at $508.87 a month on a 48 month term (includes 6.75 ohio sales tax).
If I throw in an extra $1000 payments should be around: 486.00 a month.
How do these #'s sound to everyone else?
I just got back from vacation and saw your reply, thanks.
Could you list your post with the deal you got or other recent deals? I'm just starting to read the posts to get back in negotiating mode. I will look to other dealers since my associate's contact was a thief!
Thanks
This question was asked of me on another board perhaps you could help with the answer.
#289 of 290 Re: Truly a December to forget!!!!! by jacks2 Jan 07, 2007 (10:09 am)
JD
Reading the Auto Repair & Smog Check News Volume 1, Number 2 October–December 2006 I spotted the following information. Is this the same dealership you’re having issues with?
"May 2006
Lexus of Cerritos, Long Beach
Jerry Lee Haurer, President
Order: ARD Registration is permanently
invalidated, stayed and placed on probation
for three (3) years. Smog Check Station
License is revoked, stayed and placed on
probation for three (3) years and suspended
for thirty (30) days. Report to BAR. Pay BAR
$4,000.00."
FYI here was my truthful response.
jacks2
I am not sure that this is the same F Rated (BBB) Lexus of Cerritos that I dealt with but it sure wouldn't surprise me if it was. This is the BBB information of the F Rated Lexus of Cerritos that I dealt with:
DBA: Lexus of Cerritos
Address: 18800 Studebaker Road
Cerritos, CA 90703
Primary Contact: David House,General Manager
Lexus of Cerritos Company Rating - F
Rating Explanation:
The rating the Better Business Bureau assigns a business is determined by our composite score of such factors as its type of business, length of time in business, compliance ...
No. of Cmpl Type of Response
1 Making a full refund, as the consumer requested
0 Making a partial refund
5 Agreeing to perform according to their contract
0 Refusing to make an adjustment
1 Refuse to adjust, relying on terms of agreement
3 Unanswered
0 Unassigned
10Total
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