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2013 and earlier Lexus RX 350 / RX 450h Lease Questions
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Car_man
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Car_man
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Car_man
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You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion for feedback on your truck's current market value: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another vehicle or try to sell your current one.
Car_man
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Car_man
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Car_man
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1. Now that I have missed the December to Remember event, is there another time of year that Lexus runs a promotion with similar incentives or is the December event pretty much it?
2. A co-worker who leased a Lexus (an IS I think) told me that a couple of years into the lease, Lexus offered her the option of turning in her car for the current year model with no increase in payments (just extending the lease essentially, but with the newer car). Is this a fairly common occurrence? Is there a catch?
Anybody hear of leasing through SouthBank and know anything about it?
Thanks so much,
Alexis
Thoughts?
Alexis
Can anyone help me?
Lexus RX350 AWD + VN Navigation System/Mark Levinson Package MSRP $45,705 ($38,800 + VN package $6,190 + destination $715)
I live in socal area (near pasadena), I'm considering a 48 or 60 months lease terms 15,000 mile/year
down payment: from $4,000 (my pay off honda accord) up to $7,000
my credit score is about 730 something
my questions are:
1. can anyone give me a rough figure of final sale price, monthly payment, down due at lease signed? suppose that i'm able to pay up to 9 Multiple Security Deposit (MSD) then what monthly payment will it be?
2. I'm not sure if I need full coverage insurance for leasing a car or just liability is good enough?
3. what lease but-out price is reasonable after 48 and 60 months?
excuse me if my questions sound silly, i've never owned a new car before.
am i wrong?
2007 400h
nav
prem plus
wood steering wheel
Seems high to me, but i don't have anything to compare it to yet.
In answer to your specific questions, even though you missed the "December to Remember" sales event, Lexus is still running a pretty attractive lease program on the 2007 RX 350.
While some manufacturers run early lease termination programs for current lessees that lets them out of their deals a couple of months early at no charge, if you want to get out of a lease earlier than that you are usually going to end up paying more for your new vehicle than you would have had you waited until the scheduled end of your current lease.
Car_man
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Lexus Financial Services' 36 month, 12,000 mile per year buy rate lease money factor and residual value for the 2007 RX 400h AWD without the entertainment system are .00203 and 56%, respectively. There is no dealer cash on this model right now.
Both of the aforementioned lease programs assume that you qualify for LFS' "Tier 1+" credit tier.
Car_man
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Car_man
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Car_man
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Also, it's never a good idea to make large down payments on leased vehicles. Consumers who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered. There's nothing wrong with trading in your Honda Accord when you lease your new Lexus, just have the dealer that you are working with cut you a check for it instead of using the proceeds from it as a down payment for your lease.
I would be happy to give you an idea of what sort of lease payment you would have to pay on this truck right now, but in order for me to do so I need you to provide me with its approximate selling price. You should be able to get an idea of how much you will have to pay for it right now by visiting the following discussion: "Lexus RX 350: Prices Paid & Buying Experience".
Lexus Financial Services will likely require you to have full insurance coverage on any vehicle that you lease through it.
Car_man
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2007 RX350 AWD
Packages - Heated Seats, Rain sensing wipers, Towing Prep, Luxury Value (Leather, etc.)
MSRP - $41746
Lease CAP Cost - $38,500
3 year, 45,000 lease
Residual - 53% - $22,125.38
Payment - $598/month + tax
Lease Factor - I calculated to .00236 based on all the information provided.
I noted there is an additional $1250 dealer cash on this now (2007), and Edmunds TMV price for this is $40,306, less the $1250 and my $38,500 still seems pretty good.
Anything I'm missing?
Has anyone ever used South Bank Leasing?
$563/month + tax
Having some insurance issues right now though, so I haven't picked the car up yet First quote I got from my agent for insurance was WAY more than I expected.
http://www.lexusofannapolis.com/ou/annapolis-lexus/?make=lexus
MSRP-40,400
Price-38,500
Down payment-4300.00
36 months
1200 miles
tax-6.5%
Residual-54%
Money Factor .00265
Monthly Payment---$596.00 less one month
MSRP 40,301
Price 34,525
36mo/12k, same residual and money factor
$1000 down (incl 1st month), $550/mo
I was told I was getting one of only two 07s left at the $40k MSRP.
$38,500 is way too high for an 07. Lexus of Sarasota quoted me $37,200 for a 2008.
This will be my first time leasing so I am very new to this process. I am looking to lease a 2007 Rx350 AWD with the following packages: FT,HH,NV,PT,TO,WL,C1. In other words, the options are 18" wheels, heated front seats w/ rain sensing wipers, navigation system, premium plus package, towing prep package, wheel locks, and cargo mat.
For the above vehicle I was quoted an MSRP of $38,800 + $6191 for the options + $715 destination charge for a total MSRP of $45706. For a 2 year, 15,000 miles/year lease the dealer is quoting me a total cap price of $42,463 and a residual value of $26,966.
My questions:
1) Does my total cap. price seem fair?
2) I have one month left on my lease of an Acura SUV. The dealer is offering to pay for the last month on my lease. How should I value this when I enter in numbers in the Edmunds lease calculator? In other words, where should I factor in this number?
2) What should the residual be for the above options on a 2yr 15k/yr lease?
3) What should the money factor be for someone who qualifies for tier 1 credit. What about tier2? I was told I am tier 2 but that they were able to get me into tier 1.
4) How do you (car_man) get the residual values and money factors that you cite? Should I be able to get exactly the money factor and residual values you cite?
5) Why does the money factor depend on the options my vehicle has?
6) On the edmunds lease calculator you have fields for "miles driven per year". Why does this matter if I enter an explicit residual value in the calculator? As I understand it the mileage I buy should only affect the residual value.
I know I have asked a lot of questions, but I really appreciate your help!
Car_man
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Car_man
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Car_man
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As far as this deal goes, the money factor looks good, but I suspect that you will be able to negotiate a lower selling price than the one that you were quoted if you are in an area that has a decent level of competition. You are only being given a $1,900 discount on this truck. This is really only like a $650 discount once the $1,250 dealer cash that is available on the '07 RX 350 is taken into account. See if you can negotiate a lower price than this.
Car_man
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If you are in an area that has a decent level of competition, I would not be surprised if you were able to negotiate a better price than the $42,463 that you were quoted. This price represents a discount of $3,250 from MSRP, but this drops to only $2,000 once the $1,250 dealer cash is taken into account. This is on a truck that likely has a spread of more than $5,000 between its MSRP and dealer invoice price. Not to mention the fact that the 2008 model is already at dealers, making them more anxious to unload their remaining '07 models.
The fact that the dealer that you are working with is making your final payment on your Acura for you is eating into the discount that you would normally be able to negotiate on your RX.
Lexus Financial Services' current 24 month, 15,000 mile per year buy rate lease money factor and residual value for the 2007 Lexus RX 350 without the entertainment system option are .00275 and 59% for consumers who qualify for its Tier 1+ credit tier. The options that your vehicle has does not have any impact upon its money factor, but it may have an impact upon its residual values. Unfortunately, I am not aware of a resource that provides accurate information on manufacturers' lease programs to the general public.
Car_man
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In my original post I asked how you are getting the residual values and money factors. Do you have some sort of inside knowledge? I am asking this so I know how much I can trust your numbers if I try and negotiate with the dealer.
Finally, what do you think about a 24 month lease vs a 36 month lease? I was thinking I could lease for 36 months and try to find someone to takeover my lease for the last 12 months if I don't want to keep the car any longer. I read the articles you linked to in your reply already.
Thanks.
A 36 month lease will definitely provide you with a lower monthly payment than a 24 month lease would, but don't count on being able to easily find someone to assume the final year of a three year lease. Finding a consumer who is willing to assume your lease payment is often a lot easier said than done. Lessees often find that they have to sweeten their deal by paying money out of their own pocket to entice someone to take over their deal.
Car_man
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