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2013 and earlier Lexus RX 350 / RX 450h Lease Questions
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Car_man
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I hope you didn't read my message wrong. I wasn't saying I don't believe you, I just wanted to make sure you sent me the correct numbers since 59% is also what the dealer ave me as the residual value but it just seemed a bit low.
Thanks.
Keep up the good work, and get some sleep!
You were a great help in getting me info for my RX330 lease. I now need some numbers for my father.
He is interested in a $0 down, 3 year, 12k mile/yr lease on a 2008 RX350 (better to look for a 07?). Which I have priced out at $41,746.00, figure $39k negotiated price (premium plus, no nav). Can you tell me what he should expect to pay and what the current residual and money factors are.
Thanks!
Car: 2008 RX 350 AWD, Navigation, Premium Plus.
I am being offered the following lease terms:
Term: 27 mo
residual: 71%
Miles/year: 10K
Money Factor: 0.00275
Total Initial Fees: 800
Lease-End fees: 400
Also, can someone post any prices paid for the car above?
Lexus sets the MSRP and the residual value (a function of months and miles). It also sells financing to the dealer for X. The dealer controls the selling price used in the lease calc when they cut a deal with you.
LFS "sells" the financing to the dealer for X, which the dealer can then mark up when they use it to calc your lease payment (the "money factor"). Just like a bank does when they buy money from the Fed and turn around and lend it to you at a higher rate. So you MUST get it in writing NOW that they will use the "buy rate" money factor which happens to be in effect at the time your car arives. It changes monthly, and is set by Lexus. However, Lexus allows the dealers to mark that up to make extra profit.
The acquisition fee (about $695, I think) is also set by Lexus, but they allow the dealers to mark that up too, so the dealer might add $200-$300 there.
So agree on a price and insist that they use the buy rate money factor and standard acq fee.
Is this a good deal?
2008 RX 350
MSRP - $44,146
Invoice - $38,917
36 month, 15k/year lease
Residual = 56%
Money Factor = 0.00228
No Down Payment
Pre-tax payment = $540/month
Thanks for your help!
Please advise if this is a good deal:
2008 Rx 350
MSRP = $45,706
Invoice = $40,284
36 month lease / 15k miles/year
Residual = 56%
Money Factor = 0.00228
No Money Down
$570 (pre-tax) / month
$5500 off MSRP. Sounds pretty damn good. Is that the price they're going to sell you the car at, because that's all that matters. If it's just some number that's floating in the fog then who cares what invoice is.
56% residual is set by Lexus. The dealer doesn't control that.
Money factor sounds good. Is that what everybody else is getting? Have you done the proper research and looked back over these postings? Doing so will tell you what the buy rate MF is for March. If it's .00228 then that's very good. If it's less, then the dealer is making money off the lease payment.
Starting to get the hang of this?
No money down is good.
Using my own little spreadsheet I get $576.98 per month, pre-tax. So the math is off a little but then I don't know the intricate details of your deal.
I'd say it's good. Jump on it. MF may slide down a bit in future months, but you can't time the market.
Good Luck!
Thanks for the thoughful response...everything makes sense to me...i have done my homework...the one variable i am having a hard time nailing down IS the money factor for March...
DOES ANYONE KNOW THE BUYRATE MONEY FACTOR FOR MARCH on the "2008" Rx 350, 36 month lease, 15k miles?
A few facts from going through this message board that threw me off:
1. I read through this message board and I think i came across .00228 for February....but it was unclear if it was for a 2007 or 2008.
2. CarMan had this comment in one of his postings:
"Lexus was providing a special lease money factor on the '07 RX 350 in February, but this program is no longer available in March. For March it moved its special money factor to the 2008 model."
3. So now I'm thinking the "special money factor" applies to the car i'm leasing. ANd after going back thoroughly through the board...I saw someone post a money factor last December for 0.00113.
Conclusion...if 0.00228 IS the buyrate...then I do have a good deal. If 0.00113 is the money rate, then the dealer went from making $450 off the purchase (which i can live with), to making $3,200 of my deal...which I don't want to live with...
Long and short...I leased the car...for $570/month...i talked to many dealers and i knew it was the end of the month...and i kept hitting bottom around the same area, so i concluded that the money factor couldn't be .00113....but for my own sanity i was hoping someone could confirm the buyrate money factor for the 2008 RX 350...
Anyone?
Thoughts?
An acq fee is built into all lease deals, whether they're through the financial arm of the manufacturer or a regular bank. It is $600 if you did the lease through LFS. LFS will not take less, and the dealer has no authority to lower it. However, the dealer CAN mark that up to make a little extra profit. They'll slide it in at $700 or $800 and hope you won't notice the few extra bucks doing so adds to the payment, and don't understand the math well enough to catch it. You can alway pay the acq fee up front if you want, with DMV fees, etc. If you roll it into the lease you'll end up paying an extra $100 or so over the life of the lease, since you have financed it. So $600 turns into $700. Very roughly. You have to have a little Excel sheet set up and run it both ways to know exactly. I'm not clear on whether the dealer gets a portion of the acq fee if it's set at the base amount. If it's marked up, I know they get that portion. It really has no bearing on whether they made money or not on your deal. Trust me, if they're writing it up, they're making enough money somewhere to make it worth their while.
Typically the negotiated selling price plus the acq fee becomes the capitalized cost that goes into the calculation of your payment. So if you take the acq fee out, and pay cash for it at the start of the lease, it will lower your payment a little.
If your dealer (or you) wants to use a private bank, like Bank of the West, here in CA, or you go through a private leasing company, (like Golden Bear, for all you Cal fans) then the acq fee may be different. The residual will likely come from from the Automotive Lease Guide, the bible of the car leasing biz. The money factor will come from the financial institution which is providing the money. So there can be a lot of moving parts to a deal. You really have to do your homework and figure out ahead of time exactly what the numbers should look like, so you can catch any sudden head fakes the dealer's finance mgr. might throw your way at the last minute.
Bottom line....$6 is nothing. You did well. Enjoy your new ride!
By the way, where are you located, and what dealership did you go through? It's always nice to let everybody know that. (But no salespeople's names. Not allowed.)
Go Bears!
12,000 miles
36 months
3K cap (down)
$550 a month
This is in New Jersey.
Not offey with the financial intricacies.
This was at Prestige Lexus in Ramsay...
ask for Harold - I haggled with them to get the price. Also, it was at the end of the month so they needed to meet their quota
The Miniuim is 12k/yr if you were gonna go with LFS. but the majority are 12k when you a Lease a Lexus.
The 71% may have changed into the month of April. The Resudule value may have went down 2% but the money factor may have been lowered. you migth wanna check with your Sales consultant.
I havent seen a 27 month but a 24 month lease. you can also do a 1 pay lease. that will help you lower the money factor.
The Question is do you need a Awd? that will just increase your payment by almost $40. If your more of a city Driver 2wd drive is fine.
2008 Lexus Rx350 with Nav 2wd $39,900 is a Reasonable Deal
2008 Lexus Rx350 with AWd $ 41,300 is a Reasonable Deal
Thanks,
Good Luck
Want to by or lease 2007 Lexus rx 400h. Do you know current incentives, specials, money factors, holdbacks for April 2007 in Connecticut? The car I am going to negotiate on is the commonly equiped model with:
Nav.,Premium Plus Package, 18" all-season tires and wheels, Wood Interior Trim, Heated Front Seats, the Tow Prep. Pkg (no hitch) a rear cargo mat and wheel locks. The MSRP of this 2007 RX 400h is $49,866. Invoice around $44,100? Please advise me. thanks
There are no Incentives on 07 hybrid as of yet. since it's hot Suv. Dealers will not give away holdback.Since im in the west coast.The MSRP on the Vehicle is $48,306 Invoice is $43,287. The diffrence is the tow hitch Reciever. $44k sounds about right.
Thanks, Good luck :shades:
I'm considering a lease on an 2007 AWD Lexus 400H with:
Navigation, Premium Plus, heated front seats with Rain-sensing windshield wipers, 18-in alloy wheels, Wood interior finish, Towing Prep Package, Cargo mats and wheel locks.
I've gotten a quote from a Lexus dealer in Houston, TX of $46,000 sales price and a lease offers of:
48 month (15000 per year): $859 pymt
36 month (15000 per year): $920 pymt
This is with no money down (all that is required is 1st pymt out of pocket). I am a first time leasee and trying to get a good deal for my wife in Texas. The sales tax there is 6.25%. Thank you in advance.
JB
I am in Jersey City, NJ and started to ask around since last week for leasing quotes for a 2008 Lexus 350 AWD, Premium Plus, and NAV.
Here is the best offer I has got so far:
MSRP: $45706
Invoice: $41000
27 months lease/10k miles a year
Residual: 71%
Money factor: 0.00275
Down pay: $1515
Monthly payment plus tax: $557
Could you let me know if this is a good deal?
Also, it's very likely that I will buy the car at the end of the lease. Should I expect I only need to pay the residual value + tax + registration fee when buying it from the leasing company?
I don't drive the car to work and will only use it for weekends leisure driving, so I probably will end up with a less than 15k mileage on the car at the end of 27 month lease. I gather it make more economic sense to buy it at the residual value and then sell it higher on Craig's list?
BTW, info i got here was very helpful when i cut price with the dealers because I was able to talk in their language. So thanks a lot!!!
JZ
2008 RX350 2WD W/ NAV
3900 OUT OF POCKET WHICH INCLUDES 1ST AND FEES
36 MONTH LEASE 15K MILES 499.00 PLUS TAX BUYOUT IS 24800
THANKS.
PS SHOULD I LOOK AT AWD OR IS 2WD FINE. I LIVE IN FL
Car_man
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The most important numbers for you to find out to ensure that you are getting a good deal are this truck's selling price and the money factor that is being used to calculate your monthly payment. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shop around for an attractive selling price for the RX that you want and then have the dealer that you are working with use its buy rate lease money factor to calculate your monthly payment. In the areas that I have seen this truck's lease program for, Lexus Financial Services' current buy rate lease money factor for a 36 or 48 month lease of an '07 RX 400h is .00245 for consumers who qualify for its top credit tier.
Car_man
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I am torn now on whether to buy or lease. Agh, the age old question. As I mentioned before, the 2007 AWD 400h with premium package and NAV has been negotiated down to $46,000.
The dealer has offered a no money down lease on a 48 month program for $859. They didn't provide me with any of the numbers that they were using to calculate that offer.
My insurance company (USAA) is offering a 5.99% fixed rate on a car purchase with no money down for 6 years which would make the payments around $766. Choices, choices....
Any advice?
Thank you in advance.
JB
I'd shop around, but if you are going to get the car from that dealer, definitely buy it..
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For now I can tell you that the money factor that you are being charged is way too high. Lexus Financial Services' current buy rate lease money factor for the 2008 RX 350 in your area is only .00195 for consumers who qualify for its Tier 1+ credit tier. Make sure that this is the money factor that is being used to calculate your truck's monthly payment.
If you opt to buy your leased vehicle at the end of your deal, you would have to pay its residual value plus tax to Lexus Financial Services, unless you are able to negotiate a lower price than that with them.
Car_man
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Is the money factor and residual for an RX350 AWD w/navigation
3/36k .00195 and 58% for the month of April? MSRP is $45,706, purchase price is 41,069. Thanks.
Since we don't keep cars for more than 3 years, we decided to give leasing a try - and after some research it seems like a good idea for us.
My wife wants to keep her payments in the same range as her current murano (530 a month).
We want to do a 36 month lease, no longer.
We don't want to pay a good deal up front. First payment is fine, but I would rather not pay taxes, etc up front (6.25% here).
Having put 42,000 miles on her car since Feb 05, we don't want to go below 18k miles per year.
We have excellent credit (hers is a 740, mine is 700).
Given this, and if we can get the dealer down to 38,000 (invoice about 34k, MSRP about 40,500) - what should we expect as a payment (assuming 1000 dollars at signing).
The dealer showed me about 780 bucks a month and 1000 at signing, which seemed *really* high. I would rather buy the vehicle for that price - or better yet, just get a new Murano for cheaper!
I realize our expectations might be a bit high, but I am confused how he could be asking so much more per month than what I am seeing people pay here... :confuse: :confuse: :confuse: :confuse:
Also, I don't know if they will consider your credit scores "excellent". I don't know what their cutoffs are but you may not qualify for their top tier credit.
But the reason I did not give the money factor and residual was because I thought this was set by LFS, I believe he wsa showing me a 51% residual and a 2.5% (I think) money factor.
I am considering leasing an '08 RX fwd w/no navigation. My local dealership is offering me a 36 month lease, 12k per year through Lexus Finance. Based on Tier 1 credit, I'd pay $1000.00 drive-off and a monthly payment of $550.00 (includes tax.) Could you let me know if this sounds like a good deal? I'm based in Los Angeles. Thank you.
DCSure5148