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2013 and earlier Lexus ES 350 Lease Questions
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Comments
MSRP 37520
Cost 33785
Residual 53%
Money Factor .00150
MSRP 45225
Cap Cost 42970
Money Factor .0020
Residual 52%
10K miles / year
36 month lease
tax credit (eliminates sales tax)
I feel the money factor is too high, but I called another dealership and was told the same rate.The Houston dealers seem to be aligned in their pricing, rates, etc. Are these the current rates?
I am in the process of trying to find a deal on an 08 ES 350 for my wife. I have engaged a few local NJ dealers via the internet. I basically asked them to furnish the current money factor and residual based on 3 year and 36k mile lease. A few of them told me the august MF and residual would be coming out on the 24th (today.) If you get word of what the new MF and residual are can you post it here asap.
I greatly appreciate this forum as I used it to lease my MDX at dealer invoice. If it weren't for this forum I know I would have been robbed.
Regards,
Scott
MSRP 45225
selling price 41450 ($3775 off MSRP)
tax credit (saved $2580 sales tax)
money factor .00125 (quoted .00165)
residual 51% 10K miles /year $23064
$1000 down / payments $599 36 months
Residuals are the same as earlier in July.I tried to use MSDs to buy the rate down, but they said no multiple security deposits on the promotional rates.
The money factor is fantastic, but the residual in my opinion is ridiculous. If you look at just about any car that I consider to be in its class ie: MB C300, Audi A4, BMW 328, Infiniti G35/37 they all have residuals of 56% and upwards of 59%.
I know we rarely will get a money factor as low as .00065 and a residual at 56+%, but 52% in my opinion is insulting.
I had a discussion about it with a salewoman at a local NJ dealership. She was ranting an raving about how much more u get with the es350 than any of the other cars I mentioned and how much better the car is in general. I asked her how then is it that the car loses on avg 5% more to depreciation than the other "inferior" vehicles. She didn't have much of an answer other than...u clearly like the car or you wouldnt have inquired.
I can not buy / lease a car if I feel like I am being swindled simply because everytime I see it or drive it I will be annoyed by it.
Has anyone ever had an experience where they were able to get the dealership to raise the residual or am I stuck to try to negotiate under invoice to make up for their unrealistic residual?
For anyone that thinks I am being over sensitive go to a local lexus dealers website that will show their pre owned inventory. If they have a 2006 es330 (no nav) with roughly 36k miles I bet it will be for sale at roughly 27k. That car had a sticker of 35k. That is a residual of 77%. They are simply making a ton of money on the resale. I am all for them making money on the cars...but thats too much for me.
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Thanks for the quick feedback.
PM - Premium Package
HL - HID Headlamps
HH - Heated and Ventilated Front Seats
PA - Parking Assist
WU - Wood and Leather Steering Wheel
DC - Bluetooth Audio
BE - Rear Seat Side Airbags
HN - Power Rear Sunshade
FS - Full Size Spare Tire
$35,000 (thats roughly $230 over invoice)
36 month lease with 12k miles per year at $438.37 / month
Just inceptions plus first month payment due (roughly $1500 at signing)
Are these fees they say are part of inceptions standard: Bank Fee, Doc Fees, DMV Fees, Tire Tax.
I believe this is a good deal. I worked it pretty hard. What do u all think before I go down to finalize?
I just used the Edmunds.com lease calculator. (http://www.edmunds.com/advice/leasing/articles/48365/article.html)
Also, Bank Fee, Doc Fee, Tire Tax are BS fees, and especially at $1060 (=$1500 inception - $438.37 first month's payment).
TTL is legitimate = Tax, Tag, License.
Tag and License =$200 so $1060 is overpaying by $860.
Also, what about the destination charge of $850? Is that legit?
I am going to the dealer on Monday night to discussgetting this deal done and would love to know if I should stand hard on the fact I am not paying those fees.
Thanks again.
The $600 acquisition fee is legitimate. LFS charges this fee on every vehicle that it leases. The doc fees on the other hand vary from dealer to dealer. While most dealers charge one, some dealers charge a lot more than others. Make sure to look at the $600 doc fee as part of your car's total selling price. If you feel that your total selling price for the ES that you want including the fee is lower at this dealer than it would be elsewhere, go for it. If not, you might want to shop around.
Car_man
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Car_man
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Car_man
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May I ask your assistance on this deal I am working on. This is my first time leasing, on my current camry I only dealt with the OTD price (after TT&L). I was able to get a dealer to go $38k OTD ($40,315 MSRP), I would like to lease as to keep my monthly payments low. But I do plan to purchase at end-term..
My question is, after reading through this forum. How can a dealer go about doing OTD when LFS determines the residual (that later will be taxed when I buy) and therefore I end up paying more? Is the dealer pulling one on me?
Thanks in advance!
Car_man
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May I ask your assistance on this deal I am working on. This is my first time leasing, on my current camry I only dealt with the OTD price (after TT&L). I was able to get a dealer to go $38k OTD ($40,315 MSRP), I would like to lease as to keep my monthly payments low. But I do plan to purchase at end-term..
My question is, after reading through this forum. How can a dealer go about doing OTD when LFS determines the residual (that later will be taxed when I buy) and therefore I end up paying more? Is the dealer pulling one on me?
Thanks in advance!
I hope that this answers your question for you. Since this is your first time leasing, it might be a good idea for you to check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
Car_man
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Do you know if the .00065 MF and 52% RV are good in MN??
MSRP 45285.
MF 0.00065.
Residual, I was told at one dealership that residual for Ultra Luxury Package is 50% and the other dealership told me it was at 52% (???).
The quote I get is 560 per month incl 7% GA tax.
No money down, just acquisition fee of 389 plus DMV fee of 41.
If the quote was done based on 50% Residual than Cap Cost is at 40000.
Payment ~ $523 + $37 tax.
My questions are:
What is a 'True' Residual value for this Model?
How good is this deal?
Do I have any more room to lower my payment?
Thanks,
Stan
Car_man
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Car_man
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first off i wanna say that i am new here, and new to the whole leasing process. reading the previous posts has given me some insight into the whole leasing procedure, but i still have a long way to go.
im thinking of jumping on the ES 350, $449 /month , with $0 due at signing( thats what the advertisement on lexus.com and the newspaper ad say)., 48 months and 10 k/year. The 4 years is the only thing that is really holding me back, 36 months sounded much better to me.
i spoke to the local dealer, and they said it comes to around $ 475 (with Kentucky taxes), and would owe out of pocket around $ 920 ( includes the first months payment, plus taxes and title). Haven't spoken to them about the entire breakdown, just wanted to get some opinions here, does that sound decent. This is ofcourse with the TIER 1 plus credit. The car offered is the with premium package without the Nav.
Thanks in advance.
Car_man
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The best way to evaluate the deal that you were quoted is to find out what selling price the dealer is charging you for the car that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shoot for a selling price that is as close to dealer invoice as possible. Once you have arrived at a selling price that you are comfortable with, have the dealer use Lexus Financial Services' buy rate lease money factor to calculate your monthly payment. LFS' current buy rate for a 36 to 48 month lease of an '08 ES 350 is .00065 for consumers who qualify for its Tier 1+ credit tier.
Car_man
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My deal terms:
2008 ES 350
Navigation
Premium Plus
HID headlamps
Intuitive parking assist
Wood & leather steering wheel
Rear side airbags
Full size spare
Preferred Accessory package (trunk mat, cargo net, wheel locks
MSRP including destination of 42,385
24 month, 15k/yr lease
vehicle cap cost 36,594 (I got 1000 extra off from Lexus for being a repeat customer)
residual 57% 24159
money factor .00065 (1.6% interest rate, wow!)
sales tax of 7.375% and 600 bank fee all rolled into the monthly payments
629.99 per month, includes tax and bank fee for 24 months
zero down
1st month payment and motor vehicle and document fees of 240 due at drive away, total $870 paid at dealership
no security deposit required
My wife loves the car, with all of the nice electronics and controls, and the smooth, luxurious ride. Good luck making a great deal.
I am about to open up the negotiating can of worms this week. Wish me luck!
msrp; 40305.00
negotiated price; 34823.00
down pymnt; 1750.00 inc 1st pay, tax, license, title and the b.s
600.00 doc fee which is negotiable
residual; 17331.15
money factor; .00065
monthly payment; 425.00 for 48 month 12000 miles per year
did i get a good lease
please let me know
I read in one of your replies that the 'residual' values are set by the bank. Can you tell me how or where I can get that information? I am looking to lease an ES350 in NJ for 48 months @ 20K/yr. The ES350 MSRP is $35,000 and I can get it for a sell price of $32,000. The invoive price is approx. $31,800.
Thanks,
lbjunior
Just as an FYI, I picked up my wifes new ES 350 last Saturday from Lexus of Englewood. I got the car at roughly $1800 under invoice. I was negotiating between Englewood, Warnock and Bridgewater. My deal is 3 yrs / 36k miles per yr at $425 per month with only inceptions of $1599 due at signing. With the 09's coming any day I think you can get the car under invoice if you work it. I was very happy with the deal I made, but I had to work pretty hard to go back and forth between them.
$1300 down( bank fee, first payment, etc...) and 506 per month.Included taxes-NY.
Only one problem lack of inventory, they have only 1-2 colors in stock, or wait until middle of September
MSRP 40,305.
Downpayment $926 (1st month lease included).
Monthly $480 (35 months)
Cap apprx $36,000 (sorry don't have paperwork in front of me)
Residual apprx. $21,000
Mileage allowance: 12K/per year (36 months lease)
Plus two year service.
My mistake was that I should have negotiated down to $460 per month - figure based on lease calculator.
congrats on your deal!
I am new to this forum and having trouble navigating here for some reason.
I wanted to ask you, what was your MSRP price and did your downpayment of $1,599 include 1st month lease payment of $425?
I wish I read your numbers before I leased my car. I did get very different figures from edmunds calculator which adds fees in vs. leaseguide calculator.
Thanks
ES350 w/ Nav an PP
8.235% ny Taxes down plus fees so about $2500 total which includes first months payment.
3 years, 12K Miles
$480/month
yay or nay?
What is PP? premium package? what is MSRP? Mine was 40,305 with 825 destination included. Has navigation as well.
So try for 1,000 rebate as downpayment, no cash at all and perhaps 470-480$ per month for 35 months. Try it.
Unfortunately noone replied to my post whether it was a reasonable and good deal.
Car_man
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