Any and All Lexus Questions here!

lexus_carguy1lexus_carguy1 Member Posts: 5
edited November 2016 in Lexus
How to get a good deal.

How to find the right model for you.

How to use/understand any feature in a Lexus.

Questions you can't find the answer anywhere else on the internet.

Comments

  • gtmiamigtmiami Member Posts: 34
    ok what are the main things i should ask when going to get a lease deal?
    so far i know Money factor (has to be low) and residual %(has to be high) correct?
    What else?
    Thanks!
  • lexus_carguy1lexus_carguy1 Member Posts: 5
    @gtmiami Good questions to ask...

    To answer your question I listed the best and typical things to ask. The most important is the very last one! But you need to do the rest to get a great deal, the last one just tops it off.

    What is the car's residual value?
    Yes a high residual helps a lot. And Lexus is known for that. The residual is set and doesn't change per customer.

    Are there any lease specials?
    Lease specials run are by manufactures and always/usually on base model cars so be prepared for the price to go up when you include say, the premium package and navigation AND taxes, tags, drive off fees.

    What is my interest rate?
    The better your credit, the better your interest rate. 720 and up is all you need to get the best rates. Ask for any rate specials, usually going through Lexus Financial Services will always beat your bank rates because they're in the car industry and banks are not. Yet using your bank's competitive rate can help leverage you to getting the lowest rate from them. You can also ask point blank what the special rates are, especially this time of the year during holidays, they will have great rates.

    How many miles does the lease include?
    Standard 20cents per mile prepay. 25 cents per mile penalty. Mileage isn't as scary as people think. This means it's only 5cents a mile when you go over than you would have paid ahead of time. 1000 miles x.05 is $50 dollars more than it would be to pay ahead. So it's better to be 1,000 miles over than 1,000 miles under when estimating your usage. You would have spent that money anyway when you go over and it's only $50 more. When you're 1,000 miles under, you prepaid and lose that money.

    What drive-off fees do I have to pay?
    Delivery fees are different at every dealership. The one in Lehigh Valley, PA is $389, while another in NJ is over $800. They're different everywhere, but every dealer has them. So while you're getting a "great deal" by $10 more at one dealer than another over a payment, be clear on what the delivery fees are.
    Other drive off fees include first payment, taxes, acquisition fees.

    SECRET TRICK TO NO INTEREST - NINJA BONUS NO ONE TALKS ABOUT
    Ask about putting down security deposits. How many? and how much?
    You can make multiple security deposits. Leasing a car requires a security deposit that's usually equal to one month's payment rounded up to the next $50 interval. If you double or triple that amount, the leasing company will lower your interest, which in turn will lower your monthly payment.

    Now why would I want to put this extra money down rather than a down payment??
    Well, leasing in PA for example is 9%. When utilizing the maximum amount of security deposits you can make your interest virtually zero. So? So where can you go to safely put a few thousand dollars and expect a 9% return on your money? The banks? Safe stocks top out at 6%? If you have the money, it's a great place to put it. And as an added bonus, you get it all back when the lease is over. So you can use it on your next lease, use it as a down payment, or just put it back in your bank.

    Hope this helps! Ask me if you'd like to clarify anything!
  • red55red55 Member Posts: 3
    I plan to buy my 2014 RX350 with 16,700 miles when lease ends next month Want to buy the extended warranty and see that a "certified used" comes with a warranty extension. How do I get the car "certified/"
  • kyfdxkyfdx Moderator Posts: 197,874
    red55 said:

    I plan to buy my 2014 RX350 with 16,700 miles when lease ends next month Want to buy the extended warranty and see that a "certified used" comes with a warranty extension. How do I get the car "certified/"

    Ask your dealer. They can either certify it, or just sell you a comparable warranty.

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  • lexus_carguy1lexus_carguy1 Member Posts: 5
    @red55 @kyfdx is right, they can certify it at your Lexus dealership. Because you're under the miles limit for L-Certified and the in the year range, you should be good to go! Remember it adds two years, unlimited miles to the warranty :smile:
  • PF_FlyerPF_Flyer Pennsylvania Furnace, PAMember Posts: 9,400

    A reporter is looking to talk to someone who was originally shopping for a new car, but decided to buy a CPO vehicle instead because it was a better deal. If you're willing to assist, please send an email to [email protected] no later than Monday, January 16, 2017.
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