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Prices Paid: Buying & Leasing Experiences Lexus GX 470 Lease Questions
259 messages, Last post on Oct 27, 2009 at 1:42 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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| Can you tell me the residual value (%) for 36/15k and 36/12K for a 2006 GX 470 with Nav, Mark Levison, and DVD. MSRP is $55,360. Thanks. | |
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Hi, I will be getting a 2006 GX 470 loaded including the sport package next month. We visited the dealer yesterday to look and see what they offered. Here's the deal, it seems to me he is not offering me much. I will be leasing for 36 mo. 15,000 miles per year. MSRP: 57358.00 Cap cost: 54358.00 Residual: 32120.46 $816.00 per month money factor: he said 5.5% ( I have no idea what that means) I live in MN so taxes now have to be paid up front so the 816.00 I dont think includes a tax payment per month. We are putting no money down other than 1st payment and license fees. Can anyone tell me if he is being fair? There are only 2 Lexus dealerships in MN and they are owned by the same company. Thanks so much for responding! |
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Here is the information that you are looking for tcmotorcity. According to the latest information that I have seen, if you were to lease a 2006 Lexus GX 470 the with navigation and entertainment systems through Lexus Financial Services right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00190 and 56%, respectively. The money factor for an otherwise identical lease with only 12,000 miles per year would be the same, but its residual value would be 2% higher. Car_man Host Smart Shopper / Prices Paid Forums |
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Hello msizzle. The selling price that you were quoted for the GX 470 that you are interested in looks reasonable to me, but you still may want to stop by the following discussion to compare it to the prices that other community members have paid for similar trucks lately: george05, "Lexus GX 470: Prices Paid & Buying Experience" #, 5 Sep 2003 7:02 pm. Let's calculate a lease payment on the truck that you are interested in using Lexus Financial Services' actual lease program and see what we come up with. According to my calculations, if you were to lease a 2006 Lexus GX 470 with both the navigation and entertainment systems (you said it was loaded, let me know if it does not have these options), an MSRP $57,358 and a selling price of $54,358 through Lexus Financial Services right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $783. I used a money factor of .00190 to calculate this truck's payment. This is equivalent to an interest rate of around 4.56%. You should be able to qualify for this exact factor if your credit is in good shape and you pay a security deposit at lease signing. It sounds as though this dealership may be marking up your truck's money factor a little bit to add additional back-end profit to your deal. However, given the lack of competition for your business and the fact that you are not paying a security deposit or acquisition fee at lease signing, I would say that your deal isn't too bad. Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: Car_man (Oct 20, 2005 6:06 am) Thanks for your input and expertise. I ended up leasing a 2006 GX with Nav., Mark Lev., Sport package and rear entertainment with a MSRP of $57,358 and a negotiated a price of $51,506 through an out of town leasing company. That included shipping. My rate is 5.8% with the money factor corresponding correctly, I forget what it is, but I did check it out. The residual value is $33,180. No money down, no security deposit. I feel pretty good about this deal. What do you think? The rate is a little higher than the other dealer but, I was never offered anywhere near 4.56% anywhere and I checked around. I wonder why that is? My credit score is over 800 too. Oh well, everyone has to make money. Car dealers and leasing companies are not non-profit organizations. I just wanted a good deal that was fair to both parties. Do you think I got one? Thanks for responding. I appreciate it! I get my car this week...delivered right to my door. I cant wait!!!!! Thanks again, Msizzle
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You're very welcome Msizzle. You got a heck of a discount on this truck. A base '06 GX 470 has a spread of just over $6,000 between its MSRP and invoice price. You were given a discount of around $5,800 which looks like a good deal to me. It is amazing how much of a spread that Lexus dealers have between vehicles' MSRPs and invoice prices, especially in today's marketplace where many manufacturers are cutting that gap on their products. The money factor that you paid is a little higher than the special factor that Lexus Financial Services is currently providing on this truck though. LFS' current buy rate money factor for a similar lease is .00190, which is equivalent to an interest rate of just over 4.5%. Lexus dealers would have probably tried to mark this truck's buy rate factor up on you to add additional back-end profit to your deal anyhow, so overall I would say that you god a good deal on this truck. You have a very good attitude about thie new car purchase process, you want a fair deal (which I believe you got), but you understand that dealers have to actually make some money to keep their doors open. Congratulations on your new GX and enjoy! Car_man Host Smart Shopper / Prices Paid Forums |
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Do you have the residual value for a 48 month, 15k per year lease with the navigation system? Thanks for your help!
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Replying to: nato32597 (Nov 07, 2005 12:07 pm) Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: Car_man (Nov 10, 2005 4:20 am) I purchased my GX470 at the terms you gave me with nothing down and no security deposit. Of course it was comical when the finance manager initially stuck me with a MF of .0024 on the contract and then played naive about knowing anything about special lease factors on this vehicle. In the end, I purchased my GX 470 with an MSRP of $53,606 for $47,189 or $500 over invoice.
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I see that Lexus offers leasing on their certified pre-owned vehicles. Does this work the same as new cars with preset residuals or will I find much more variation dealer to dealer. We are just beginning to consider this as an option and any feedback would be appreciated. Thanks |
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