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Prices Paid: Buying & Leasing Experiences Lexus RX 350 / RX 450h Lease Questions
1582 messages, Last post on Dec 03, 2009 at 11:27 AM
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Replying to: indus2 (Nov 26, 2008 9:57 pm) The cap cost is 36.084.81 As I have never heard of any disadvantage of a prepaid lease. Please explain "the risk of losing money is your car is totaled/stolen". I don't sign the deal until Sunday and do not want to do anything stupid. |
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Timelockmind, In a scenario your car is stolen/totaled, your primary insurance company will pay out what they consider to be the market value of the car. If that market value is less than what you owe to the bank (the finance company), your gap insurance will kick in and cover the difference. In the case of a pre-paid lease, you will never be in a situation where you owe the bank more than the car is worth; however, it is likely that you will not recover all of the money you've paid up front. That risk is the greatest in the beginning of the lease, and diminishes over time. Having said that, the cap cost you've negotiated is very good. Assuming there is a $1000 coupon that the dealer is applying on top of it towards cap cost reduction, you should be at around $430/month with just inceptions up front, assuming 7% sales tax, without pre-payment.
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Replying to: indus2 (Nov 27, 2008 6:51 am) Yes, they applied the $1000.00 coupon toward the cap reduction. As I mentioned, with the one-payment lease I'm at $410.95 (including taxes). That's it. That is the total amount. With the standard lease I am at $1557.05 down and $455.80 for the remaining 35 months. I know you can't make a decision for me, but considering the $1,600 savings with the one-pay, what would you do? And considering the excellent cap reduction how much risk do I really have if the car is totaled or stolen at the beginning? Thanks very much for your help! By the way, I assume this is an absolutely outstanding deal (or not?) Ken
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Replying to: Timelockmind (Nov 27, 2008 10:10 am) As far saving $1,600, consider that $14,000 CD paying 4% yields ~$560/year. I realize there are tax implications, etc , but the point is that your real savings are much less than $1,600.
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Replying to: indus2 (Nov 27, 2008 10:38 am) The one-pay lease: 410.95 X 36 = 14,794.20 plus the $700 Lexus lease acquisition fee plus license fee comes out to $15,944.16. As to the $430 -- add in the $700 Lexus lease fee plus license plus Los Angeles 8.25 tax and that gets me to the $455. Make sense? Oh, and forget 4% for the next three years. My guess is 2 to 3% if we're lucky! I don't have the residual or money factor on my paper work. Does this help? One-pay or not? And what do you think of the deal? Ken |
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I'm confused with the terms of your lease... If you go with the traditional lease, your up-front payment would include the $700 acquisition fee, doc fee, MV fee, and 1st month paymt, which should total approx. $1600. With that, based on the sticker price of $43,476, cap cost of $36,084, residual of 52% (3 yr/15k), money factor of 0.00095, cap cost reduction of $1,000 (lexus coupon), and 8.25% sales tax, your payment should be ~$438/month. Regarding the interest on your money, I wasnt predicting where the rates are going... All I'm saying is that you can open a 3 year CD tomorrow at GMAC bank with APY of 4.5%.
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Replying to: indus2 (Nov 27, 2008 11:57 am) The residual is $22,000 (and change). I will get the money factor tomorrow. And I will take your figures to the dealership. I also called my insurance agent for direction on the one-pay issue. Your input has been extremely helpful. Forget the few dollars difference in payments for a moment -- have you seen or heard of a better deal than this anywhere?
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Replying to: indus2 (Nov 27, 2008 11:57 am) My lease is about to expire on my Lexus RX330 and have been looking to take advantage of the deals for the RX350. But I'm trying to understand how to get a dealer to provide a cap cost $2K below the invoice price, such as this deal being discussed, and then an the additional $1K Man. to Dealer coupon? I believe I'm missing something with the cap cost. Any help would be greatly appreciated as I am trying to get into an 09 RX350 NAV, thanks. 
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Gorodo025 My salesman claims this is the cheapest deal they have ever done on an RX350 AWD (I bet they tell that to every buyer!). Having said that, I have not seen or heard of a better deal. All I can say is that Lexus - like the rest of the car dealerships - is really hurting. I take no joy in that.
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Replying to: Timelockmind (Nov 27, 2008 1:32 pm) As I said, I think your deal is very competitive. I mentioned in my post from a couple of days ago, I just leased a 2009 non-nav, MSRP $43,591, 36month/15K. I negotiated a cap cost of $36,779, before the $1K lexus coupon, which esentially brings the net cap cost down to $35,779. My drive-off was ~$1700 (acquisition+1st month+doc fees+DMV). Payment is $450/month, including 7% sales tax. I'm glad you found my feedback helpful, afterall that's what this forum is for 
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