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Prices Paid: Buying & Leasing Experiences Lexus RX 350 / RX 450h Lease Questions
1570 messages, Last post on Nov 28, 2009 at 7:02 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: LexRX350 (Dec 12, 2008 5:00 pm) As far as this specific deal goes, the best way to evaluate a lease is to look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how much of a dealer discount you are being given. Find out what it is and let us know here. I am sure that either myself or another knowledgeable community member will be happy to give you their opinion of it. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: lex_nj (Dec 24, 2008 3:55 am) Yes. The MSRP was 46241 (which is prem plus, nav, heated seats, cargo tray, etc.). My payment is $439 a month for 36/10K with Westchester County tax (7.375%). My payment before tax is $409. Out the door was acq fee, first month and registration fees. I believe that was like $1440. (It's been a week...the exact OTD is fading...but that's all there was). There was a 'small' decrepency between how I calculated the tax and how they did. We agreed on $38,000K sell price which should have been $409 and $439 by my calculator. They were about$5 more with taxes a month. We settled on the $439 with taxes in number which drove the actual sales price down to (I believe...don't the paperwork in front of me) to $37821 in order for them to come in at the $439 a month payment with taxes. So this deal was Prestige Lexus of Ramsey,NJ. A big dealer...a bit north of Paramus. I did the initial contact through their website...but they were very much a 'talk on the phone' kind of dealer once initial contact was established. When we talked, he salesguy asked me if there was a number I wanted them to beat. I didn't give him one and his offer was 39500. I went back and said all I wanted was a 'fair deal' and that fair (in the world of the Edmunds Forum at least) appears to be $38000. He matched that number within about 15 minutes. (Of course he had to talk to the sales manager.) My local dealer in Mt Kisco when I tried to 'work them' to the same price could only come in at $38300 for the same vehicle even with knowledge of the other offer. Ray Catenia in Larchmont might have been willing to work the price down to the same numbers...but I didn't think there was any difference between the two dealers in terms of distance from my house...so I took the first offer from Prestige. In hindsight it's a little bit of 'drag' as a NY resident buying a car in NJ. I didn't get new plates or a NYS registration sticker on delivery....I'm waiting for them to arrive at the dealer so they can be mailed to me. Also, the vehicle didn't come with a NYS inspection sticker...I haven't been back in touch with the dealer about it...but I suspect I'm out $35 and the time to have a local service station inspect the car to get the sticker. The $35 isn't a big deal of course...it's just another thing I have to get done on a Saturday. All and all it was a reasonable experience....I'm not 100% sure that next time I'd travel the 30 miles to save the $300...given that the free loaner car component will now require me to drive to NJ to receive the benefit (should I decide it's important to take advantage of)...and the 'wierdness' of driving a vehicle around with two dealer 'plates' that say Prestige and no registration other than a 'transport' sticker that's good through the end of the month. Hope this helps.
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Prices on RX 350 and 400h are great in the Bay area these days. Yesterday, I bought an rx400h from Magnussen Lexus in Fremont. I first established contact by email. Paul Wright responded and he was great throughout the process. We visited the dealership for a test drive. As we did not want a lengthy negotiation at the dealership, I did the negotiation by email/phone over the next couple of days. Agreed to $8800 off MSRP, which was about $52,400 AWD with Nav+Levinson The terms of the lease 36/10k: $900 down + $1100 refundable deposit $539/month incl. tax (8.25%). |
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Replying to: Car_man (Dec 24, 2008 4:14 am) I agree that $3,700 is a lot. However, putting a bit extra down is definitely worth it on the RX350 these days. The current money factor on RX350 is .00095. However, the MF is reduced to .00015 if you put down a security deposit ($1000-$2000 I think). This will typically lower your interest payment from $60/month to $10/month. So you are effectively getting a $600 annual return on your security fee -- this is a great deal. EVALUATING THE COST OF A LEASE: RESIDUAL MATTERS I agree that the selling price is important for evaluating the cost of a lease. The Residual Pct. is very important too -- in particular if you do not plan to purchase the car by the end of the lease. To take an example: I just bought an RX400h with an MSRP of $52k with $8,800 off. A 36/10k lease has a 51% residual, which makes the capital cost about $485/month =($44,000-$26,520)/36 In comparison, the RX350 comes with a 55% residual for the same lease, 36/10k. Had the same residual applied to the RX400h the monthly capital cost would only have been about $427/month ($44k-$28,600)/36. So I would have saved about $60/month (+tax) if the residual pct on the 2008 rx400h had been the same as that on the 2009 rx350. (Naturally, the model year 2008 vs 2009 is part of the reason that a new 400h does not come with as high residuals as a new rx350). In general. A higher residual pct makes your monthly payment lower (and your end-of-lease purchase price higher). |
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Hello group, Just wanted to post the lease deal I signed today on a 2009 RX350 AWD Premium Plus Package; Luxury Value Edition. I have looked at other deals here on Edmunds ' forums and I'm pleased with the deal. Hope this helps others. MSRP = $39,100 With options and Delivery Processing & Handling = $42,776 Sell Price = $36072.12 Adjusted Capitalized Cost (incl. taxes) = $37187.54 Months/Miles 36/12,000 Rent Charge = $2,061.82 Residual = 54% Money factor = .0095 Monthly payment incl. tax = $448.62 Amt due at lease signing = $1,000 (1st month, title, docs, etc.) Warnock Lexus, NJ |
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Replying to: nyc6035 (Dec 24, 2008 4:28 am) |
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Replying to: nyc6035 (Dec 24, 2008 4:28 am) Great post, very detailed and great deal. Congrats! I'm trying to close similar deal for the last two days with the same dealership, but so far haven't get anywhere close to your numbers ($409). They are sticking to $450 for the same car, but without NAV (this should be about $2600 less in MSRP). Amazing! I was trying to recreate your numbers using car lease calculator http://www.leaseguide.com/calc.htm but after plotting all your numbers it comes to $417 before tax. I offered them this, but without any luck. He (dealer) told me with laughter that he would lease himself for this price, and it is impossible that somebody from Prestige leased it for this price, and if I can prove that it was bought from their dealership he would be obligated to match the price. I do not know if you are willing to disclose some more info about this deal, but if you do email me to jacob777_98  yahoo.com
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Just wanted to share details and experience with others as I found this forum extremely helpful. Will be finalizing paperwork and picking up car before the 31st. Details: RX350 with Nav - MSRP $46,241 Selling price $38,365 36 mos/12k Monthly payment $489 including taxes at a rate of 7.375% Drive off- 1st month plus transfer for plates - dont have exact figure but $600 plus I worked with local dealer who provided very professional service (also did test drive). The initial quote was at a selling price of $39,500 and I emailed him that I was seeing prices on this forum at $38k from a fairly local dealer and that I would like to give him the business but was willing to go elsewhere. He came back at the above mentioned price which in effect was maybe $11 more per month than $38k which I still had to work for. The only temporary glitch was that after running my credit report, they said I did not qualify for the Tier 1 plus but rather the tier 1 which would add $7 per month. Not that it would be a deal breaker but was concerned that this was a tactic to up the price. I asked how far off I was and if there was any flexibility if I was borderline. He then called me back and said the GM was able to negotiate the better rating. This gave me comfort that no games were being played. I am now able to drive less than 10 miles to get the car and it feels good to be able to give the business to someone I met in person and who delivered excellent service. Thanks to all on this forum and good luck.
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Replying to: cityboy2 (Dec 24, 2008 12:20 pm) I'll dig out the paperwork and get you some additional info by PM shortly. Happy Holidays! |
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Replying to: cityboy2 (Dec 24, 2008 12:20 pm) I can't get that deal either. you should probably be paying 410-415 for non-nav and 440-450 for nav in the northern jersey area - Prestige is probably the most likely to give that. That's the best that i've seen so far, except for nyc6035's deal. Again, this is all with no cap cost redux and before taxes.
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