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You are in the Prices Paid - Buying & Leasing Experiences
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Lexus RX 450h, Lexus RX 350, Car Leasing, SUV
Apr 03, 2011 (3:10 pm)
Hey Car Man,
I am currently leasing an '08 GX470. I have another year on this lease but I was recently contacted by my Lexus dealer about bringing my truck in because these 'older models are in high demand'. They seemed very reassuring about getting me out of this lease early without penalty. I would be interested in leasing a 2011 RX350 but, I do not want to be responsible for the remaining payments on my current lease. Is this situation something that you have heard of or is the dealer just trying to scam me?
Also, do you happen to know the current (April) leasing program for the 2011 RX 350's (money factor/residual)?
Thanks so much! This forum has helped me for my last two leases!!
#2178 of 2763 Re: New RX lease [louiesmom]
Apr 03, 2011 (7:29 pm)
I do not want to be responsible for the remaining payments on my current lease. Is this situation something that you have heard of or is the dealer just trying to scam me?
No, the dealer is not trying to scam you but they may want to do a highway robbery without the gun. With your lease with Lexus, every month there is a payoff amount. If you have access to the online account, it is in there. If not, you can call Lexus financial and they will give you that number. The pay off amount is the amount of money that Lexus will sell you the car at this particular month. Essentially the dealer is offering you to buy the car from you using that amount so they will pay off your lease and they will take your car and sell it thmeselves. It is legitimate. However, if the truck is as desirable as they claim, you can probably sell it yourselves to another dealer and pocket some money. If you have multiple dealer in your town (or near by towns), you can call them up and talk to the used car manager. Told him the offer you received (but no name.. all the dealer in an area know each other well. You don't want them to gang up on you) and ask them to bid on your truck.. We did that a few months ago and sold our LS460 to a dealer and we walked off without any additional money.. Wife called 7 dealers and 3 reponded.. The high and low offer was about 3,000 different. The key is to generate some competition (and always say no to the first offer) and you should get the best possible prie in your area. good luck..
#2179 of 2763 Re: Just leased [ritazz]
Apr 04, 2011 (7:19 pm)
sorry - haven't checked the forum in awhile. email me at rcirz2irr.com and i can send you his info (want to follow forum rules and not disclose specific dealer names over the forum and i do NOT see him listed on the serramonte site so i can't just point you there...)
#2180 of 2763 2011 RX 350 AWD Nav
Apr 06, 2011 (2:07 am)
I am looking for a 2011 RX 350 AWD in SE Pennsylvania/S. Jersey with Prem., Comfort, Tow, NAV, 12 Speaker. It seems the car was about $48,300.00 but is now around $49,000.00 with the new price increase. I am looking for a 36 mo. 12k lease. Actual dealer cost from Truecar (with holdback removed and advertising fee added in) is about $42,600.00 for the pre-price increase car. Has anyone gotten close to about $44,000.00 for that car? I am also looking of the additional loyalty cash of $1000.00.
And Carman, can you tell me the current lease factor for April?
#2181 of 2763 Re: 2011 RX 350 AWD Nav [roblaw]
Apr 07, 2011 (11:03 am)
My husband was reading these edmunds boards and told me that when looking at lease prices, that a good deal is about 40% of the MSRP divided by the number of months on the lease (assuming 36months and 15000 miles). Is that correct? I am looking at a 2011 RX AWD with nav, prem, comfort, and remote start, MSRP at $48700, trying to get price of $42000 and deciding to lease or buy.
#2182 of 2763 Re: 2011 RX 350 AWD Nav [jane3]
Apr 09, 2011 (2:56 pm)
I do not know where you are so I cannot speak to the competitiveness of your market. Truecar gives the true dealer cost (invoice minus the dealer holdback with the advertising added in) at $42,600.00 for the pre-price increase car I priced out (a few hundred less than yours at about $48,300.00).
I got a what I perceive as a fair offer in PA of $44,000.00 and I keep the $1000.00 Lexus loyalty money. That gives the dealer about $1400.00 profit. Yes, I could have shopped 10 dealers, wasted many hours of my time and probably saved a few hundred dollars. No negotiation was necessary with this offer. Truecar dealer cost is probably a few hundred higher, maybe $42,900.00 on your car. Since this is the dealer's actual cost I would be surprised if a dealer is willing to lose $900.00 to sell a vehicle. The dealer I last purchased my last RX 350 would not come below $46,500.00 for the vehicle I priced out so I feel that my agreed price is probably decent.
#2183 of 2763 Re: 2011 RX 350 AWD Nav [roblaw]
Apr 10, 2011 (6:44 pm)
Thanks, good to know your numbers. I will use trucar and aim for $44000.
#2184 of 2763 Re: 2011 RX 350 AWD Nav [jane3]
Apr 12, 2011 (3:10 am)
Jane: Did you ever nail down a price? I see people saying that they got lower than actual dealer cost. The Truecar price is supposed to be actual dealer cost (not invoice), yet a few posts from different areas of the country show prices below cost (meaning even after the dealer holdback is removed). I do not see how a dealer is going to lose money on a deal. I went to my current dealer and they would not come below $46500.00 and I got $44,000.00 without arguing for my current offer. I know I could have solicited offers from multiple dealers but I do not have the time nor the inclination to do that.
What was your experience? Are you local to SE PA/NJ?
#2185 of 2763 Re: 2011 RX 350 AWD Nav [roblaw]
Apr 12, 2011 (3:59 am)
The Truecar price does NOT reflect dealer cost. In fact, very few people inside a dealership know the actual cost to the dealer. No dealership is going to entrust revolving door sales personnel with proprietary cost information for competitive reasons. Moreover, there are so many other costs that factor into the dealer cost other than holdback. Floor plan costs or the cost of financing is one such cost. Other costs include manufacturer to dealer incentives not generally known to the public.
#2186 of 2763 Re: 2011 RX 350 AWD Nav [delta737h]
Apr 12, 2011 (4:11 am)
Thanks, John. Then if I settle for $4400.00 off a $48,300.00 Lexus (Truecar profit of $1400.00 for the dealer) am I leaving too much on the table. Some posters are suggesting that they are getting cars far lower than invoice, even accounting for the holdback. I am OK with the dealer making a profit and I am not inclined to waste my time (because I bill by the hour) going back and forth with 10 dealers. unless you are suggesting that I am leaving several thousand dollars on the table. These incentives you speak of, neither Edmunds nor other sites finds out about them?