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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
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: Car_man (Aug 31, 2005 3:29 am) I am currently leasing a 2002 RX 300, whose lease is up in April (39 month lease). I am currently paying $514 with taxes in CA. I put nothing down, get 12k miles per year, I believe the sticker was discounted down to aroun $36k. The car as of right now is in great condition and only has 20k miles on it. I dont have the paperwork with me, so I don't remember the risdual or the money factor at the time of the lease. The dealership just contacted me about discussing a future lease. Can I use the fact that the current car has low miles and is in great condition as a bargaining chip to flip the lease as to secure the same lease rate (if not lower) on a new 05/06 RX330? I think my buyout on the car is like $26k (should I be considering this, because I might be able to sell it myself for more?). I feel like they are getting a car that is worth far more than that and I would like some incentives based on that fact.
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HI azhoopsfan. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. You are already off to a good start because you were able to get the dealer that you are working with all of the important information about this deal. The selling price that you were quoted for this truck looks reasonable to me. The money factor that is being used to calculate its lease payment is a little high though. Even though Lexus is not currently providing any sort of lease support on the RX 330, your money factor should be around .00235 to .00245 if your credit is in good shape. Another problem I have with this deal is the large down payment that you are making. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your RX 330 would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all. Car_man Host Smart Shopper / Prices Paid Forums
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Hi highfidelity. It is usually fairly expensive for consumers to get out of their leases well before their scheduled termination dates. The only way to do so is to just pay your remaining payments or to purchase your leased vehicle and sell it on your own or trade it in on another one. The fact that your truck is in good condition and has low miles normally would not do much for you with a lease, but if your truck is in good enough condition that it is worth more on the open market than it would cost to purchase it from the bank that you are leasing it through then you would be able to get out of your current lease early at no cost to you and might even be able to make a buck or two off of your truck. In order to determine whether you should purchase your vehicle, you need to compare its purchase price to its value on the open market at this time. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: Car_man (Oct 10, 2005 3:12 am)
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Replying to: highfidelity (Oct 07, 2005 1:31 pm) Got price for 2005 RX2005, 1 month ago for $41.500. everything inside ... Also get offer for $545 per months , 32 months on RX400h , $0 down , 10K miles... Somehow, car_men's prices is not compliting with my dealership prices.... 
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Replying to: highfidelity (Oct 10, 2005 6:35 pm) 2006 RX330 AWD Flint Mica Prem +, with additional options... 18" wheels, 6-cd, cargo mats, wheel locks, towing prep, heated seat with rain sensor wipers, and bluetooth hands-free for my cell phone (they were able to install the kit without the navigation for $419 <<--- might have been able to get a little less than that) $1,000 + invoice ($38,440) = $39,440 + $419 = $39,859 (sale price) I am leasing the car for $550/mo tax included for 30 mo, 12k/yr Anyone else got a better deal?? |
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Replying to: Car_man (Oct 10, 2005 3:06 am) |
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You're welcome highfidelity. Here is the info that you are looking for. According to the latest information that I have see, if you were to lease a 2006 Lexus RX 330 AWD without the navigation or entertainment systems through Lexus Financial Services right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00235 and 65%, respectively assuming that you qualify for its top credit tier and pay a security deposit. The numbers for an otherwise identical 36 month lease should currently be .00235 and 59%. Car_man Host Smart Shopper / Prices Paid Forums |
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Thanks for taking the time to share the details of your lease with us, tenchu81. Car_man Host Smart Shopper / Prices Paid Forums |
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Hello immeant. A money factor of .00345 is waaaaay too high for a lease of any Lexus through Lexus Financial Services right now. Its Tier 1+ buy rate lease money factor for consumers who pay a security deposit is currently only .00235. To qualify for Tier 1+, you have to have a credit score of 730 or above. Its plain Tier 1 factor is only slightly higher than this, probably around .00245 with the payment of a security deposit. It appears to me as though the dealer that you are working with is trying to mark up your truck's base money factor to add additional back-end profit to your deal. this sort of practice is perfectly legal, but can usually be avoided by confronting the dealer that you are working with with the buy rate for a lease of the model that you want or by shopping around. I can calculate a lease payment on the truck that you are interested in for you so that you will have an idea of how much is should cost to lease using the base lease program. According to my calculations, if you were to lease a 2006 Lexus RX 330 without the navigation or entertainment systems with an MSRP of $41,143 and a selling price of $38,650 through Lexus Financial Services right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $569. I used a money factor of .00235 and a residual value of 57% to arrive at this payment. Car_man Host Smart Shopper / Prices Paid Forums
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