Last post on Dec 12, 2013 at 4:17 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Lexus RX 450h, Lexus RX 350, Car Leasing, SUV
#803 of 2773 Re: Money Factor & Residual on 2008 RX 350 FrontWD [Car_man]
Dec 14, 2007 (9:01 pm)
Thanks Car man. Just leased my 2008 Lexus RX last Friday. Decided not to get Navigation System. Felt I didn't really need it. Anyway, here is the deal I got with the Lexus Dealer in Birmingham, AL.
Got the 2008 Lexus RX Luxury Value Edition, with memory seats, rainsensing wipers, and towing prep package for $37,000. 36 month lease with .00155 money factor, 15,000 miles per year. Monthly payment including lease tax is $546. Paid $965.00 up-front fees. Considering there is not much competition for the dealer in our area, I feel I got a pretty good deal. I'm VERY HAPPY WITH MY NEW LEXUS!!! Thanks for your help.
#804 of 2773 Re: money factor for Houston dealership was too high? [gotlogos1]
Dec 14, 2007 (9:28 pm)
You essentially got the equivalent of the "December to Remember" promotion money factor (.00155) and paid the sales tax (rolled into the lease payment). They just played games with how they presented it to you.
#805 of 2773 Re: money factor for Houston dealership was too high? [briegel]
Dec 14, 2007 (9:47 pm)
Just to make sure we have FACTS here, to help us all...They spoke of L&M money and this was listed on the sales/lease contract as part of the fees.
They mentioned that Lexus, not them, was payin 5 percent of the sales tax. Subtracted from our 6.25 percent rate in Texas for new car purchases. They essentially aborbed about 1800.00. We paid the other 1.25 percent via the L&M fee itemization.
They started at .00255 at the one dealership in town and when we mentioned to the dealership that we eventually bought from that the other dealership offered .00225 money factor, they matched it with no questions.
Both dealers volunteered the sales tax promotion info so I don't think this was a sales gimmick/sleazy tactic ONE of the dealers used. I think it is a GIMMICK but somehow it comes from LFS and is either regional or national. The GIMMICK does seem to save you money but its playing games, confusing to the customer, I certainly would rather not play games.
I'm just curious if other purchasers this month were told about the sales tax promotion and what kind of MF they paid. I want to know if we way over paid on the MF. If so, I have issues with my local dealership. Of course it is contingent on what the bottom line out-the-door lease payment was...i.e. if they did indeed play games with numbers but we still got a good overall deal because they gave us a higher discount on the car, then ok, but I know next time I will be a much better informed lease customer.
#806 of 2773 Re: money factor for Houston dealership was too high? [gotlogos1]
Dec 14, 2007 (10:02 pm)
That promotion must be regional. They (LFS) are getting the sales tax promotion covered by a higher money factor than is available in other parts of the country. It probably works out to be about the same.
#807 of 2773 Re: money factor for Houston dealership was too high? [briegel]
Dec 14, 2007 (10:25 pm)
Yes...I am thinking it must be regional as I don't see anyone here talkign about it...
They do mention that there is x amount of taxes and fees rolled up into the monthly payment. Bottom lin eis- if it is tax deducatible...you need ot be able to separate out that tax...
#808 of 2773 Re: RX 350 Lease in So Cal [socalguy61]
Dec 17, 2007 (10:22 am)
Longo Lexus through their Internet dept (This is the 4th car my husband and I have bought/leased from Longo Internet dept.) I would recommend them for Toyota and Lexus. They don't tack on "paint protection" "lojack" or any "extras" as many of the other SoCal dealers seem to do. We have found the best price their, probably because they are the biggest dealer in SoCal.
Dec 21, 2007 (8:50 pm)
Does anyone know if the 400h qualifies for the Dec to Remember lease money factor of .00155 posted elsewhere on these forums. I am being told the mf for the hybrid is .00275 and that the lower mf is only for the gas RX. I am getting a good discount off MSRP of $3,000. Thanx!
#810 of 2773 Re: money factor for Houston dealership was too high? [gotlogos1]
Dec 21, 2007 (8:52 pm)
briegel, was this money factor on a 400h or the gas RX? Thanx, John
#811 of 2773 Re: money factor for Houston dealership was too high? [fromboston]
Dec 21, 2007 (8:55 pm)
My understanding is that the .00155 money factor is for the RX 350...the 400h money factor is .00215. These are both for Tier-1+ credit.
#812 of 2773 Re: money factor for Houston dealership was too high? [briegel]
Dec 21, 2007 (9:03 pm)
Thank you so much! I thought I was getting taken!