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Lexus ES 350, Car Leasing, Car Buying, Sedan
#141 of 871 Re: Should I Assume Lease? [tocapalla]
Apr 09, 2007 (3:08 am)
Hey tocapalla. Before assuming someone's lease, you really should compare the monthly payment of the lease that you are assuming with the payment of a similar brand new vehicle. It often turns out that consumers who want to get out of their leases early did not get the best deal.
I can work up a sample lease payment on a similar car for you to give you an idea of what it would cost to lease right now. According to my calculations, if you were to lease a 2007 Lexus ES 350 with the Ultra Luxury Package and Navigation that has an MSRP of $43,615 and a selling price of $39,200 (a little over $1,000 over invoice) through Lexus Financial Services right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $586. As you can see, the lease that you are considering assuming is nothing special. The only advantage to assuming it is that it is shorter than 36 months. I personally would pass on the assumption and go with a new car.
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#142 of 871 Where Do I find a Lease like that?
Apr 09, 2007 (6:16 am)
Hey Car Man, thanks for all the advice. If I could find a NEW Lexus E350 for around the $586.00 you calculated, I'd sign on the dot right now. However, every Lexus dealer and Leasing company I've talked to are quoting me a price in the $700 range. Where can I find a car at near the price you quoted? I live in MS, and the few and far between dealers in this and nearby states don't seem to want to deal. I've even contacted dealers in TX and several other states. THANKS again.
#143 of 871 lexus es350-nav
Apr 09, 2007 (12:08 pm)
The Window sticker on the car says $41,322.
#145 of 871 Re: Where Do I find a Lease like that? [tocapalla]
Apr 17, 2007 (1:43 am)
Hey tocapalla. If you are in an area that does not have a decent level of competition, the Lexus dealer or dealers that you have spoken with are probably trying to get close to full MSRP for the ES 350 that you are interested in. The higher your ES's selling price is, the more expensive it is going to be to lease. Plus, the payment that I came up with did not include sales tax, which can add quite a bit. All you can do to try to get a good deal on this car is shop around.
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#146 of 871 Re: lexus es350-nav [ramon159]
Apr 17, 2007 (1:50 am)
Thanks for the additional information, ramon159. A selling price of $38,454 on an '07 ES 350 that has an MSRP of $41,322 is a decent deal. Your car probably had around a $5,000 spread between its full MSRP and its dealer invoice price, so the discount of $2,800 that you received is around $2,000 over invoice. It does not appear as though the dealer that you got your car from marked its month factor up.
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#147 of 871 Lexus ES350-Thanks to You
Apr 22, 2007 (6:54 pm)
I wanted to take time out to thank you and the people who post to this forum. I was looking to lease a ES350 three weeks ago and started doing research with the forum. I live in Tampa, Florida and I headed out with my numbers. I went to the Lexus Tampa dealer. I decided I wanted the Premium Package with Navigation. Total MSRP was $41,322.00. I called them back and offered them $37,200 +TTL. They agreed but then wanted to charge me .00333 money factor and when I questioned I was told that he dosn't even have to share we me the money factor by the leasing manager. That this was the rate and he had been to Lexus financial and different banks. They think you just fell off the back of a truck. (Oh yes and I'm a female). I have Tier 1 credit. I was sure they were trying to make up the difference in the price of the car on the financing. I then e-mailed the Lexus dealer in Sarasota and within one day had my terms. $37,200 + TTL, 57% residual, money factor .00275, for 36 months and they had to order my car so I could have the color I wanted. I'm picking up my car tomorrow and I feel good about the deal. If it wasn't for your site and reminding people to contact different dealers I would have been paying a much higher payment. P.S. It felt good when the first dealer called back and asked if I was ready. LOL
#148 of 871 Re: Lexus ES350-Thanks to You [closer43]
Apr 26, 2007 (7:01 am)
If i may ask
What was your final monthly pmt, lease term, miles, money down ect.....
thank you for your input
#149 of 871 Lease payment estimate?
Apr 26, 2007 (8:08 am)
I've been out of the loop for a while, so I'm not sure what the numbers look like right now but ...
A friend of mine leased a 2007 ES350 with the $7,230 options package back in January. He walked out paying $36,250 (leased of course). I am negotiating the same deal right now. What would the current money factor, residual value, and monthly payment be for a 48 month lease (assuming no T/T, no capital reduction, and 15K/year)? I'm Tier-1+ credit.
Thank you in advance!
#150 of 871 Re: Lexus ES350-Thanks to You [eyeman3]
Apr 26, 2007 (10:36 pm)
My monthly payment is $498, lease term is for 36 months, 12,000 miles a year. I used money from my trade in of $5,000 to cover tax,title etc. I read that it is not a good idea to put so much down on a lease, but I wanted to get the payments down and I don't put alot of miles on the car. As in the case of the car I traded in, it was also a lease and worth quite a bit more because of low mileage, etc. Thanks again for your forum with so much information.