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Prices Paid: Buying & Leasing Experiences Lexus ES 350 Lease Questions
466 messages, Last post on Nov 02, 2009 at 2:33 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hello Car man and everyone, you helped me in the past with a new car purchase, now I am trying to help mother lease another Lexus. Her current Lexus ES330 lease is due to turn in on Feb 1 however she wants to buy now or at least before her Jan 1 payment is due, although not mandatory. Could you please help with my math and leasing understanding? Looking at 2009 ES350 to lease. (blk on blk) Eligible for $1000 loyalty money. Credit score 854 TransU,850 Experian, & 717 equifax. She is in the Atlanta GA area (Clayton County 6% tax) MSRP on car is 41,395 Premium plus pkg. w NAV (other option that come with car is HL.PA,WU,BE,HN,FS) Going to offer $37,000 for car, I believe the residual rate is 53% and the money factor that the dealer quoted me was .00105 for tier1+ credit (is the MF rate correct?)I saw elsewhere on site MF .0009 Inceptions 41.00 tag/title/lemon law 599.00 dealer fee ??? 1st month payment (I was told Lexus charges 700.00 for new lease acquisition where does this get added to… inceptions?) So here go’s msrp 41,385X.53=21,934 37,000-21934=15,066 15,066/36=418.50 payment w/out interest and taxes (37,000+21,934)X.00105=61.88 is interest 61.88+418.50=480.38 payment with interest 480.38+6% cty tax(28.80)=509.18 total monthly payment Is this correct or should the monthly payment on this car be lower? She would like to put zero down. what is invoice on the car
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Replying to: bulion33 (Dec 10, 2008 10:57 am) |
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CarMan thank you for the reply. Today I went to the dealer and the offer on the table is $490 per month including tax,title and fees for a Black/Black Premium Package Plus. I would pay off the Volvo ( $2200 ) directly to Volvo financing and $300 out of pocket to Lexus which includes first month. 36 months lease / 12k miles Residual .55 or .53 (I don't remember) Money Factor .0009 Any thoughts on this?
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Replying to: Florida52 (Dec 13, 2008 9:54 am)
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Replying to: travispete1 (Dec 13, 2008 10:30 am)
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Replying to: Florida52 (Dec 13, 2008 11:08 am) There are simple lease calculators online. Of course, if you are rolling the premaining volvo payments into the lease, then the number makes sense.
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I'm new to the leasing side of car deals, and was wondering how the current December to Remember lease specials stack up? The 2008 ES350 with Premium Plus package is advertised at $369/month with $3919 due at signing. Term is 36 months with 12K miles a year. MSRP is listed as $37,950, and the purchase price at lease end is $18,596. Is this a "deal" or not?
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Replying to: travispete1 (Dec 14, 2008 5:31 am) MSRP $42,795 x .53 (residual) = $22,681.35 $37,000 - $22,681.35 = $14,138.65 $14,318.65 / 36 = $397.74 payment w/o interest or tax ($37,000 + $22,681.35) x .0009 (money factor) = $53.71 interest $397.74 + $53.71 x 7% tax = $483.05 total payment However, when I went today to the dealer they had some totally different numbers. They had the same msrp, selling price, residual of .53 and money factor of .0009 as I did yet had my total payment at $527.16 !?!?!?!?! The internet sales manager which I had negotiated with was off today so I didn't get a chance to speak with him, however, I don't understand why such the drastic difference. They also had a Bank fee of ($700,) Doc Fee of ($699) Gov't Fee ($293.50) and Taxes of $1,2464.66 which they had calculated out of pocket I had to pay $826 to the dealer, which included first month, tax and title. The sales manager on the floor said his hard cost on the car was $38,060. I told them to fly a kite and I would go to another dealer. Are my calculations correct? or am I way off base? PS. The amount owed on the Volvo was not used in any of my calculations since I found someone to take over that lease.
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Replying to: Florida52 (Dec 14, 2008 4:01 pm) Also, I believe the difference in the price is due to all the fees that they have my incurring. Bank Fee, Doc Fee, Gov't Fee, Taxes. Can anyone confirm?
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Replying to: Florida52 (Dec 14, 2008 5:31 pm) Try that link |
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