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Prices Paid: Buying & Leasing Experiences Lexus ES 350 Lease Questions
471 messages, Last post on Nov 21, 2009 at 7:43 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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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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Replying to: michael123 (Dec 08, 2008 5:09 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: bandj (Dec 10, 2008 7:49 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: sebast23 (Dec 10, 2008 6:56 pm) As far as this car's selling price goes, shoot for as close to dealer invoice minus any available cash incentives as possible. You can look up this model's exact dealer invoice price over in the New Vehicle Pricing section of Edmunds.com. December is turning out to be a terrible month for new vehicle sales, even for Lexus. The sales at one local Lexus dealer that I spoke with are off 50% from December of last year. This works to your advantage in negotiations. The last time that I checked, LFS charged a $600 acquisition fee on every vehicle that it leases. You can either pay this fee at lease signing or have it rolled into your car's capitalized cost to bake it into your monthly payment. If the dealer is trying to charge a $599 "dealer fee" on top of this, it is nothing more than a way for them to try to add hidden profit to your deal. Try to have them eliminate the fee. If they give you the whole, legally we have to charge it to everyone pitch just have them lower your car's selling price by that amount. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: merlion0821 (Dec 14, 2008 6:00 am) In short, the best way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible on the vehicle that you want and then have the dealer calculate your monthly payment using its buy rate lease money factor. Manufacturers' official advertised lease specials are usually decent deals, however savvy consumers who are in an area that has a decent level of competition are usually able to negotiate lower selling prices than the one that was used to arrive at the advertised payment and in turn get a better monthly payment on their lease. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: Car_man (Dec 24, 2008 3:21 am) Thanks for all the help! This forum helped me to negotiate a pretty good deal on a 2009 RX 350 from a dealer that has lots of inventory of 2008s & 2009s. It occurred to me that the slow economy (Lexus sales are 35% - 50% lower than last year) have caught dealers with large inventories by surprise - and placed them in a vulnerable position. I'd like your advice on how to take maximum advantage of this buyer's market and strike the most aggressive deals possible by combining a number of purchases together under one deal. I've been gathering a few people who are interested in buying/leasing a Lexus before the end of December (to take advantage of Lexus' December financing specials) but am unsure exactly what motivates a dealer to clear inventory at a loss and a salesman to agree to significant discounts in order to generate more sales before the end of December. What options does a Lexus dealer have in clearing large inventory of 2008 models that isn't moving? Can it sell them to a partner at a discount, or does it have to sell to the public? What type of financial pressures is the dealer under for month/year end sales? In light of Toyota's devastating losses reported yesterday and a large inventory, do you think the dealer would be willing to take a significant loss on invoice in order to clear 5-8 cars before the end of the month/year? Since Lexus has been discounting MSRP by up to 20% - I expect that a much larger discount would be considered if there are a number of sales made in a short amount of time - and of autos that aren't moving. Since none of us "need" the deal, we're only willing to do the deals if we're getting a significant discount -  40%. Similarly - what carrot and stick does a Lexus salesperson have in selling 5-8 before the end of December? There must be a bonus based on number of sales vs. profit per car & there are likely going to be layoffs for lower performers. Thanks for your feedback.
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Hi car man. Interested in the 2009 ES 350. What are the current residual and money factor for the 2009 at 36 months and 12,000 miles per year? Many thanks.
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