Last post on Jun 16, 2013 at 7:29 AM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Lexus ES 350, Car Leasing, Car Buying, Sedan
#604 of 823 Re: 2011 ES 350 Lease advice needed [rotobadger1]
May 12, 2011 (4:52 pm)
I was about to do the same transaction in mid-April, and only didn't because I didn't want to spend that much money right now. That said, having owned and leased about 8 Lexus vehicles I feel I have a pretty good handle on these transactions and working with dealers.
The deal I had was $500 above Invoice, for basically the same car, for which the MSRP was 41,460, and the selling price was $38,214. This was in Northern CA.
You didn't state whether there will be a security deposit, but if you have been a prior customer of Lexus, they often times waive the security deposit (depending on your prior experience) and offer a $1,000 cash rebate for a new finance or lease. I believe the lowest money factor for Tier 1+ credit was .00175 in April. And the residual was 57% for 12k/yr miles.
So, the bottom line is I think you can certainly do better on the selling price, and depending on your credit score you might be able to do better on the money factor as well.
Hope that helps.
#605 of 823 Re: 2011 ES 350 Lease advice needed [sjeed]
May 12, 2011 (5:13 pm)
sjeed: That helps a great deal. Thank you!
They are not asking for a security deposit. Residual is 58% with 12k miles per year. My credit score is currently 751 which, I believe, gets me to Tier +1.
I'm guessing, if I can negotiate down to around $38,500, I should get my payments to about $580 including tax. Even a bit lower if I can get a lower money factor.
I just finished a lease on an Acura so my lease history is strong.
#606 of 823 lease with positive equity Lexus ES350
Jun 22, 2011 (11:50 am)
I have a leased vehicle. The option to purchase the vehicle is less then the trade in market value of the vehicle according to NADA and Kelly Blue Book. Just curious if anyone has every convinced a dealer to buy their leased car and give you the positive equity credit towards your next lease.
#607 of 823 Re: lease with positive equity Lexus ES350 [jtiger3]
Jun 22, 2011 (1:32 pm)
I may be in the same situation. I don't think the dealer has much of an incentive, since they get to either take the car or let it go to auction if you don't exercise your option. You would probably have to buy the car first, then trade it in. In some states, you owe sales tax when you exercise the option, although you would get a trade in credit for tax on the purchase.
Jul 12, 2011 (10:03 pm)
Can you give me an idea on how hard it would be to get a 2011 ES 350 for around $450-$500/month after tax on a 15,000 mile lease? I would like it fully loaded so MSRP would be somewhere between 41,000 and 42,500.00. Credit score is low 700's and would put 3000 to 4000 down. Im buying out of New Orleans.
#609 of 823 Re: ES 350 lease [jcrews5508]
by Car_man HOST
Jul 14, 2011 (3:59 pm)
Hi jcrews5508. Let's work up some payments for you. According to my calculations, if you were to lease a 2011 Lexus ES 350 that has an MSRP of $42,000 and a selling price of $39,000 through Lexus Financial Services right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $543.
Putting money down as a capitalized cost reduction would bring this payment into your target range, but to be honest with you you would be better off going with a zero down lease and having a slightly higher monthly payment. Consumers who make large down payments on leased vehicles risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.
Prices Paid: Buying & Leasing Experiences Forum
#610 of 823 Re: ES 350 lease [Car_man]
Jul 14, 2011 (6:05 pm)
Thanks Car Man,
Two follow up questions. One, is this a good time of year to get the best deals on a Lexus and two, how much can I expect Lexus salesmen to negotiate on Es pricing?
#611 of 823 Re: ES 350 lease [Car_man]
Jul 15, 2011 (9:04 pm)
Just left the dealership and am a bit confused by my current offer. For a fully loaded es 350 with an MSRP 43,006.00 a sales price of 41,800.00, a money factor of .00270 and a residual of 58%, im currently being offered a monthly payment of 653.00 after 3,300.00 down. To me this sounds very high. Am I correct and will Lexes negotiate on the money factor. My CS is in the low 700's.
#612 of 823 Re: lease with positive equity Lexus ES350 [jtiger3]
Jul 16, 2011 (8:19 am)
My ES350 lease is up 08/22/2011. I called my Salesman and discussed the 3 options available. The lease purchase option price is less than Market price [a little less than 10k miles on my car]. He said that if I wanted to buy a new Lexus, I would get credit for the difference between market and lease purchase price - which is about $2k plus the $1k loyalty credit.
I am considering buying my leased vehicle [2008 ES350 with nav] for $23k. I know the history of the car; it has been a great car.
#613 of 823 Lease with positive equity
Jul 16, 2011 (4:19 pm)
I have the same situation as messenger #612 - if you elect to purchase your leased vehicle would you be able to finance the purchase price for 3-4 years? Do you think receiving credit for the difference between market and lease purchase price - which in the case presented in message #612 was about $2k plus the $1k loyalty credit. The car I'm considering buying is my third ES lease. Thanks so much for the excellent service you provide.