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Prices Paid: Buying & Leasing Experiences Lexus ES 350 Lease Questions
478 messages, Last post on Dec 05, 2009 at 11:14 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: lookingates350 (Aug 11, 2006 7:15 am) Car_man Host Prices Paid Forum |
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Replying to: tdoh (Aug 19, 2006 7:13 am) I can't really comment on the money factor that you were quoted because I am not sure what credit tier you qualify for or what Lexus Financial Services' buy rate money factors are for its lower credit tiers. Car_man Host Prices Paid Forum |
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| Evaluating a lease deal on a 2007 Lexus ES350 Ultimate with a MSRP of $43,989. Discount of $1,500 from MSRP. Down payment is $3,980, which includes first payment, taxes, plates fees etc. Payment is $608.30 including state of PA tax for 36 months / 12,000 miles per year /$.25 per mile over 36,000. Money factor .00275. All through Lexus Financial. Searching for a Blue Onyx / Cashmere - assured me that it would be here in four weeks. Residual 60%. Is this a fair / good deal? Thanks in advance for your opinions. | |
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Replying to: garsarno (Sep 03, 2006 7:44 am) |
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Replying to: jwangsdc (Aug 30, 2006 3:22 pm) |
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I have never leased a car before and I am thinking of "trading" in a 2004 Acura TL (navi) for either an ES350 or an RX350. Trade in value on kbb is $19.7k (using fair condition). Question is - all the posts I read seem to be from people who put the minimum down payment. Is it a bad move to trade in when leasing as opposed to financing a car? Also what can I expect off MSRP? I'm in New Jersey. Looking at Premium Plus Package. Thanks.
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You can get the best deal in New Jersey at Prestige Lexus in Ramsey, NJ. You can get there by train. Just call for directions. I live in New York on Long Island and it was the best deal around.
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Replying to: carrelman2 (Sep 15, 2006 4:44 pm) |
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Car Man -- long time lurker, first time poster. I have been negotiating with a Lexus dealer here in the Pittsburgh area for an ES350. Here is the deal as he presented it to me today: BASE $33,865 VN (Nav System) $4,050 PT (Premium Plus) $2,480 TOTAL $40,395 ALLOWANCE (-) $589 GRAND TOTAL $39,806 With the features above, it will have to be ordered. To do that, he said that I need to put either $500 down (non-refundable) or $1,000 (refundable). He also said that if the car cannot be found at another dealer and has to be special-ordered, it will probably take 3 months and the allowance above would be $1,000 (instead of $589). Using the higher amount, here is the possible financing scenario: CAPITALIZED COST: $39,806 LEASE TERM: 36 months ANNUAL MILES: 15,000 MSRP: $40,395 RESIDUAL FACTOR: 58% RESIDUAL: $23,429.10 DEPREC. PORTION: $16,376.90 ACQUISITION FEE: $600 MONEY FACTOR: 0.00335 SALES TAX RATE: 9% (6% STATE TAX, 3% STATE USE TAX) PAYMENT: $666.75 SALES TAX: $60.01 TOTAL MONTHLY: $726.76 To drive this off of the lot, I'd need to pay as follows: FIRST PAYMENT: $726.76 TITLE FEES: $153.50 ACQUISITION: $654.00 DUE ON DELIVERY: $1,534.26 If I put $1,000 down (Cap Cost Reduction), my monthly payment becomes $692.83. My questions: 1) How fair is this deal? 2) My credit rating puts me in Tier 1. Isn't the Money Factor he quoted a little high? 3) As this is a new model, how much more $ do you think I can get out of the deal? 4) Since this is my first time considering a lease, I was a little surprised by the fact that if I try to trade in my Honda Accord, the amount they would give me would be cut as a check to me, instead of coming off of the Capitalized Cost of the car (which would make the monthly payment a lot more reasonable). Is this correct? 5) The ACQUISITION FEE: in one part, it's $600. In another, it's $654. Why the delta? Also, is this something that I can negotiate out of the deal? Thank you!
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Replying to: go21bucs (Sep 16, 2006 2:17 pm) 1) I'm not familiar w/ how much of a great deal one might be able to get if the vehicle has to be ordered, but FWIW a max $1000 allowance isn't a whole lot, even if the vehicle is a PP vs. UL. I was able to get $4300 off MSRP on a near-loaded UL, so IMHO it's not farfetched for you to try to knock off a bit more off their selling price. 2) That does sound a bit too high, based on Tier 1 MF of approx. .00265 I've seen posted here...along with fact that the MF--which in my case is a Tier 2--on my lease is lower than the one you mentioned. Are you positive that you're Tier 1? I ask because I thought I was close to being Tier 1...until I discovered that auto lenders use what's called a FICO-II score to determine creditworthiness when it comes to installment loans. Needless to say, my FICO-II score was somewhat lower than my FICO score...thus I could only qualify for a Tier 2 MF. 3) See my response to #1 (above); again, I reckon that one might be able to get a larger discount based on which level of trim (PP vs. UL). 4) Dunno why it's done that way, other than perhaps because you own the Accord outright? 5) My guess is it looks like they applied sales tax to the Acq. Fee; maybe it's required in your state? I'll have to double-check my documentation but I'm fairly certain that the finance guy didn't apply CA sales tax to my acq. fee. Wow...that 9% sales tax does affect your monthly payments pretty bad... 
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