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You are in the Prices Paid - Buying & Leasing Experiences
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Lexus RX 350, Car Buying, SUV
#4787 of 5870 Best Site Ever - Need Help with Lease Tomorrow
Feb 22, 2012 (3:20 pm)
Hi - this site is outstanding!! Thank you in advance to any contributors.
Here is my story. My lease is up on my 2009 fully loaded (even had DVD) RX 350 in one month. I put $4000 and my monthly payment allowing 15,000 miles per year is $459. The purchase pay off amount is $22,864.77. KBB says good condition trade in value = $26,303 and very good = $27,303. I have been meticulous with maintenance and I think the car is in very good shape.
I have on payment left due on March 1st. I want to negotiate a deal before the last payment as I was told buying a car closer to month end and mid week is the best. Thus, I don't want to be up against the clock and wait until the end of March. Also, Feb is a shorter month. Also I am nervous about my credit situation.
My FICO situation has changed in the last few years. I opted to file Ch 7 bankruptcy (I know, I know I feel guilty - long story, I am a type I diabetic and we lost our health insurance while I was pregnant and we charged up a ton on $ with my high risk pregnancy and hadevery intention of paying it back but it got overwhelming) which was discharged in June, 2011.
I have never ever been late on a lease payment, car payment, mortgage payment or 2nd mortgage payment. My FICO on Experian at the beginning of the month was 682.
The vehicle I am looking at (Serramonte Lexus) is Nebula with gray interior. 18 inch wheels, nav and park assist. He said the vehicle was "fully loaded" but when I inquired about DVD which I am very sad to be giving up, he said no. He told me the MSRP is $49,343 which seems rather high to me and it also seemed like he was making the number up at the time.
I have been trying to review this board about the money factor but I am so confused about how my credit with play in. My questions are as follows (thank you!):
1. What is a fair price for the car?
2. What is a fair trade in value?
3. Are there any other fees I should be aware of other than 1st month payment, security deposit, acquisition fee and cost reduction? Saw those on here by the way.
4. Would my husband co-sign also having a BK and a similar FICO?
5. Does the fact that I have a stellar record with Lexus matter?
6. Mostly importantly, how will my recent BK and FICO score affect me?
7. The dealer we leased with before offered a loyalty discount and I would consider going back to them (Maggnussen) but they don't have the color I want. I am worried about pulling my credit and how that works. If I have one dealer pull my credit and we can't make a deal, will it be on file at another dealership?
8. Should I expect to put down a down payment or security deposit?
So sorry for all the questions. I have been reading this site for months but no one has had my situation. I am feeling sick about this. I could put down a down payment of up to $4500 but would not like to as that would take out a large portion of our savings we are rebuilding. I think that covers it all. LOL. So sorry for so many details but I wanted to give you the full picture. Thanks much.
Julie in Santa Rosa
PS - will be near the dealership tomorrow for business. It is about 2 hours from my home thus tomorrow would be the day. Otherwise would plan on showing up unannounced at another dealership on Feb 29th. In the meantime, I have 43,800 miles and want to be careful driving and don't want to go from dealer to dealer. Thanks again.
#4788 of 5870 Re: Best Site Ever - Need Help with Lease Tomorrow [jinca]
Feb 22, 2012 (5:39 pm)
Me again. I decided tomorrow is too much of a rush just because I am going to be in the area. I found 2 other identical vehicles at other Bay Area dealers. I will make a move soon so I am still appreciative of any feedback.
#4789 of 5870 Re: Best Site Ever - Need Help with Lease Tomorrow [jinca]
Feb 23, 2012 (9:33 pm)
Sorry, I cant speak to trade-in value or the financial aspects.
But if you want to verify the MSRP, ask the dealer to show you the Monroe sticker for that vehicle (sticker will also show the VIN #). Some of the dealers I dealt with during my search emailed a scanned copy even before I put a deposit down or set foot in the dealership.
Also, know that you can get an estimate for what others are paying for a similarly configured vehicle thru AAA.com or thru Edmunds website. At Edmunds, go thru:
Home> New Cars> Lexus> RX 350> 2012 RX 350 SUV> Base Price With Options
It gives you MSRP, a good idea of invoice as well as estimate of what others paid.
Feb 24, 2012 (12:39 pm)
A reporter is looking to speak with someone who bought a new small luxury SUV (like a X3, Q5 and RX 350) recently. If you are interested in sharing your story, please respond to predmunds.com no later than Wednesday, February 29, 2012. Please send your contact info, the name of the make/model you bought and a few examples of models that you also considered.
#4791 of 5870 Re: Best Site Ever - Need Help with Lease Tomorrow [nit2]
Feb 24, 2012 (1:04 pm)
Thanks so much for the reply despite me posting in the wrong forum : )
#4792 of 5870 2012 rx350
Feb 25, 2012 (12:47 pm)
I am looking for a 2012 RX350 for my parents who live near the Knoxville, TN area. I read a post from 3 years ago that mentioned the arrogance/rudeness of the Knoxville dealer. Has anyone recently had a good negotiation with this dealer? Or should I be looking in a different state?
#4793 of 5870 Re: How much should I expect to pay? [vincentbayu]
Feb 25, 2012 (3:54 pm)
Can you give us the exact Bottom MSRP number of ONLY the factory window sticker ? MSRP is full suggested retail by the way. Nobody pays that of course, but the mark up is based on that minus invoice. Then we'll have Dealer incentives to try to figure, if we are after real dealer cost of that car. Some of them we know..not all.
And separately, if a separate dealer sticker is on there showing any dealers add -ons ?
Then we can hit it pretty close.
#4794 of 5870 Re: How much should I expect to pay? [nazzy100]
Feb 28, 2012 (2:25 pm)
The MSRP is $48338. It's a AWD with 19" wheels + Nav. I was told the invoice is $45226. How much would you offer the dealer for this car?
#4795 of 5870 Re: How much should I expect to pay? [vincentbayu]
Feb 28, 2012 (3:05 pm)
That invoice price they told you is nonsense. That's only 6.5 %. A well equipped Rx has at least 12%, without holdback and incentives. Lexus holdback is 2% of the Base Price of the car, and he gets that back from the factory. Always.
If that IS the car you're ready to buy, and, If ,that is the final MSRP from factory sticker, and there are no dealer add-ons, I would offer Him , tops , $43600 plus tax and license. But don't do it until you are ready to buy, right then. Not over the phone, be there. I'd walk out if he says he can't do it. He'll probably stop you or call you at home later. And if he doesn't go to another dealer and see if you find one you want and try again. This is my personal feeling only if i was buying that car.
You can bet he's making a decent profit still with his Holdback % and other dealer/factory incentives only they know. And actual dealer cost is well below that offer.
Also, keep in mind, Lexus is now doing a national campaign, with 1.9% APR Financing for 60 months on New certain Lexus models, including the RX. That's a good deal In my book.
Tell me again what town you are in ?
#4796 of 5870 Re: How much should I expect to pay? [vincentbayu]
Mar 01, 2012 (11:40 pm)
Max offer 42K, this is the going rate based on what I have seen on this posting, especially the car is going to be refreshed in May with new bumper and navigation media system. Dealer here in Northern ca have about 25 RX on lot which are slowly selling and they are begging for business. Be patient and they will call to make a deal.