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Prices Paid: Buying & Leasing Experiences Lexus LS 460 Lease Questions
173 messages, Last post on Nov 02, 2009 at 5:21 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
| I'm a Oregon resident and have been looking to lease an 08 LS460 from a CA dealer. Both the cap cost and money factors are better than I can find in Oregon, but so far I've had two SoCal dealer tell me they don't lease out of state. I've been pre approved by LFS with a FICO of 792, so it's not my credit in question. I know NV dealer will lease out of state, but prices don't seem as good as SoCal. If any non CA residents have leased a Lexus in CA, would you let me know what dealer you worked with and your experience. | |
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I've read some of the recommendations here about buying down the lease rate by making multiple security deposits, but when brought this up with my dealer in OR, they said they don't participate in the buy down program. Have others had the same experience? After a lease is signed is it LFS that holds the lease or the dealer? One final question: does the rate for excess mileage vary from dealer to dealer or is that set by LFS.
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Replying to: jim9921 (Apr 01, 2008 9:13 am) The security deposit thing is coming from Lexus financial and it has nothing to do with the dealership. They are still selling the same car. In the case of leasing, they sell the car to Lexus financial and you make payments to Lexus financial. I think they either use a different lender (e.g. a bank that give them more mark up) or they simply didn't know that they can do that. I leased an 02 LS430 and 02 SC430 using LFS and 9 security deposit to reduce money factor (at the time, each deposit bring down the money factor by 0.0001). The security deposit is based on your lease payment calculation without the deposit and round up to the next $25 (so some of the 1300 number is probably accurate. But it is awefully high for 70K version of LS.. yours must be 90K+ version.). It is a very good program, with the 0.0001 reduction, I calculated that my deposit in 02 make 11-12% guarantee (assuming that I pay my bill on time 8-))) by reducing the monthly payment. The deposit is refunded at the end of the lease (I got both back without any hassle). If an accident happen and with the gap insurance Lexus provided to all lease, I can just turn the insurance check to LFS and get all my deposit back (not an actual experience but we call Lexus to confirmt his point). |
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Replying to: rorser (Mar 13, 2008 8:01 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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I am about to lease a new 2008 LS460 to replace my current 2005 LS430 whose lease is expiring in a month. Does anyone know the current ResidualValue (36 mo and 48 mo) and lease factors are for someone with Tier 1+ credit? Especially with the declining interest rates. I live in Southern california. Thanks in advance.
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Replying to: tonym2 (May 04, 2008 1:05 pm) 36 – Residual 50% – .00225 48 – Residual 40% – .00225 Residual values assume 15k annual miles.
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Replying to: ocautoseeker (May 04, 2008 2:03 pm) I am thinking of pre-paying for more miles (18K/year, rather than the standard 15K/year). 2 related questions: (1) Is the extra amount charged (for the 3K miles/year) added to the Capitalized Cost, or deducted from the Residual Value? (2) What is the cost (cents/mile) for pre-bought miles? Again, thanks in advance.
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Replying to: tonym2 (May 04, 2008 4:51 pm) It depends on how they want to structure the lease - but typically, the residual value will be readjusted for the additional cost of miles so that the vehicle will reflect a more accurate "market" value at lease-end. Assuming 18k, the residual on a 36 month term should drop to 48% (from 50% based on 15k).
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Replying to: ocautoseeker (May 05, 2008 11:39 pm) They don't have lower residual percentages for mileage allowances higher than 15K/yr.. But, if you wanted 18K, and the charge is $0.15/mi., then they would deduct $0.15/mi. from the residual. $0.15 X 9000 mi. = $1350.. So if the residual for 3yr/45K were 50% of $70K, then the new residual for 3yr/54K would be $35K - $1350 = $33,650. I think this is the way most captive financial companies do it. I only know BMW and Honda, for sure. regards, kyfdx
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