NX450h+ Price Paid
12-04-23, 09:38 PM
#61
The example I was provided had an additional $5K paid initially to reduce the cap. As mentioned, if you are not financially savvy the paper terms aren't immediately clear.
The lease obviously includes some expense upfront including additional add-ons you can't remove - in example we were provided.
My suggestion - set aside a few hours to sit down with a finance person at the dealership to explain and ask for a recent example of some one recently on the same path.
Do not ask the sales team to explain.
In our case, we just purchased a low mileage 2022 450H+ at a dealer ( they sell fast ). The paper work was simple and all the fees matched what DMV said.
12-11-23, 09:27 AM
#62
I had never leased a car before and only did it to get the $7.5k credit. The lease terminology and numbers are, in my opinion, more confusing than a regular purchase.
I knew there was about a $900 charge for the "lease setup" which would lessen the overall benefit of the $7,500 credit. However doing the lease saved me close to $6,200. Here are the numbers:
If I did a regular purchase, which would not have gotten me the $7.5k credit, I think it would have cost about:
MSRP $63,600
9.25% sales tax $5,883
License/reg $750
TOTAL $70,233
My actual out-of-pocket cost to own the car by doing the lease (to get the $7.5k credit) followed by immediate lease payoff:
Lease buyout: $58,875
DMV fees/tax: $5,175
TOTAL $64,050
The difference is $6,183, which is the savings from doing the lease (with immediate payoff) versus a typical purchase.
I knew there was about a $900 charge for the "lease setup" which would lessen the overall benefit of the $7,500 credit. However doing the lease saved me close to $6,200. Here are the numbers:
If I did a regular purchase, which would not have gotten me the $7.5k credit, I think it would have cost about:
MSRP $63,600
9.25% sales tax $5,883
License/reg $750
TOTAL $70,233
My actual out-of-pocket cost to own the car by doing the lease (to get the $7.5k credit) followed by immediate lease payoff:
Lease buyout: $58,875
DMV fees/tax: $5,175
TOTAL $64,050
The difference is $6,183, which is the savings from doing the lease (with immediate payoff) versus a typical purchase.
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dklanecky1 (12-11-23)
12-11-23, 04:26 PM
#63
I had never leased a car before and only did it to get the $7.5k credit. The lease terminology and numbers are, in my opinion, more confusing than a regular purchase.
I knew there was about a $900 charge for the "lease setup" which would lessen the overall benefit of the $7,500 credit. However doing the lease saved me close to $6,200. Here are the numbers:
If I did a regular purchase, which would not have gotten me the $7.5k credit, I think it would have cost about:
MSRP $63,600
9.25% sales tax $5,883
License/reg $750
TOTAL $70,233
My actual out-of-pocket cost to own the car by doing the lease (to get the $7.5k credit) followed by immediate lease payoff:
Lease buyout: $58,875
DMV fees/tax: $5,175
TOTAL $64,050
The difference is $6,183, which is the savings from doing the lease (with immediate payoff) versus a typical purchase.
I knew there was about a $900 charge for the "lease setup" which would lessen the overall benefit of the $7,500 credit. However doing the lease saved me close to $6,200. Here are the numbers:
If I did a regular purchase, which would not have gotten me the $7.5k credit, I think it would have cost about:
MSRP $63,600
9.25% sales tax $5,883
License/reg $750
TOTAL $70,233
My actual out-of-pocket cost to own the car by doing the lease (to get the $7.5k credit) followed by immediate lease payoff:
Lease buyout: $58,875
DMV fees/tax: $5,175
TOTAL $64,050
The difference is $6,183, which is the savings from doing the lease (with immediate payoff) versus a typical purchase.
My credit union told me I will have to wait 45 days before I could refinance the vehicle with them. They do this to give time to make sure the title is clear. So I may have to make a couple of payments before I can do this. Problem I am having is trying to figure out what the lease buyout is and of course what it will be 45 days later. Finance guy is throwing terms at me that I have never heard of before. From what I have learned the number that I need is the residual value.
12-11-23, 05:06 PM
#64
This was the first lease I've ever done, so I'm not sure if this is typical. Here is my experience at Jim Falk Lexus:
After arriving I was taken to the finance manager's office and was pleasantly surprised there was no mention on her part about purchasing an extended warranty.
After reviewing and signing the lease paperwork electronically, I was again surprised I did not have to put down any money!
My first lease payment was not due for about six or seven weeks from the date of picking up the vehicle. My goal, which I achieved, was to have the lease paid off before the first payment was due.
I drove the new NX450h+ off the lot without having put down a single dollar.
I created a logon on the Lexus Financial Services website when I got home. It took about two weeks for my lease to show up on the website. Once the lease showed up, I could see the payoff amount. I called the Lexus Financial phone number and asked them to send me the paperwork to pay off the car in full. There was no surprise or pushback at all and I got the forms within 24 hours or so. I filled out the forms, got a cashier's check for the full amount and sent it all in via FedEx. Note: The payoff amount did not include sales tax or license/registration.
After sending in the paperwork and check, I think it took around three weeks for my payment to show up on the Lexus Financial website.
I received a form letter from Lexus stating they received my payoff, but the pink slip (I'm in California) was not going to be sent to me for a few weeks. My guess is that Lexus Financial had not yet received the pink slip from the CA DMV, so they did not have it to send to me. It took around four more weeks to get the pink slip in the mail.
The next day I took the pink slip to the DMV to register the car in my name. At that point I had to pay the sales tax and license/registration fees. I ran into an issue here because the DMV said I should have registered the vehicle in my name within 3 - 5 days of the lease payoff and threatened to charge a penalty. Once I explained I could not do the registration until now because I just received the pink slip, they dropped the possible penalty. Except for that small hiccup, it was a smooth process.
After arriving I was taken to the finance manager's office and was pleasantly surprised there was no mention on her part about purchasing an extended warranty.
After reviewing and signing the lease paperwork electronically, I was again surprised I did not have to put down any money!
My first lease payment was not due for about six or seven weeks from the date of picking up the vehicle. My goal, which I achieved, was to have the lease paid off before the first payment was due.
I drove the new NX450h+ off the lot without having put down a single dollar.
I created a logon on the Lexus Financial Services website when I got home. It took about two weeks for my lease to show up on the website. Once the lease showed up, I could see the payoff amount. I called the Lexus Financial phone number and asked them to send me the paperwork to pay off the car in full. There was no surprise or pushback at all and I got the forms within 24 hours or so. I filled out the forms, got a cashier's check for the full amount and sent it all in via FedEx. Note: The payoff amount did not include sales tax or license/registration.
After sending in the paperwork and check, I think it took around three weeks for my payment to show up on the Lexus Financial website.
I received a form letter from Lexus stating they received my payoff, but the pink slip (I'm in California) was not going to be sent to me for a few weeks. My guess is that Lexus Financial had not yet received the pink slip from the CA DMV, so they did not have it to send to me. It took around four more weeks to get the pink slip in the mail.
The next day I took the pink slip to the DMV to register the car in my name. At that point I had to pay the sales tax and license/registration fees. I ran into an issue here because the DMV said I should have registered the vehicle in my name within 3 - 5 days of the lease payoff and threatened to charge a penalty. Once I explained I could not do the registration until now because I just received the pink slip, they dropped the possible penalty. Except for that small hiccup, it was a smooth process.
12-11-23, 05:13 PM
#65
Did the dealer make you put some of your money toward the down payment? Mine is asking for $5000, so down will be $12500 with the rebate added in.
My credit union told me I will have to wait 45 days before I could refinance the vehicle with them. They do this to give time to make sure the title is clear. So I may have to make a couple of payments before I can do this. Problem I am having is trying to figure out what the lease buyout is and of course what it will be 45 days later. Finance guy is throwing terms at me that I have never heard of before. From what I have learned the number that I need is the residual value.
My credit union told me I will have to wait 45 days before I could refinance the vehicle with them. They do this to give time to make sure the title is clear. So I may have to make a couple of payments before I can do this. Problem I am having is trying to figure out what the lease buyout is and of course what it will be 45 days later. Finance guy is throwing terms at me that I have never heard of before. From what I have learned the number that I need is the residual value.
To answer your question, I drove the car off the dealer's lot without putting down any money! I was surprised about that and was able to do the full lease payoff before the first payment was due. After paying off and getting the pink slip, I registered the car in my name at the CA DMV at which time I paid the sales tax and license/registration fees.
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djrees (12-11-23)
12-11-23, 05:15 PM
#66
See my reply from 5:06 PM today, Dec 11.
12-11-23, 05:39 PM
#67
what is a pink slip?
could you have registered it in another state (other than CA) after you got the pink slip?
could you have registered it in another state (other than CA) after you got the pink slip?
I had cash in the bank for the full payoff before I picked up the car. I tried to respond to another post with a lengthy description of the process I went through. See this post dated at 5:06 PM today, Dec 11.
To answer your question, I drove the car off the dealer's lot without putting down any money! I was surprised about that and was able to do the full lease payoff before the first payment was due. After paying off and getting the pink slip, I registered the car in my name at the CA DMV at which time I paid the sales tax and license/registration fees.
To answer your question, I drove the car off the dealer's lot without putting down any money! I was surprised about that and was able to do the full lease payoff before the first payment was due. After paying off and getting the pink slip, I registered the car in my name at the CA DMV at which time I paid the sales tax and license/registration fees.
12-11-23, 05:46 PM
#68
As far as I know, once you have a Certificate of Title you can take it to any other state and register it there.
12-11-23, 06:13 PM
#69
Thanks for posting the information. When I did a zero drive off lease a few years ago, I still ended up paying up front costs like DMV registration costs and the Lexus lease acquisition fee. Although not paid on the day I signed the lease, those costs were added to the monthly payments I was required to make on the lease, and were paid over the remaining 35 month term of the lease.
When you pay off the lease early, you still have to pay the sum of those unpaid monthly payments (less the money factor finance charge), plus the residual value. As such, it appears that you did pay the DMV registration fee twice - once when you did the payoff to Lexus, and a second time when you registered the car at the DMV.
When you pay off the lease early, you still have to pay the sum of those unpaid monthly payments (less the money factor finance charge), plus the residual value. As such, it appears that you did pay the DMV registration fee twice - once when you did the payoff to Lexus, and a second time when you registered the car at the DMV.
12-18-23, 11:06 PM
#70
Did the dealer make you put some of your money toward the down payment? Mine is asking for $5000, so down will be $12500 with the rebate added in.
My credit union told me I will have to wait 45 days before I could refinance the vehicle with them. They do this to give time to make sure the title is clear. So I may have to make a couple of payments before I can do this. Problem I am having is trying to figure out what the lease buyout is and of course what it will be 45 days later. Finance guy is throwing terms at me that I have never heard of before. From what I have learned the number that I need is the residual value.
My credit union told me I will have to wait 45 days before I could refinance the vehicle with them. They do this to give time to make sure the title is clear. So I may have to make a couple of payments before I can do this. Problem I am having is trying to figure out what the lease buyout is and of course what it will be 45 days later. Finance guy is throwing terms at me that I have never heard of before. From what I have learned the number that I need is the residual value.
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wrinkle (12-19-23)
12-18-23, 11:34 PM
#71
If you can put the $5000 on credit card (the max Lexus would allow), why not? My chase business premier card gives 2.5% rebate on $5K+ purchases. So that's extra $125 saving. I just took delivery of a NX450H+ F-Sport (white/red, love that color) this weekend doing exactly that. The dealers are pushing very hard at the end of the year/quarter/month right now. It's the perfect time to strike a deal. If you don't want to haggle, get a broker to do it for you. eg. Jeff from Beach Cities Auto (https://forum.leasehackr.com/t/beach...-broker/276529) can get you one for $5K under MSRP + $7500 lease cash with $500 broker fee.
12-19-23, 04:02 PM
#72
Intermediate
Bay Area dealer told me today that i need to make at least 3 lease payments, and after that i can pay off the lease without penalty, pocketing the $7500 lease cash. I asked what if i try to pay off immediately - and the sales manager answered that Lexus Financial may then ask for the $7500 lease cash back.
is there any truth to the above ? I read that so many people have paid off the lease immediately…
is there any truth to the above ? I read that so many people have paid off the lease immediately…
12-19-23, 07:38 PM
#73
Bay Area dealer told me today that i need to make at least 3 lease payments, and after that i can pay off the lease without penalty, pocketing the $7500 lease cash. I asked what if i try to pay off immediately - and the sales manager answered that Lexus Financial may then ask for the $7500 lease cash back.
is there any truth to the above ? I read that so many people have paid off the lease immediately…
is there any truth to the above ? I read that so many people have paid off the lease immediately…
I was able to pay off my NX450h+ lease immediately, before the first lease payment was due.
I called Lexus Financial as soon as my lease payoff amount showed up on the Lexus Financial web site. I did not get any pushback or resistance. I asked them to email me the necessary payoff forms, which they did the next business day. I also received the payoff forms via snail mail.
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wrinkle (12-19-23)
12-19-23, 09:27 PM
#74
Intermediate
@erichedge Thanks for confirming. One concern: Did you get the 4 year/48K mile warranty for your Lexus when you bought out the lease in the above manner ? If not, what happens to warranty ?