Bmg

Hi,
I leased lexus IS 350 F sport last week in Black with red interior, I am still wondering if I got the good deal or not!

The specifications are: Nav, BSM, and F sport package- heated and cooled seats, Mark Levinson, backup camera, all weather floor mats, rear bumper applique, cargo net, key gloves.

My monthly is $523 for 24 months 7500 mileswith $1000 down.

The dealer waived registration fees ($510) and bank fees ($700) and 1st payment.

Car's MSRP was $49159 dealer gave the discounted price as $43500 after alot of hours of negotiating.

Residual value after 2 years is: $35800.

I am pretty new so don't know the money factor and other things but, I am in 10% interest area.

Is this a good deal? I am planning to buy it after 2 years so I leased i with minimum milage.

Thank you in advance for your help!

Regards,
BMG

Bmg

I am new to this club and need help..

I leased lexus IS 350 F sport RWD last week in Black with red interior, I am still wondering if I got the good deal or not?

The specifications are: Nav, BSM, and F sport package- heated and cooled seats, Mark Levinson, backup camera, all weather floor mats, rear bumper applique, cargo net, key gloves.

My monthly is $523 for 24 months 7500 miles with $1000 down.

The dealer waived registration fees ($510) and bank fees ($700) and 1st payment.

Car's MSRP was $49159 dealer gave the discounted price as $43500 after alot of hours of negotiating.

Residual value after 2 years is: $35800.

I am pretty new so don't know the money factor and other things but, I am in 10% interest area.

Is this a good deal? I am planning to buy it after 2 years so I leased i with minimum mileage.

Bmg

I am new to this club and need help..

I leased 2015 lexus IS 350 F sport RWD last week in Black with red interior, I am still wondering if I got the good deal or not?

The specifications are: Nav, BSM, and F sport package- heated and cooled seats, Mark Levinson, backup camera, all weather floor mats, rear bumper applique, cargo net, key gloves.

My monthly is $523 for 24 months 7500 miles with $1000 down.

The dealer waived registration fees ($510) and bank fees ($700) and 1st payment.

Car's MSRP was $49159 dealer gave the discounted price as $43500 after alot of hours of negotiating.

Residual value after 2 years is: $35800.

I am pretty new so don't know the money factor and other things but, I am in 10% interest area.

I am planning to buy it after 2 years so I leased i with minimum mileage.

Is this a good deal?

Bmg

I am new to this club and need help..

I leased 2015 lexus IS 350 F sport RWD last week in Black with red interior, I am still wondering if I got the good deal or not?

The specifications are: Nav, BSM, and F sport package- heated and cooled seats, Mark Levinson, backup camera, all weather floor mats, rear bumper applique, cargo net, key gloves.

My monthly is $523 for 24 months 7500 miles with $1000 down.

The dealer waived registration fees ($510) and bank fees ($700) and 1st payment.

Car's MSRP was $49159 dealer gave the discounted price as $43500 after alot of hours of negotiating.

Residual value after 2 years is: $35800.

I am pretty new so don't know the money factor and other things but, I am in 10% interest area.

I am planning to buy it after 2 years so I leased i with minimum mileage.

Is this a good deal?

Bmg

I am new to this club and need help..

I leased 2015 lexus IS 350 F sport RWD last week in Black with red interior, I am still wondering if I got the good deal or not?

The specifications are: Nav, BSM, and F sport package- heated and cooled seats, Mark Levinson, backup camera, all weather floor mats, rear bumper applique, cargo net, key gloves.

My monthly is $523 for 24 months 7500 miles with $1000 down.

The dealer waived registration fees ($510) and bank fees ($700) and 1st payment.

Car's MSRP was $49159 dealer gave the discounted price as $43500 after alot of hours of negotiating.

Residual value after 2 years is: $35800.

I am pretty new so don't know the money factor and other things but, I am in 10% interest area.

I am planning to buy it after 2 years so I leased i with minimum mileage.

Is this a good deal?

SW17LS

I see you've already leased it, the question would be are you happy with the car? Thats all that matters at this point

Bmg

Yeah, I am happy but, there is a doubt if I did a right deal or not.. If I can get some insight on it that will be great..

It's ok if I didn't! I cant do anything now but, to learn from mistake if it is one.

What do you think? Is it a good deal?

SW17LS

Its impossible to know without the money factor, but the payment seems very high to me for the terms. If you interest rate truly is in the "10%" range, thats very poor....these cars should be leasing in the .0005-.0009 range assuming 720+ credit, that translates into interest rates of 1.2%-2.2%. Dealers can and do inflate the MF, and that would explain why the payments are so high.

I'm sure they didn't waive them, they just built them into the lease and used your $1,000 down to pay the first payment and then the remainder as a cap cost reduction. LFS won't waive the $700 acquisition fee, and the CA DMV certainly won't waive the registration fees.

SW17LS

Just to give you an idea, I've attached a lease worksheet. With the terms you gave me, a 73% residual, the $700 acquisition and $510 registration rolled in, and 464 downpayment ($1000 less first months payment) with a .0009 MF plus CA 6% tax I get a payment of $445.68.

Bmg

Dear SW15LS:

Okay, this gives me an idea.. I think I have the paperwork like this from the dealer.. Let me check it and upload it here in sometime.

This is my 1st car ever! so I am nervous still if I did the deal correctly or not

Thank you so much for the effort you did.
Regards,
BMG.

SW17LS

No problem. What they did is what they always try to do, they inflated the MF and put the profit back that you negotiated out on the price. Thats why you need to know all of the terms individually so that you can make sure there isn't anywhere that they can hide money.

If I run your numbers using a 4.5% rate, a MF of .00188 I get a payment of about $528, which is what they probably did. Inflating that rate got them another $2k in profit assuming the retail rate was .0009 (totally guessing on that). Bear in mind, theres profit at the retail rate too.

Nothing you can do about it now, but just FYI for next time.

gmanusmc

This is why it pains me to no end when folks come here too late to seek an opinion on their deal. Thanks to your posts, I'm sure the poster will be much better prepared on the next deal.

SW17LS

I always try my best to help! These dealers are tough, they're masters at moving money around and moving the process along so buyers don't have time to think.

gmanusmc

As SW15LS has pointed out, it looks like they inflated the money factor a bit and took some of the discount back from you. I recommend prior to completing the buyout, crunch the numbers to see if it would be better to trade the car on another Lexus or turn it in at lease end. IS350s maintain their value well and depending on the market in two years, getting a smokin deal on a 2017 might work out better than financing $35k plus tax on the 2015.

Bmg

This is what my dealer gave me! How much do you think he fooled me for?

Thank you for your replies!