stein1

Hi, I negotiated a price on a 2007 RX350 with NAV etc for $40250. MSRP is $45705. I then had the salesman figure out the lease cost based on 36 months, 12,000 miles, no $ down (aside from taxes, 1st month, motor vehicle fees etc). He based this on a factor of .00163 and 57% residual. The number he came up with was $551.18 a month. I tried myself with the numbers a few times and I got $503. Any help would be appreciated as I am ready to make this deal. Thanks so much Another option is wait until end of Nov for December to Remember lease deals? Thanks for your help

Kan-O-Z

Sorry I can't really help you out so much with the Lease payments but they seem very good. I am getting ready to pick up an RX 350 for $41,370 with AWD and NAV. You are getting one heck of a deal. I see you're in NY. Would you be able to send me info on your dealer/salesman. I wouldn't mind coming there from DC to save $1100.

I am also considering lease. How does lease work. Can you pick out a car and either purchase or lease it? Or do they have specific cars that can be leased? We have one picked out right now to purchase but I am wondering if we can lease it?

If you could help with the salesman name/dealer info, I 'd really appreciate it. You can send me a personal message or email if you don't want to list it here. Thank-you very much. You are getting a great deal!

Kan-O-Z

Kan-O-Z

Another lease question. 57% residual after 3 years. Does this mean a $40k car will be worth $22.8k after 3 years. Do you have the opportunity to purchase the car at this price after 3 years?

I am most probably going to have the car for 2-3 years. I am trying to decide if lease is better or purchase. How hard is it to get out of a lease?

Kan-O-Z

TripleDES

Here's a good site for both of you to check out: http://www.carbuyingtips.com/

rxdriver

I'm coming up with a payment of $537 using the numbers in the first post, assuming no money down (aside from 1st payment) and a sales tax rate of 7%. Sales tax is baked into the payments.

There might be some insurance premiums "hidden" in the payments you're being quoted, like life insurance or GAP insurance.

I agree that 57% residual is pitiful. Lexus standard is 59% for 3 years, but reality says the car is worth more like 66% at that time. While this sounds like a potential deal to buy it out at the end of the lease, keep in mind that you've been paying that extra amount over the life of the lease. So for example, if the car is worth $5000 more that your residual value, then you've already paid that $5000 over the course of the lease. You're not getting a deal buy buying the car out - you're attempting to recover your overpayment!

If you really think you'll buy the car out at the end of the lease, you're better off buying it in the first place.

xfirechief

I did buy mine at the end of the lease as it was about 5K less then what they are selling for on the lot. Will keep it another 1 - 2 years & then BUY the next one though.

stein1

Thanks so much, I spoke to dealer who said it was indeed the tax. The residual is definitely too low, I thought it would have been at least 59%. I may or may not buy it at lease end, I thought if there is a chance you were going to do that you should purchase it up front if you can swing it. This is my first leased car so I'll see how it goes. Thanks again

zgar

Got my first lease back in May and I do plan to buy the RX at the end of 3 years.
What convinced me was I used the MSD (Multiple Security Deposit) option. By putting in 9-months worth of lease as security deposit ($4,500), I was able to cut my monthly payment by $67 (from $529 to $462).
So I save $2400 in total lease payment and I get back the security deposit at the end of the lease.
Not sure if MSD is still available, but you might want to ask your dealer about it.

stein1

Oh by the way Kan-O-Z I am doing this with Ray Catena Lexus in NJ. The salesman's name is Joel and he is a pleasure to deal with. The dealers around me can't touch his price. Apparently his dealership does a huge volume and they can discount a good amount. Good luck to you

kgreddy

I did just like 'zgar' back in July and my pmts are $445 for 4 yrs in Ohio.
RX350 PPP , NAV

kogutr

I've leased 4 cars from Joel Cohen from Ray Catena Lexus of Monmouth over the last 2 years. The guy is truly is a pleasure to work with. He's very honest, upfront and efficient. He never pressurs you into a situation but rather works with you until you're ready to make a decision.

The deal you got is very similar to the one I inked with Joel in early October.

Doen't waste your time shopping around.....these guys are able to offer great rates becuase they've a high volume dealer. Trust me....you be very happy with the car and the Ray Catena's golden customer service. service centers in Monmouth or Freehold.

kogutr

I've leased 4 cars from Joel Cohen from Ray Catena Lexus of Monmouth over the last 2 years. The guy is truly is a pleasure to work with. He's very honest, upfront and efficient. He never pressures you into a situation but rather works with you until you're ready to make a decision.

The deal you got is very similar to the one I inked with Joel in early October.

Don’t waste your time shopping around.....these guys are able to offer great rates because they've a high volume dealer. Trust me....you be very happy with the car and the Ray Catena's golden customer service.