AndrewKatl

Hey Club Lexus Members,

I am new to this forum and need your help.
I currently have a 2013 Lexus RX 350 which I pay $450 a month for.
My lease is ending in 2 weeks and need to find a new car. I was considering leasing the new RX 350 until i saw how much it costs to lease. For a 52k MSRP car they are quoting me for $625 with 2k out of pocket for drive off. Thats almost $200 more a month for the same MSRP ???

I saw an ad on Facebook for some new company called carvoy.com where you build whatever car you want and they will get the price for you and deliver the car. Out of curiosity i built the same car that was quoted to me by the dealership Lexus RX 350 Red Mica with nav and roof rails. within an hour i got an offer online of $530 per month with only $1400 due on signing.

They are offering me that they can deliver the vehicle and return my current RX for free.
I tried pricing it out with truecar.com and still got a much higher number and didnt have any luck.
How is this possible? They are offering a much more aggressive price than anywhere i can find myself.
Has anyone leased with carvoy? Has anyone even heard of them?

Any advice would be great!

RXOwner

How many miles are included in the lease, it is a major factor.

AndrewKatl

10k Per Year

brook41

I picked up a interesting little tidbit recently, that leasing companies are getting the cars for 2K under invoice. Whether its true or not I don't know, but it makes sense since some dealers are going into there holdback to make the sale.

sirtiger

sounds pretty steep. 2K out pocket means its almost all taxes and dmv fees....meaning you want zero down. Are you in nyc area? Its advertised openly a bit less than that here

AndrewKatl

Yes, But what do you think of the $530 due on signing with $1400 per month? This is through a third party called carvoy.com, honestly a little skeptical especially since the offer expires today. Was i way overpriced at the dealership? Or is this a steal? Please advice.

naplesam

I am not sure what the residual value is for a 36 month, 10k/yr lease. For a 36 month, 12k/yr it was 63% the other week, so let's use 64% as an estimate. I will assume that the $1400 due at signing is the first months payment plus dealer fees and that you got NO DISCOUNT on the car.

$52000 X .64 = $33280 = the residual value of the car at the end of the lease

Since you got no discount (assumption mentioned above that the $1400 is first payment and fees), the net cap cost is $52000

So, $52000 - 33280 = $18720 the amount of depreciation you will be paying for
Then $18720 divided by 36 months = $520 per month for that.

Then the "finance charge:
$52000 + 33280 = $85280 times the Money Factor estimated to be, with excellent credit to be .0018. Thus $85280 X .0018 = $154 per month

Add the two together-----$520 + $154 = $674

So, with the above assumptions, I estimate a monthly of $674 + sales tax.

You can ask for the Net Cap Cost, the Residual Value and the Money Factor from the dealer! If they don't give it to you, then I'd walk - or at least threaten to walk as you should know these numbers before accepting any lease deal from any dealer. A little homework can pay off in the long run!

CAUTION: I used your numbers and made some assumptions. Without more detail, I can't get any closer. It appears maybe you are getting maybe a $1700 or so discount, which would have been good a few month ago--not sure as of now in your area. In SFla, it would be descent except maybe via one dealer. When I recalculate the numbers assuming a $1700 discount on the car and the same Residual Value and Money Factor, I got almost right on $625.

Feel free to PM me if you want

Kingman99

Just received a message that the new RX is leasing at reasonable rates now. I will check out my local dealer for the best price.