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How to negotiate the best lease deal?

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Old 03-16-14, 04:47 PM   #1
ninaws
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Default How to negotiate the best lease deal?

Hi!

I am currently getting around town in a 2000 VW New Beetle and it's time to get a new car. Beyond time. It was probably time years ago.

My boyfriend and I have started test driving a few different options and while we still have few we want to try out, it's looking like it is coming down between the Lexus CT200h (my preference) and the VW GTI (his preference).

My situation is this: my current car is 14 years old with only 82k miles on it but, cosmetically, is in poor condition. So I do not expect I will get much for it. My credit is 728/729/772 from the three credit reporting agencies. I would like to keep my lease payment around $300 but if I can get it down lower? GREAT.

I've never leased a car before so I don't know how to negotiate a better deal. And while my boyfriend cuts a more impressive figure than I do, he's not experienced with leasing either.

Tips? Tricks? What I can expect? Do you think I'll get tier 1 financing? Is it possible to negotiate how much money I have to pony up at signing?

Any help will be fantastic!
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Old 03-17-14, 06:36 AM   #2
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I don't know what is the best lease deal currently, but I just got an email from my dealership advertising for 2014 CT 200H lease in SoCal:

$299mo.27mos.
$1,999due at signing
Complimentary First Month's Payment**Excludes official fees, taxes and dealer charges.
No security deposit required
10,000 mile/year limit.

That doesn't seem too bad; maybe a good starting point for you.
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Old 03-17-14, 09:54 AM   #3
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A few tips:

Never put money down (a.k.a capital cost reduction). It's money lost in the case of an accident, and a pointless way to tie up cash for the term of the lease. It will make your monthly payments higher, but it is almost always the better option.

Always negotiate the actual cost of the vehicle first. Then work on the terms of the lease and ask to see all of the numbers being used to calculate (money factor, cap cost, fees, etc). You should have a general idea of what you should be paying before you walk in the door; use that to your advantage. Browse sites like Edmunds to see what others are paying.

Lexus had some great deals on the outgoing 2013 CT (in the range of $250/mo incl tax, w/ no money down). Not sure if they are moving the 2014s with deep discounts yet.

Good luck!
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Old 03-17-14, 10:08 AM   #4
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hi ninaws - welcome to club lexus!

you should be able to get Tier 1 with those scores. the previous posters are correct - you don't have to put down much at all. usually with my leases, i do minimum drive off which is first payment + TTL.

however, with lexus's complimentary first payment, they will pay any payment up to $700 on your first payment, which literally means you can sign and drive with no money out of pocket. you simply have to roll in the fees (acquisition, DMV, etc.) into the lease which overall brings your payment up, but they will pay that first one for you. you can pay up front for those fees if you prefer, but they will still only cover the first LEASE payment amount.

so it really depends how much mileage you need and what kind of monthly payment you are willing to take on. there are fantastic lease deals on the CT right now. without getting too technical, a lease is not that different from a financed vehicle, only you will be giving it back to Lexus after x months or buying it out. you can still (and should) negotiate the selling price as you would if you were buying cash. there is a base rate money factor which is basically the interest rate on a lease, and the residual is typically set by the bank (e.g. Lexus Financial).
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Old 03-17-14, 05:51 PM   #5
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Thanks everyone! I would be completely happy to make a deal on a 2013 if that means I will have a better chance at getting a killer deal; the dealership closest to me still has some on their lot so who knows!

Fingers crossed! I really liked the car.
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Old 03-19-14, 07:14 AM   #6
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I've been talking to a dealer and this is what she is offering me:

No navigation:
-27 months
-10,000 miles/year
-$2000 total due at signing
-$248/month plus tax

Navigation:
-27 months
-10,000 miles/year
-$2000 total due at signing
-$299/month plus tax

I asked her how things would change if we folded taxes into the price: base $270/mo, with navigation $327/mo. Also, reducing the money down would increase the monthly payment by $37 per $1000.

What do you think? Should I push her more at this stage? We've just been communicating via email and I am still about a week or so away from driving away with a new car whatever it ends up being.
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Old 03-19-14, 01:24 PM   #7
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Quote:
Originally Posted by ninaws View Post
No navigation:
-27 months
-10,000 miles/year
-$2000 total due at signing
-$248/month plus tax

Navigation:
-27 months
-10,000 miles/year
-$2000 total due at signing
-$299/month plus tax
the difference between nav or not through the term of the loan ends up being %40 of the cost of the nav package. I am not sure if that is worth it can anyone else weigh in?
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Old 03-20-14, 10:39 AM   #8
swested
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Quote:
Originally Posted by ninaws View Post
I've been talking to a dealer and this is what she is offering me:

No navigation:
-27 months
-10,000 miles/year
-$2000 total due at signing
-$248/month plus tax

Navigation:
-27 months
-10,000 miles/year
-$2000 total due at signing
-$299/month plus tax

I asked her how things would change if we folded taxes into the price: base $270/mo, with navigation $327/mo. Also, reducing the money down would increase the monthly payment by $37 per $1000.

What do you think? Should I push her more at this stage? We've just been communicating via email and I am still about a week or so away from driving away with a new car whatever it ends up being.
Are those quotes on a 2013 or a 2014? And is any money being put "down" as capitalized cost reduction - it isn't clear from the total due at signing (which fluctuates based on dealer fees, etc).
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Old 03-20-14, 11:52 AM   #9
ninaws
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They're for a 2014. When I asked her about fees in addition to the money down, she said this:

'As for your down payment, when I say $2000, I mean that's the total amount you write the check for - not $2000 plus fees, just $2000.'
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Old 03-21-14, 09:54 AM   #10
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I just leased my car two days:

2014 200ct Fsport w/Navi
- got the ding package
- got the wheel package

36 months/12k a year
$605 a month
$0 down
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Old 03-22-14, 11:44 AM   #11
swested
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Quote:
Originally Posted by ninaws View Post
They're for a 2014. When I asked her about fees in addition to the money down, she said this:

'As for your down payment, when I say $2000, I mean that's the total amount you write the check for - not $2000 plus fees, just $2000.'
That's a typical sketchy dealer-answer...ugh. Is it first month's payment + tag + title + destination + dealer fee? It'd be good to get a breakdown there of what you're paying.
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Old 03-22-14, 11:45 AM   #12
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Quote:
Originally Posted by daviddo View Post
I just leased my car two days:

2014 200ct Fsport w/Navi
- got the ding package
- got the wheel package

36 months/12k a year
$605 a month
$0 down
What were your drive-off costs? Or was everything rolled into the monthly payment?
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Old 03-24-14, 04:41 PM   #13
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Two offers right now:

Dealer 1 (re-iterating what detailed already above)
2014 CT200h + Navigation
$2,000 down
$327/mo, 27 months, 10k miles

I asked her what fees I would have to pay in addition to the $2k and she said that there were no additional fees to cover aside from what is covered in the $2k

Dealer 2
2014 CT200h F-Sport with Navigation
$600 down to cover dealer's fees, title, etc.
$345.67/mo, 24 months, 10k

About the same? One better than the other? Both good, both bad? I am going to pull the trigger this weekend (yaaaaay).
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Old 03-24-14, 07:55 PM   #14
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These leases are offered by Lexus. The terms are not usually negotiable including the cap cost. Try your best to discount the car that is where you can get something out of dealers. Once the price of the car is set then you ask to apply the lease terms on it as the principal. Lexus also would not negotiate the residual value at the end of the term. Go to Lexus.com and read the fine print of the offered lease and make sure the dealer(s) do not surge it. Good luck
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Old 03-26-14, 02:43 PM   #15
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Default Lease deal at Pembroke Pines - FL - $199/mo

Dealer website:
Lease a new 2014 CT 200h for just $199 per month!
Take advantage of huge savings with a 2014 Lexus CT200 Lease Special.
Lease is for 24 months, 7.5k miles per year. $1995 down plus tax, tag, aquisition, first month payment and dealer/doc fees. with approved credit of 720 beacon or higher. cannot be combined with other offers. includes all rebates and incentives. expires 3/31/14.


As a follow up email from dealer:
Total drive offs would be about $4k - basically an additional $2000 in fees/taxes at drive off - dealer fee in FL is something like $800 - ridiculous.

I think I'll wait until the end of the month - only a couple more days and try to hit:
$0 down - sign/drive - with $250 per month.
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Old 03-26-14, 02:43 PM
 
 
 
 
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2013, agency, california, ct, ct200, ct200h, deal, deals, digital, forum, lease, lexus, options, pembroke, pines

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