Rate My Lease, Please
#1
Instructor
Thread Starter
Rate My Lease, Please
Friends,
After a two-month search, I've finally leased an ES350 in November of 2016.
I'll keep it short: I was looking for a specific color combination, and wanted the car to have a decent amount of options.
I shopped three NY-area Lexus dealers, and a private "Leasing Broker", which is whom I decided to work with.
Overall, I'm not entirely sure how this deal would rate:
2016 Lexus ES350 (brand new, "left-over" model).
Tons of "optional features", please see attached image for the exact breakdown.
Now, on to the important part, the pricing for the lease:
MSRP $47,001 (on a 2016 model, not 2017)
36 month lease
15,000 miles per year (!)
$1,500 due at singing
$540 per month
Top tier credit score
"Agreed on sales price": approximately $38,000 (will update later with exact figure)
Residual at end of lease term: approximately $25,000 (will update later with exact figure)
Total spend over entire lease term: $20,400 (plus deposition fee)
So, what do you folks think?
Please share your thoughts, thanks!
After a two-month search, I've finally leased an ES350 in November of 2016.
I'll keep it short: I was looking for a specific color combination, and wanted the car to have a decent amount of options.
I shopped three NY-area Lexus dealers, and a private "Leasing Broker", which is whom I decided to work with.
Overall, I'm not entirely sure how this deal would rate:
2016 Lexus ES350 (brand new, "left-over" model).
Tons of "optional features", please see attached image for the exact breakdown.
Now, on to the important part, the pricing for the lease:
MSRP $47,001 (on a 2016 model, not 2017)
36 month lease
15,000 miles per year (!)
$1,500 due at singing
$540 per month
Top tier credit score
"Agreed on sales price": approximately $38,000 (will update later with exact figure)
Residual at end of lease term: approximately $25,000 (will update later with exact figure)
Total spend over entire lease term: $20,400 (plus deposition fee)
So, what do you folks think?
Please share your thoughts, thanks!
#2
Lexus Test Driver
jasone36 - request a detailed breakdown of the numbers - with that sale price, the payment should be much lower. They might be jacking up the money factor on you. With the same msrp, ours is 425 incl 8% sales tax for a 10k miles a year (1k due at signing). If I recall correctly, 15k residual is about 3% lower which would add about 35 bucks a month to the payment.
Edit - your payment is probably about right - apparently the current money factor on the 2016s is .0019, double what it was a few months ago. Great deal on the sale price though!
Congrats and enjoy the new wheels!
Edit - your payment is probably about right - apparently the current money factor on the 2016s is .0019, double what it was a few months ago. Great deal on the sale price though!
Congrats and enjoy the new wheels!
Last edited by gmanusmc; 11-21-16 at 10:35 AM.
#3
Instructor
Thread Starter
bgaerttner, thank you for the feedback.
I also couldn't believe how high the money factor was, but when I called to three NYC-area dealers they were all that high.
The crazy thing, is that when I started shopping two months ago, I was offered a $465-ish payment on the exact same deal (although not in the color combo I wanted), and I turned it down... just when interest rates were about to go up significantly.
Appreciate the response!
I also couldn't believe how high the money factor was, but when I called to three NYC-area dealers they were all that high.
The crazy thing, is that when I started shopping two months ago, I was offered a $465-ish payment on the exact same deal (although not in the color combo I wanted), and I turned it down... just when interest rates were about to go up significantly.
Appreciate the response!
#5
Instructor
Thread Starter
Regarding financing and then intending on trading it in, I'm not entirely sure that would offer more flexibility, especially considering I have a 15K mile lease.
I'm wondering if anyone else can share their ES lease deals with the thread.
Thanks!
I'm wondering if anyone else can share their ES lease deals with the thread.
Thanks!
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