1seeker1

Looking to purcahse an ES 350; my first Lexus. Unfortunately, I don't have a rich uncle who has died lately so I'm looking for a combination of good price and decent finance rate. I'm not in any hurry so I figured I would wait until December for the Lexus December to Remember sales event. I figured by that time, ES 350 price would be better (it will be competing with the 2007 G35 that is coming out in Nov. 2007 and the car will have lost its initial "I've got to have it now" factor, plus presumably more supply) and Lexus would offer promotional APR. I just saw advertisement, however, for an August sales event. I now understand Lexus does this every year to clear 2006's. My questions:

1. Is the ES 350 included in the August sales event (special purchase APR?) If so, what are the incentives?

2. What do you expect the December offers to be on the ES 350?

I have enjoyed thoroughly reading this forum and value the opinions of long time Lexus owners.

PhilipMSPT

iTrader: (5)

Since the ES350 is a 2007 model, you may not get the discounts that you're expecting. The car is still "hot," but you can get a bit off the sticker price. As for the "December to Remember" Sale, the discounts are for the ending year's models (2006 ES330), not the next year's.

1seeker1

Thanks for the reply PhilipMSPT .

I've seen posts talking about prior December to Remember Sales Events that included all model years for at least financing incentives. One post I read said the financing incentives had included the330h that had recently come out. Can anyone confirm experiences from prior December to Remember Sales events?

Kaius88

you might have better chance of getting a better deal in 2007....say January. By March they will start clearing 2007 models and make room for 2008 models in april. But dont rely too much on this... If you are serious about buying, save up as much money as possible to put a big downpayment, which will lower your interest rate. Example: If I had financed my ES 90% , my rate would have been 7.75% given my credit standing. I consider this very high since i have good credit and have very few debts. But since my huge trade-in acted as my downpayment, my rate dropped to 6.25% for the remaining amount. So the key to getting a good rate is BIG DOWN PAYMENT. This is true for real estate also btw.

my 2 cents

dshahs420

might wanna try www.fleetrates.com when i was thinking about upgrading to the es350, they quoted me a price of 40,000 for a UL model BUT you cant trade-in your current car as they dont deal with trade-ins. I believe they have a fleet location somewhere in California as when i was talking to him, he was in cali for business but his home office is in Florida.

jeffofla

Hmmm. I was able to get a finance rate of 5.25% for 48 months. But of course, I have already paid it off. So it's a moot point anyway.

1seeker1

Thanks for the replies so far. I can report that I called a dealer and asked about current promotion. The ES 350 is included. The APR is 6.29% for a 60 month term. I did not ask about terms less than 60 months, nor did I even specifically ask about the 60 month term. This is simply the information I was given when I asked if there were any incentives on the car. Since I would be obtaining a 60 month term in any event, I did not ask if there were other rates for lesser terms. The sales manager (for pre-owned) was reading from a sheet from Lexus. I asked if there were any additional incentives and he said no. I did not specifically ask about lease incentives because I am not in the market to lease. Hope this information is helpful to those of you who read this post. If you come across contrary information, certainly let me and others know. I can only report what I was told by one sales manager.

The APR Lexus is offering may be less than what Lexus normally charges but it does not even beat the CapitalOne Finance rates through Costco (6.1% minus .1% per the website today [but 6.35% if straight through regular CapitalOne website). I was hoping for something in the 4.9% range (For example, this is what Acura is offering on TL currently). The difference between 6.29% and 4.9% over 60 months is $1,541.95, which is nothing to sneeze at. Maybe I'm just dreaming Lexus will ever offer APR in this range for this car, even in December. If anyone knows of better finance rates out there than CapitalOne, let me know as well.

Still looking for comments on historically what to expect from December sales event. Thanks in advance

AsianGirl007

iTrader: (1)

It's my understanding that the ES350 is NOT included. The only lower interest/factors is on the GS.

6.29% isn't a "special" rate, if so what's the regular rate? 7% - 8%?

Typically Lexus has included all models in the December to Remember program but last year they did not include to new IS. I would however, guess that the new ES should be included as it's Lexus' "bread and butter" car, meaning they sell quite a number of them. Also I know that their are some very large ES shipments en route right now over the water. Therefore I would assume the market for the ES will balance out a bit more within a few months time. This is my speculation from previous Lexus experience, it's not official.


Oh, and Golden Opportunity starts tomorrow, a few days early.

AsianGirl007

iTrader: (1)

Oh, and when I leased my '02 ES300 it had only been out a few months but I think I did get a December to Remember lease special on it. So if history repeats itself for new model, there's your answer.

1seeker1

Asiangirl007,

The "regular rate" I got off the Lexus website. If you plug in an ES 350 they automatically assume a $40805 purchase price. You select what your anticipated FICO score is. When I selected the "excellent" rating (above 730) it gave me a 7.8% rate for 60 months. However, the APR is footnoted as follows:

"APR is an estimate based upon the credit rating assessment you provided and estimated contract rates for contracts purchased by the Lexus Financial Services office serving your area. Actual rate will vary and is agreed upon by you and your Lexus dealer. The estimate provided assumes financing through Lexus Financial Services and your participating Lexus Dealer. On approved credit. Not all customers will qualify. "

While it would be interesting to know whether I was given the corect information or not as to whether the ES 350 qualifies for the "special" August sales event financing, I (and anybody else)can already beat the 6.29% rate. Thanks for your replies. I'm out of here for the night.

AsianGirl007

iTrader: (1)

I'm certain that is a "packed" rate, I don't think Lexus would want to hurt the dealers by giving out a buy rate. I stand by my statement that 6.29% isn't a special rate. I've seen special rates with Lexus before and that's not one of them.

cleblanc

When I was buying my Lexus 3 months ago, I inquired about the rate for 60 months. I can't remember the exact rate but thought it was awfully high. So I used the Costco Auto finance program and was able to get a rate of 5.6%. When I told the dealer that I arranged my own financing, he said he would match it. But then when I went there to test drive the car, they offered me a rate of 5.19%. They really wanted me to buy the car that day since it was the last sales day of the month. The financing I got with them was actually with Bank of America, not Lexus. Hope this helps.

1seeker1

Thought I would add (and refresh this link) that Edmunds and others confirm ES 350 in included in Lexus' sales event at the 6.29% for 60 months as I indicated above. However, that rate can certainly be beat as I and others have so indicated, above. Hope this helps any potential buyers. I'm still going to wait a while longer... but its killing me!

dshahs420

If you FICO is over 730, go open an account with a credit union and finance the car thru them. I bet the APR is a lot lower. You can also get a good rate with your bank since the Feds didnt raise interest rates.

sk72

I baught my 06 ES330 last december on the DEC top REM sales event. They offered me a good price plus a financing of 4.4%. The dealer wanted me to derive out the car on that day and reduced the Int rate from 6.5% to 4.4% (60 months)to match my monthly payment which I was comfortable with.

Basically the dealer was telling me that the DEC to REM was targeted to attract buyers to lease lexus because they have extra good deals going on in that division.. ( I might be wrong) but this is what the dealer told me.. anyways for those who wnats to wait hopefully this info might be helpful.