Osteoman

Okay I'm looking all over for this any help is appreciated. I just bought a new Royal Ruby ES. I saw the interest rates were 3.9% for up to 60 months on Edmund. Well the dealership only showed 3.9 up to 48 months and 4.9 for 60 months. Finding the truth online through Lexus site is impossible. Nowhere does it say that I can find.

Does anyone know for sure or have a Lexus link that would prove this one way or another.

Thanks

codex57

I'm not sure you'd find anything on Lexus' site. They seem to make a big point that your interest rate is btw you and the dealer.

I'd try and see if you can get other Texas dealers to quote you interest rates. Maybe they'll be nice enough to do it. I don't remember getting any dealer in CA to confirm a rate unless I actually visited. Even then it was hard enough to get a number out of them. But, y'all in the South are supposed to be real friendly like.

MD350

When a captive auto finance company (Lexus Financial), advertises a sub-vented rate, they usually do not allow the finance manager to hold points. They usually only allow the contracts to be written at retention, or they are bounced back to the dealer for correction. Instead of the finance manager holding rate, they are usually paid a flat commission from the finance company.

So, I would maybe call the dealer back and pretend to be a prospect customer and ask what the special rates/terms are. Or, you could call the general manager and express your concern. But, most advertise the cheapest rate at the shortest term to get the customer in the door. Knowing the payment would be too high, they close them on the longer term, higher rate and get the payment more affordable.

Good Luck

John_B

We got our 2008 ES350 about 3 weeks ago. The rate I got was 2.9% for 48 months. I did not check on longer terms. It is possible that the rate is a regional thing. I am located in North Carolina.

John

LexBob2

Dealers around here are advertising 3.9% financing for 60 months on the ES350.

John_B

The rate seems to be regional. This is a link to a local dealer Web site http://nitra.lexusdealer.com/johnson..._hpNR_theEvent

It shows both lease and loan rates on different models. The small print at the end of the last paragraph indicates that the offer is only available in Lexus Southern Areas. I don't know what states this includes, but North Carolina is one of them.

Good luck with your search. Also note this offer expires on Tuesday.

John

ISFChamp

Interest rates were as low as 2.9% for up to 48 months, and as low as 3.9% for 60, however, most people were a point higher....

Osteoman

Lexus quoted me 3.9% for up to 48 months and 4.9 for 60. My credit is off the chart. If anyone qualifies for first tier it's me. Therefore, is this a regional thing? Did I get taken just because they could? With Lexus not advertising the rates it is very hard to know. I even went on the Lexus site and did the chat with them. He said he could not give me that information. Can't find the information anywhere in the Lexus Financial services website or the main Lexus website.

Edmund's said 3.9 for up to 60 months but they have been wrong at times.

The financial manager where I bought my car said 3.9 wasn't available at all for 60 months. I did have him write in the contract that if I verified there was 3.9 available he would change it!!. This is in the contract.

I've looked and looked and still can't seem to prove it one way or the other.

When you say most people are a point higher, do you mean individuals because of their credit score or most dealerships?

Any help with any definitive answer? I'm in Texas if this makes a difference.

MD350

LFS probably allows the finance department to hold a point. It is going to be very difficult to prove. I am pretty sure it has nothing to do with credit score. Usually, if you are over 740 FICO, you score tier 1 regardless how high your score is. The point is the finance person's commission for doing your loan. You think those finance employees work for free?