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Old 03-19-08, 08:15 PM   #1
Strad6708
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Default Lease Deal

Hey everyone,

After reading the message boards for months, I am finally ready to pull the trigger on an 08 GS350 AWD.

I visited Woodfield Lexus in Schaumburg, IL today and learned they are offering a lease special on the 08 GS350 AWD models that MSRP for $50,999 (Nav, no ML). The terms are as follows:

4 years
10,000 miles/year
$2500 down as cap cost reduction
Tax/title/license/etc due up front
$599/month

I had to run to a conference call, so I couldn't stay long enough to negotiate too much, but I indicated to the salesman I would prefer higher miles and a lower down payment (especially since the taxes will cost me ~$3800). He indicated a willingness to negotiate the lease terms in order to gain my business. I did locate a couple of vehicles in stock that meet my color requirements.

I am going to go in and propose the same $599 payment but ask for no down payment (other than tax payment) and 15,000 miles/year. Do you guys think this is laughable or is it possible to achieve such a deal in this market?

P.S. Will any bluetooth phone work in the car?

Thanks!
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Old 03-19-08, 08:40 PM   #2
slk_dds
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Personally I would go ahead and purchase it instead, because I am only paying $625 per month plus $10k down (including TT&L) for 5 years.

So actually the only difference between leasing and purchasing in only $7.5k plus one extra year of payment.
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Old 03-19-08, 09:32 PM   #3
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I would also say you should just purchase it outright and make that car yours already.....
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Old 03-19-08, 09:33 PM   #4
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i don't know how state of IL works, you have to pay tax for the whole car up front? here in cali you only pay tax on the portion of the car you lease (based on cap cost and residual)

i might try to work on a bit better deal, first of all i will never pay any down, it doesn't make sense on a lease car imho. but changing it from 10k to 15k annual, that seems quite different i think that probably equates to about 4% change in residual? on a 50k car, that's 2000 bucks, which in 4 yrs mean around 42 bucks a month

but hey, doesn't hurt to try!
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Old 03-19-08, 09:36 PM   #5
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btw, i believe bluetooth is standard on the 3gs?

also, for people who like to change cars every couple of yrs, leasing is much better option. again, especially good in states like CA where you don't have to pay all the tax, unlike when you purchase the car up front.

also, it depends on the lease deals. if you work the numbers right, leasing the car and the buy it out at the end of lease might end up more beneficial than financing it from the start.
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Old 03-20-08, 10:40 AM   #6
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Agree with Rominl, don't put anything down on a lease, you'll never get it back. If you want to reduce the pmts, put down Multiple Security Deposits to lower your MF rate, which you'll get back when you turn the car in - but don't make a down pmt (or cap cost reduction). Another missing key is what is your credit score and what MF are they offering. If you have a credit score >750, you should be negoitiating for their best MF, which I've heard is now .0015 on a 3GS. YMMV so definitely research and confirm the lease details in you area.
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Old 03-20-08, 11:00 AM   #7
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that's what i heard on the money factor too, around 0.0015

with MSD it should be pretty sweet
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Old 03-20-08, 05:03 PM   #8
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be really clear on the mileage charge above the agreement whether it be 10k or 15k. maybe not an issue for you but it's just not that hard to put 20K miles on a car a year, especially when you like to drive it
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Old 03-20-08, 06:22 PM   #9
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Yeah, Illinois is pretty "lease unfriendly" in that you have to pay full sales tax up front instead of on monthly lease payments like in most other states. And then, unbelieveable but true, if you decide to buy the car at lease-end, you have to pay sales tax AGAIN. And if you live in Chicago, you pay a monthly "use tax."

The lease deal on the GS looks pretty average -- not bad, not great -- but in my experience, it's difficult to get a good Lexus lease. I run a web site about leasing (www.LeaseGuide.com) and won't lease if the deal isn't good. I tried on my new GS 460 and couldn't get it, so I bought it instead.
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Old 03-21-08, 12:15 AM   #10
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whatever fits your budget and go for it......
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Old 03-24-08, 11:18 AM   #11
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Quote:
Originally Posted by ahearn View Post
The lease deal on the GS looks pretty average -- not bad, not great -- but in my experience, it's difficult to get a good Lexus lease. I run a web site about leasing (www.LeaseGuide.com) and won't lease if the deal isn't good. I tried on my new GS 460 and couldn't get it, so I bought it instead.
So you are LeaseGuide.com - thanks for your lease calculator, I use it all the time, faster than doing by hand or creating a new spreadsheet.

As you know, leasing varies widely by region, also by one's credit score. I feel I got a great lease deal (SoCal) on a GS from Lexus during their December to Remember promo - an apr of 2.7% ain't shabby. The residual wasn't great, but my lease was still much better than a straight purchase.
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