ereyes562

Went to my local Lexus dealer near Long Beach, and I was ready to get into a lease. But the numbers seemed a bit high, what are your opinions?

Option 1:
36 month lease
12k miles per year
.0022 mf
61% residual
price of car was 56.5K
selling price is 53.5K
2K down payment
(qualified for lexus financial as tier 1)
price I was told was going to be over 800 per month for the lease

option 2:
48 month lease
12k miles per year
.0022 MF
51% residdual
price same as above
selling price same as above
2K down
price was around 750 a month


am i getting done over?

thanks guys, want to puchase but dont know if they are trying to pull on one me.

soleger24

what dealer are you working with? I paid 700 over invoice but got a 1500 rebate for a buick we have and then they waived the 1423 I had to pay at drive off.
My residual because I got an f sport was 60% with 15k miles usually non F sports are 63% with 15k miles and my MF was .0022 around i think.
36 month lease
776 a month.

GS350Lexus

iTrader: (5)

They crazy, for those prices u can drive A better car. The most you should pay would be $700 that's only bank fee and plates upfront

ereyes562

I thought they seemed a little off, but then again I wish I had a great lease formula where I can figure out the numbers myself and see if they are right. I really want the car, but I might need to see another dealer for a better deal if I truly am getting ripped.

ereyes562

btw, I can no longer use the conquest money as the sale ended yesterday.

soleger24

I thought they said it ended on april 2nd. So it might be good for tomorrow.

wlmngtn310

I was told by Lexus it ended on march 31st?

faifai83

Try this:

http://www.leaseguide.com/calc.htm

caddyowner

^^^
That car lease guide works great, except the iPad / iPhone version doesn't allow as much flexibility in data entry. OP, the money factor is way too high. Last week, I was offered .0017 off the bat. Also, my residual offer was 62% for a 12/36 lease. (I ended up getting conventional financing of 2.49% for 60 mos due to my mileage uncertainty.)

ereyes562

I also forgot to mention that it's for 12k miles per year

jjscsix

First of all, whether you want to put money down or not, I would evaluate all lease offers based upon no money down. I really don't get why anyone would put money down on a lease anyway, but that is up to you. But it is very hard to compare lease offers when there is money down involved.

Second, the MF they are offering you sucks. Right now the going rate for most leases is in the .00185 range - and even that is nothing special. .0022 is over 5% interest.

Finally, anyone who tells you that you are getting a good or bad deal without knowing how taxes and fees are applied is not giving you good advice. Taxes on leases varies state by state. I have no idea how taxes are applied in California. We need to know what taxes you are paying. And what other fees? doc fees, inspection, acquisition fees.....???

faifai83

hrm, maybe try access the site from a desktop/laptop?

caddyowner

Having some type of device to verify calculations is essential when negotiating a deal - especially given the added number of variables in a lease deal. About 8-9 years ago I was negotiating a deal on an 04 CTS at a Cadillac dealer and knew all the numbers cold (GM employee family pricing, GMAC incentive interest rate, etc.) and the payment they were quoting was too high. While the salesman was away talking to his boss, I walked around the desk and reviewed the numbers on the screen. When he returned I informed him that the GMAC interest rate was a 1/2 point too high. He said that was the dealership's standard added profit - but he could remove it if I insisted. I insisted, he re-entered the data, and went to see his boss again - clearing and locking his screen. I wrote down the numberrs and bought that car and my next (and last) Cadillac from another dealer.