pander

Hi All;

I never leased a car before so I leased a GS 350 at my Central Florida Lexus Dealer. I traded my 2012 IS 250 with 27,000 on it and I owed $19,500. I got a 2015 base for $475.00 a month with only $475 due at signing. I got the Deep sea mica with flaxen interior.

Here is the what is on the paperwork they gave me;
Cap Cost Reduction 3392.02
1st monthly payment 475.00
Reg. Fees 205.19
Tax on cap reduction 217.61
upfront tax on fees 4.32
Total due at signing 4295.04

Gross Cap cost 47,105.06
Adjusted cap cost 44,412.14
Residual Value 30,374.95
Depreciation/amortized 14,037.19
rent charge 2,019.24
total based on monthly payments 16,056.43
36 payments at 446.01 with 28.99 taxes, total 475 a month
This was a 36 month lease with 10,000 miles a year.
It was a base GS with navigation and I had a 670 credit score.
They claimed they had huge rebates that allowed me to only need the 475 for first payment. Good or bad for my 1st lease. I was paying 345.77 on my IS for 72 months at 3.9% and made 11 payments.

Thanks all.

pander

Oh the car listed for $49,795.00

wiredup

How much did they give you for your trade-in? That's what is missing here.

What's the money factor?

I have a 2013 GS350 base; 10k/yr miles, zero down, first month pmt included, $464/m, 27m lease.

pander

They paid it off for what I owed and I got like $47.00 in equity. As far as the money factor, I recall seeing it on the initial paperwork but it was not with the paperwork I got when I signed the deal. I basically had no equity in my trade, I owed 19,500 roughly and that is what they gave me.

faifai83

...did I miss the question?

Mike728

I'm gonna say yes, you did.

faifai83

...what was the question?

Mike728

One more time: "Good or bad for my 1st lease?"

faifai83

Need more information:

1. What was the MSRP $ of the vehicle?
2. What was the invoice $ of the vehicle?
3. What was the money factor?

pander

The msrp was $49,795.00, in my post I listed all the figures, but in the paperwork did not show money factor. thanks

faifai83

Without the invoice price, we don't know if you got a "good" deal or not.

Without knowing the money factor and more specifically the dealer's "buy" rate for the money factor, we further do not know whether you got a "good" deal or not.

Seems like there was a down payment of some sort which is usually not recommended as if the vehicle was totaled, (say next week), the down payment would have been lost and the insurance company pays off Lexus Financial Services for the vehicle.

Down payments are not recommended for leases.

(Would you put a down payment on an apartment to reduce the monthly rent from $1000 to $900 a month)

pander

I did not put any money down, I only had to pay the first month lease payment of 475.00. I guess all the figures I posted from my paperwork are useless in determining if it was a good lease deal or not? I do remember seeing a printout with all the info on it but those figures wanted a 495 lease payment, plus tax. I got them down to the 475 payment including tax.

pander

Oh and my credit score was 670 not 720 as required in the ad for the GS F sport with the complimentary first payment with 0 down and 0 due at signing.

ItzFilyO

So u had about 20 Grand in negative equity and not that good credit score but u got zero down and $475 including tax? I think that's a good deal.

Here it's really hard to get anything with credit score less than 700.

faifai83

Seems like they took the rebate as your down payment....

...with an unknown factor, can't really comment if it was a good deal or not.