Help Leasing a GS430
01-19-03, 12:05 AM
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Help Leasing a GS430
I in the market for another vehicle. Currently have a 98 540iA SP, but it's a Dinan5 car.
The GS430 was on top of my list because of reliability and probably the closest thing to a 540 in terms of pricing and performance.
However, I was on Lexus.com and priced an 03 with ML/NAV and 17's with rear spoiler...it came out to like $52K and change. I did a 36 month lease with 0 down and it came out to $896 per month...am I doing something wrong or is the residiual on the GS that bad? Someone here got a 42 month lease with zero down and same options for $646 per month or something...
$896 is too high and I think I would opt for another car for this...any feedback appreciated.
The GS430 was on top of my list because of reliability and probably the closest thing to a 540 in terms of pricing and performance.
However, I was on Lexus.com and priced an 03 with ML/NAV and 17's with rear spoiler...it came out to like $52K and change. I did a 36 month lease with 0 down and it came out to $896 per month...am I doing something wrong or is the residiual on the GS that bad? Someone here got a 42 month lease with zero down and same options for $646 per month or something...
$896 is too high and I think I would opt for another car for this...any feedback appreciated.
01-19-03, 02:43 AM
#5
Lexus Fanatic
try www.carsdirect.com for reference too
the lexus site must have used high money factor(aka interest rate)
money factorx.0024=APR(intertest rate)
the lexus site must have used high money factor(aka interest rate)
money factorx.0024=APR(intertest rate)
01-19-03, 09:07 AM
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I signed a lease in December for a 39 month lease on a GS430 with 17" wheels, spoiler and wood and leather steering wheel. I don't have the paper work in front of me, so I'm going from memory on this one.
Lexus financial services is the lien holder on this car.
Its a 15,000 mile/year lease so the redsidual is 55% of MSPR (Residual goes down each month because the car is getting closer to the end of the model year). The residual is set by the lending company and may vary among lenders.
I got a discount on the car of about 9% and the interest rate calculated out to about 5%. My drive out check was about $850.00 and monthly payments are $607.00/month plus tax. (I rolled the acquisition/disposition fee into the lease payments, there were about $750 in junk fees and luxuary taxes that I paid up front but I used my Lexus $500.00 loyality rebate to offset these fees)
The web site estimates are high. They are based on full retail for the cap cost factor.
To get a good deal on a lease you need to have a credit score of 700 or better to get the best rates.
Stay out of the showroom when negotiating. Have you sales consultant email you estimates. Before you agree to a deal you need to check you figures to evaluate you deal.
To figure a lease you need to know the following, if the dealer won't provide you this information WALK.
1) MSRP
2) Cap cost (Negotiable)
2) Residual on 12,000 miles/year also on 15,000 miles/year(Non Negotiable)
3) Money factor (Non Negotiable)
4) Lease term (You can choose whats best for you)
5) Acquisition Fees/Disposition Fees and any other junk fees a dealer adds on. (Dealer will tell you these are not negotiable, but if he is hungry enough he will eat these)
6) Sales tax laws in your municapality will also figure in your lease payment.
Get a copy of the lease agreement, take it home and read it at you leisure to make sure you can live with the terms of the lease. Remember a lease is a binding contract.
Do you homework, get this information and you should be able to get within $2.00/month of what your payment should be. If you get this info and need help figuring your lease payment pm me.
Good Luck
Harleyman
Lexus financial services is the lien holder on this car.
Its a 15,000 mile/year lease so the redsidual is 55% of MSPR (Residual goes down each month because the car is getting closer to the end of the model year). The residual is set by the lending company and may vary among lenders.
I got a discount on the car of about 9% and the interest rate calculated out to about 5%. My drive out check was about $850.00 and monthly payments are $607.00/month plus tax. (I rolled the acquisition/disposition fee into the lease payments, there were about $750 in junk fees and luxuary taxes that I paid up front but I used my Lexus $500.00 loyality rebate to offset these fees)
The web site estimates are high. They are based on full retail for the cap cost factor.
To get a good deal on a lease you need to have a credit score of 700 or better to get the best rates.
Stay out of the showroom when negotiating. Have you sales consultant email you estimates. Before you agree to a deal you need to check you figures to evaluate you deal.
To figure a lease you need to know the following, if the dealer won't provide you this information WALK.
1) MSRP
2) Cap cost (Negotiable)
2) Residual on 12,000 miles/year also on 15,000 miles/year(Non Negotiable)
3) Money factor (Non Negotiable)
4) Lease term (You can choose whats best for you)
5) Acquisition Fees/Disposition Fees and any other junk fees a dealer adds on. (Dealer will tell you these are not negotiable, but if he is hungry enough he will eat these)
6) Sales tax laws in your municapality will also figure in your lease payment.
Get a copy of the lease agreement, take it home and read it at you leisure to make sure you can live with the terms of the lease. Remember a lease is a binding contract.
Do you homework, get this information and you should be able to get within $2.00/month of what your payment should be. If you get this info and need help figuring your lease payment pm me.
Good Luck
Harleyman
Last edited by Harleyman1; 01-19-03 at 09:11 AM.
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01-19-03, 11:50 AM
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Sorry about that GS4 Fun
It's a new 2003 GS430 with a MSRP of $49,549.00. The Cap cost or "negotiated" price on the car was $45,839.93 or a 7.5% discount. According to KBB dealer cost on this car was $43,062.00. I bought it during the December to remember sales event. It was pretty much a no haggle price. I test drove a GS300 then the GS430, never went back into the showroom after the test drive. The salesman was great, no pressure, did our negotiations via email and phone. On a lease for every $1,000 in CAP COST REDUCTION, the monthly payments are reduced about $30.00 on a 39 month lease.
01-19-03, 12:55 PM
#9
Boardroom Thug
01-20-03, 04:26 AM
#12
Lexus Test Driver
Harleyman1,
You got a great deal. That is almost as much as i pay for my GS300 with 12000mi/year. My dealer quoted me $750-800 range for a fully loaded GS430. Did u have to put any money down?
You got a great deal. That is almost as much as i pay for my GS300 with 12000mi/year. My dealer quoted me $750-800 range for a fully loaded GS430. Did u have to put any money down?
01-20-03, 01:42 PM
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Originally posted by RNM GS3
Harleyman1,
You got a great deal. That is almost as much as i pay for my GS300 with 12000mi/year. My dealer quoted me $750-800 range for a fully loaded GS430. Did u have to put any money down?
Harleyman1,
You got a great deal. That is almost as much as i pay for my GS300 with 12000mi/year. My dealer quoted me $750-800 range for a fully loaded GS430. Did u have to put any money down?
01-20-03, 02:21 PM
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That's the deal I got. I looked at the paperwork last night and my payments are $637.00 month including sales tax. My drive off check was $956.00 which included the first month lease and I get 15,000miles/year. What's so bad is I feel like I could have done about $30 to $40 month better. Learn how to figure a lease and stick to your guns, don't let a dealer "pencil whip" you. It's a buyers market. When I was considering leasing a BMW's, their leader ad's weren't attractive enough to get me into the showroom. Usually their ad's called for several thousand dollars down and you only got 10,000 miles a year on their lease. Of course in certain regions certain cars sell for more than they do in other regions.
Based on my negotiated price of $45,800, if I wanted to buy the car I would have had to add 5% sales tax for a total finance of $48,132.00. I can get financing for 5 years at 4.64% thru Costco, my payments would have been $900/month on a straight purchase for 5 years, so your dealer should be able to do a lot better than high $700 on a 3 year lease.
My daddy always told me "son, people are staying up at night trying to figure ways to get your money" and "a penny saved is a penny earned". I use to make fun of him when he told me this, but there is a lot of truth in his wisdom.
Would you play poker without knowing the rules, if so, you would loose everytime. The same can be said about a lease.
Based on my negotiated price of $45,800, if I wanted to buy the car I would have had to add 5% sales tax for a total finance of $48,132.00. I can get financing for 5 years at 4.64% thru Costco, my payments would have been $900/month on a straight purchase for 5 years, so your dealer should be able to do a lot better than high $700 on a 3 year lease.
My daddy always told me "son, people are staying up at night trying to figure ways to get your money" and "a penny saved is a penny earned". I use to make fun of him when he told me this, but there is a lot of truth in his wisdom.
Would you play poker without knowing the rules, if so, you would loose everytime. The same can be said about a lease.
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