Leasing Question
#1
Driver School Candidate
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Join Date: Jul 2013
Location: CA
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Leasing Question
My current lease ends next month so I'm looking at some options. The new IS being one of them. I'm in no rush as I have an older truck I can drive until I find the car I want but did have a somewhat generic question regarding monthly payments.
I want to stick to under $600 a month. With 0 down, should I be looking at 250 F sports or does that budget allow for a 350 F sport?
I guess I just want to know which car I should be researching and reading reviews of. I'm afraid I'll want more power out of the 250. I'm coming from a hybrid and before that a mazdaspeed 3 and definitely miss the power of the mazda haha.
Any info would be greatly appreciated.
These are two cars I'm looking at:
MSRP: $48k
2014 IS 350 RWD F Sport white/red
Navigation / Mark Levinson Premium Audio System Package
Blind Spot Monitor System
Variable Gear-Ratio Steering (VGRS) with power tilt-and-telescopic steering column
MSRP: $42,973k
2014 IS 250 RWD F Sport white/red
Navigation
Blind Spot Monitor System
Also is the non-ML sound system still good? It doesn't look like it's available on the 250, unless I'm mistaken.
I want to stick to under $600 a month. With 0 down, should I be looking at 250 F sports or does that budget allow for a 350 F sport?
I guess I just want to know which car I should be researching and reading reviews of. I'm afraid I'll want more power out of the 250. I'm coming from a hybrid and before that a mazdaspeed 3 and definitely miss the power of the mazda haha.
Any info would be greatly appreciated.
These are two cars I'm looking at:
MSRP: $48k
2014 IS 350 RWD F Sport white/red
Navigation / Mark Levinson Premium Audio System Package
Blind Spot Monitor System
Variable Gear-Ratio Steering (VGRS) with power tilt-and-telescopic steering column
MSRP: $42,973k
2014 IS 250 RWD F Sport white/red
Navigation
Blind Spot Monitor System
Also is the non-ML sound system still good? It doesn't look like it's available on the 250, unless I'm mistaken.
#3
600 should get you a 350 F-sport with ML, comfortably since you're in CA. If it doesn't and they won't budge on the selling price, put some security deposits to get your interest down. It also doesn't hurt to call/email multiple dealers. Good call on no down.
#4
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$0 down on a new model IS? Really? Not sure how CA leasing works but excluding your first month payment and registration fees I would say Lexus Financial Services and the dealer are going to want a combined $1-1.5K. Maybe I am wrong but I didn't think this could be lumped into your payment. Good Luck!!!
#5
$0 down on a new model IS? Really? Not sure how CA leasing works but excluding your first month payment and registration fees I would say Lexus Financial Services and the dealer are going to want a combined $1-1.5K. Maybe I am wrong but I didn't think this could be lumped into your payment. Good Luck!!!
#6
Lexus Fanatic
$0 down on a new model IS? Really? Not sure how CA leasing works but excluding your first month payment and registration fees I would say Lexus Financial Services and the dealer are going to want a combined $1-1.5K. Maybe I am wrong but I didn't think this could be lumped into your payment. Good Luck!!!
#7
Question. If my lease is 36 months and I want a new car in say 12 months how does that work? Do I owe the whole 36 months if I turn it in early? Was looking at a Cayenne in possibly a year so. Can I trade in a leased car to a Porsche dealer?
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#8
That's my understanding of it, unless there's another way of doing it.
EDIT: Don't forget to price your current car online (Edmunds.com or some other site) to see what a fair "trade-in" value is. You could even sell the car yourself for the "private seller" price, but it gets complicated if you want to avoid paying sales tax on the remainder of the car, and then the buyer paying an additional sales/use tax afterwards.
Last edited by flippd; 08-13-13 at 12:38 AM.
#9
Lexus Test Driver
Try your best not to aquire your car on monthly and down payments. A dealer could be jacking up the price and you'd never know it. Always have your transaction based on sticker and invoice pricing. While no one is going to be talking invoice at this early time in the 3IS's life, at least work on getting as much off the MSRP as possible. This of course will lower your monthly payments.
Being in California is good. As mentioned, email all the dealers in your perferred radius and make them compete against each other. Price goes down fast that way.
Being in California is good. As mentioned, email all the dealers in your perferred radius and make them compete against each other. Price goes down fast that way.
#10
Lexus Fanatic
You can trade it anywhere...sell it privately...whatever you like.
#11
Pole Position
Leasing versus Buying on NEW 2013 RX450h and NEW 2013 CT200h ????
I have not leased in the past until recently a Lexus dealer salesman mentioned it to me due to "special rebates" with leasing only ($1500 rebate on the new 2013 RX450h and $1750 PLUS first month lease payment "FREE" on the new 2013 CT200h).
The "MANAGER" said I can get the additional REBATES ONLY if I LEASE. Then he said I can call up the Lexus Financial something like 6 months down the road and ask for a PAY OFF and I can then either pay off these two leases with cash or just refinance these two on my own. This way I will get the rebates noted above. I think there is a "CATCH" somewhere and I just don't know it yet. Anyone can enlighten me on this will be greatly appreciated !!!
Here is what I have negotiated so far on the new 2013 RX450h (brand new and not a demonstrator or a loaner vehicle):
2013 RX450h 4X2 with --------------------------------------------------- MRSP of $46310.00
1. Sport Appearance Package with 19 inch F Sport Wheels ------- MRSP of $1100.00
2. Comfort Package -------------------------------------------------------MRSP of $825.00
3. 12 speaker Premium Audio Package (grouped in with other options)
------------------MRSP of $0.00
4. Xenon High Intensity Discharge Headlamps -------------------------MRSP of $515.00
5. Navg. System w/Voice Command, Backup Camera, Lexus Enform
and etc...... ---------------------------------------------------------MRSP of $2775.00
6. Intuitive Parking Assist --------------------------------------------------MRSP of $500.00
7. Premium Package w/Blind Spot Monitor System, Leather, Moon Roof
and etc............ ----------------------------------------------------MRSP of $2570.00
8. Wood & Leather Trimmed Steering Wheel & Shift **** ------------MRSP of 330.00
9. Cargo Net, Cargo Mat, Wheel Locks and Key Gloves --------------MRSP of $255.00
10. Delivery Processing and Handling -----------------------------------MRSP of $910.00
----------------------------------------------------------------------------------------------------------
TOTAL MSRP OF $56090.00
The BEST PRICE I could negotiate thus far is $49200.00 (This is "cash price". Meaning if I just pay cash or get my own financing or Lexus Financing it is $49200.00 PLUS Tax/Tag/governmental fees).
If I "LEASE" this vehicle I will get ADDITIONAL $1500.00 OFF to bring it to $47700.00
Here is the LEASE DEAL I was quoted thus far (they checked my credit and I do have excellent credit and is tier ONE):
No money down (except for the $1500 REBATE), Advanced Payments $684.09, Upfront Charges $545.21, Total Cap Reduction $250.70, Due on Delivery is $0.00 (ZERO). Monthly payment is $684.09 for 24 months (Base monthly of $633.42 + Tax of $50.67 = Monthly Payment of $684.09). Residual Amount is $37019.40 with "MONEY FACTOR/RATE" of 0.00085. Annual Mileage of 10,000.
**************************************************
On the NEW 2013 CT 200h ..................
MRSP of $31850.00
1. Premium Package with Navg ......... --------------------------------- MRSP $890.00
2. Leather Package...... -------------------------------------------------- MRSP $1930.00
3. HDD Navigation System Backup Monitor, Lexus Enform ....... --- MRSP $2735.00
4. Intuitive Parking Assist ----------------------------------------------- MRSP $500.00
5. Cargo Mat, Cargo Net, Wheel Locks & Key Gloves -------------- MRSP $263.00
--------------------------------------------------------------------------------------------------
TOTAL MRSP $39063.00
I was able to negotiate thus far a CASH PRICE of $36200.00
If I "LEASE" then I will get additional $1750.00 OFF and LEXUS FINANCIAL will pay the first month's lease payment.
Here is the LEASE I was quoted:
NO MONEY DOWN, Total Cash and Rebates of $1750.00, Advanced payment of $430.08, Upfront Charges of $1253.84, Total Cap Reduction of $496.16, Due on Delivery is $0.00 (ZERO), Monthly payment is $430.08 for 24 months (Base Monthly Payment of $389.22 + Tax of $31.86 = $430.08), Money Factor/Rate is 0.00085, Annual Miles is 10,000.
***********************************************************************
Should I just get a loan at 1.9% (with Lexus Financial on the RX450h) and 0.9% (with Lexus Financial on the CT200h) VERSUS lease on these two deals?
I have excellent credit (TOP TIER ONE) and already approved for these two loans at my credit union anyway, but at 1.98% which is slightly higher than Lexus Financial.
Anyone can enlighten me on the above two deals?
What am I missing here?
Thanks in advance.
The "MANAGER" said I can get the additional REBATES ONLY if I LEASE. Then he said I can call up the Lexus Financial something like 6 months down the road and ask for a PAY OFF and I can then either pay off these two leases with cash or just refinance these two on my own. This way I will get the rebates noted above. I think there is a "CATCH" somewhere and I just don't know it yet. Anyone can enlighten me on this will be greatly appreciated !!!
Here is what I have negotiated so far on the new 2013 RX450h (brand new and not a demonstrator or a loaner vehicle):
2013 RX450h 4X2 with --------------------------------------------------- MRSP of $46310.00
1. Sport Appearance Package with 19 inch F Sport Wheels ------- MRSP of $1100.00
2. Comfort Package -------------------------------------------------------MRSP of $825.00
3. 12 speaker Premium Audio Package (grouped in with other options)
------------------MRSP of $0.00
4. Xenon High Intensity Discharge Headlamps -------------------------MRSP of $515.00
5. Navg. System w/Voice Command, Backup Camera, Lexus Enform
and etc...... ---------------------------------------------------------MRSP of $2775.00
6. Intuitive Parking Assist --------------------------------------------------MRSP of $500.00
7. Premium Package w/Blind Spot Monitor System, Leather, Moon Roof
and etc............ ----------------------------------------------------MRSP of $2570.00
8. Wood & Leather Trimmed Steering Wheel & Shift **** ------------MRSP of 330.00
9. Cargo Net, Cargo Mat, Wheel Locks and Key Gloves --------------MRSP of $255.00
10. Delivery Processing and Handling -----------------------------------MRSP of $910.00
----------------------------------------------------------------------------------------------------------
TOTAL MSRP OF $56090.00
The BEST PRICE I could negotiate thus far is $49200.00 (This is "cash price". Meaning if I just pay cash or get my own financing or Lexus Financing it is $49200.00 PLUS Tax/Tag/governmental fees).
If I "LEASE" this vehicle I will get ADDITIONAL $1500.00 OFF to bring it to $47700.00
Here is the LEASE DEAL I was quoted thus far (they checked my credit and I do have excellent credit and is tier ONE):
No money down (except for the $1500 REBATE), Advanced Payments $684.09, Upfront Charges $545.21, Total Cap Reduction $250.70, Due on Delivery is $0.00 (ZERO). Monthly payment is $684.09 for 24 months (Base monthly of $633.42 + Tax of $50.67 = Monthly Payment of $684.09). Residual Amount is $37019.40 with "MONEY FACTOR/RATE" of 0.00085. Annual Mileage of 10,000.
**************************************************
On the NEW 2013 CT 200h ..................
MRSP of $31850.00
1. Premium Package with Navg ......... --------------------------------- MRSP $890.00
2. Leather Package...... -------------------------------------------------- MRSP $1930.00
3. HDD Navigation System Backup Monitor, Lexus Enform ....... --- MRSP $2735.00
4. Intuitive Parking Assist ----------------------------------------------- MRSP $500.00
5. Cargo Mat, Cargo Net, Wheel Locks & Key Gloves -------------- MRSP $263.00
--------------------------------------------------------------------------------------------------
TOTAL MRSP $39063.00
I was able to negotiate thus far a CASH PRICE of $36200.00
If I "LEASE" then I will get additional $1750.00 OFF and LEXUS FINANCIAL will pay the first month's lease payment.
Here is the LEASE I was quoted:
NO MONEY DOWN, Total Cash and Rebates of $1750.00, Advanced payment of $430.08, Upfront Charges of $1253.84, Total Cap Reduction of $496.16, Due on Delivery is $0.00 (ZERO), Monthly payment is $430.08 for 24 months (Base Monthly Payment of $389.22 + Tax of $31.86 = $430.08), Money Factor/Rate is 0.00085, Annual Miles is 10,000.
***********************************************************************
Should I just get a loan at 1.9% (with Lexus Financial on the RX450h) and 0.9% (with Lexus Financial on the CT200h) VERSUS lease on these two deals?
I have excellent credit (TOP TIER ONE) and already approved for these two loans at my credit union anyway, but at 1.98% which is slightly higher than Lexus Financial.
Anyone can enlighten me on the above two deals?
What am I missing here?
Thanks in advance.
#13
Lexus Fanatic
These lease scenarios aren't really on topic since this is the 3IS forum and not the RX or CT forums.
You can pay off a lease at any time, so they are right, you COULD lease both cars and get the rebates and then pay them off after 3 months or refinance them. The issue is when you pay off a lease you owe the residual plus all the remaining payments. So, paying a lease off early in the lease is expensive.
Take the RX. If you pay 3 payments of $684.09 ($2,052.27) and you pay it off, the cost to do that would be the residual of $37,019.40+ the 21 remaining lease payments totalling $14,365.89... total of $51,385.29. Then you factor in the 3 payments you've already made at $2,052.27, for a grand total of $53,437.56.
So, by leasing and then buying out the lease early to get the $1,500 rebate you are paying $4,237.56 more than had you just bought it and financed it for $49,200.
If you're going to buy, buy upfront. Especially if you can get .9% financing.
Yes...but you don't have to have incredible credit to get top rates with LFS/TFS.
You can pay off a lease at any time, so they are right, you COULD lease both cars and get the rebates and then pay them off after 3 months or refinance them. The issue is when you pay off a lease you owe the residual plus all the remaining payments. So, paying a lease off early in the lease is expensive.
Take the RX. If you pay 3 payments of $684.09 ($2,052.27) and you pay it off, the cost to do that would be the residual of $37,019.40+ the 21 remaining lease payments totalling $14,365.89... total of $51,385.29. Then you factor in the 3 payments you've already made at $2,052.27, for a grand total of $53,437.56.
So, by leasing and then buying out the lease early to get the $1,500 rebate you are paying $4,237.56 more than had you just bought it and financed it for $49,200.
If you're going to buy, buy upfront. Especially if you can get .9% financing.
Originally Posted by S54toIS350
Credit is important on getting good lease rates right?
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