SW17LS

So am I, has anybody who has been quoted a lease on a used one inquired as to the residuals and MF? How do they determine the residual? Off of the sticker price? LFS bases residuals on new cars from MSRP.

jainla

I heard of someone doing this years ago; but they had to hassle the dealer to get them to do it.

So this is really part of the L/Certified program now? That's cool.

jjskywlker

Sir, if it's not too much trouble, could you post a picture, or at least report what all the numbers were in your transaction? In order to make it understandable, we need to identify what your List Price (or comparable to MSRP), Selling Price, Cap Cost, Money Factor, and Residual Value/Purchase Price.

mattchk

I somehow missed this thread and started a new one. Regardless, the two 2013's I've been given prices on are both listed for $54,000 and the payments were $966 and $872 for 15K on 24 mos. $0 down. Would very much like to see the numbers on the $700 payment!

mattchk

Hello! The residual they're using for the 2013 F-Sport with 32K is $29,875. The MF is .00230 with a cap cost of $54,785. Thoughts? Lease is 24 month @ 15K miles.

ryanSC300lover

iTrader: (1)

^^^^

Holy mother of god

5.5% interest

No thank you

Rhambler

Yeah, that interest is high. Have them show you your credit score, which is required by law. If you see the Auto Fico score greater than 720 at least I think, you should be considered tier 1 and get rates near 2%. Lexus typically uses Experian Auto Fico 4 I think.

If you are borderline near 720, you can always ask to get bumped to tier 1.

You can lower that money factor by applying additional, refundable security deposits, even if you can get 2%. Ask them about multiple security deposits.

SW17LS

Yeah thats a terrible MF...

That could be tier 1...who knows what the MF is on a used car. The rates will definitely be higher on a used car, its higher risk.

Rhambler

Never thought about that. Still doesn't hurt to ask and get that lowered.

mattchk

Agreed on the MF. I'm 800+ so I'll be sure to confirm the tier and also ask about the refundable security deposits.

mattchk

I was told the MF on a new 2016 LS is .00215 and that a used 2013 LS would be higher. Also, was told that the dealership has no control over the MF. Thoughts?

Rhambler

That's BS imo. That MF for new is ludicrous. Everything is negotiable and if the dealer can sell at a higher interest, they get a cut.

I would walk if they don't offer around 2% without any extra security deposits, assuming you have a good credit and decent DTI.

mattchk

Yeah, I walked. This will be my third time trying to deal with them on a vehicle in addition to the two I've bought there since spring 2014. Service and product quality is great, but I just never feel like they want my business or loyalty very much.

SW17LS

That MF on the 2016 LS is definitely a lie. No new Lexus has a MF that high, sounds like the dealer is trying to pad the MF for profit. If he says thats the MF on a new one I wouldn't trust them on a used one either.

This is straight from Lexus, 2016 LS Lease terms : .00125 MF and 55% residual for 36mo, 15K/yr. Common trick, he's transposed the 2 and the 1 so if you catch him he can say "Whoops! Silly me!". HUGE difference in the payment and several K in profit for the dealer.

mattchk

Received the comparison quote on the other 2013 LS460 with a money factor of .00085. I sent this (twice) to my sales rep and she has now stopped responding to me. I don't want to, but I'm actually thinking about switching to another manufacturer.