Agreed upon value of Vehicle
Trying to figure this one out... looking over the lease:
The MSRP was 37,825 Options brought it to 38,509 Fees brought the Sticker price to $39,504 on my lease agreement, the agreed upon value of the vehicle (before any extras such as contracts, insurance, etc) is $41,204. Did I get hosed on my lease ? |
Originally Posted by and250
(Post 10563283)
Trying to figure this one out... looking over the lease:
The MSRP was 37,825 Options brought it to 38,509 Fees brought the Sticker price to $39,504 on my lease agreement, the agreed upon value of the vehicle (before any extras such as contracts, insurance, etc) is $41,204. Did I get hosed on my lease ? |
Originally Posted by stasek
(Post 10563293)
Providing a screenshot of your lease worksheet would be helpful.
Disregard what I wrote in red. |
The $10,012 cap cost reduction, did you trade in a car or put money down?
Often you will see the negotiated discount reflected in this field which is fine |
Originally Posted by SW17LS
(Post 10563392)
The $10,012 cap cost reduction, did you trade in a car or put money down?
Often you will see the negotiated discount reflected in this field which is fine |
Originally Posted by and250
(Post 10563452)
I did, I had an older car I traded in. My question was, the sticker value of the car was $39,500 but the “agreed upon value of the car” was $41,200
Did you get anything off sticker??? That residual value looks to be ~50%. Also, it’s never a good idea to put down any money on a lease, other than first payment. |
Originally Posted by stasek
(Post 10563483)
What is the car in question? I can’t think of a single $40k Lexus that would command a premium over MSRP.
Did you get anything off sticker??? That residual value looks to be ~50%. Also, it’s never a good idea to put down any money on a lease, other than first payment. https://cimg4.ibsrv.net/gimg/www.clu...2f1d70480.jpeg |
So the $10K is equity from your car that you traded in?
If so, then you essentially bought the car for MSRP+ and agreed to a prepaid maintenance plan. You overpaid for sure, |
Ouch..... $24k to drive an IS for 3 years - definitely not a good deal (to put it nicely). I’m not sure if you’re aware of a “leasehackr” forum, but before you do another lease, I highly recommend spending some time on that particular forum.
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Have a confusing info from different Lexus dealerships. Hope someone can clarify. Two dealerships told that "good deals" ended in December and "everything" has changed now and now the price went up almost 2k comparing what I would have paid last week. Another dealership told me that pretty much nothing has changed, as "December to remember" is mare marketing plot to drum up sales. Thus buying last week or today should not make a huge difference in price. I want to lease an RX.
Second part, I want to lease a vehicle for 2-3 years and get new features in the next car. I know that it is more costly than buying and keeping for awhile; my first two cars I drove for 10 years each. If I lease, does it make a difference to pre-pay the lease in one payment, or it saves no money whatsoever. I got conflicting info from dealers. Interest rate is very low for 2020 Lexus right now. The last question, I am returning my 2018 Lexus NX loaded with features with only 14k miles. Some dealers tell me that I can trade it in and save some $$, some say since it is a lease, it is bs sale tactic. Would appreciate any clarifications. |
Originally Posted by larabond
(Post 10701685)
Have a confusing info from different Lexus dealerships. Hope someone can clarify. Two dealerships told that "good deals" ended in December and "everything" has changed now and now the price went up almost 2k comparing what I would have paid last week. Another dealership told me that pretty much nothing has changed, as "December to remember" is mare marketing plot to drum up sales. Thus buying last week or today should not make a huge difference in price. I want to lease an RX.
Second part, I want to lease a vehicle for 2-3 years and get new features in the next car. I know that it is more costly than buying and keeping for awhile; my first two cars I drove for 10 years each. If I lease, does it make a difference to pre-pay the lease in one payment, or it saves no money whatsoever. I got conflicting info from dealers. Interest rate is very low for 2020 Lexus right now. The last question, I am returning my 2018 Lexus NX loaded with features with only 14k miles. Some dealers tell me that I can trade it in and save some $$, some say since it is a lease, it is bs sale tactic. Would appreciate any clarifications. |
Originally Posted by joedaddy1
(Post 10701690)
Everyone is not wrong. But no one is right until we see some numbers
Yesterday, he said he will "honor" the last December quote, but when provided the price it was $23,130 which is $2670 more. He said because "the MSRP discount is the same, everything else is not". "honoring last quote" he put in writing. Just wonder how is it "honoring" by raising the price |
Originally Posted by larabond
(Post 10701710)
For example one dealer quoted me RX350 MSRP $55,118 lease today 36 mo - $23, 260; the same RX with the same MSRP a week ago was quoted for 36 mo - $20,459.
Yesterday, he said he will "honor" the last December quote, but when provided the price it was $23,130 which is $2670 more. He said because "the MSRP discount is the same, everything else is not". "honoring last quote" he put in writing. Just wonder how is it "honoring" by raising the price At the minimum you need to know:
Anything that changed above from last month will change your payments this month. Check the Money Factor (MF). If it's over 2%, it might be worth it to do a MSD (Multiple Security Deposit). One-payment USUALLY isn't the best option. |
Agreed on the above.
I would not recommend a one payment lease. And yes, lease numbers do change month to month and you will see incentives fall from December to Remember. I bought my LS in January and we actually backdated the paperwork to get the December numbers, the difference was substantial. So I actually had tags and all for a car that wasn’t even at the dealer yet If the leased car is worth more than the residual at the end then yes, you can trade it in or sell it and pocket the difference. |
^^^This - what “joedaddy1” and “SWLS17” said. Get some numbers from Carvana and/or vroom and see what they offer - takes 5 minutes. You might just have some equity in the NX. In your case, since the MF is almost 0, a 1 pay lease probably doesn’t make sense - might as well keep the $20+k in the bank and pay as you go. In addition to Edmunds (where you can get the MF & RV for your zip code, I highly recommend spending some time on “leasehackr” forums.
Here’s an example.... https://forum.leasehackr.com/t/2019-...id-i-do/215841 |
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