alir1983

Right on the money Steve. I'll be driving 15k and that would be around $3800 just for the extra mileage which I rather use now to put down on the next car. I know I'll have to pay the lease payment either way.

SW17LS

The question is at the end of the lease do you think you could get closer to the residual than $3,800?

Brent1944

But if the one SUV doesnt have enough leg room and the other one wont get you the required mileage, why trade for one of those? I had a Honda Pilot thats beautiful. I was just unhappy with the placement of the 9 speed buttons fr the transmission. or a Toyota Highlander.

alir1983

You are right but if I get a highlander with all the options. It comes out to be the same price as the RX350 non sport with all options. In that case I rather just stick to the RX.

JDR76

^^^ That's correct, at least for the hybrid Highlander. My hybrid Highlander was $52k, and my 2013 RX, when new, was $53k. You can get a loaded non hybrid version though, for around $46k if I recall.

Brent1944

But the Highlander has a 3rd row seat and is a larger car... Plus if u have to have a Hybrid.. u can get it in any trim level now.. XLT is nice.

JDR76

Correct. More room in the Highlander. We loved our 13 RX so much we would have happily purchased another, but this time around we needed the 3rd row. If you don't need the third row or the extra interior room, I would choose the RX.

alir1983

Dealer took in my '15 ES350 a year before and absorbed all 12 payments. Instead, I ended up getting the Rx350 '17 AWD Mica.

MSRP $53,322.00
$774.99/month (including taxes etc)
MSD $6975
Rebate $1250
36 months 15k/yr miles
Upfront tax, cash down tax, supplemental titling fee, tire tax, doc fee, registration = $3,210

Options

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SW17LS

Just to be clear, he did not absorb the payments, you didn't get nearly the discount on the RX you should have so essentially he rolled the negative equity from the ES into the RX, he just hid it into the deal making you think he absorbed it.

That payment on that RX is about $250 higher than it should be.

When you have negative equity, the dealer never absorbs it, you always wind up paying it.

Essentially $10k out of pocket and $775 on a $53k RX, sorry but that's a terrible deal :eek:

Brent1944

I dont know the ins and outs of leases much, but i know you never win, kinda like a casino, they arent in it for you. I just dont lease..I have before but have just bought for years..As I understood he was over miles a year ahead of time .....before..Was kinda wanting an SUV but the RX didnt have enough leg room..

SW17LS

You certainly can win, you just have to know your numbers and how leasing works.

Brent1944

They are not in the business for you to win....maybe someone like u that knows can..but 10 that dont wont

SW17LS

Me winning doesn't mean they don't make a profit, it just means they don't take advantage of me. By your logic anybody who buys a car loses because they make a profit, making a profit is why they're in business.

I have no sympathy for anybody who makes a purchase like this without taking the time to understand it and see how the numbers work and why. Caveat emptor.

My issue is the OP was made to think the dealer was "absorbing" the negative equity when that's clearly not what happened. The only positive is at least they get those MSD's back, but my guess is the dealer marked up the money factor so they didn't even need to be put down anyways lol. However, that's the OP's fault.

Brent1944

Oh I know.... They arent in the business to walk away on the losing side..people just have to be smarter about their lease... and Im not....I can tell thats not a good one but thats about it...

gmanusmc

Hopefully, you can use this as a learning experience. I'm not sure why you did what you did after receiving the good advice that was offered here. You could've paid the remaining payments for a little bit over $5k. Instead, now you will pay about $9k in negative equity over 36 months and you don't even have the ES to drive for the next year to show for it.

That's the bad - the good is the RX is a great vehicle - I'm sure you'll enjoy it. And you did 15k miles so hopefully you won't have to worry about going over this time.