Sorry to hear that - as much as I'd like to give Lexus dealers the benefit of the doubt, you're right, some can be pretty unscrupulous just like the rest of them.

That back end stuff is such a money maker for dealers (in fact more dealers make more profit from selling the retail contract financing and back end products than they actually make on the car itself).

 

I got the Lexus chrome wheels on mine and love them. I think they are worth it and make the vehicle look so nice. If I got them, I would get a chrome Lexus exhaust tip as well to complete the package. I think the tires are the same size so no other cost there.

 

I saw that Lexus has their VISA and they will give 50,000 bonus points for buying a new Lexus. 60,000 if it's a hybrid I believe. Anyways, my question is, if I don't have one now and I'm going to be buying my GX 9-15-06, should I sign up for the Lexus pursuits VISA and get $500 towards service and Lexus equipment? Or would it take too long to get the VISA and have the points applied to the account? Does anyone know if you can use the credit on the card to be applied towards the balance on the card?

 

That $500 may not be a cash credit - 50,000 points is $500 at a Lexus dealer. (One point = one penny, not one dollar.) You earn 1.5 points for every 1 dollar you charge.

You can only use points for up to 10% off a Lexus car purchase. But that's OK, because if 10% is $5,000 then that's 500,000 points!

 

I'd sign up for it now (I think you have enough lead time to get the card approved and shipped to you). Credit decisions usually take only 24 hours (sometimes more). But it takes a little longer to get the card shipped to you. Also, look into whether this 50,000 bonus points is contingent on you seasoning the card for x number of days or charging so much in the first month. I don't know the answers to these, but I've similar restrictions for other cards' sign-on bonus incentives.

As for applying the credit towards existing balance on the card, it depends on the card's reward use restrictions. Some cards (like Discover) allow you to use your cash back towards your outstanding balance. Others, like my Citi Dividends card only allows you to request a check for the rewards balance (which isn't bad b/c it might as well be cash). Others do restrict you to use it only for specific products and services. But that's something you can always call and ask the customer service rep.

 

Thanks to everyone for their help (esp Josh). I just bought a new 2006 GX470 yesterday. I got the vehicle with navigation, thred row seat, tow hitch, towiing prep package, rear spoiler, cargo tray, preferred acc package and exhaust tip for $45,600 + taxes/fees. About $1300 below invoice from what I calculated. The negotiation was pretty straightforward as I had another quote for $1000 below invoice.

I decided to not wait for the 2007 given that the differences aren't that significant and the price would be much closer to MSRP (at least at the time of introduction).

 

rg1, congrats on the GX purchase. I pick mine up 9-15-06. What dealership did you get your price from? I'm going with the 06' too. The gen5 navigation looks really nice, but I don't think it's worth the increased price.
llcc1975, yeah, I have the discover card and I like the cashback bonus system, but even if the Lexus Pursuits VISA only gave me $500 credit towards the Lexus dealership, that wouldn't all that bad. I could use it for oil changes and any accessories that I needed. I'll try to call the Lexus Pursuits VISA phone number and find out how it works.

 

I got mine at Putnam Lexus in Redwood City, CA

 

Cool - I'd be curious about the benefits too.

RG1 - Congrats on your new GX!

 

I called Lexus Pursuits and the woman there told me the 50,000 bonus points would only be redemable at a Lexus dealership worth $500. The $500 can be put towards any purchase. And I just have to be approved for the credit card before I make my GX purchase. I figure I might as well do it and then use the $500 towards oil changes and possibly other accessories. Any suggestions on what accessories or anything else I can put the $500 towards?
As far as the benefits, I think it's like 1 or 1.5 points for every dollar you spend with the card and then something like 10 points for each dollar spent at a dealership. I'm not sure about those points though, and of course 100 points equals $1.

 

Anyone Leasing it??
What kind of payments you guys been getting??