Leasing...need input
Thread Starter
Driver School Candidate
Joined: Jul 2010
Posts: 24
Likes: 0
From: CT
Leasing...need input
Hi
I am looking at a 2012 Rx350 awd with a MSRP of 49,360
True Car has an invoice of 46,600 which is higher then I thought it would be.
The dealer wants to sell me the car for 46,600 - ie true car invoice
less 1500 rebate for trading in a BMW so 45,100.
I am looking at a 36 month lease with 15,000 miles/year
Residual is 57% and money factor is .0013
The dealer is quoting me 2000 down (first month, bank fees, title etc)
then 600/month for 35 months
Is this a fair deal? Can I do better? What about the invoice price does that seem accurate?
Thanks in advance for any input
I am looking at a 2012 Rx350 awd with a MSRP of 49,360
True Car has an invoice of 46,600 which is higher then I thought it would be.
The dealer wants to sell me the car for 46,600 - ie true car invoice
less 1500 rebate for trading in a BMW so 45,100.
I am looking at a 36 month lease with 15,000 miles/year
Residual is 57% and money factor is .0013
The dealer is quoting me 2000 down (first month, bank fees, title etc)
then 600/month for 35 months
Is this a fair deal? Can I do better? What about the invoice price does that seem accurate?
Thanks in advance for any input
Lexus Test Driver
Joined: Aug 2011
Posts: 1,068
Likes: 11
From: California
Hi
I am looking at a 2012 Rx350 awd with a MSRP of 49,360
True Car has an invoice of 46,600 which is higher then I thought it would be.
The dealer wants to sell me the car for 46,600 - ie true car invoice
less 1500 rebate for trading in a BMW so 45,100.
I am looking at a 36 month lease with 15,000 miles/year
Residual is 57% and money factor is .0013
The dealer is quoting me 2000 down (first month, bank fees, title etc)
then 600/month for 35 months
Is this a fair deal? Can I do better? What about the invoice price does that seem accurate?
Thanks in advance for any input
I am looking at a 2012 Rx350 awd with a MSRP of 49,360
True Car has an invoice of 46,600 which is higher then I thought it would be.
The dealer wants to sell me the car for 46,600 - ie true car invoice
less 1500 rebate for trading in a BMW so 45,100.
I am looking at a 36 month lease with 15,000 miles/year
Residual is 57% and money factor is .0013
The dealer is quoting me 2000 down (first month, bank fees, title etc)
then 600/month for 35 months
Is this a fair deal? Can I do better? What about the invoice price does that seem accurate?
Thanks in advance for any input
if that's the case, you're basically getting the car for $540 and that's a good deal.
Thread Starter
Driver School Candidate
Joined: Jul 2010
Posts: 24
Likes: 0
From: CT
Thread Starter
Driver School Candidate
Joined: Jul 2010
Posts: 24
Likes: 0
From: CT
Thread Starter
Driver School Candidate
Joined: Jul 2010
Posts: 24
Likes: 0
From: CT
Does $1600 sound right for title, license, doc fees, and whatever else they pile on? The fees they want you to pay aside from your lease payment?
seems kind of steep to me..
thank
seems kind of steep to me..
thank
Lexus Test Driver
Joined: Mar 2010
Posts: 811
Likes: 8
From: CA
You need to step back from this purchase and learn how to evaluate BOTH a purchase and a lease of the car. Build a spreadsheet that shows both options and then work with your dealer to populate all of the fields. There are many guides on the internet to help you evaluate lease vs buy. If you don't understand how the lease/buy contract is working, you will make a mistake that you will have to live with for years. Many people are a little weak with numbers/math. If that is the case, perhaps you can find a relative or close friend to help you work through this purchase. I only mention it because understanding how much you are actually paying for the lease vs a purchase is really critical to a good decision.
$1,600 is way off for title, license and doc fees. You can look up the title/license part usually on your state's DMV site. The doc fee may be what you are paying just to get the lease. Here in CA, the title/license would be about $600 or less. So that would mean that you are paying $1,000 to the company that is leasing the car to just for taking on the lease (in addition to whatever they are doing to you in the lease). There is usually some fee here, but this seems high.
There can be thousands of dollars in excess payments loaded into leases ... you need to understand what you are doing.
$1,600 is way off for title, license and doc fees. You can look up the title/license part usually on your state's DMV site. The doc fee may be what you are paying just to get the lease. Here in CA, the title/license would be about $600 or less. So that would mean that you are paying $1,000 to the company that is leasing the car to just for taking on the lease (in addition to whatever they are doing to you in the lease). There is usually some fee here, but this seems high.
There can be thousands of dollars in excess payments loaded into leases ... you need to understand what you are doing.
Last edited by UCSB; Mar 22, 2012 at 08:23 PM.
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Lexus Test Driver
Joined: Aug 2011
Posts: 1,068
Likes: 11
From: California
How many months? How much downpayment? Did you do a trade? Etc.
I can also claim im paying $300/ month on my Range Rover. Sounds like a steal right ?
Oh yeah, by the way i put in a $48,000 down plus a trade in of a 1999 SUV.
The devil is in the details
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Instructor
Joined: Nov 2004
Posts: 869
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From: Alabama
lets see paid 55k for it sold my 2005 special ordered Rx 330 and put $2k cash on deal bank has only 39k in car.
shopped harder for the note than for the car got a 60mo loan for 1.78apr. The devil is tthe first Lexus you buy from then on it gets a little easier ever step up from there. Helps that I am in Alabama low tax rate on new cars.
shopped harder for the note than for the car got a 60mo loan for 1.78apr. The devil is tthe first Lexus you buy from then on it gets a little easier ever step up from there. Helps that I am in Alabama low tax rate on new cars.
Pole Position
Joined: May 2009
Posts: 2,838
Likes: 26
From: GA
Plus higher percentage of resale for the 450h over the 350 helps to mitigate the difference in MSRP.
Still I'm a fan of outright purchase and resell later. Much cheaper in the long run.
Still I'm a fan of outright purchase and resell later. Much cheaper in the long run.
lets see paid 55k for it sold my 2005 special ordered Rx 330 and put $2k cash on deal bank has only 39k in car.
shopped harder for the note than for the car got a 60mo loan for 1.78apr. The devil is tthe first Lexus you buy from then on it gets a little easier ever step up from there. Helps that I am in Alabama low tax rate on new cars.
shopped harder for the note than for the car got a 60mo loan for 1.78apr. The devil is tthe first Lexus you buy from then on it gets a little easier ever step up from there. Helps that I am in Alabama low tax rate on new cars.
Pit Crew
Joined: Feb 2012
Posts: 130
Likes: 4
From: FL
If u have the extra capital or cash flow, owning is better. Lease is best for those with better places to invest their capital, driving lower miles, and wanting to trade cars every 3-4 years, and maybe getting full business writeoff helps too.
Lexus Test Driver
Joined: Aug 2011
Posts: 1,068
Likes: 11
From: California
Lease if you intend to change cars every 3 years.
Buy/Own if you plan to keep the car MINIMUM of 7 years.
we have tried both. Currently we have vehicles that are purchased and some that are leased.
buying and selling every 5 years, as for our experience is a break even at most.
Depending on the brand, you're likely to lose money with the 5 year number.
Buy/Own if you plan to keep the car MINIMUM of 7 years.
we have tried both. Currently we have vehicles that are purchased and some that are leased.
buying and selling every 5 years, as for our experience is a break even at most.
Depending on the brand, you're likely to lose money with the 5 year number.
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