I understand that Lexus Financial is offering a special financing deal this current month - $1750 credit if one finances thru them. I am in South Florida. Is this just for certain dealers or all? Is there a minimum amount financed? Is there a minimum months before paying off? What is the interest rate?

 

If you purchase a 2013RX. LFS is offering 1.9 financing up to 60 months or $1750 cash back. I would take the $1750 cash back and you can still get a low interest rate based on your credit score. I just purchased a 2014 RX and was able to get 1.4 financing. It all depends on how good your credit is. There is no minimum amount to finance and you can payoff anytime.

 

go with LFS to get the $1750 credit.
the next day, ask your Credit union to refinance your car, currently i have 1.49%APR with my Credit union.
There's no penalty to do that.

IF you're planing to do this, wait for a month or two, so that your account will be in the system. and everything is online. You have to wait for your monthly statement to have access to your account number which you will need to set up your online registration.
There, you'll see the payoff quote and you can bring it to your Credit union

 

A month ago, I purchased a brand new 2013 RX350 and wanted to pay cash for the the car but when I went to the dealer I was offered the same $1750 cash back and have to finance 10-15K with LFS, but was told I have to keep making payments for 3-6 months in order to keep this deal to prevent having to return the cash back if I wanted to pay off the car quickly. With excellent credit score of 800+ the lowest rate I was given was 3.99 APR, which seems high for today's rates. I feel like the finance guy at the dealer wanted to suck more money out of me with this interest rate. I called LFS to verify the terms of this deal but they refused to give any information and was told to contact the dealership. After doing the math, it's still a good deal to get the cash back and pay little bit interest, but I still feel I was lied to. I already made one larger payment and not sure if I can pay the car off in full right now or should I wait the few months.

 

I too was told by the Lexus finance person that I couldn't pay the loan off sooner than, in my case, 5 months. I paid the loan off the minute LFS had set up my account and only incurred 3 weeks of finance charges. A call to LFS confirmed that there is no contractual requirement to wait any amount of time whatsoever to pay off the loan.

 

That's interesting!! When I just bought my RX on Sunday, I was encouraged to get the $1750 credit and was told that I could refinance with a credit union after 3 payments. I will wait to get some paperwork from Lexus Financial and give the a call.

 

You won't find any solid info. The dealer I bought my RX from claimed $12K minimum needed to be financed for 6 months. I paid it off in 2 months. No problems there.