Located in Raleigh,Nc and went into the dealer last week to re-up on a new lease. Going from 22 450h with 13.5k on the odometer to 24 500h.
Looking to just swap keys but we know that won’t happen. Anyway got a new sales guy and high pressure from his “manager” and a more “senior manager.” The whole vibe was off.
Can you all please see attached summary and let me know your thoughts.
They won’t move on MF or acquisition fee, it’s simply just marked up in my opinion. Wouldnt tell me what the MF is because they know Fed is going to change the rate in Sept and they probably want to keep as is so they can make more money on it from the leasing co.
Have deposit on the car, delivery in early to mid-Oct.
2-My lease will be turned into them, they are slotting 7500 for the trade. I will make a few another payment before new car is here.
Safe to assume they will adjust that price? I know it’s by 100’S not by a thousand so really curious.
I may back out my 2k down and make it just the 500 deposit. I’m comfortable with that.
Anyhows. Any thoughts and guidance is really appreciated. Thanks for looking.
Thanks for welcoming me to the site first time I’ve ever used it.
Here is a link to the calculator. Please know I had to estimate MF and residual as the dealer did not provide this information, but it was based on basic Google search and reverse math. I tried my best.
To answer your questions, we want to lease this car bc of the updated tech, styling and drive of the 500h vs the previous gen. The previous gen was the base model 450h and didn’t have what we were looking for. 500h seems to be a better drive with the sport handling. May also be a car we purchase due to Lexus quality. Wife is super happy with the Lexus RXs.
We did not buy lease previously because I did not want to own maintenance mainly. It also allowed us to test the vehicle and ensure we would own longer term. Same reason we didn’t finance, also being that we both work from home mainly, we only drive about 7k miles a year. Didn’t make sense to spend1k plus for the vehicle to mostly sit. This would our third Lexus rx lease, we still have not exceeded the cost of a single cars purchase price if we had bought our original 2018. It’s just under break even, in terms of what we have paid over the past 5.25 years and the upcoming 3.
This one we may buy in the next 60 days after lease is recorded.
I did price out a “sale” of my car with several dealers and car max, Carvana, etc. ranges between 42 and 43k. Said dealer is about 46k, highest I have seen. I feel they value the equity I see in my car. It is super clean and as mentioned 13.5k miles.
Thanks so much for your questions. Enjoying the chat, it’s like therapy.
What some people are doing is leasing just to capture higher rebates and then immediately buying out the lease to save on the next 35 months of rent charge.
Well they had zeros cars on the lot. Why offer that sale if vehicle delivery is not available and you can’t honor it on arrival. If they don’t honor the numbers on the paper when the car is in then that’s a different issue.
If I didn’t put the 500 m, I’m sure they would have not honored the deal when I changed my mind and came back in for it a few days/weeks later.
I’m hoping they will revisit and lower the MF when it comes time. No guarantee I’m sure.
I guess that’s why I’m confused why you’re leasing this car. With the trade equity and rebate you got, you are effectively paying $900/mo for a lease to let the car sit, as well.
Does Lexus allow you to do 7500 mi/yr lease? If so, there’s not really any benefit to getting more miles than you need.
If the Lexus doesn’t lock RV and MF, I assume part of the reason why didn’t disclose the MF is b/c the buy rate MF might actually change in October. The numbers may change, as well.
But your effective interest rate on the lease is over 7%.
