Looking to understand this Lexus NX300h lease deal

Ask the Hackrs
, ,
1

Hi everyone,

Long time lurker here and trying to get the best deal on a lease I am looking at. I have read and searched throughout but couldn’t find enough information and hoping to get some advice on what to look out for, to ensure this is the best value

I am interested in leasing a Lexus NX300h. The terms that I received from a local dealer are the following:

$350/month 36 months
$4,000 due at lease signing
includes - $795 of acq fee
- $699 dealer fee
- $350 first month

Residual value (buyout price) of the car was $25,008

In the LH calc, I was putting the following:

MSRP - $44,657
Selling Price - Haven’t gotten this yet but was trying to back track based off the information above.

Month - 36 months
Miles - 12K miles
Zip Code - 07446

Residual Value (from Edmunds) - 56%
Money Factor - 0.00015
MSD - 0

My questions are the following:

1.) Am I paying too much for a “due at lease signing”. I figured the tax of the car (6%) would be close to $2,000 but based on the calculator, it seems the tax is being calculated different (only for the terms of the lease?)
2.) Doing some back of the napkin math, based on the information I received, it looks like the car value would be approx $41K (350x35 months+$4K+25K buy out price). Is that the right way to look at it?
3.) I know I have to do more with the dealer in terms of getting the detail but wanted to be as prepared as possible, regarding what to look out for and how to best position myself.

My apologies if this seems basic but just trying to get some quick help.

Best,

Will

2

Yes, you’re putting too much down at signing. You should minimize this. You may also consider shopping a dealer in NY if you’re not going to put MSDs down to reduce that ridiculous dealer fee.

Can you clarify what you mean by “car value” here?

3

By car value, I meant, the overall selling price of the car with all things considered. Not sure if that was an accurate measure.

Would I optimally want to tell them that I would like to put down 7 MSDs to replace the difference of what I am putting upfront (approx $2,800?).

Does this due at lease signing make sense or what would the optimal deal look like in this instance?

Thanks for the quick response.

Will