This is a superb deal. I did notice however that they applied tax credits to your lease. From what I can remember when they charged tax the same way in Illinois this is totally at the dealers discretion.
Typically when someone turns in their lease and get into a new one with the same brand they get lease credits effectively negating most of the tax on the new lease. If someone turns in a car and doesn’t get a new lease then the dealer gets the tax credit which they can apply on another lease at their discretion. I had this done for me about a decade ago. In other words this type of deal is very YMMV.
Not TX (in FL), but wanted to share this deal from yesterday:
2018 RX 350L with Luxury
MSRP $53,673
Lease cash $6,500
Discount $7,167
Total Discount $13,667
Selling Price $40,006
MF 0.00135 (unfortunately very high)
MSDs $1,500
Final MF 0.00105 (still unfortunately very high, but ran out of freed up $ for more MSDs)
RV 53% (could have sworn I saw it was 55% on Edmunds, so went back and forth with Finance for a bit, then checked Edmunds again - and I shut up [I was thinking of RX350]).
Tax 6.5%
To get this deal (despite telling dealer only first month and fees up front), dealer needed $3,000 down.
Total up-front $4500 ($3,000 down, $1,500 MSDs)
36mo / 12k mi (was pushing for 15k, but dealer stated they would need to restructure and that deal was not attractive at all)
$403/mo
Was given the impression this cannot be replicated, as Sales Mgr was professional yet not smiling too much when it was all done.
Thought of additional pieces of info some may want:
-No dealer fee or document fee
-Acquisition fee $795
-Other standard/nominal fees, not sure exact amount right now
Would have strongly preferred all or most of up-front as MSDs (as this TX deal achieved), yet this dealer stated they ‘didn’t have a great day prior’ so needed something to make it happen. Standard drive-off items would have been $1,500 down regardless. Although I see this TX deal avoided that, great stuff.
That’s really funny. I went to the local Lexus dealer in July before we got another MDX. They had like 20 350Ls in the auxiliary lot, but they weren’t giving discounts because the 3 row version was pretty new. I drive by the auxiliary lot 3 times a week because my daughter has gymnastics right next to it. They now have over 30 RX350Ls. Now, they’re giving 15% off MSRP and $6500 in incentives… I think they severely overestimated how well it would sell.
I’m really confused. Why you didn’t use the 3K you put down towards MSDs if you were short on cash? This move is probably costing you about 700 bucks. Also is that the standard MF? Looks high for Lexus.
Right, I wish I could have done more MSDs and less $ down. I put as many MSDs as I could for this particular deal. To lock this deal in, Sales Mgr/Finance Director required $3k down. They pushed for more but I reaffirmed I needed to be as close to base drive-offs as possible. Had I been able to do all/most MSDs, might have been near a Trophy-ish deal (certainly not unicorn - maybe had it been a demo with steeper discount, and a lower original MF with a 56%+ RV).
This doesn’t sound right. They shouldn’t care if you put 3K or zero down unless you wanted your monthly to be 400 bucks. I think they marked up your MF. Did you get the base MF from edmunds? This would have been a good deal with base MF and max MSDs.
Yes, as mentioned in post - confirmed with Edmunds on MF before/during. No MF mark-up. Much higher than I wanted though (Volvo current MF is 0.00019 on 2019 INS for 39/12, RV lower tho). They cared because they wanted the $3k as non-refundable - the Finance Director is probably on Leasehackr
Yes, target was $400/mo or so. I wanted to maximize MSDs, they wanted to maximize money down (of course). I met their eventual best req, and then added what MSDs I could. Had I been able to do all MSDs like this TX poster, total lease cost drops about $1k. Although I knew this when signing (thanks to this site), still couldn’t find it to walk away from this deal. Current LH score: 10.8. LH score if all MSDs: 10.1. Yet important part is overall lease cost would have improved.
With some more routine experience on this site with all the pro’s, it will only make my next lease that much better. Perhaps a 0.5% unicorn?
Congrats on a great deal! L models are not selling as well as Lexus had forecast due to the really small 3rd row so I am not surprised the incentives and dealer discounts are getting very aggressive. Still the RX is a great luxury SUV, we really like our 450h so far…
I hope you realize that your true monthly cost is about 500 bucks when you factor in your 3K downpayment. I think if you were more realistic about your monthly you would have been able to structure the deal with max MSDs and less money down. On the bright side you saved from doc fee which is outrageous in FL.
Thank you, Cezar. This is why this site is useful and constructive. Even when a rather good deal is shared, it is challenged to be better.
You’re right, I could have executed this with a higher monthly payment with max MSDs, low down payment, and an overall lower lease cost. From what I’m seeing for numbers, would have shaken out to a 0.87% monthly-to MSRP ratio. Current monthly comes out to 0.75%, which came from putting down a little more than just inceptions and some MSDs, yet I can’t complain too much given being sub-1% from any view. However, I agree man, you’ve eluded that people should execute incredible deals, not just good. 12k miles for me is a bare minimum so it was good to have that included although I pushed for 15k.
According to the Lexus dealership I was at in Houston, they stated that Lexus requires you to have 10 payments when talking about MSDs, sounds like BS, i.e. upfront payment of ten months worth of your monthly negotiated note.
That sounds right based on the OP’s deal, as he had 9 months (first month was waived).
Rule of thumb is negotiate hard to bring down the your monthly note. Then talk about MSDs, seems like the playing field changes when security deposits are brought up.
There was absolutely no reason to shift money from msd to a cap reduction. This is lh not show and tell.
Readers, this is not a hacker lease. Don’t do what this person did. Read and learn. 500 per month on a 53k car that’s not selling well with no down (but still drive offs) is not a bad deal. But it’s nothing to target here. Move on.
Agreed, but whatever works for each individual, I personally would not put down any money on leases. MSDs at least give you the option to optimize the investment by creating a reduction in the cost, granted you get your money back.
if possible can you PM the dealer/salesman info? I’d like to work wiht someone here who at least tries to help with a similar hack, evne if this one is no longer can replicated.
