Online Approval with Lexus Financial

[shonre]

Hi All, I was preapproved online with Lexus Financial, which was so to my surprised, for a 2007 IS250. However, Here are the terms:

 

Type of Vehicle LEXUS IS 250 LUXURY SPORT SEDAN AUTO

Pre-approved Base Monthly Amount $644.07

Contract Type Lease

Term (Months) 36

 

 

Now, can anybody enlighten me on what the pre-approved base monthly amount means? Is this saying my payments will be at a minimum of $644? How was that even determined, based on the MSRP price? When I fill out the app I only put that I will put down 1000 as a down payment. I do have a working car, but I didn't plan on trading it in (not for a lease anyway).

 

 

The thing is, my company has a discount program for 5% over dealer invoice. I'm not even sure that can be applied to a lease or not. At this point, I don't NEED a car, and so if the terms aren't going to be favorable, then I can walk away.

 

Please help!

[MarvBear]

Why ever would you apply if you don't need a vehicle?

 

the base payment is before sales tax is calculated.

 

The dealer to whom you would be referred will have the particulars.

 

And

 

your particular plan will be applicable.

[shonre]

Well, my car is over 10 years old but it's in a good working state as of today. I do feel like the end is coming, and I do like the IS250. However, for that type of lease payment, I might as well buy. And that was what I meant, that I didn't need another car at the moment, and I feel like still have time to explore other options. I guess I'll just take myself to the dealership and get all the specifics.

[mk_378]

You don't have a problem driving a 10 year old car as long as it still works, so it seems almost certain you'd want to keep the Lexus more than 3 years. So, buy it instead.

 

Your discount can be applied to a lease. Always negotiate the price of the car first, then deal with financing-- including the choice of whether to buy or lease. The figure quoted is probably based on MSRP.

[shonre]

Thanks mk_378!

 

I'll keep everyone updated...

[toolbox]

Hi All, I was preapproved online with Lexus Financial, which was so to my surprised, for a 2007 IS250. However, Here are the terms:

 

Type of Vehicle LEXUS IS 250 LUXURY SPORT SEDAN AUTO

Pre-approved Base Monthly Amount $644.07

Contract Type Lease

Term (Months) 36

 

 

Now, can anybody enlighten me on what the pre-approved base monthly amount means? Is this saying my payments will be at a minimum of $644? How was that even determined, based on the MSRP price? When I fill out the app I only put that I will put down 1000 as a down payment. I do have a working car, but I didn't plan on trading it in (not for a lease anyway).

 

 

The thing is, my company has a discount program for 5% over dealer invoice. I'm not even sure that can be applied to a lease or not. At this point, I don't NEED a car, and so if the terms aren't going to be favorable, then I can walk away.

 

Please help!

 

This is a very high lease payment for this model. Dig deep into the numbers as far as neg. price, residual, money factor, etc. You could get a 36 month lease for <500/month on this model with the lease deals that Lexus has right now.