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Need some urgent Info for my Sis in law - Lexus Lease

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Need some urgent Info for my Sis in law - Lexus Lease

All,

 

My SIL applied online for pre approval on Lexus RX 350 AWD and they approved her for $653 per month for 36 months Lease with 3000 downpayment.

It looks way too high for me as I am not paying even close to that on a similarly equipped Acura.

 

Her Credit is stellar and has very low DTI and has high income.She also closed a loan with Ford recently.

 

I wonder if anyone can help me understand if they amount quoted is just an approximation and not the actual amount?

 

She asked me for my opinion on it and I dont know what to say.

2 REPLIES
Valued Contributor

Re: Need some urgent Info for my Sis in law - Lexus Lease

Thats probably right in the ballpark.  Unless they are running specials the money factor will be very similar to an auto loan. 

Starting a whole new chapter
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Established Contributor

Re: Need some urgent Info for my Sis in law - Lexus Lease


chopperacn wrote:

All,

 

My SIL applied online for pre approval on Lexus RX 350 AWD and they approved her for $653 per month for 36 months Lease with 3000 downpayment.

It looks way too high for me as I am not paying even close to that on a similarly equipped Acura.

 

Her Credit is stellar and has very low DTI and has high income.She also closed a loan with Ford recently.

 

I wonder if anyone can help me understand if they amount quoted is just an approximation and not the actual amount?

 

She asked me for my opinion on it and I dont know what to say.


 

A similarly equipped acura is not the same as a similarly priced lexus. Leases are based on the selling price along with the residual value laid out in the contract. Could make a big difference in a monthly rate. There may alsi be mileage allowed differences etc. Still need to start out with the best sales price you can get and then the best price on the backend. Those can sometims be glossed over if one is only looking for a monthly number. Just thinking out loud here. Been wrong before...good luck