Finance Through Dealership

[gsouth]

All,

I was wondering if anyone could share either publicly (or privately) the interest rates they got for purchasing through a lexus dealer in say the last 6-9 months.

I got a ball park quote today that was higher than I expected - given its' backed by Toyota finance who are currently doing <4% I was a little surprised.

Cheers

GS

[LEX51S]

Lexus finance are generally a little cheaper then the major banks.

[Lexus Nerd]

At 10.29% over a year ago, they were about 0.2% cheaper than the big banks at that time.

[Lexus Nerd]

I've previously obtained a commercial hire purchase through Toyota Financial Services at about 2.3% cheaper than banks. You could see whether Lexus offers something similar. The only real difference in terms is that you waive your consumer right to a cooling-off period.

[gsouth]

Thanks for the responses guys.

I was quoted 9% (haven't negotiated this yet) and did confirm they are backed by toyota finance..... who i know are doing <4% for toyota right now.

Not sure how much lower than 9% they will go but certainly worth asking.

[ilv1004s]

wait for the right time

few years ago

lexus had a 0% finance deal

right after a 4,9% deal

[dis-lex-sic]

lexus had a 0% finance deal

Really??? When?

The 4% on Toyotas means no discount. The money you would've got as a discount is given up front to the finance company to make up the gap to "market" rates.

It is different form of discount. You normally get one or the other....rarely both.

[ilv1004s]

lexus had a 0% finance deal

Really??? When?

The 4% on Toyotas means no discount. The money you would've got as a discount is given up front to the finance company to make up the gap to "market" rates.

It is different form of discount. You normally get one or the other....rarely both.

2009 around sept or oct

[Lexus Nerd]

Looks like dis-lex-sic's beat me to it, but allow me to use an illustration to back up his point.

While Mazda is currently offering big upfront discounts on the purchase price, Toyota isn't advertising discounts on the usual sale price of many of its models. Instead, they are offering discount finance. Having the same parent company, discount finance terms through Toyota Financial Services is another way of Toyota Australia offering a discount to its customers.

So, how much is the Toyota finance deal worth, when equating it to a discount off the sale price?

Well, on a Kluger worth, say, $55800, with 100% finance over 48 months and no balloon payment, a discount interest rate from 9% down to 3.9% would result in a reduction of repayments of $131 a month. If you are the kind of person who would put that $131 into your home loan instead at 7.5%, this would be an equivalent of $5400 off the sale price of your Kluger.

Okay, so should Lexus Australia match this deal?

Well, last month, they almost did, with $5000 off the price of an IS250 - this would have been $5250 when considering the propotional reduction off your stamp duty. This month, Lexus are offering free on-roads; on an IS250 Prestige worth $55800, the on-road costs are about $3000, depending on your home state and CTP risk. So pressing for another two and a half grand off the purchase price of a Lexus - to claim a total discount of $5400 - doesn't sound unreasonable (on top of any non-advertised discount a Kluger buyer might have got out of his/her dealer). Given what someone recently paid for their IS250 X (quite a bit off the advertised price), what I'd say is this:

When you equate finance discounts to an upfront discount off the sale price, the deals you are likely to get from Lexus today can be comparable to what Toyota is currently offering for Toyota vehicles. Don't feel cheated if your interest rate on your Lexus is north of 3.9%.

[Atlantis]

2009 around sept or oct

Lexus increased their rate from ~7.0 to ~7.5 in August 2009. I managed to scrape in just before the rise.

Didn't hear about the zero percent offer the following month though.

[ilv1004s]

2009 around sept or oct

Lexus increased their rate from ~7.0 to ~7.5 in August 2009. I managed to scrape in just before the rise.

Didn't hear about the zero percent offer the following month though.

if i can the newspaper adds it would have been awsome but cant seem to located it after 3 years

our rx350 is still on the 4.95% ish (cant remember exacatly)i then thought it was a awsome deal

but lexus came up with the 0% pretty much after a month later

then the 0% came out just before the new shape RX350 was released

[gsouth]

Thanks for the posts guys - I am now the proud owner of an IS350 FSport - managed to negotiate a pretty good deal on the changeover price as well as the finance portion.

[imoo6170]

well done When u you pick it up?

[gsouth]

frustratingly I am currently traveling to the USA so it has to wait till I get home... damned delayed gratification as I would have had it today if I wasn't sitting in an airport lounge in dallas!

Looking forward to getting it - will be my first lexus.... guess I'll start posting those newbie questions about what you can and cant do/change etc.

[Lexus Nerd]

if i can the newspaper adds it would have been awsome but cant seem to located it after 3 years

our rx350 is still on the 4.95% ish (cant remember exacatly)i then thought it was a awsome deal

but lexus came up with the 0% pretty much after a month later

then the 0% came out just before the new shape RX350 was released

Well done gsouth!

Postscript: article referring to RX with 0% finance

http://www.carpoint.com.au/news/2009/medium-4x4/lexus/rx/rx-to-turn-sales-tide-13418

[dis-lex-sic]

but lexus came up with the 0% pretty much after a month later

then the 0% came out just before the new shape RX350 was released

Funny I don't remember doing that?

Old age is getting me!

[ilv1004s]

but lexus came up with the 0% pretty much after a month later

then the 0% came out just before the new shape RX350 was released

Funny I don't remember doing that?

Old age is getting me!

it was definately there

i had a earfull from my dad after we bought the car LOL