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Nissan Altima Lease Questions

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  • robyngrobyng Posts: 1
    This forum has been very helpful. Thanks to everyone who shares this information. I spent the weekend driving and negotiating and I would like some feedback on an offer I received by phone today.

    2008 Altima Coupe 2.5
    Dark slate/charcoal
    Convenience package
    Moonroof
    Fog lights

    $359/month
    36 months/15k miles
    $2000 down and dealer will add another $500 to down payment

    This is the same dealership that offered me a 3.5 coupe for $399 but I decided it was more power than I needed. They also offered to take over the remainder of my Subaru lease but I haven't given them the details yet ($266/month for another 5 months).

    I'm skeptical because they are not charging the $3k ADM that the other dealers said was immovable, and $359 seems too low. I haven't received the paperwork yet on this offer so there may be something hidden.

    Robyn
  • thedorkthedork Posts: 10
    Hi Car-man,

    Could you please help me with the current APR % for Altima 2.5 S manual or automatic and please share how the destination charge works.

    I want to lease Altima 2.5 S manual ( if it is hard to find auto is OK too ) with ABS

    36 months
    12K/year
    $0 down

    How much should be my monthly payment if I can get an invoice price for both manual or auto with ABS ( which should not more than $300 on the top of the invoice)

    Thank you,
    Thedork
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi visualbang. Nissan just introduced a lease program on the 2008 Altima Sedan yesterday.

    In an area that has a high level of competition, I suspect that it may be possible to lease an '07 Altima for pretty close to dealer invoice right now. It may still be a little early to lease an '08 model at invoice. You may be able to get an idea of how much you will have to pay for one right now by visiting the following discussion: "Nissan Altima: Prices Paid & Buying Experience".

    As far as special financing rates go, in August Nissan is offering 1.9% to 2.9% on the '07 Altima Sedan and 2.9% to 4.9% on the '08 Altima Sedan.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the latest info for you, vfrenkel. Nissan Motor Acceptance Corp.'s new buy rate lease money factor and residual value for a 36 month lease of a 2007 Altima 2.5S with 12,000 miles per year are .00199 and 59%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello black00. This car's lease program varies by trim level, term, and mileage allowance. You never mentioned what any of these variables are, so for now I will assume that you are interested in leasing a 2008 Nissan Altima Coupe 2.5S with an automatic transmission for 36 months with 15,000 miles per year. Let me know if you want something different. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for this car are .00295 and 59%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey jazzy75. You definitely are on the right track. To get a good deal on a lease of this car, you need to negotiate as low a selling price as possible. Dealer invoice is a good target for a lease of an '07 Altima right now, but you may end up having to pay a couple hundred dollars above that. Once you arrive at a selling price that you are happy with, have the dealer that gave it to you calculate your lease payment using Nissan Motor Acceptance Corp.'s buy rate lease money factor. NMAC's current buy rate for a 36 month lease of an '07 Altima S or SL is .00199.

    You will be required to pay your home state's sales tax on a leased vehicle. The method that is used to calculate sales tax on leases varies from state to state. The last time that I looked into how sales tax is calculated on leases in Mass,it was is charged on the entire lease payment (i.e. capital cost and finance cost), on a monthly basis. For example: if your lease payment is $316 (~$250 capital, $66 finance), and you pay a 5% tax on that $316, it would bring the the total payment up to $331.80. Note that in Mass you'll also have to pay personal property tax (2.5% p.a.) on the value of the whole car. This may have changed because it has been a couple of years since I looked into this, so check with your dealer or local DMV to make certain this is still how things are done in your area.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey flydust. You never mentioned the selling price or MSRP of the Altima that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this what car's selling price is in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the car that you are interested in for you if you let me know what these numbers are.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi luvcarzrich. You should shoot for a selling price that is as close to dealer invoice as possible on an '07 Altima. You can look up this car's invoice price by visiting the following section of this site: Edmunds.com New Vehicle Pricing. The $500 customer cash that is available on purchases of the '07 Altima is not compatible with its special lease program.

    As far as this car's lease program goes, Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Altima 2.5 SL with 12,000 miles per year are .00199 and 57%, respectively. I don't believe that NMAC offers leases with only 10,000 miles per year.

    If you decide to trade in your current vehicle when you lease your new Altima, make sure to have the dealer cut you a check for any equity that you have in it rather than use the proceeds from it as a down payment for your lease. I always advise consumers against making down payments on leases. Those who make them risk losing part or all of their money if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings Robyn. Let me begin by saying that paying $3,000 over MSRP for a 2008 Altima Coupe is nuts. If that is what dealers are trying to charge for this car, wait a few months and I am sure that they will change their tune. As far as this specific deal goes, you never mentioned this car's selling price or MSRP. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this what car's selling price is in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Thedork. Since we are in a discussion about leasing, by APR percentage I assume that you mean this car's money factor. If you mean its conventional financing rate instead let me know. Nissan Motor Acceptance Corp., Nissan's captive finance company, uses money factors instead of interest rates to calculate the interest portion of lease payments. You can convert its published money factors into approximate interest rate equivalents by multiplying them by 2400. NMAC's current buy rate lease money factor for a 36 month lease of a 2007 Altima 2.5 S is .00199. This is equivalent to an interest rate of around 4.78%.

    Destination charges are essentially part of vehicles' prices. All consumers who purchase or lease a new '07 Altima 2.5 S will have to pay a $625 destination charge.

    I would be happy to use Nissan's current lease program to estimate what the monthly payment should be for the car that you are interested in if you provide me with its MSRP and selling price.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Deal 1

    $3000 Out of pocket for all fees and everything included

    $205 a month including for 39months including taxes

    10,000 miles a year

    This guy wants $19,000 for the car (but i think he bs because its standard)

    Deal 2

    1,000 Down payment
    625 Destination Fee
    298 Documentation Fee

    $200 + Tax

    $17,500

    12,000 Miles a year 39 months as well.

    Which deal is better? Are there any other better deals, or anything else i should know about?
  • movistarmovistar Posts: 17
    I know that nmac doesn't offer 10,000 miles per year.
  • black00black00 Posts: 48
    Hi Car_man. Thanks for the terms. Actually I wanted to know the lease terms for the Altima Coupe for the both the 2.5 and the 3.5 V6 to be able to compare. I'm really more interested in the V6. The MF is pretty high!
  • I just leased a 2007 Altima 2.5S with convenience plus. Sales tax for a lease in Philly is 10%. Did a 39 month lease. I put $900 down and my monthly is $350. Also, since the normal warranty is only 3 years 36K I extended it for only $321 to cover the whole 39 mo 49K mi. Does this seem like a decent deal?

    **I also got out of my lease with two payments left at no penalty and the payments were NOT rolled in
    ...and the $900 was all I paid at signing...
  • bolekbolek Posts: 5
    I would definitelly NOT lease Altima at this price. I do realize that this is haw much they want them for at this time but just to compare – In April I returned the 2 year lease of Altima 3.5 SL – fully loaded and I mean fully – leather, Navi, Sirius, HID lights etc. I got it for 349/month paying up front only tax and fees - around 1100 out of my pocket at the lease signing. If I did that for 3 years – it would be between 320-330. Now I realize what a great deal I had. Of course the car evolved during the last two years but comparing the MSRP of 32K…well compare it yourself.
    Earlier this year I looked at the TL – for the price you are paying you would get the 34K car with V6, leather, waaaaaay better radio dual Xenon lights etc. etc.
    To me, current Altima lease is just not way overpriced. It would probably make much more sense to buy it…but that’s just my opinion. Good luck with your car!
  • We are looking to take advantage of the lease end early deal from Nissan and going into another Altima.
    Is this a good deal?

    2.5 S with Convenience Plus Package
    39 months, 12K yr
    $500 out of pocket to start (we have a coupon from Nissan so this will be about $250)
    $290 month
    All NJ taxes rolled into lease

    Thanks!
  • I haggled with the Nissan dealer for awhile and this is what I came away with (I didn't get the car but this is as far as my negotiating got):

    2.5 S (no convenience pkg)
    msrp: $21,845
    my price: $20,264 (invoice is $19,727 but I get it 20,264 with Nissan VPP D Plan)
    $500 of my own cash
    $500 graduate program cash
    acq fee: $595
    residual (book): 58%
    residual (Net): 59%
    money factor: .00214
    $203 in fees (doc & reg)
    36/month
    12,000 miles a year
    zip code: 48042 (MI sales tax %6)
    monthly payment: $296.62

    The printout that I was given with these numbers on it also shows
    Gross cap cost of $20,859
    cash reduc: $461.87
    net cap cost: $20,397

    I think that based on a net cap cost of $20,397, $296/month is about right. But I think that the net cap cost should be $20,264 + 595 - 461 - 500 down - 500 grad prog = $19,398.

    My questions are, should I push to get it down to $19398? And should I push to get the money factor lower to .00199? I'd like to get a $250-$275/month payment with max $500 down. Would I be able to get one with a conv pkg for this?

    Sorry for all the info, but hopefully it will be helpful in answering my questions. Thanks all!
  • I have an 05 Altima S base model that I leased. The lease is almost up and I am very over the allowed miles. I would like to know what my options are if I want to get a new vehicle (99% sure it will be a Nissan SUV) without losing my shirt. I would like to finance this new vehicle. I am in NY if that matters.
  • I just got quoted $279 for a 2007 Altima S, 36 months, 12K/year miles. This is in NY and is a sign and drive with taxes and everything included except for the first month's payment.

    This seems like a great offer. Should I jump at it or can I still do better?

    Thanks,

    Eric
  • mikey08mikey08 Posts: 5
    I am in the exact same situation as you. Same model, year, way over miles, and my lease ends at the end of Dec. The Nissan dealer told me every year Nissan puts out a program to give back your lease and they eat the rest of your payments if you buy/lease a new Nissan. Carman, any idea if one of these programs are on the way? Do they usually waive the penalties. Do I have any hope?
    Thanks for any help.

    PS i live in Taxachusetts.
  • greanpea68greanpea68 Posts: 1,996
    SI,

    I work for Nissan in Mass. Right now you can get out of your remaining payment if your lease is up anytime from now till Dec. 31, 2007. You won't be liable for any monthly payments but if you are over your miles you will have to pay $0.15 / mile for every mile you are over. In other words every 1000 miles you are over it will cost you $150.

    This program only works if you turn your lease in for another Nissan.

    If your are over I would suggest to go to the nearest Nissan and see what you could do. Where did you get your Altima on the North Shore or the South Shore of Boston.
  • mikey08mikey08 Posts: 5
    Greenpea,

    I leased my Altima from Nissan of Smithfield, RI but was not impressed with their service dept, so i'm looking to do buisness elsewhere. What dealership do you work for, I've heard good things abouth the one in Norwood. I'm looking to upgrade to another altima with more options. I'll probably buy/lease to buy. Any pointers?
    Thanks for the response.

    Mike
  • greanpea68greanpea68 Posts: 1,996
    I'm up on the North Shore. Trying not to break the rules by soliciting here. The one in Norwood is a good dealership, yes they are one of my competitors but if it is convienant, it's convienant. Correct me if I am wrong but I would assume you did a two year lease? Most people who did that have a bit of a sticker shock moving up to the 2007's. Only because the lease programs back then were unbelievably good because Nissan was trying to get rid of all it's inventory to make room for these new 2007 altimas. How many miles are you over on your lease?
  • mikey08mikey08 Posts: 5
    Greenpea,

    I did a 36mo, 12k mil lease in Dec of 04' on an 05' Altima 2.5s If I'd done a 2 year I'd have been all set cause I've put 15k on this year. I'm currently 3500 over and goin strong;)

    Mike
  • dexiondexion Posts: 6
    Hey Car_Man can you tell me the current residual % and money factor on a new 2007 Altima 3.5SE w/ sport package
  • greanpea68greanpea68 Posts: 1,996
    Mikey08,

    So right now you are between $500-$600 over on your miles. Since your lease matures in Dec. you should qualify to get out of your car early into a new Nissan. You should be recieving something in the mail pretty soon about this. That is assuming you have a good account with them. I don't know what kind of Altima you are driving now but if you look at a base one which comes pretty loaded, ( Do you have power seats in current lease? ) With the national program on the altima 2.5s base $21545 msrp you can get a payment of $229/mo with 12000 miles per year tax with only $2999 down + tax, title,tags...

    With the money you owe your payment might go up $10- $13 ( for your milage, if you were to go 15000 miles it would be more obviously but not much. If you want you could finance at 2.9% for 60 months. Jsut a few suggestions.

    GP
  • I need to come up with my "give me this price and these terms otherwise I'm going to another dealership" figure, but I don't know what exactly a reasonable figure would be. This is my ideal proposal:

    -36 mo/12k mile lease
    -$0 money down
    -Payoff my trade in (Galves values it at $16k, I owe $20k, Ive gotten trade-in offers as high as $18k for it)
    -About a $350 a month payment
    -I also have VPP pricing

    If I go to the dealership with these figures, will I get laughed out of the place or do you think they'll sign me up right there?
  • crf2318crf2318 Posts: 6
    This forum has been great with giving me the info I needed to make an informed decision on Leasing an '07 Altima 2.5S with the SL package. See exact numbers used in my lease below. I leased from Coral Springs (Florida) Nissan - the salesman was not that great, but I got the price I wanted and the Finance Mgr, Giovanni Centurino, was awesome and even saved us money at signing which is almost unheard of. Knowing the MF & RF helped me calculate everything to make a fair offer and know where my money was going.

    36 month lease/12K miles
    MSRP = 25595
    Negotiated Price = 23575
    Total Paid at Signing $1000 (includes 1st pmt, & TTT)
    Monthly Payment = $355 - $11 ($500 College Grad Rebate deducted from Cap Cost) = $344/month
    Residual Factor = 57%
    Money Factor = .00214

    24136.73 Cap Cost (23541.73 Neg price + 595 Acquisition fee)
    -497.26 College Grad Rebate
    23639.47 Net Cap Cost
    14703.15 Residual Value
    11683.08 Total Pmts

    Make sure you ask about the Rebate b/c no salesperson told us about it, but Finance Mgr did at signing. He even threw in the Tire Road Hazard Protection for free. Let me know if you have any other questions.
  • ddevineddevine Posts: 1
    I just went with my sister-in-law to get a Nissan Altima. She wanted a 6 cylinder and she wanted leather. We ended up taking one of the final 7 6 cylinder cars left on the lot. It had the convenience package, spoiler, fog lights, and they were swapping out the fabric seats for leather seats. We ended up paying $325 per month, 39 month lease, 12K per year, with $1,000 down + a used car trade in. The used car was a 1999 Mazda Millenia S with over 104K on it. She didn't want that car anymore and the realistic resale value is probably about 3,000. I hope she got an o.k. deal. If she didn't I won't tell her.
  • oly6456oly6456 Posts: 3
    I'm interested in leasing a 2008 Altima Coupe 3.5 SE has anyone had leasing experience they can share regarding this lease?
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