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Nissan Altima Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi talon4x4. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Basically, the most important number to know when leasing is your vehicle's selling price. $700 over dealer invoice is a decent price for an '07 Nissan Altima. The monthly payment that you were quoted looks about right for an '07 Altima 3.5 SL at $700 over invoice. I personally don't see any reason not to pull the trigger on this deal if you like the car.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi movistar. There's nothing wrong with either option. I have leased cars both ways. The nice thing about paying the security deposit is that you actually get it back at the end of your lease (assuming that your car is in good condition and that you're not over mileage).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi r5020. The 2007 Nissan Altima 3.5 SL that you described probably has a spread of around $2,500 or so between its full MSRP and its dealer invoice price. You are being given a discount of over $3,000 on the car that you are interested in. This is an excellent price. The money factor that you were quoted looks a little on the high side though. Nissan Motor Acceptance Corp.'s new July buy rate lease money factor for a 36 month lease of this car is only .00175 with the payment of a security deposit at lease signing and .00200 with the deposit waived. Make sure that the dealer that you are working with uses this factor to calculate your monthly payment.

    Also, I see that you are considering making a $3,000 down payment on your lease. I always advise consumers against making large down payments on leased vehicles. Consumers who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered. Even though your monthly payment would be a little higher, you would be better off going with a zero down lease. If you opt not to make a capitalized cost reduction, all you would have to pay at lease signing are your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, NMAC's $595 acquisition fee, and any required state taxes or fees.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello rumblebumble. I have seen Nissan's new July lease program and I would be happy to give you an idea of what it is like. You never mentioned how long you want to lease this car for or how many miles per year you need to be able to drive it, so for now I will assume that you are interested in a 36 month lease 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 a 36 month lease of a 2007 Nissan Altima 2.5 S with 15,000 miles per year are .00199 and 58%, respectively.

    Car_man
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  • Two questions (w/ parts),
    1. When is the 2008 Altima Sedan going to be available?
    a. Will it be possily to get this car for invoice?

    2. It is possibly to get the 2007 altima sedan 2.5 S at or below invoice?
    a. Any special financing plans available that are not listed on edmunds?

    Thank you!
  • vfrenkelvfrenkel Posts: 2
    Hi,
    Do you have the money factor and residual for a 2007 Altima 2.5S 36months, 12K mi, with 6 speed trans for July 2007.

    Thanks!
  • black00black00 Posts: 48
    It seems very few people lease Altimas...

    Can anyone provide the lease terms (MF and residuals) for the new Altima Coupe?
  • flydustflydust Posts: 1
    hey guys, I need help. I want to get the 07 Altima's SE 3.5. I WANT LEATHER,xenon headlights,audio package, sunroof. I dont want the navigation. Basically I want to know how much I am expecting to lease this for. I want to lease it for 36 months. I might finance if payments are close. I also want to know if I should wait for any offers ? anyone know about any good offers ?helppp !!! thank you.
  • jazzy75jazzy75 Posts: 1
    We plan a 36-mos, no money down lease of a 2007 Nissan Altima. We live in MA. We have a choice of a CT or a MA dealership both within close proximity.

    The invoice price of exactly what we want is $20,783/MSRP is $22,275. That includes the destination charge of $625. What do we need to know for a good lease? One dealership is talking a 'sale' and the other isn't, so I'm leery of being horn-swaggled. Any advice?

    Do you pay sales tax on a lease? Or excise tax? If you are not buying the car, just leasing, shouldn't both of these taxes not apply?

    We are actually heading out for the test drives shortly. We have compared electronically and visually against the Honda Accords and Toyota Camrys. Today should be fun!
  • Hello all. I'm trying to help my father in law lease an Altima. He's looking at the 2.5 with SL package. MSRP of $25,075. carsdirect.com has the associated selling price at $22,623. Is this the price I should aim to have the lease based from? It includes a $500 rebate. While I can calculate a lease I'm not sure if rebates are purchase only.

    Can you guys tell me what you think? Also, if you have the current 36 mo MF - we're looking at 10,000 or 12,000 mi/year and have no issues with cap cost reduction.

    Lastly we have a paid off trade worth about $10k. Any ideas on how to structure this deal?

    Thanks!!
  • 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
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  • 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
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  • 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
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  • 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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  • 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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  • 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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  • 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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  • 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
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