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Nissan Altima Lease Questions

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  • arceoarceo Posts: 1
    My question is this i am getting an ALtima 06 2.5 SL. This is what i saw msrp price at $25,500. But when the dealer printed some paper out it said $28,863. Then they ran my mom's credit and then me as a cosign. They came down to me paying $509.00 a month, for 40 month lease and 12,000 miles a year and i was wondering if i was getting a good deal or being taken for a ride. Thanks
  • This is what i saw msrp price at $25,500. But when the dealer printed some paper out it said $28,863.

    Why would you buy a car when you don't know how much it really costs? Why does the "paper" the dealer printed say $28863? What are you paying for?

    Also, $509 per month would buy not lease a $27000 OTD car financed over 60 months(assuming 5% interest). I would suggest reading about what people are actually paying for this car on the prices paid thread. Also read all messages in this thread to see where this deal leaves you.
  • otoluvaotoluva Posts: 141
    Read message #24.
  • Hello Carman/Meuseman/arceo,

    I need help ASAP!!

    I am a recent college grad and I am trying to lease my 1st car. I just got off of the phone with a dealership, and I told them about the price you got on your lease (Post 24). I tried to use that as a bargaining, but they said that the loss would be too great. Here are the terms of the deal:

    Selling Price: $25,119
    Down Payment : $1,500
    Monthly payment: $330 (including taxes)


    This is my first time buying a car, and it is becoming a little overwhelming. I have been reading the previous posts and trying to make the best decision, but a little more help would be great. When the dealer gives me the rest of the details, I'll post immediately. Is this a good deal?? thanks for you help everyone!!
  • Carman

    This is exactly what the dealer emailed to me. Please let me know what you think of this deal, and ways that I can get the payment price lower. Thanks!!!!

    As we discussed, we have a 2006 Nissan Altima 2.5 SL in stack that is equipped with Satellite Radio, Splash Guards, Sun Roof, Fog Lamps, Side Curtain Air Bags and Anti-lock Brakes, Protection Package and Floor Mats.

    You can lease this car (stock # HN 6118) for $330/ month for 39 months with $1500 out of pocket. That price includes 15,000 miles per year and all fees including tax, MV, etch and documentation.
  • hey famugrad,

    what is the msrp on the car? carman will need this.
  • The Sticker Price is: $27,185.

    Thanks for you help. What do you think about the deal so far? Do you have any tips that you could give me until carman responnds?
  • I also asked for the residual value and Money Factor, which are 14,679 and .001050 respectfully. Thanks for you help in advance!!
  • Well looking at it, it looks really good to me. From the information you gave (MSRP 27185, Cap Cost 25119, Resisual 54%, MF .00105) Make sure that all you are putting down is the 1500 and that that money is paying things like the security deposit, the acquistion fee and the 1st. month. Don't ust the 1500 as a down payment and then have a lot more money to come up with at delivery. If the 1500 is all out of pocket you are paying at delivery, I think it is pretty good!
  • Thanks Meuseman...I really appriciate your input!! Any other tips that you could tell me before I go to the dealership will be appriciated. How do u know so much about cars?? experience?
  • LOL!! I have been reading these boards religiously for about 3 months. You can learn a lot. My Brother-in-law is a General Sales Manager for a luxury dealership and i learn a lot from bouncing questions off of him. The last tip i can give you is that if they try to change the terms of the deal on the fly, walk away. Don't get yourself so invested in a deal that you can't bring yourself to walk away from it. Good luck with the Altima. I realy like that car!
  • Carman/Meuseman,

    How long does it usually take for carman to respond?

    Yea, I wish I would have found out about this board a long time ago...I have learned so much over the past couple of days, its amazing. There is also alot of basic information about leasing on leaseguide.com. It really breaksdown everything that goes into caculating lease payments.
  • Hello carman,

    Could you help me determine the residual value/money factors for December and monthly payment for the following? Thanks in advance for your help!

    06 Altima 2.5S w/ Spec. Ed. Pkg.(auto) - MSRP $22,115
    Price paid before tax ($20,800) after tax ($22,250 - 7%)
    - zero down (will pay acq fee, 1st month, etc. w/ cash - security deposit waived)
    Plse provide for 36 and 39 month options
    15k miles/year
    * I qualify for $500 student prog. discount + $1,250 cash back but not sure if these can be combined w/ lease options quoted above.

    Thanks so much for your help, I'll be pulling the trigger on an Altima right around year end.
  • Can someone take a look at post #27 and let me know what they think and what I can expect as a monthly payment? Thanks for your help!
  • carman -
    can you please tell me the December lease specials (MF and residual) for a 24 and 36 month lease with 15,000 mi/yr for a both 3.5SE and 3.5SL.
    Thanks.
  • Unfortunately, Andy, Nissan's normal customer cash incentives are not compatible with its special lease program. It does have special lease cash that is on a number of vehicles, but the 2006 Altima is not one of them.

    Car_man
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  • Hi carguy8532. Did you say that you want to make a $6,000 down payment on your lease. Yikes :surprise: don't do it. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Altima would be exactly the same, regardless of whether you had put $6,000 down, or had made absolutely no down payment at all. You would be better off keeping that money in the bank and using it to supplement or make a number of your lease payments for you.

    Let's calculate what your lease payment will be on the car that you are interested in. According to my calculations, if you were to lease a 2006 Nissan Altima 3.5SL with an MSRP of $28,065 and a selling price of $24,606 through Nissan Motor acceptance Corp. right now for 24 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $276. That's a heck of a good lease payment for such a nice car.

    Car_man
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  • You're welcome Allen. Here's the info that you are looking for. If you were to lease a 2006 Nissan Altima S through NMAC right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00078 and 58%, respectively. The numbers for an otherwise identical 39 month lease should be .00090 and 56%, respectively. I don't believe that NMAC offers 10,000 miles per year leases on Nissan division models.

    Car_man
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  • Greetings georgiman1. You can find the dealer invoice of the car that you are interested in by visiting the appropriate page in the following section of this site: Edmunds.com - New Vehicle Pricing. As far as its lease program goes, if you were to lease a 2006 Nissan Altima SE-R through Nissan Motor Acceptance Corp. right now for 39 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00090 and 53%, respectively. 15,000 miles per year is the highest mileage allowance that NMAC publishes residual values for. If you need more miles than this, you will have to purchase them on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    In your post you mentioned that you want to pay $3,500 up front. All you really have to pay at lease signing is your vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, and NMAC's $550 lease acquisition fee. You shouldn't pay any taxes or make any sort of down payment up front. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Altima would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.

    Car_man
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  • Hi tomflannery. Vehicles' residual values are based upon a percentage of their full MSRPs, including any options that can be residualized (which in Nissan's case is any factory installed options) and the destination charge.

    At lease signing, you will have to pay your vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, NMAC's $550 lease acquisition fee, and any required state taxes or fees.

    This car's exact money factor and residual value vary depending upon how long your lease is and your mileage allowance. Let's say that you were to lease a 2006 Altima 3.5SE through NMAC right now for 36 months with 15,000 miles per year. Its buy rate lease money factor and residual value would be .00093 and 55%, respectively.

    Car_man
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  • Hey Tom. You should be able to work fees like your vehicle's lease acquisition fee, or any required state taxes or charges like registration into your vehicle's lease payment by adding them to its capitalized cost if you want to.

    Car_man
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  • Greetings famugrad. 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.

    I would be happy to give you my opinion on the deal that you were quoted if you would provide me with this car's MSRP. This number will enable me to see how much of a discount you are being given and to estimate what its lease payment should be using Nissan's actual lease program. I also need you to tell me how long this lease is for and how many miles per year you are allowed to drive it.

    Car_man
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  • Ahhh, I should have scrolled ahead before I asked you for the MSRP. Thanks for the additional information, famugrad. OK, let's work up a lease payment on this car using Nissan's actual December lease program and see what we come up with. According to my calculations, if you were to lease a 2006 Nissan Altima 2.5 SL with an MSRP of $27,185 and a selling price of $25,119 through Nissan Motor Acceptance Corp. right now for 39 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $304. If the lease payment that you were quoted includes tax, then it is fairly close to this. The selling price that you were quoted looks good to me.

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  • Hi Carman,

    I think you may have missed my post re: 2006 Altima 2.5 w/ SE pkg (user:b22squared). I plan on purchasing this car within the next week or so. Thanks in advance for your time and insights!

    Brandon
  • Hello b22squared. Here is the information that you are looking for. If you were to lease a 2006 Nissan Altima 2.5S with an MSRP of $22,115 and a capitalized cost of $22,250 through Nissan Motor Acceptance Corp. right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $296. I used a money factor of 0.00078 and a residual value of 57% to arrive at this payment. The payment for an otherwise identical 39 month lease should be around $285 (0.0009 factor / 56% residual). Please note that you may not have to pay sales tax on the full price of your car, some states only charge tax on the depreciation portion of leases. If this is how its done in your area, your payment would be less. The $1,250 customer cash incentive that you mentioned is not compatible with this lease program but the $500 college grad incentive might me.

    Car_man
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  • I'd be happy to help you out, shepali. If you were to lease a 2006 Nissan Altima 3.5 SE through NMAC right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00093 and 65%, respectively. The numbers for an otherwise identical 36 month lease should be .00093 and 55%.

    If you were to lease a 2006 Nissan Altima 3.5 SL through NMAC right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00078 and 67%. The numbers for an otherwise identical 36 month lease should be .00078 and 57%.

    Car_man
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  • Hi Mr. Carman:

    Is it better to lease now with the current special offer that Nissan has or is it better to wait and see what offers come in the beginning of the year? I have been told end of year is best time to purchase or lease. Is this true? By the way Happy New Year. My personal issue is that the current lease off is for 12,000 miles and I would like it to be 15,000. Do not know how much cost would increase. I live in Southern NJ near Woodbury. Thank you for your assistance.

    Sincerely,
    John
  • pfjepfje Posts: 25
    Car_Man,

    Happy New Year! Thanks for the help you provide us with.
    I would like to know the residuals and money factor for a 2006 Nissan Altima 2.5s and 3.5SE. I am interested in leasing either one for 24 months and 12-15,000 miles/year.

    I have negotiated the following prices:
    2.5S - MSRP: 22,145 and cap cost: 20,500
    3.5SE - MSRP: 25,845 and cap cost: 24,500.

    I would appreciate it if you could work up approximate numbers for both vehicle. I would prefer to put very little or no money down. Thank you so much.
  • Hi John. Well, it's already after the new year. I don't know if you have already leased the Altima that you were interested in, but if not you don't have much to worry about because its new January lease program should result in a similar lease payment to its December lease program. Its residual values for this model are a little lower in January, but Nissan introduced a $500 lease cash incentive to make up for that.

    Don't worry about switching from 12,000 miles per year to 15,000 miles per year. All banks allow 15,000 mile per year leases. Your payment for a 15k lease would be a few bucks more per month. The exact amount depends upon the price of the car that you are getting. When one switches a NMAC lease from 12,000 miles per year to 15,000 miles per year, its residual value drops 1%.

    Car_man
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  • Happy New Year to you as well, pfje. If you were to lease a 2006 Nissan Altima 2.5 S through NMAC right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00088 and 65%, respectively. The numbers for an otherwise identical lease of a 2006 Altima 3.5 SE should be .00103 and 64%. If you were to lease either of these cars with only 12,000 miles per year, their residual values would be 1% higher. When negotiating your lease on either of these cars, keep in mind that Nissan is providing $500 lease cash on the '06 Altima this month. This cash will help you to negotiate an attractive capitalized cost.

    Let's work up some lease payments for you and see what we come up with. According to my calculations, if you were to lease a 2006 Nissan Altima 2.5 S with an MSRP of $22,145 and a capitalized cost of $20,500 for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $285. With 12,000 miles per year, the payment for this car would drop to around $277. If you were to lease a 2006 Nissan Altima 3.5SE with an MSRP of $25,845 and cap cost of $24,500 for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be much higher at around $374. With 12,000 miles per year it would drop to around $364.

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This discussion has been closed.