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Nissan Altima Lease Questions

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  • r000r000 Posts: 53
    Can someone please tell me how this would work :

    I have a 2005 Altima which I own (paid in full).

    If I wanted to lease a new 2008 Altima would the dealer be willing to buy back my current Altima? Do they even do that? The KBB value is around $10700

    Any advice would be appreciated, Thanks.
  • gooddeal2gooddeal2 Posts: 749
    The dealer will have no problem buying your Altima. However, you should try to work w/ more numbers to see if it's better for you to buy or to lease. Since you have a lot of equity w/ your current car, it might be better if you just buy instead, sale tax credit...etc.
  • Can someone post the MF and Residual Value for the 6 cyl Altima for both 36 and 39 months and also for 12K and 15K per year?

    thanks, for your help
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi brendan. Your car's lease payment will vary depending upon what its full MSRP and selling price are. You never mentioned the selling price, so for now I will assume that you are getting a $1,000 discount on this car. Let me know if the selling price that you are getting is considerably different. According to my calculations, if you were to lease a 2008 Nissan Altima Hybrid that has an MSRP of $32,000 and a selling price of $31,000 through Nissan Motor Acceptance Corp, right now for 39 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $480. If you were to lease with only 12,000 miles per year, this payment would drop to around $472. Unfortunately, I am not sure how much additional security deposits lower money factors and in turn lease payments through NMAC.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ajpbf7. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 24 month lease of a 2008 Altima 2.5S CVT with 12,000 miles per year are .00122 and 69%, respectively. The numbers for an otherwise identical 36 month lease are .00122 and 60%. I don't believe that NMAC offers leases with only 10,000 miles per year, but if it does their residual values would likely be 1% higher.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ajpbf7. Unfortunately, the $1,250 cash incentive that Nissan is providing on the 2008 Altima Sedan right now is not compatible with NMAC's special lease program.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello tjinbp. Here's the information that you're looking for. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2008 Altima S with an automatic transmission and 15,000 miles per year are .00122 and 59%, respectively.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go cnote2. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2008 Altima Sedan 3.5 SE with an automatic transmission and 15,000 miles per year are .00122 and 57%, respectively. The numbers for an otherwise identical 39 month lease are .00132 and 56%. If you were to lease this car with only 12,000 miles per year, its residual values would be 1% higher.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi jao6304. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2008 Altima Hybrid with 15,000 miles per year are .00264 and 55%, respectively. The numbers for an otherwise identical 39 month lease are .00264 and 54%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings dstokl51. $300 under dealer invoice is an excellent selling price for a leased 2008 Nissan Altima. The money factor that you were quoted looks about right as well. This looks like a good deal to me. If you like the car, I personally don't see any reason not to go for it.

    In answer to your question about the "rent charge," vehicles' lease payments are composed of two parts the depreciation portion and the interest portion. The rent charge is the interest portion of your car's monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi minicheru. You never mentioned the selling price or MSRP of the Altimas 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 what this vehicle'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.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi amc1201. If there is a mistake on your car's contract, the dealer may not be able to submit it to Nissan Motor Acceptance Corp. and you may have to sign another contract. On the bright side, if your car's residual value was set too low raising it would lower your monthly payment. A lower payment is a good thing. Just make sure to pay close attention to the documents that you have to sign.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi flyinlynx. This car's lease payment will vary depending upon its selling price, how long you lease it for, and what mileage allowance you need. I can work up a sample payment on it for you, but I am going to have to make some assumptions. For now I will assume that you are going to be able to negotiate a $1,000 discount on it and will lease it for 36 months with 12,000 miles per year. Let me know if any of these assumptions are off. According to my calculations, if you were to lease an '08 Altima Hybrid that has an MSRP of $32,000 and a selling price of $31,000 through NMAC right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $493.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings newnissancar. The best way to evaluate a lease is to look at the selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. The auto market is pretty soft right now. If you are in an area that has a decent level of competition, you shouldn't have much trouble negotiating a selling price of a couple hundred dollars over dealer invoice on a Nissan Altima right now. You can look up this car's exact invoice price over in the New Vehicle Pricing section of Edmunds.com. Once you arrive at a selling price that you are comfortable with, have the dealer calculate your monthly payment using Nissan Motor Acceptance Corp.'s buy rate lease money factor of .00122 (.00015 higher if you wish to have your car's security deposit waived) and you're in business.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    HI jab2007. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go, jao6304. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2008 Altima 2.5S with an automatic transmission and 15,000 miles per year are .00122 and 59%, respectively. The numbers for an otherwise identical 39 month lease are .00132 and 58%. If you were to lease with only 12,000 miles per year, this car's residuals would be 1% higher.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Congratulations on getting your new Altima, asav1976. I'm glad that you were able to learn so much by visiting the forums. Thanks for taking the time to share the details of your lease with everyone. Don't forget to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with everyone. Enjoy your new ride :shades: .

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here's the information that you're looking for, skinnydog1. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2008 Nissan Altima Sedan 3.6 SE with an automatic transmission and 15,000 miles per year are .00122 and 57%, respectively. The numbers for an otherwise identical 39 month lease are .00132 and 56%. If you were to lease with only 12,000 miles per year, this car's residual values would be 1% higher.

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  • czcon1czcon1 Posts: 22
    HI
    from the post above it says that you can't apply the rebates to the lease price? So the price I've been negotiating with dealer will go up $1250 if I decide to lease instead of buy? 08 Altima Auto 2.5S with SL package,floor mats,splash guards, $22162. Also the Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for 36 Mo. 15K is .00122 and 59%, is this correct. :confuse:
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    That's correct, czcon1. Nissan's consumer cash incentives are not compatible with NMAC's special lease program. If the dealer used the cash incentive that is available on the 2008 Altima to arrive at the selling price that you have negotiated the capitalized cost for your lease would be higher. On a lease of an '08 Altima I personally would shoot for a selling price of a couple hundred dollars over dealer invoice. The money factor and residual value that you mentioned are correct for a 36 month lease of an '08 Altima 2.5S Sedan with an automatic transmission and 15,000 miles per year.

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