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Nissan Altima Lease Questions

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  • escm83escm83 Posts: 1
    Hey all,

    I am a recent college grad interested in leasing or financing an altima coupe so here's my story:

    I've been looking at two altima coupes

    2008 priced at 24, 753 online
    2009 priced at 25, 511 online

    I just read that Altima Coupe's dont get the recent grad discount on a lease *sigh* How ever I think if i finance I will get the recent grad discount and I have an internet discount of 500 dollars. I also think all nissans have a rebate on the 2008 models.

    Oh well, my options are still open to either finance or lease.

    I have a 2007 Toyota Yaris, that I am going to trade in for the pay off. I've been to one dealership and they told me my trade in value was about 10,000..however I owe about 12,000 on the car. Thats a 2000 dollar difference.

    My question is: I am interested in a 0 down payment and low monthly payment...whats my best option? Lease or Finance?

    Is it feasible to get a monthly payment for about 400 dollars or less if I finance at that price? Let me know what I shoould do...Im interested in purchasing at the end of the month!

    *let me know if you need more details* pleaaaaaase help!!!!!
  • I posted this somewhere else too but the cars I am talking about are '09 Altimas 3.5 and wanted to post it here too. Car Man I hope to hear from you about this... This is a little on the long side but I want to be sure to give the whole story. I picked up my new car ('09 Altima - leased) tonight. I left the dealership at 9pm as they were closing. When I got the car over 60mph...the car started shaking - like a rough, constant shimmy - the whole car felt like it was vibrating. It didn't stop until I went under 40-50mph, and I was already about 10 mins away and they were closed. I have the salesperson's cell # so I called him and explained what was going on. Turns out he actually had to personally go and get the car from another dealership today and he told me that he "felt a little something, but not as bad as you're describing it." He suggested I bring the car to service at 7am tomorrow and that they 'should' take care of me since I just got the car and that I would get a loaner if they needed to keep it to 'fix' it. He was trying to tell me it could be a simple alignment or balance issue with the tires. I told him that I am not keeping a brand new car that needs any service other than filling the tires with air.

    What may make this more interesting is I actually had leased a different new car from the same dealer this past Saturday night. We had a deal in place but I wasn't 100% so they gave me the option to 'change my mind' by Monday and let me take the car w/o signing the official contract...I only signed the spot delivery paper and the temp. I brought the car back to them yesterday because of some scratches and scuffs that were much more apparent in the daylight the next day. They did not give me any problems, except a few tries to convince me to stay in the original car. I did some extra research after I knew I was returning the 1st car and I was able to re-work the terms of the deal with them and move up a model - which is the car I just picked up tonight...and I did sign all the papers this time.

    So what should I do...what would you do if this was yours? Take it to service or go directly to sales and insist on a new one? I am having such a hard time rationalizing a brand new car in the shop. I am sure that they will want to 'fix' it and it 'won't be a big deal' but can I insist on a different car, legally?? Thank you in advance.
  • syrsyr Posts: 10
    Hello Car Man,
    I just got this quote from my local Nissan dealer, 09 Altima 2.5s with the SL package MSRP $ 26155, selling price: $ 23800, 36 month and 15k miles a year, $500 up front no other fees, $342 a month, how does it sound to you? Also, when you say $0 down lease, are you including all fees in the payment or they are payable separately?
    Thank you very much :)
  • You'll need to post the residual and money factor so someone can accurately calculate the lease payment. Also, what is the $500 up front going towards? Was the $23,800 including the $500 down? You should get a "sale price" QUOTED, also known as Cap Cost. Then you will have at least an acquistion fee added to that. The final tally of car's sale price plus all fees is the NET CAP COST.

    If it is a ZERO DOWN lease, you should walk away not having paid anything at all except maybe the first monthly payment. You are correct in your assumption. Any fees you don't pay up front will be rolled into your lease and will result in a higher montly payment. The real trick here is to NOT pay any fees other than acquisiton fee. If you are assertive enough you should be able to walk out with the only that one fee but you will never get them to waive the acquistion fee. The main thing is to go into the dealer not even talking lease. Just get the sale price of the car whittled down as much as possible. Then try to hold them to that price when you blind side them with "I think I want to lease."
  • Wow, that's annoying econdor. I'm sure that the vibration really ruined what should have been an exciting new vehicle purchase experience. What did the service department say about the problem? Were they able to fix it?

    Car_man
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  • Hi syr. The car that you're interested in has a spread of around $1,500 between its full MSRP and its dealer invoice price. The selling price that you were quoted looks very attractive to me. Just make sure that the dealer that you are working with is using NMAC's current buy rate lease money factor of .00191 to calculate your monthly payment, which they probably are but it doesn't hurt to check, and you're in business.

    Car_man
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  • syrsyr Posts: 10
    Thank you Car man :)
  • Hi,

    Does anyone have the current residuals and MF for the '09 Altima 3.5 SE/SL?

    What would a good monthly lease payment be on a 3.5SL with Techonology Package, spoiler, and VDC? MSRP is 33,045 and dealer cost 30,466. Preferably 24 month lease.

    Thanks.
  • Car Man - the service manager spent 15 mins trying to convince me to leave the car alone for 2 weeks because he sees it quite often that brand new cars developed 'hardened inner tubing' in the tires from being chained too tightly in transit...literally was telling me not to worry about it bc this is the case in 90% of issues he sees like this...i wasn't buying it...and it seems everyone else i spoke to since then thinks it was a load of bs...i kept asking him to check the alignment and re-balance all, which he finally did, and wouldn't you know it, i hit the highway and got up my speed, and........smooth sailing......guess those hard spots worked themselves out faster than he expected? lol -- have you ever heard of anything like this?
  • I signed a lease order which listed the make, model, vin #, residual value, $500 down payment, # of months etc. However, I would like to cancel this order. I am pre approved by the manufacturer as I am a returing customer and I was told by the dealer that they do not have to run a credit check. Have not signed any other papers such as finance contracts. Is signing a lease order a binding contract? I think the dealer might give me a hard time to refund my down payment. Other than the down payment, do I have to worry about any legal problems when canceling a lease order? Thank You!
  • see it was nuthing to worry about I could have told you that after I was done reading your story you have to insist sum thing is rong and you will win in the end trust me they will all try to play there dealer games but there are menny good dealers out there good luck with it nissans are grate cars have a verry good day and thankyou for reading Marco.
  • No problem, syr.

    Car_man
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  • Here's the information that you're looking for,rjdilauro. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 24 month lease of a 2009 Nissan Altima 3.5 SE Sedan with 15,000 miles per year are .00280 and 65%, respectviely. The numbers for an otherwise identical lease of an '09 Altima 3.5 SL are .00280 and 66%.

    To be honest with you, you actually would be much better off going with a 36 month lease, instead of a two year lease. NMAC's 36 month numbers are .00191 / 60% for both the SE & SL.

    I worked up a few sample lease payments on the SL that you provided the pricing data for and according to my calculations, its 24 month, zero down, pre-tax monthly payment using a selling price of $500 over invoice would be around $543. The payment for an otherwise identical 36 month lease would be a much more reasonable $407. I told you that the two year lease was no good ;) .

    Car_man
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  • That stuff that the dealer told you sounds like a bunch of bs to me as well, econdor. I;m glad that everything worked out for you in the end. Enjoy your new, smooth ride :) .
    Car_man
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  • Hi borabora9. As long as you have not physically taken delivery of this Altima, i.e. driven it off of the dealer lot, you should be able to get out of this deal. The dealer may give you a hard time, but if you are persistent there's no way that they can force you to take the car. Of course, getting your $500 down payment back is another story. Was is supposed to be fully refundable? Even if it was, there is a good chance that the dealer will drag their feet when you try to get them to give you your money back.

    If they gave you a hard time, you stand a much better chance at getting a refund if you used a credit card than if you paid cash or gave the dealer a check. You can dispute the charge with your credit card company if the dealer refuses to play ball.

    Car_man
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  • t_ct_c Posts: 13
    Can someone tell me if i'm close on my figures, or if i'm way off??

    2008 Nissan Altima 2.5S Automatic with mats.

    $21,940 MSRP

    -$4,000 Dealer / MFG Discount

    _________________________

    $17,940 Net captialized cost.

    So with using these numbers, 57% residual value, and a money factor of .00191% this would bring a monthly payment of $221.81 including tax.
  • Hi t_c. Where did you get that money factor and residual value from? They seem off. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2008 Altima 2.5 S Sedan with an automatic transmission and 15,000 miles per year are .00066 and 56%, respectively.

    Using these numbers, an MSRP of $21,940, and a selling price of $17,940, I estimate that this car's zero down, pre-tax monthly payment should be around $177.

    This is not a realistic lease payment though because the selling price that you mentioned is much lower than what you would be able to get on a lease in the real world. I suspect that you used the $1,250 consumer cash that Nissan is providing on 2008 Altima 4-cylinder Sedans right now to arrive at it. Unfortunately, this cash is not compatible with Nissan's special lease program.

    Car_man
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  • doc519doc519 Posts: 3
    I am looking for a 2009 Altima 2.5 CVT with convinience plus package. I have a current lease 2006 altima $1000 left 5 more months. I went to a dealer and quoted me with the "cheapest" price according to him $280 for 36 or 270 for 39 months with 500 down and all the payments upfront (tax, title etc.).

    First of all Car_man is this a good deal. Secondly the manager told me I would have to pay the remainder of my previous lease, which was incorporated into this quote. Doesn't the dealer absorb that cost? Last time I was trading in my Maxima for the 06 Altima the dealer took it 6 months earlier and I didn't have to pay a dime. And finally, there is a $500 dollar rebate from Nissan but the manager told me I don't qualify for it due to the fact that I am leasing and not financing. Is that also true?

    Thanks
  • t_ct_c Posts: 13
    Well thats misleading. I mean regardless if you purchase or lease, why would the rebate money be different for the two? Its like a sneaky way for the manufactures to draw you in.
  • careyd1careyd1 Posts: 15
    Frequently, rebates are reduced or eliminated in situations where below-market financing is offered, whether lower interest on a loan or lower money factor on lease. It's a standard part of the game these days. In reality, what the companies are essentially doing is using the money they would have provided in rebate form to subsidize a lower finance rate.
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