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Nissan Altima Lease Questions

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Comments

  • delta737hdelta737h Posts: 603
    edited July 2010
    djjp100,

    Actually, I get my data from car_man right here at edmunds.com Another source I've used is...

    http://www.leasecompare.com/auto_leasing_forum/index.php

    Just register and click on the manufacturer auto lease rates forum and ask Tarry Shebesta for the rates and he'll be happy to provide them. But, you're right, this information is not publicly available like loan or mortgage rates. The lobbyists in Washington DC have blocked any effort to disclose them. I guess it's human nature to place selfish greed above the greater good and I find that appalling and despicable.

    I never ever take the dealer's word for anything. In fact, you can go to three dealers and ask for the same information and the chances are astronomically high that you'll get three different answers. Either one or more are lying or they're incompetent. Any way you cut it, it doesn't bode well for them.

    Here's the basic format I use for my lease proposals...

    MSRP 2011Honda Pilot LX Automatic…… 28,755.00

    Selling Price.........................................… 26,450.92

    Amounts Financed (Capitalized)
    AHFC Acquisition Fee….......……………… 595.00
    NY Sales Tax 8.875%...………………...…… 1,248.73

    Capitalized Costs
    Gross Capitalized Cost…………………..…. 28,294.65
    Capitalized Cost Reduction…………..……. 0.00
    Adjusted Capitalized Cost…………………… 28,294.65

    Residual Data
    Residual Factor…………………………….. 0.59
    Residual Value (Residual Factor × MSRP)… 16,965.45

    Cost of Money/Term
    Money Factor……………………............………. 0.00173
    Term (months)…………………………………. 36

    Monthly Lease Payment……………………. 393.00

    Estimated Charges Payable at Lease Origination
    Documentation Fee………………………..... 75.00
    Government Fees…………………………….. 217.50
    Amount Due at Lease Signing…………….… 292.50

    Fund Provider: AHFC
    GAP Coverage: Included
    Annual Mileage Allowance: 12k
    Disposition Fee: None
    Excess Mileage Charge: $0.15 per mile


    NOTE: Monthly Payment = MF x (Adj Cap + Res Val) + (Adj Cap - Res Val) / Term

    You might want to put your proposal on your letter head and Fax/email it to the dealer. This will save time, money, and aggravation.

    Questions? Please let me know.

    John
  • delta737hdelta737h Posts: 603
    JP,

    I received your email but there was no message or attachment. You may want to try re-sending.

    John
  • cimicimi Posts: 2
    I'm just finding this forum, better late than never, and am wondering if this sounds like a good deal. Leasing a 2010 2.5S with $1964 due at signing, not exactly sure what that number is comprised of, taxes, etc. and then $295/39 months/12k miles per year. Also, I'm turning in a leased Altima 12 months early that I'm paying $274/month. There's 35,000 miles on the Altima going back so I'm thinking that one more year would put me way over on mileage and I'd have lots of fees and hassles then.

    Thanks in advance for yourhelp.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jon625. I'm sorry to hear that you are so far over your vehicle's mileage allowance. Unfortunately, Nissan will not waive your excess mileage penalty if you buy a new Sentra.

    Probably, the only way that you will be able to avoid paying this penalty would be if you were to purchase your Altima at lease-end.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • 2gr8girls2gr8girls Posts: 1
    We just inked a good deal/lease for 2010 Altima 2.5SL on L.I., fully loaded (convenience, convenience plus, prem audio & tech pkgs) for $270/mo 12K mile 39 month lease. $3K total out-of-pocket, includes taxes and fees except DMV.
  • wawzj619wawzj619 Posts: 31
    Hi Car_man,

    I'm thinking about to lease a Altima Coupe 2.5S with convenience package. Do you have any information about the money factor and residual percentage of this car?

    Thanks for your help :P
  • nissanamernissanamer Posts: 1
    edited July 2010
    Hi and thanks in advance, Car_man.

    We were in a Nissan dealership in Cincinnati and we were offered this deal:

    2.5 S with 2.5 SL Package
    * Splash Guards
    * Premium Audio Package
    * Convenience Package
    * Convenience Plus Package
    * 2.5 SL Package

    39 months/15K miles, $2000 due at signing, $349/month out the door.

    $15000 to buy at the end of the lease, I believe.

    Is that payment too high?

    Thanks
  • hvnhvn Posts: 2
    delta7,

    Using your numbers (in your ex.) I come up with a monthly payment of $316.87.

    "NOTE: Monthly Payment = MF x (Adj Cap + Res Val) + (Adj Cap - Res Val) / Term"

    Did you typo or do I need to go back to basic math skills school.

    (please be kind)
    HVN
  • delta737hdelta737h Posts: 603
    hvn,

    Your formula is correct but, when I plug in the following numbers in my example,...

    Adjusted Capitalized Cost…………………… 28,294.65
    Residual Factor…………………………….. 0.59
    Residual Value (Residual Factor × MSRP)… 16,965.45
    Money Factor……………………............………. 0.00173
    Term (months)…………………………………. 36
    Monthly Lease Payment……………………. 393.00

    I get...

    P = 0.00173 x (28,294.65 + 16,965.45) + (28,294.65 - 16,965.45) / 36
    = 393.00

    I'm sure your math skills are just fine. I make more mistakes than I care to admit. Thanks for checking my calculations.

    John
  • hvnhvn Posts: 2
    edited July 2010
    Delta7,
    Now I got it!
    You might get a laugh to know that out of 10 salesmen that I have delt with over the last few days, not one knew how to figure out a lease with out a computer.
    It was VERY useful to run the numbers right in front of my salesmen and to show them how it works.
    I leased @ 15 k miles per year, a nice Altima 2.5S with an adjusted cap of 21060, Residual Value of 12 thousand odd, a MF of .00112 (!?!!!?) over 39 months from Nissan credit (tier 1.)
    265 a month and 265 down (first payment.) Everything else went into the lease (tax,lic,doc etc. etc.)

    You, car_man and Edmunds saved me a LOT of $$$.

    Thanks all!!!

    The only thing I did not like was the Nissan lease eContract that seemed to say that I had to pay $1400 (or so) at the signing of the lease. Even though I was not paying it and the dealer was paying it (with Nissan Corp incentives.)

    At least that was how the finance manager explained it...

    I hope I will not be getting a bill for $1400 in the mail...

    I only gave them $265 and drove the car home...
    Am I ok?

    THANKS!
  • delta737hdelta737h Posts: 603
    edited July 2010
    Hi hvn!

    I'm not surprised that the salesman wasn't able to manually compute lease payments. Actually, it's rather sad.

    It sounds like you got a good deal but, without seeing the contract details, I can't say with absolute certainty. The two most important items are the sell price (agreed upon value- disclosed in your lease agreement) and the money factor (not disclosed in your lease agreement).

    Your contract is your bible so to speak and would indicate the extent of your liabilities. However, Reg M disclosures (retail lease contracts) leave a lot to be desired. Without seeing it, I don't know whether or not you're liable for the $1,400.

    Anyway, good luck!

    John
  • wawzj619wawzj619 Posts: 31
    Hi hvn,

    Did you get a coupe or sedan at this price? What's the MSRP? I'm looking for Altima coupe 2.5S with premium package.
  • wawzj619wawzj619 Posts: 31
    The dealership offered me on a Altima Coupe 2.5S with premium package:

    MSRP: $27,505
    Adjusted CAP: 24,412
    Residual value: 14302.60
    Term: 39
    15,000 miles per year
    MF: .00133 (with approved credit)

    Monthly payment with all fees: $335

    Is this a good deal?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I certainly do, wawzj619.

    Nissan Motor Acceptance Corp.'s July buy rate lease money factor and residual value for a 36 month lease of a 2010 Altima Coupe 2.5S with 15,000 miles per year are .00133 and 53%, respectively.

    When negotiating your lease on this car, make sure to take into account the $500 bonus cash that is currently available on it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • bigtobigto Posts: 4
    Thanks to all for the great posts and responses. I've been a long time lurker and find this site to be very educational (especially postings by Car_man and delta737h). I'm considering leasing the 2010 Altima 3.5S and have my lease proposals ready for negotiation. Here is the wrinkle.

    I currently live in NY but will be moving to Greenwich, CT (slated for mid August). I'm torn because I'd like to capitalize on the current incentives. Couple of quick questions...

    1) Would you recommend that I lease before current incentives/offer expire (8/2) in NY and change over to CT?
    2) Alternatively, I can wait until my move to CT, change license, and find competitive lease offering in CT. However, if I live in CT, can I still take advantage of out-of-state dealers in NY?

    Thanks all. Apologies if these are duplicative questions. Thanks in advance for your help.
  • bigtobigto Posts: 4
    Does someone have the money factor and residual @ 10k miles/yr and @ 12k miles/yr?

    This will be for a 2010 Nissan Altima 4dr Sedan V6 CVT 3.5 SR (including premium and sport package). I have an excellent credit score (approx 750).

    Thanks for your help.
  • bigtobigto Posts: 4
    Sorry forgot to add -- 39 month lease.
  • Hi Car_man,

    Can you provide the August 2010 residual and money factor for a 2010 Altima Coupe 3.5SR, 36mo / 15k?

    And thanks for your great work here!
  • Hate to follow a post with a post, but can anyone confirm this?;

    Nissan Lease Loyalty Program

    Program dates- July 1-Sept. 30 2010

    Eligibility- Any current Nissan lessees grounding a lease unit and leasing a new Nissan model during program effective dates.

    Offer- Lease loyalty cash Offers (varies by model) for customers grounding a lease and re-leasing an eligible Nissan product:

    2010 Sentra $500
    2010 Cube $500
    2010 Rogue $500
    2010 Maxima $1000
    2010 pathfinder $1000
    2010 Armada $1000
    2010 Altima Sedan $1500
    2010 Murano $1500
    2010 Frontier $1500

    2010 Altima Coupe $3000

    I am familiar with the NMAC national offer but thought that the Altima was $1500 across the board. And is in addition to the $500 Bonus cash. Really sweetens the deal for the 3.5 SR Coupe I am seriously considering. It also seems like dealers are not talking about it unless specifically asked (imagine that).

    Please post what you know...

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi bigto. Nissan's August incentives are fairly similar to its July programs.

    You can still lease from a dealer in New York if you live in Connecticut if you really want to.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
This discussion has been closed.