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Nissan Altima Lease Questions

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  • eace2063eace2063 Posts: 7
    $489.00 seems too high for a 27K sticker price!

    I've received 4 different lease quotes from dealers on the 2007 3.5SL. The deal included all taxes, bank fees, no money down except 1st payment, registration and title.

    The lease is for 36 months, 12K miles. The quotes are as follows:

    1st dealer $429.00 per month no added features. Standard 3.5SL.

    2nd Dealer $430.50 per month with Technology Package, rear spoiler and some type of traction package.

    2nd Dealer also offered $386.77 for the 3.5SL with no added package.

    3rd Dealer offered $399.79 for the 3.5SL no added package except for a Sunroof Wind Deflector I asked for. They mentioned that they ordered it with ABS but this car comes standard with ABS.

    The $400.00 for a base 3.5SL sounds about right to me. The one that offered me the car for $386.77 was asking for $400.00 down payment. If you divide $400 by 36 months it will come out to $11.11. if you add $11.11 to $386.77 you get $397.88 so it is close to the $399.79 I was quoted from another dealer.

    These are the games they play to trick you into thinking that they are giving you a better deal. Another Dealer will probably take the $400.00 per month lease and divide it by 39 months to come up with $369.92 per month. This makes the lease look more attractive since it is $30 cheaper but its the same as paying $400 for 36 months.

    I'm in NY so I would suggest $400.00 lease for the 3.5SL as is and up to $440.00 for added features. Make sure this includes the taxes, bank fees and only pay the 1st payment and registration. Actually, the lease offer for $400.00 they were only asking me for the registration which i thought was odd. They always ask for the 1st month payment up front.

    Good Luck!

    E-man
  • dpandadpanda Posts: 5
    Hello, Just got back from a dealer in Southern CA with this info on a fully loaded 3.5 SE...

    MSRP = $32,715
    Adjusted cost = $30,167
    MF = .00221
    Term = 36
    Residual = 60% ($19,629)

    Quoted me a payment of $402 ($434 w/tax)

    This was with $2000 down, assuming that included TTL, conversation didn't get too far...However, in his caluclations it seems that he did not subtract my downpayment from the adjusted cap cost so I don't know...With that I caluclated my payment should be in the $369 range...

    Anyone, have a quote on a similar car, I also heard that there is a "monthly special" on a 24 month lease giving a 70% residual...

    Any info appreciated...

    Also, anyone know of any junk fees to watch out for...
  • eace2063eace2063 Posts: 7
    I received another lease quote for the 2007 3.5SL. i was quoted $454.76 for a 39 month lease which means $492.65 FOR 36 MONTHS. This car includes Sirrius Satellite. The dealer told me the 3.5SL comes pre wired with Satellite Radio but to add the radio is extra.

    I thought the price was too high and the dealer said that he could not understand how another dealer quoted me $430.50 per month with Navigation System, Satellite Radio.

    These deals are no money dwon except 1st payment and registration. The taxes, bank fees are all included in the payment.

    What are other people paying to Lease the 2007 3.5SL?
  • lili1lili1 Posts: 44
    Something is not quite right with your figures assuming your TTl + 550 acquisition fee is about 1540.

    Technically speaking, adjusted cost is defined as you negotiated price by applying a discount to the MSRP plus let's assume 1550 (the TTL + acquisition fee ($550)), minus the $2000 down. That is the figure to apply the MF and residual % to. It should come out to be more like $390 already including tax.

    At the end of the day, the only figure you want to know to judge how good a deal is what is you discounted price off the sticker before any other stuff is added.

    By the way, are you doing 12000 miles per year and that is why the MF looks low and the residue is not 59% unless those are the March figures.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ojorge. Dealer invoice is a very good selling price for a 2007 Nissan Altima. Nissan's March lease program for it is better than the one that you mentioned though. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 24 month lease of a 2007 Nissan Altima 2.5 SL with 15,000 miles per year are .00217 and 69%, respectively. I believe that Nissan's 36 month lease program would actually result in a lower monthly payment than its 24 month program. If you really want to lease for three years instead of two, you should strongly consider leasing for that long now rather than trying to extend a 24 month lease later.

    I see that you are considering trading in your current car when leasing your new one. There's nothing wrong with trading in vehicles when leasing, but it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments on leased vehicles. Those who do risk losing them 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
    Welcome brunosjt. 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.

    Always remember that the selling prices of leased vehicles are negotiable, just as if you were going to pay cash for or finance them. If I was in the market for a 2007 Nissan Altima right now, I personally would try to shoot for around $500 over dealer invoice.

    There's nothing wrong with trading in your current vehicle when you lease a new one, however it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. Consumers who make large down payments on leased vehicles risk losing them if their car or truck is totaled in an accident or stolen and never recovered.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings adammax. You never mentioned the selling price or MSRP of the car 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 car's selling price 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.

    Nissan really has not been providing much in the way of incentives on the 2007 Altima. It does not currently have any cash incentives on it and it just introduced its first special financing rates on it a few days ago. Nissan is now offering 3.9% financing for 3 years, 4.9% for 4 years and 5.9% for 5 years on the '07 Altima. It's lease program isn't great either. If you were to lease a 2007 Nissan Altima 3.5 SE 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 .00249 and 58%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sargondizzo. Dealer invoice is a very good selling price for a 2007 Nissan Altima, especially if the dealer that you are working with is making your first payment on your new lease and your last payment on your old one for you. Just make sure that the dealer you are working with is using Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value of .00249 and 57% for a 39 month, 12,000 mile per year lease of an '07 Altima 2.5 SL to calculate your monthly payment and you're in business.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here is the information that you're looking for, lili1. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Altima 3.5 SE with 15,000 miles per year are .00221 and 59%, respectively. The 12,000 mile per year residual value for this term would be 1% higher. NMAC charges a $550 acquisition fee on ever vehicle that it leases. If Nissan is advertising a lease on the Altima that does not charge this fee at lease signing it is likely being added into the vehicle's capitalized cost and baked into the monthly payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey lili1. I am not aware of any resource that provides accurate information on manufacturers' current lease programs to the general public. The numbers that I mention in this discussion are definitely right. As hard as it is to believe, I have actually found that the lease calculators that are available on manufacturers' web sites are often not all that accurate for some reason.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello garbou. 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 12,000 miles per year are .00221 and 59%, respectively. NMAC charges a $550 acquisition fee on every vehicle that it leases. Nissan charges a security deposit equivalent to vehicles' monthly payments rounded up to the nearest $25 increment at lease signing as well. It will waive this deposit in exchange for an increase of .00015 in your vehicle's money factor. Sometimes Nissan runs a special program that waives its security deposit requirement for free on select models, but I am not sure if this sort of a program is available on the Altima right now.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey andyhiggs. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Altima 2.5S with 15,000 miles per year are .00221 and 59%, respectively. The numbers for an otherwise identical lease of an '07 Altima 2.5SL are .00221 and 57%. If you were to lease either of these cars with only 12,000 miles per year, their residual values would be 1% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi bolek. This car's lease program varies by term. For now I will assume that you are interested in a 36 month lease. 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 3.5 SL with 12,000 miles per year are .00221 and 57%, respectively. The numbers for an otherwise identical lease of a 2007 Nissan Altima Hybrid are .00259 and 56%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey bolek. NMAC's money factor for a 39 month lease of the 2007 Altima 3.5 SL is actually a little worse than its 36 month factor, but the three additional months will probably make the monthly payment for a 39 month lease slightly lower than it would be for a 36 month lease. NMAC's current 39 month, 12,000 mile per year buy rate lease money factor and residual value for this car are .00249 and 56%. I've never seen a NMAC lease of a Nissan with only 10,000 miles per year. I'm not sure that it offers leases with that low a mileage allowance. The numbers for a 39 month, 12k lease of an '07 Altima Hybrid are .00255 and 55%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi garbou. Dealer invoice is a good price for a 2007 Nissan Altima. The money factor that you were quoted is a little high though. 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 12,000 miles per year are .00221 and 60%, respectively. Make sure that the dealer that you are working with uses this factor to calculate your car's monthly payment and you're in business. Despite the fact that this is a good deal for this car right now, as others have mentioned a number of other cars are much better deals than the Altima right now. If I was in the market for a new vehicle, I personally would not lease an Altima until Nissan increases its lease support on it.

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  • dkbrmddkbrmd Posts: 2
    I just wanted to see how much is Nissan Altima lease is.

    And I realized that it is suggested "in NY ... $400.00 lease for the 3.5SL as is and up to $440.00 for added features".

    I leased 2005 Acura MDX for $435 including taxes and fees">. Why would you want to lease a Nissan Altima for $400?<img src="
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dpanda. The money factor that you were quoted is right in line with Nissan Motor acceptance Corp.'s buy rate for a 36 month lease of a 2007 Altima 3.5 SE. The residual value is correct as well. As far as pricing goes, the car that you described has a spread of around $3,000 between its full MSRP and its dealer invoice price. The $2,548 discount that you were quoted looks pretty good to me. If you like the car, I personally don't see any reason not to proceed with this deal. I just double checked the payment that you were quoted using the numbers that you provided in your post and I also came up with $402 per month.

    Car_man
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  • mc077mc077 Posts: 2
    We are currently negotiating a lease on a 2007 3.5 SL Altima with 2 local Southern California dealerships. Both dealerships offered to "waive" our security deposit because of our good credit rating. At some point when crunching numbers we noticed a discrepancy on the money factor in the lease. They explained that many people opt to increase the money factor by .00015 rather than putting down the security deposit. The assumption was that the security deposit was capitalized over the 39 months. Our money factor for a 39 month lease was .00249, with a residual of 56% 12k miles. This increase brought the money factor to .00264. With more thought on this one, it occurred to me that their generous "waiving" of the security deposit and increase of the money factor now means this deposit goes "poof" and we will never see the money back that the increase in money factor adds to our lease payments. We suspect this is a scam and I was just was curious if anyone else had this experience with dealerships. We are in the process of having the car transported and the dealership will be preparing the paperwork tomorrow, so any feedback would be appreciated.
  • kyfdxkyfdx Posts: 27,985
    It isn't a scam, but it was a mischaracterization of the process by your dealer..

    If they were really waiving the deposit, because of your good credit, there wouldn't be any adjustment in the money factor. The .00015 MF bump is the standard increase for someone who wishes to waive the deposit, and as you correctly calculated, this will raise your payment.

    I doubt the dealer benefits from this transaction (minimally, if they do), but they probably see less resistance to price, when a customer doesn't have to make a security deposit.

    It would be in your financial interest to make the deposit, and have them use the lower money factor.

    regards,
    kyfdx

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  • pleamanpleaman Posts: 1
    I'm also in the market for a 2007 Altima 2.5S with 15k miles, and convience package.

    Are there web sites or forums that perhaps give some guidance or tip-off about possible cash back to dealer/customer or lease supports for the upcoming month? If money is forthcoming in April, I'll wait. Thanks!

    David
  • Offered Lease-36 months-Horsham, Pennsylvania- 2007 Nissan Altima 2.5 S-4 cyl- auto trans with fog lights and mats-no additional packages. Orig msrp- $21835.00, Base Invoice: 20,324.00, Vehicle Price: $19,800.00, Acq Fee- $595.00, Gross Cap Cost: 20395.00, Net Cap Cost: 19375.57 - Lease Monthly Payment: $265.32 with $1500.00 down? I have no clue where they got the Cash Reductions fee of $1019.43, hidden costs in there? Don't know if I got a good deal?
  • mc077mc077 Posts: 2
    Thanks for the response... I think that using the statement "We'll WAIVE your security deposit because of your good credit" may not be classified as a scam, but it is at the very least very misleading. It is not WAIVING it if you are then charged with an increase in money factor. Especially when they don't disclose the increase in conjunction with the statement.

    Thanks for your advice. I called the dealer and insisted that I will put the security deposit down in cash at signing and I wish to have my money factor lowered accordingly. Is there a standard amount that the security deposit should be? One dealer quoted us $2000 and the other $500. I think I prefer the $500 ;-)

    Just curious...
  • kyfdxkyfdx Posts: 27,985
    It is your monthly payment rounded up to the next $25 or $50 increment (not sure which amount Nissan uses). It is set by Nissan Finance.

    You are correct, I think... Definitely not a truthful way to describe the waiver..

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  • Was just quoted $397 15k per year for 39 months...Zero out of pocket all fees including tax, title and reg. rolled into payment...The car is loaded with everything except a spoiler...Do you think this is a good deal?
  • lili1lili1 Posts: 44
    Car_Man

    After next Monday and we will be into April - do you expect any change to the MF and Res. % on a 3.5SE 36 months 12000 or 15000 ml per year.

    I agree the Nissan MF is way H I G H and in a no incentive environment, this ALtima is simply not flooding the market and I expect Nissan to have to do something gradually.
  • lili1lili1 Posts: 44
    Car_man:

    I forgot what happen to my last lease.

    Is the Security Deposit 'refundable', that is. it can be applied towards the last payment on the lease or it is money already given to Nissan unconditionally?
  • lili1lili1 Posts: 44
    I can answer my own question now. Checked my record. Yes, it is.
  • eace2063eace2063 Posts: 7
    That sounds about right. I was quoted $400.00 per month for a fully loaded 2.5SL. Please make sure it includes the bank fees of $550.00 if leasing through NMAC or as high as $795.00 if leasing through another finance company.

    Also I was told there was not much difference in the 36 month lease. It was only a few dollars more like $5.00 more. If that is the case opt of the 36 month so that you will be fully protected under warranteed. If you lease for 39 months you are on the hook for 3 months without the full warranteed.

    Good Luck!

    E-man
  • i got an offer of 394 with 2500 down for a 2007 altima 3.5 SE fully loaded including navigation from acme nissan in south brunswick, nj
  • poehlspoehls Posts: 1
    Today I tried to trade in my 05' Altima 3.5 SL (fully loaded, except for navigation system) for an 07' Altima 2.5 S. The 05' lease is up in June (2 payments left at $319 with $395 termination fee). I asked the dealership to take over the lease, paying the 2 remaining payments and the termination fee and I do not want to put money down. They quoted me a $378/mo lease payment (at $22,000+ invoice price) with a $775 1st mo./security deposit that supposedly cannot be waived. Does that seem right? I'm a grad student trying to find the most cost effective way to deal with my lease...
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