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Nissan Armada Lease Questions

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  • sdc3sdc3 Posts: 2
    I am looking to lease a 06 Armada SE OffRoad msrp is $43735. I am getting out of a vehicle that I have a lot of negative equity in. For the payment to be reasonable I need a longer lease. The dealer is trying to put me into a 63 month lease. The dealer is using $48000 as the sell price(this includes neg equity of payoff) - $2500 rebate - $1000 cash down leaving a payment of $669 per month. Is this reasonable. What should the money factor and residual be? I have very good credit and live in Oregon.
  • sdc3sdc3 Posts: 2
    Car Man can you help??
  • milkenmilken Posts: 10
    Car Man - could I get the current residual for a 36 month lease with 15k per year on an Armada? Also, if you have the current money factor (ex dealer mark-up) that would be great....thanks
  • jb1hb1997jb1hb1997 Posts: 3
    Hi, I am looking to lease a 2006 Nissan Armada LE with a list price of $48,945 and an invoice price of $44,280. I am assuming I would be a ble to get this vehicle at invoice. I have excellent credit (high 700's). I would like to put no money down. I am trying to get to a payment around $500. per month. What lease term should I target to get to this payment? If this isn't reasonable, what should I expect as a lease payment for this vehicle?
  • jb1hb1997jb1hb1997 Posts: 3
    Can anyone help me? Carman?
  • gvr4wdgvr4wd Posts: 23
    I don't know about the lease, but you should be able to get the car for about $4K below the invoice (with $3K rebate).
  • ccerv13ccerv13 Posts: 3
    I recently (last week) leased a 2006 Murano SL equipped with Touring, Sirius and Navigation. Final selling price was $41k and monthly is $556 (before tax). Then...I found this website and, more specifically, this forum. Looks like I got a really bad deal. Did I???

    I am looking to lease an Armada next however...not feeling so invigorated after this deal :( Please help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Wow, sdc3, a 63 month lease :surprise:. You definitely do not want to lease this truck for that long. That is a very long time to be committed to one vehicle. A lot can change over the course of five years. You could decide that you are sick of paying an arm and a leg for gas for such a big truck, you could just plain get sick of it, your daily commute could change causing you to go way over your mileage allowance, etc... 36 to 39 month leases are usually ideal, 48 months at the longest. If you are so upside down on your current vehicle that you cannot lease an Armada for a shorter term, it would be in your best interest to wait until you are less upside down to get a new vehicle. Besides, the fact that you are so upside down on your current vehicle is going to cause you to pay way more than you should for your Armada.

    It looks as though this lease may be through an independent bank. I say this because the $2,500 customer cash that Nissan is currently providing on the '06 Armada is not compatible with Nissan Motor Acceptance Corp.'s special lease program. This dealer probably had to do this so that they could use the cash to cover part of your negative equity. I can tell you want NMAC's current lease program is like for this truck. Keep in mind though that the $2,500 customer cash is not compatible with this lease program. If you were to lease an '06 Nissan Armada SE Off Road 4WD through Nissan Motor Acceptance Corp. right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00161 and 51%. Its 39 month numbers are .00163 and 50%. Its 42 month numbers are .00171 and 48%. Its 48 month numbers are .00181 and 41%. Lastly, its 60 month numbers are .00171 and 32%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi milken. This truck's lease program varies depending upon what trim level you get. In order to give you an accurate idea of what the program is like for the truck that you are interested in is like, I need a more detailed description of it. Just to give you a general idea of what this truck's program is like right now, if you were to lease a 2006 Nissan Armada LE 4WD through Nissan Motor Acceptance Corp. right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00161 and 51%, respectively.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi jb1hb1997. This truck's lease program varies depending upon how long you lease it for and how many miles per year you need to be able to drive it. For now I will provide you with information on a common set of lease terms, 36 months with 15,000 miles per year. Let me know if you want something different. If you were to lease a 2006 Nissan Armada LE 4WD through Nissan Motor Acceptance Corp. right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00161 and 51%, respectively. Using the prices that you mentioned in your post, an MSRP of $48,945 and a selling price of $44,280 (which I think may be a little optimistic) and the aforementioned lease program, I estimate that this truck's zero down, pre-tax monthly payment should be around $649. Unfortunately, as you can see, this is quite a bit higher than your target payment.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello ccerv13. It is difficult for me to say what sort of deal you got on your Murano without knowing its full MSRP. This will show me how much of a discount you were given on it and will enable me to use Nissan's actual lease program to estimate what your monthly payment should have been. Let me know and I'll tell you what I think.

    Don't get nervous about leasing your next vehicle. As long as you negotiate an attractive selling price and make sure that its lease payment is being calculated NMAC's buy rate money factor, you'll get a good deal.

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  • milkenmilken Posts: 10
    Thanks for the update. I am looking to lease an LE 4x2 with the technology package (msrp $44,455). I know Nissan is giving a $3000 cash back for purchases so the incentive is not available unless I lease through another bank. Do you know if Nissan typically provides the best money factor and residual or is it typically pretty competitive?
  • tgctgc Posts: 1
    I am looking to lease a 2006 Nissan Armada LE loaded with the technology package and DVD entertainemnt system. 39 months and 12,000 miles per year.

    Can you tell me what the residual and money factor should be?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're right, milken. You would not be able to take advantage of the $3,000 customer cash that is currently available on the '06 Armada unless you lease through an independent bank. Nissan Motor Acceptance Corp.'s lease program for this truck will probably be significantly better than the lease program for it through any independent bank. It is difficult to say whether it would be better to lease through NMAC or through an independent bank + the $3,000 cash, but if I had to make an educated guess I'd say that NMAC's program would still be better even when factoring in the lost cash.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go, tgc. If you were to lease a 2006 Nissan Armada LE 4WD through Nissan Motor Acceptance Corp. right now for 39 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00158 and 50%, respectively.

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  • cobrakaicobrakai Posts: 2
    Hi Carman, I was hoping you could give me the residual and money factor for an 06 SE 4x2 model which I have TMV priced at $33,061. 24 & 36 months with 12 & 15,000 mile allowances. Also, Are you familiar with independent leasing companies and how are there rates in comparison to NMAC? Thanks in adavance for my help and thanks on a whole for everything you do on the forum.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome, cobrakai. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 24 month lease of a 2006 Armada SE 2WD with 15,000 miles per year are .00125 and 58%, respectively. The money factor for an otherwise identical 36 month lease of this car is the same, but the residual value drops to 49%. If you were to lease with only 12,000 miles per year, this truck;s residual values would be 1% higher. I am not very familiar with the lease programs that independent banks are offering on the Armada right now, but I suspect that NMAC's lease program for this model is the most attractive, even if one was to take advantage of its customer cash when leasing through an independent bank. Most dealers will know if an independent bank has the best program for a specific model and they will try to steer their customers in that direction.

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  • Hi Carman! I was looking to lease either a 2006 or 2007(if they are out) Armada. I would like the LE style with 2 WD. We drive approx. 18000 miles/yr. Could you give me an estimate on monthly payment. we would be looking to leaese for 36 or 42 months. Thanks!!
  • hooopshooops Posts: 64
    Car_man

    Can you please provide me with the 36 month 15k mi/yr lease numbers on a 06 Armada SE 4x4. I see Nissan is still offering $3000 cash incentive through 10/31.

    Thanks
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