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2013 and earlier Nissan Maxima Lease Questions

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  • Here's what I just got in Northern NJ:

    '06 Maxima SE Smoke Grey
    Sunroof
    Splash Guards
    Floor mats
    Rear Spoiler
    MSRP = $30,000..?
    Cap Cost = 0
    Lease Terms = 36 months/12K miles
    Residual = ?
    Money Factor = ?
    Cash Down = $1000
    Cap cost reduction (after fees and taxes on CCR) = ?
    Pre tax monthly payment = ?
    After tax monthly payment = $349.00

    $1000 : Cash down
    - 349.00 : First month payment
    - 175.00 : License fee
    - 35.00 : Doc fee (basically a dealership filing fee)
    - 550.00 : NMAC lease admin fee
    - 203.15 : Tax on my down payment
    = 0 : Actual cap reduction

    $349 for 36 months with $1000 out of pocket.
    Works out to Zero for Cap Reduction.
    Next time "just say no" and head for the door.
    I guarantee they'll chase you out the door with a better offer. You will get a good deal at the end-of-month if you are willing to take one off the lot. They had quite a few to pick from in Butler, NJ.
  • jyimjyim Posts: 2
    I want to leae a 06 maxima se which cost 29870.00 for 36 months w/2500 down. Asking 309/mo with 15k miles a year. Can you tell me if this is a good deal? Also, should I know anything else? First month payment is included.
  • dxcoquidxcoqui Posts: 25
    Hi Car_Man,
    Could you post the mf and residual for a Maxima SE for 36months/15000 miles. Do you know if we have to pay the acquisition fee or is it waived??. I understand that their leases are very agressive right now.

    Thanks,
  • Hello,
    I have negotiated a lease offer for a 2006 Nissan Maxima SE with all except navigation basically. msrp=$34,895
    I have not negotiated an end price but they offered a lease payment of $399 for 36 mos, 12,000 mi. Only money down would be licence and title transfer and first month payment, totalling $535. They stated the money factor is .00095 and the residual is 54%. I am at the end of my lease for basically the same car and looking at a new one to lease. Does this look suspicious to you? What am I missing? You help is much appreciated!

    Thank you!
  • dxcoquidxcoqui Posts: 25
    Can anybody post their residual value on a recent lease for 36 months and 15000 miles??? It seems like our good friend Car_man is AWOL. They are offering me 53%, but that is a drop of 3% from last month's residual. Is that possible or are they just trying to make more money???
  • silver10silver10 Posts: 1
    Hi Car_MAn,
    Trying to follow the forum with regards to a Maxima SL and what a good lease price is. I have not leased before and am trying to understand the residual value and money factor. I know that I want to spend around $350 a month with no money down. Is that being unrealistic?

    Appreciate any advice

    Thanks in advance,
    Silver10
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on your new car, josiepusscats. Thanks for taking the time to share the details of your deal with everyone.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jyim. I'm not sure if the $29,870 price that you mentioned in your post is this car's MSRP or selling price. It would be a big help if you would provide me with both numbers. Once I know them, I'll give you my opinion of this deal. For now I can tell you that I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Maxima would be exactly the same, regardless of whether you had put $2,500 down, or had made absolutely no down payment at all. If I was leasing this car, I would only pay its first month's payment and security deposit at signing. You can pay NMAC's lease acquisition fee and any required state fees at signing as well if you want, but that is the most that I would pay if I was in your situation.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you are looking for, dxcoqui. If you were to lease a 2006 Nissan Maxima SE 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 .00095 and 53%, respectively. NMAC charges an acquisition fee of $550 on all leases.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings tiger1414. The good news is that the money factor and residual value that you were quoted for this car are right in line with Nissan's current base lease program for it. The bad news is that you never mentioned its selling price. This does not mean that you are getting a bad deal, just that it is difficult to tell what sort of deal you are getting. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. I would be happy to share my thoughts on this deal with you if you let me know what this car's selling price is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome silver10. 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.

    I would be happy to estimate what the monthly payment of the car that you want to lease should be, but in order for me to do so I need some additional information from you first. This info includes this car's full MSRP (with the destination charge added in), its approximate selling price, how long you want to lease it for, and how many miles per year you need to be allowed to drive it.

    Car_man
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  • jyimjyim Posts: 2
    Long Island, NY
    The MSRP on 06 Maxima SE vehicle was $28970.00(?).(Floor mats, splash guard and tail.)
    Paid Deposit $2074.99 Cash
    Trade In $1200.00(99 Hyundai Sonata SL w/121000) and paying $309/35 Mos 15000 miles Yr.

    Gross Cap $25850.00
    Cap Cost Reduction $780.00
    First Month $309.08
    Refundable Security Deposit $350.00
    Reg Fees $149
    Tax on Cap Cost Reduction $67.28
    Sales Tax $959.69
    Acquisition $597.44
    NY Tire fee $12.50
    Doc Fee $50.00

    Residual $15324.95 at end of lease

    How did I do?
  • i currently have a 97 se 105k and am considering a new car i have never leased before always bought new .how do you determine weather it is better to lease or buy
  • falsettafalsetta Posts: 2
    Does anyone know what the residual is/was on a 2003 Maxima GLE?

    Thanks
    tfalse99yahoo.com
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome pcneustadter. 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.

    Whether you should lease or buy this car depends upon how good its lease program is. Once you have decided upon the exact Maxima that you want, describe it to me and I can give you an idea of what its current lease program is like. You can then evaluate its money factor by multiplying it by 2400 to convert it into an approximate money factor equivalent. If this car's residual value is high and its money factor is low enough, you may want to consider leasing it. You just have to decide whether it is attractive enough to beat the 3% 5 year finance rate or $1,500 customer cash that Nissan is offering on the '06 Maxima.

    Car_man
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  • matt40matt40 Posts: 1
    Car_man,

    This forum is excellent and thanks for taking time to respond to so many people. I am posting a message here for the first time and I will try to give you all the info I have. Here is the deal I got going right now:

    Nissan Maxima SL with Driver Preferred Package, Sunroof, and Navigation System in Columbus, Ohio:

    MSRP: $35,145
    Sales Price: $32,948
    Money Factor:.00093 (possible typo from dealer)
    Residual: $18,627
    36 payments: $459.00 (tax included in payment)
    Money Down: $1,000
    Miles/YR: $12,000

    So is this a good deal? I asked for 15,000 miles a year and I think I can get them to give me those miles if I push hard enough. What do you think? Car_man if you are out there HELP!

    Thanks
  • toolpictoolpic Posts: 12
    looking to find the money factor and residual for 2006 maxima se automatic wiht the following, floor mats, truck mat, guards, rear spoiler and sunroof, i was told by one dealer the MF was .00051 with a 52% residual. 3 year lease / 15000 miles. does the MF change if it is a corporate lease?
  • justice2justice2 Posts: 2
    I was given this lease quote today for a 2006 Maxima SL, preferred pkg, nav system, power sunroof, etc.

    MSRP $34,545
    Sales Price $32,225
    Money Factor 53%
    Residual $18,308
    15,000 miles
    36 months
    $476.00/mth payment
    $630.00 due at signing

    I appreciate the help. Also my wife doesn't think I need the NAV. Is it worth the extra $1,800?
  • tstraubtstraub Posts: 25
    Car_man,
    We stopped by today to look at '06 Maxima SE. Salesman handed me MF sheet showing .00004(yes, four zeros) and residual of 52%(36 mos)for SE during June. With cap cost of $33,622.50 (invoice less $1500 rebate plus $2455 upside down trade)I calculate payment of $452.43 including 9.1% sales tax(WA state). MSRP is $36095 with freight, $35,490 without. Can you tell me if I'm calculating correctly? We weren't necessarily serious about a new car, esp being upside down in our car, but with a MF like that, I figured it would be advantageous to refi our negative equity at .10% for 3 years rather than keep paying 5.99% on ur loan :) - sounds like a great deal to me, pls check my numbers and advise. Really appreciate your expertise on this site.
  • tstraubtstraub Posts: 25
    Car_man,
    Sorry, forgot to say I assumed zero down on the above calcs, but can you tell me what my total drive off would be?
  • chachi1chachi1 Posts: 2
    Car Man,

    Just did a deal on 06 Maxima SE. Extra equip rear spol, mats,flaps. Leased 36 months $0 down and $400 per month including tax, first payment maid by dealer. Traded a 03 Jetta that was about a $800 in positive equity. Need some reasurrance that i didn't get raped. Thanks.

    Chachi
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tstraub. The money factor that you were quoted for the Maxima that you are considering is right. It's pretty amazing, huh? I believe that Nissan enhanced it to its current level in mid-May. Unfortunately, the selling price that you are using to calculate this car's monthly payment is too low. Like with most of its models, Nissan's money factor on the Maxima is so low that it does not allow it to be used in conjunction with the customer cash that it is offering. So you cannot use the $1,500 to negotiate a lower capitalized cost for your lease.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi again tstraub. Let's estimate what your lease payment for this car should be like. According to my calculations, if you were to lease a 2006 Nissan Maxima SE with an MSRP of $36,095 and a selling price of $35,123 (invoice plus the $2,455 that you are upside down, but not including the $1,500 non-compatible customer cash), I estimate that your 36 month, 15,000 mile per year, zero down, pre-tax monthly payment should be around $457. With this lease, at signing you would have to pay your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 or $50 increment, a $550 acquisition fee, and any required state taxes or fees.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Chachi. 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.

    Car_man
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  • chachi1chachi1 Posts: 2
    Msrp of car =27900
    w/ options and destination charge = 29065

    Sale price = 28111.01
    Acq fee = 550
    DOC = 399.50
    Total Gross Cap Cost 29060.51
    Buy out at end is 15404.44

    I put zero cash down, trade was a wash. 36 months @ 12k miles per year. first payment made in deal so 35 payments at 400 including tax. What do you think is a great deal in this scenario?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks for the additional information, chachi1. OK, so you're interested in a 2006 Nissan Maxima SE with an MSRP of $29,065 and a selling price of $28,111. A base '06 Maxima SE has a spread of just over $2,300 between its full MSRP and dealer invoice prices. You are only being given a discount of $954 on the car that you are considering. Furthermore, the dealer that you are working with is adding $400 in additional profit to your deal in the form of the doc fee. This means that you're really getting around a $500 discount on this car. If you are in an area that has a decent level of competition you should be able to do better than this. Make sure to stop by the following discussion to see how much other community members have paid for similar cars lately: "Nissan Maxima: Prices Paid & Buying Experience".

    Car_man
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  • Here's what I just got in Hartford, CT: Have 3 days to back out if not good deal. Have some reservations about trade price and not knowing cost of car...think I messed up!! HELP!

    '06 Maxima SE Black
    Splash Guards
    Floor mats
    Rear Spoiler
    MSRP = (will call in AM, dealer never came back with price!)
    Cap Cost = 0
    Lease Terms = 36 months/15K miles per year
    Residual = 54%
    Money Factor = .0004
    Monthly payment (includes 5% tax) = $284.56

    - 284.56 : First month payment
    - $1216.00: Fees,taxes,Plates,Registration for a total of $1500.00 (No security deposit because we are previous Nissan customer) Will get breakdown of fees in the AM.
    ----------------------------------------------------

    $284.56 for 35 months with $1500 out of pocket.
    $11440.00 total cost of lease for 36 months at buy out at end of lease is $15036= $25476. cost of car including all fees and 45k miles.

    Trade: 2000 Dodge Intrepid 89k miles, really rough shape tons of dog hair,smells, A/C leak, rips in seats, cassette, burns oil smokes needs $1200 valve job. (we didn't tell dealer)
    The dealer offered $2500. for trade $1500. toward fees, (no cap cost) plus cut us a check for $1000.

    Thanks for any advice.
  • Hi CarMan

    '06 Maxima SE Black
    Splash Guards
    Floor mats
    Rear Spoiler
    MSRP = 29085
    Cap Cost = 338 or $10 more/month on payment. (dealer did this to keep 1500 of 2500 trade round numbers, cutting us a check for the remaining 1000. He will give us 338 if we prefer.
    Doc Fee of 299, 285 first payment,taxes, title, 550 aquistion, plates all in $1162. + 338 cap=1500.
    Lease Terms = 36 months/15K miles per year
    Residual = 54%
    Money Factor = .0004
    Monthly payment (includes 5% tax) = $284.56
    Buy out: 15039.

    Let me know if you need more info to determine if good deal. Thanks Again Diana
  • Oh, yeah negotiated sale price was 25100. MSRP: 29085
This discussion has been closed.