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2013 and earlier Nissan Maxima Lease Questions

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  • bowski77bowski77 Posts: 1
    I just got qouted

    Maxima SE
    MSRP $28890
    Selling Price $26417
    15K/36
    52% Residual
    $15172 Residual Value
    .00019 Money Factor
    $371mo payments (tax included)
    sign and drive( no money out of pocket)

    now my credit is a little shady but I have a cosigner with golden credit. Is that why my money factor is this instead of the.00004 that i have seen?

    Is this a good deal? Does Nissan have any lease cash that they are not disclosing? Let me know! They told me this was $300 under invoice.
  • val06val06 Posts: 1
    Never leased before and was offered 15,500 on trade in and owe 10,700. 2006 Maxima was MSRP app. 32,800. 12,000 miles per year with a residual of 17,053, for 338 for 36 months. Is this what I should be paying. Don't know to much about leasing. Help, please!!!
  • erik7erik7 Posts: 4
    val06,

    Things people would need to know before we can offer you any help.

    1. The residual percentage being used; this isn't negotiable and if you are using nissan financing, from my research, it should be 53% for a 36 month lease.

    2. The money factor. Now this can be played with. The great news is that Nissan is offering a great money factor on 06s, .00004. Money factors are not interest rates, but to convert a mf to an interest rate, multiply the mf by 2400. In this case, this is a .7% rate. Practically no interest!!!

    3. Are you putting you positive trade in money as a down payment? I don't recommend putting money down on leases. If you are putting down $5000, that's probably not a great price.

    Also, be aware that there is a $1500 factory to consumer rebate on 06 Maxima's according to Edmunds. I don't know if it's included in leases, but I think it should be.

    I'm about to buy an 06 or 07 Max. For the 06, if I can find the car I want, my MSRP is $35,805 and the invoice is $32,447. But remembering there is a rebate, the invoice is actually $30,947. If I can get a dealer to agree to that price, I calculated my payment to be $357/month. I would be paying at signing, the bank fee (or acquisition fee), any dealer fees, and of course the first payment. So basically, I'm not putting a down payment on the vehicle, just paying fees at signing.

    Compared to your deal, I'm only paying $19 more a month for a more expensive car and not putting down roughly $5000. So I'd say you're not getting a great deal.

    Go here to learn more about leasing.
  • erik7erik7 Posts: 4
    Forgot to mention, my payment includes 7% NJ sales tax. Without tax, the payment is $334. I don't know if your payment of $338 included your state tax or not.
  • tristan1tristan1 Posts: 39
    Just wondering how did you come up $357 a month for a $31k without any down payment? I just bought my 06'SE driver preferred pkg. premium audio and Nav. MSRP $35,345. I paid $30,050. I put $10k as down payment with 4% APR and my monthly payment is $398.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi dpwillis2401. A base '06 Maxima SE has a spread of just under $2,400 between its full MSRP and dealer invoice prices. You are being given a discount of nearly $4,000 on this car. Obviously, this is an outstanding price. The lease program that you mentioned was for June. NMAC's new 36 month, 12,000 mile peer year lease program for this car is .00004 and 51%. If you can get this price combined with the current lease program, you are getting a heck of a deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings katiebrake. I would be happy to give you an idea of what this car's lease program should be like. It would be a big help if you would provide me with an MSRP and approximate selling price for this car first. Let me know and I'll run some calculations for you.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey lm_cincy. If you were to lease a 2007 Nissan Maxima SL through Nissan Motor Acceptance Corp. right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00238 and 53%, respectively. As you can see, Nissan has already had to introduce a little lease support on this car. It is difficult to say when it will increase its level of support for the '07 Maxima. A lot will depend upon how well it sells with its current lease program.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Tim. 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 .00004 and 52%, respectively. This car's 39 month, 15k numbers should be .00147 and 51%. The numbers for a 36 month, 15k lease of a 2007 Maxima SE should be .00238 and 52%. This car's 39 month program should be .00285 and 51%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Help is on the way, rwalkeredmund. Nissan's lease program for this car varies depending upon how long one leases for. Right now, the 36 month term is the most attractive for this model. If you were to lease any 2007 Nissan Maxima 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 .00238 and 52%, respectively. You may be able to find information on what sort of selling price you should expect on this car by visiting the following discussion: "Nissan Maxima: Prices Paid & Buying Experience".

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi bowski77. Nissan is not currently providing any sort of dealer cash or lease cash on the 2006 Maxima. So if you are really able to get this car for $300 under dealer invoice, you are getting a heck of a good deal. The reason why you were quoted a higher money factor is you are doing a sign and drive lease. Nissan will waive its security deposit requirement on leases, but only in exchange for an increase of .00015 in your vehicle's money factor. When this increase is backed out of the money factor that you were quoted, we get the .00004 factor that you are looking for.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome val06. 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.

    There's nothing wrong with trading a vehicle in when leasing a new one, however you would be much better off having 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 on you new lease. I say this because consumers who make down payments on leases risk losing their money if their vehicles are totaled in an accident or stolen and never recovered. In order to tell whether the deal that you were quoted is attractive, I really need to take a look at this car's MSRP and selling price. Find out these numbers and I'll analyze this deal. Talk to you soon.

    Car_man
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  • cmsw03cmsw03 Posts: 3
    I currently have a 1994 Maxima and want to upgrade to a 2006 SE. I found one I would like, but am thinking about a lease (I've never leased a vehicle). Any help you could offer would be greatly appreciated. The info below is the dealer's offer for me to buy...

    2006 Maxima SE
    w/ Drivers Preferred Package
    Sticker: $33,345.00
    Dealer's best price & $1500 rebate: 30,282.00
    Price incl Ohio Tax & Title: $32,484.83
  • erik7erik7 Posts: 4
    Tristan, my payment is a lease price. Not a finance payment like yours, that's where the difference comes in.

    And as CAR_MAN stated, the rebate is for "cash" buyers only, so my lease payment shot up to $396 with very little profit given to the dealer, wish me luck on getting this done! :)
  • tristan1tristan1 Posts: 39
    Good luck on that one. 07' looks pretty nice.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Geetings cmsw03. 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.

    The selling price that you were quoted for this car includes $1,500 customer cash, which unfortunately is not compatible with Nissan's special lease program for this model. When we back the $1,500 out of the price that you were quoted we come up with $31,782. The car that you described has a spread of around $2,900 between its full MSRP and dealer invoice price. You are being given a discount of $1,563 on it. If you are in an area that has a decent level of competition, I would not be surprised if you were able to beat this price. Stop by the following discussion for additional feedback on how much you should pay for this car: "Nissan Maxima: Prices Paid & Buying Experience".

    Car_man
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  • cmsw03cmsw03 Posts: 3
    Thanks very much for the info. I did find the 10 steps article full of good pointers. I will be talking with the dealer again today and will check your site again for more suggestions. Thanks again!
  • 2460124601 Posts: 8
    36 months 15k/year buy rate is currently .00238 and 57% on the SE and SL.
  • cmsw03cmsw03 Posts: 3
    Hello again... I've received quotes from the dealer for a lease on the same vehicle I inquired about purchasing. I'd appreciate your thoughts/recommendations, please. He told me this is based on $500 over invoice, nothing on reserve. Thanks again for your assistance.

    Sticker: $33,345
    36 month lease
    15,000 miles/year
    $950 fees due at signing
    $419 per month
  • Would love to lease the 07 SL. Sticker price is 33.4, they are getting close to $31.0 with negotiations. How low of a lease payment do you think I can get. I prefer not putting any money down except deposit. Thanks much. Is the residual 52%.
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