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Nissan Quest Lease Questions

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  • saab510saab510 Posts: 1
    Hello. I am in desperate need of help. I own a '02 Mercedes ML500 that I owe $26K on. I pay $636 a month and now need to lower my payments due to job etc. I also need a van (Nissan) that would be better for my family. I was thinking of leasing a 2004/05/06 for the lower payments but the car I have now is only worth $14-16000 trade in. Can I roll the negative equity into a lease? How do I get out of this nightmare????
  • dtownfbdtownfb Posts: 2,915
    tough situation.

    I would find out what the true value of your ML500 is by going over to the "Real World Trade-In Values" forum under the Car shopping forum. There are a few dealers who deal with auctions all day/every day. they are kind enough to give you the going price on your vehicle at auction (ie trade in price). They can also give you an idea of the private sale price on a vehicle like yours. Right now you are looking at $10k negative equity. that is a lot to roll over into a new loan or lease and may not be possible. If you could, your payments probably won't be much less then the $636 you are currently paying.

    Your best bet may be to sell your ML500 privately and somehow scrounge up the rest of the cash to pay off the remainder of the loan then purchase a Quest used. Although I would lean toward a used grand Caravan or MPV not because they are better vehicles but simply they will be cheaper to purchase. A leftover 2006 MPV can be had for $17k-$18k because Mazda has stopped production on these vehicles. Used for several thousand less.

    Is the $26K the payoff amount or the total of the remaining payments? If my calculations are right, you have 40 payments left.
  • barcapbarcap Posts: 1
    I'm interested in a 2007 Nissan Quest SE fully loaded with Navigation and Carpeted Floor Mats. Can anyone provide Residual Value %ages and Money Factors for a 39 month lease? I currently have a dealer quote for a sign and drive deal (no money down other than first mo. payment and registration fees) for $513/month for 39 months (tax included). This reflects a $2000 Nissan customer loyalty incentive but no other cash down on my part).

    However, the exterior color (Black) and interior color (Chili) that my wife wants are nowhere to be found in our area (NY tri-state). In fact, the fully loaded SE's with Navigation seem to be an extreme rarity. I've checked dealer inventories in numerous cities (Philly, Boston, DC) and only came up with two vehicles in the wrong colors. If the deal is a good one, how likely will it be that the dealer a) can find the vehicle and b) if he has to order it from the factory will honor the quote?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi saab510. You may be able to roll part of the negative equity that you have in your current ML500 into a new lease, but unfortunately probably not the entire $10,000. Banks place caps on the amount that they will finance on leased vehicles. I am not sure what cap Nissan Motor Acceptance Corp. places on leases, but let's say that it is 105% to 110% of vehicles' MSRPs. A base 2007 Nissan Quest S has a spread of around $2,000 between its full MSRP and its dealer invoice price, so even if you were able to lease one at invoice you would only be able to roll $2,XXX of negative equity into your lease. If you really want to lower your monthly payment, you should be looking to get the least expensive vehicle possible. Do you really need to get a van? Perhaps an inexpensive sedan, like a Honda Accord or a Toyota Camry would be adequate. If you absolutely need a van, you may be able to get a better deal on a Dodge Grand Caravan.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here's the information that you're looking for, barcap. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 39 month lease of a 2007 Quest SE with 12,000 miles per year are .00121 and 46%, respectively. Unless Nissan allows consumers to lock in lease programs on ordered vehicles, you will not be able to use this program to calculate the monthly payment on your ordered Quest, but instead will have to use the program that is available when you physically take delivery of it.

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  • ooomcoooooomcooo Posts: 1
    Hi Car Man, can you tell me what the money factor and residual is on a 39 month lease of a 2007 Nissan Quest SL with 15k miles per year? Also for 12k miles per year?

    I agreed to invoice price which I think is pretty good...

    Thanks in advance for the help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I sure can, ooomcooo. According to the latest information that I have seen, Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 39 month lease of a 2007 Nissan Quest SL with 15,000 miles per year are .00068 and 44%, respectively. This van's 12,000 mile per year residual value would be 1% higher. Dealer invoice is a very good selling price for a lease of an '07 Quest.

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  • conger14conger14 Posts: 25
    Car_man

    Is the money factor and residual value still in effect for July? I live in upstate NY and I bouncing around between an 07 Sienna, 07 Odyssey and 07 Quest. I'm looking for the lowest current lease plan for 36 months at 12k miles a year. I welcome any suggestions. My wife and I have looked at the Odyssey EX (test drove one), the Sienna LE with AWD (we still get a lot of snow every year) and now the SL Quest.

    Thanks
    Conger14
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Conger14. On July 3rd, Nissan published a new lease program. NMAC's latest buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Quest SL with 12,000 miles per year are .00030 and 45%, respectively. This is a great money factor, but a terrible residual value.

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  • mich0222mich0222 Posts: 2
    hi,
    I was recently quoted the following for a 2007 quest (base model):
    24,300. price
    39 mo.lease/12,000. miles
    348.20 per month..
    the dealer says he is "losing" money on me. I keep thinking they are lying and laughing behind my back! I am trying to get the monthly payment closer to $300...am i crazy to think this is possible?
    thanks
  • conger14conger14 Posts: 25
    find out what the money factor and residual value is and any bank fees. also, is 24,300 the sale price or MSRP? Find out those numbers then run your own calculations. If the numbers are close, then you know that "they may be losing money on you" but it's possibly a good deal. If the numbers are off, find out why. You will probably want to back out at that point and find a new dealer.

    My understanding based on some info posted here a few months ago that minivan sales are down across the board for all dealers and with the new model line coming out, almost all dealers will lose money on minivan sales so...go to www.leaseguide.com and read everything there. This was the best place for me to understand how to negiotate a lease. I have not finalized a deal yet because I keep finding dealers who are inflacting the money factor or residual value or just not giving me those numbers when I ask. If a dealer can't give you the numbers, alarms should be going off!

    Good luck
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi mich0222. The dealer invoice price for a base 2007 Nissan Quest with no options is currently $23,597. If this is the exact vehicle that you are getting, then you are paying around $700 over invoice. This isn't bad, but it's not quite the "losing" deal that it was made out to be. If you are in an area that has a decent level of competition, I personally would not be surprised if you were able to negotiate a price of a few hundred dollars less over invoice. You can look up the exact invoice price of the van that you want by visiting the following section of this site: Edmunds.com - New Vehicle Pricing.

    Once you have arrived at a price that you are happy with, make sure that the dealer that gives it to you calculates your monthly payment using NMAC's current 39 month buy rate lease money factor of .00030.

    Car_man
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  • thank you so much. i tried to get a lower rate through 3 different dealerships, and nobody could match it. So, I figured it was the best i could do. I leased the car, but now i see that the money factor is .00050. Is this terrible? Did I truly get ripped off?
    (I won't sleep until i know i wasn't)
  • We currently have a Lexus RX330 that has four payments of $575 left on the lease. We checked out a Nissan Quest SE fully loaded with Nav/DVD/Sunroof/Cupholders!. These are the figures:

    1. Nissan will roll the $2300 of Lexus lease payments into payments for the Quest. Is this typical? Should Nissan eat the final four payments as an incentive to lease a Nissan to me or it is usual practice for us to eat that cost? In other words, should that $2300 be added to the cost of the Quest?

    2. MSRP on the Quest SE is $39780 based on sticker (37,780) + $2000 for the Nav system.
    3. Dealer indicated his Cap Cost was $36,551. If anyone can tell me how/where to find Invoice, I would appreciate that.
    4. Residual was 45% (that seemed low to me - our Lexis was 49%, but a 48 month lease term)
    5. Lease is 39 months - 0% down, only first payment and DMV charges.
    6. Money factor was .00050.

    Dealer first gave us a monthly of $733 - yeah right!!. We finally got him down to $600. Is that a fair price with Nissan rolling the extra $2300? Am I being totally ripped off??

    Thanks - any advice is appreciated.

    Todd
  • You're very welcome, mich0222. Don't worry about your deal. You did very well. The difference between a .00030 money factor and a .00050 money factor is negligible. Plus, if you had the security deposit waived on your lease the base money factor would increase from .00030 to .00045. Enjoy your new ride :) .

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  • Hi Todd. Manufacturers will usually not "eat" consumers remaining lease payments on other manufacturers' vehicles. You really would be better off waiting until the scheduled end of your current lease to get something new. It would be pretty wasteful to essentially pay for two vehicles at the same time by rolling your remaining Lexus payments into your Quest lease.

    You can look up the dealer invoice price of the Quest that you are interested in by visiting the New Vehicle Pricing section of Edmunds.com.

    The money factor and residual value that you were quoted are right in line with Nissan's current lease program for this model.

    $733 per month is nuts for a Nissan Quest :surprise: . Obviously $600 per month is better, but I still think that you should wait until your Lexus lease is over to get something new.

    Car_man
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  • Does anyone have the 48mo 12K information on the S model. Can I use the $3K cash back on a non-subvented lease?
  • Hi 6422130. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 48 month lease of a 2007 Nissan Quest S with 12,000 miles per year are .00295 and 33%, respectively. Nissan's customer cash incentives are not compatible with its special lease program, but given the fact that there does not appear to be any lease money factor support on 48 month leases of the '07 Quest right now, you might be able to use the $3,000 to reduce your van's capitalized cost. Make sure to check with the dealer that you are working with to find out for certain.

    Car_man
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  • dodgehappydodgehappy Posts: 118
    Just curious on the current money factors and residuals on 08 Quest SL or SE. Looking for best lease terms- which I am guessing are 36 or 39 months and 12k miles per year suits us fine. Also, if we go with a demo would the rates change?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi dodgehappy. Given the fact that you're looking at a Nissan, I guess that you aren't actually that happy with your Dodge any more ;). Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2008 Nissan Quest SL with 12,000 miles per year are .00087 and 44%, respectively. The numbers for an otherwise identical lease of an '08 Quest SE are .00087 and 45%. The money factors for 39 month leases of these vans are the same, but their residual values are 1% lower. The 39 month term will likely result in a slightly lower monthly payment than a 36 month lease would.

    This lease program is good on demo vehicles as well. The problem that I personally have with demos though is that dealers never seem to be willing to provide enough of a discount on them for me to personally justify purchasing what essentially is a low mileage used vehicle over an identical brand new one. Everyone's different though and the couple hundred dollar price difference may be enough for you.

    Car_man
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