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2013 and earlier Nissan Sentra Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,518
edited January 29 in Nissan
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Nissan Sentra. Thanks.

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  • aman74aman74 Posts: 26
    I've got an '01 Sentra SE 2.0 that I leased in late '01 for 4 years. Lease is up on December 25th, I owe one more payment.

    Residual is around 7400. There is a buyout fee of $150. I leased through Nissan Finance. I only have 30,000 miles on it and it is in great shape except a couple scratches. TMV and blue book says the value is 1-2k more than residual, but I don't think an '01 would go for that, although it has the moonroof and alloys etc...

    My questions:

    -Do factory rebates apply to leased vehicles? Nissan is giving 1500 on '06's and 2500 on '05's. One dealer told me no. I want to negotiate the price including rebates and then work out the lease from there.

    -I'm hearing from dealers that there's no 05's around. Should I insist on having a locate done to get more rebate? I get the feeling they just want to move what's on the lot.

    -Nissan is offering this lease currently http://www.nissanusa.com/buying/SpecialOffers/0,,53011,00.html#21111 It looks to be a subsidized lease which is supposed to be good? When they have these offers are they still negotiable?

    -My dealer is offering a "deal" currently where they buy back your lease at 100% of market value and they said they would knock of the last lease payment and any equity in the car above residual would go towards my new deal. I'm leary of anything that ends the lease early and supposedly takes care of old payments. Does this sound legit? What should I watch for? Deal ends Sat. the 12th. Supposedly anyhow.

    -I have contacted Nissan finace with some questions, but for the most part they seem to prefer I deal with the dealership. The car isn't the dealerships at this point. Can't I deal directly with Nissan finance if I decide to purchase my current vehicle?

    -My credit is excellent, but I am currently unemployed so financing without a co-signer will be tough. I can get one if I absolutely have to, but Nissan has already pre-approved me and said I need no co-signer so my incentive to stay with them is strong. I don't have alot of leverage to walk away and seek out a different brand unless anyone knows where to get good financing with tier 1 credit, but no job.

    Sorry this is so lengthy, I don't know where else to get the info. I have done much research, but it's hard to nail down specifics. What is the best time frame to get this deal done? Lease ends in about 6 weeks.

    Thanks to all!

    Anthony
  • Hi Anthony. Even though the 2006 Sentra currently has $2,500 customer cash available on it and the 2006 model has $1,500 on it, these cash incentives are not compatible with these cars' special lease programs. Nissan is currently only providing $750 lease cash on both the 2006 and 2005 Sentra. I would be happy to give you an idea of what this car's lease program is currently like.

    Most manufacturers' advertised lease payments, like the one that you provided the link to in your post, leave a little meat on the bone so to speak. Dealers would be pretty angry at a manufacturer that advertised an unbelievable skinny deal on a vehicle. I would not be surprised if you were able to negotiate a more attractive selling price on the Sentra that you are interested in than they one that was used to arrive at the advertised lease payment. If you are able to do so, your car's lease payment would be lower.

    If your current leased vehicle is actually worth more than its purchase price at this time, the dealer that you are working with would be able to get you out of your current lease early and possibly even have some equity left over to apply to your new lease.

    Nissan's current lease program is scheduled to run through November 30th, so there's no need to rush out and finalize your deal immediately.

    Each bank has a different policy on how it allows its lessees to purchase their leased vehicles. Many banks will deal directly with consumers. You will be better off if you can deal directly with Nissan Motor Acceptance Corp., or whichever bank you are leasing through. Involving a dealer usually does nothing for you except line their pocket.

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  • aman74aman74 Posts: 26
    Thanks much for the info.

    Yeah, I tried to deal directly with NMAC and they said no and said only through the dealer.

    I may just end up purchasing this vehicle. I have tier one credit, but no current employment so I will most likely have to deal with NMAC as I am pre-approved with them.

    If I could shop around for loans I would get pre-approved and maybe take my business to another dealership and automaker. The new GM program looks like it may offer some value.

    I can get a co-signer if I absolutely have to, but would rather not go that route.

    If I did lease a new Nissan, could I negotiate the price and then subtract the 750 Lease money and possibly be under invoice and still allow the dealership a profit?

    Example:

    Say the car is 15000 invoice and I negotiate 15500 and then subtract 750. Would they still get there 500 profit? I'm fine with them getting that as they should, I just don't know how the numbers work with the 750 lease cash.

    Thanks for taking the time!

    Anthony
  • No problem Anthony. A friend of mine recently tried to purchase his leased Nissan at the end of his lease and was also told by NMAC that they had to deal with a dealer. This is strange because most banks do not operate this way. It's also unfortunate, because the dealer tacked on its own fee to the lease-end purchase of the vehicle.

    If you were able to negotiate a selling price of say $500 over invoice before the deduction of the $750 lease cash, then yes your vehicle's final capitalized cost would be below invoice, but the dealer would still be making a profit because Nissan pays for the incentives not dealers.

    Car_man
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  • Hi, Car_man!
    Could you give me the current money factor and residual value on a 2006 Sentra 1.8S with SE package for a 36 months 12K lease?
    Do you know if the $2,250 rebate can be applied towards the leased car?
    Thanks a lot
  • jloukajlouka Posts: 5
    Hi everyone,

    I am pricing out an '06 sentra 1.8 s Special Edition package lease (with the ABS package and sunroof) MSRP approx 18k. (Nissan is running the special edition package @ $500 , usually $2500. I priced the car at 39 months , 15k/year, 999 down (total includes tax), $199/month. any suggestions. . . . is this a good deal?
  • moparbadmoparbad Posts: 3,842
    It is a good deal in my judgement.
  • Hi evguenir. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2006 Sentra 1.8S with 12,000 miles per year are .00012 and 45%, respectively. The $2,250 customer cash that Nissan is providing on this car is not compatible with this special lease program, but Nissan is providing $1,000 lease cash that is. Make sure to take this $1,000 into account when negotiating your car's capitalized cost.

    Car_man
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  • Hi jlouka. You never mentioned the selling price of the Sentra that you are interested in leasing. This is an important number 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 the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary 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 the selling price is.

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  • Hi Carman...my sister is looking to get her first leased car and I am helping her out. We are looking at the entry level cheapest lease possible type of cars. Her credit score is not high enough to qualify for top tier credit but I know that many of the subsided leases only require an average credit score to get the good terms. Do you know if that is the case for the Sentra's current deal or of any other vehicles? Thanks as always
  • Hi pktrckt. I don't know the exact cutoff in terms of what credit score is necessary to qualify for Nissan Motor Acceptance Corp.'s best lease program, but NMAC is not nearly as restrictive as Toyota or Honda are. For now I can give you an idea of what this car's lease program is like. I am going to have to make some assumptions about the trim level, term, and mileage allowance. For now I will assume that you are interested in a 36 month lease of a base 2007 Sentra 2.0 with 15,000 miles per year. Let me know if you want something different. NMAC's current buy rate lease money factor and residual value for a 36 month lease of a Sentra 2.0 with 15,000 miles per year are .00239 and 56%, respectively.

    Car_man
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  • On Saturday, I leased an 07 nissan sentra 2.0S with the convenience package. I was going to get the base altima, but could get more bells and whistles on the Sentra. The MSRP is $18,025. I put $500 (including first lease payment) and my monthly payment is $259. The lease is 36 months with 12k miles a year. I went to 2 different Nissan dealers and they really would not lower the price anymore. They said that with the new models for the altima and sentra that there are not really any leasing deals. I am having total buyer’s remorse and feel like I should have bargained more. Let me know Car Man. Thanks!
  • I don't think so. The advertised lease ($179/month) was for a model without the convenience package and with a lot more down. I leased a Sentra 2.0 SL the same day as you and am paying quite a bit more.
  • Hi CarMan,

    Thanks for all of the valuable information. This forum is great!

    I am looking at the 2007 Nissan Sentra 2.0 SL. Am currently negotiating price with a few dealers, but am not sure what money factor and residual value % to use once I bring up the lease. Could you provide that info? (for 12,000 miles per year)

    Thanks!
  • cdb124cdb124 Posts: 1
    Hello fellow Sentra owners,
    I lease a 2006 Sentra in July 2006 and as of date I have 18,500 miles already. I'm alloted 15,000 a year and I've max that in 5-6 months. I drive 102 miles roundtrips daily to work. I need to get out of this lease and buy a vehicle. My questions are: when should I get out? What are the penalties for opting out within a years time?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings katrinak. Congratulations on your new car. It is a good sign if you shopped around with two other dealers and they wouldn't beat the deal that you were quoted. I would be happy to give you my opinion of this deal. In order for me to do so though it would be a big help if you provided me with this car's selling price first. This number will show me how much of a discount you are being given on it and it 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.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I'm glad that you like this forum so much, oshchicago. Nissan's lease program for this car 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 Sentra 2.0 SL with 12,000 miles per year are .00222 and 57%, respectively. Let me know if you have any other questions.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi cdb124. I am sorry to say that it is going to be fairly expensive for you to get out of your lease well before its scheduled end date. In order to do so you will have to purchase your Sentra from the bank that you are leasing it through and trade it in or sell it on your own, which will likely result in a decent loss, or go to a site like swapalease.com and find someone who is willing to assume your deal. Unless you got an amazing deal on your lease or are willing to sweeten it with money out of your own pocket, it may be difficult to find someone who is willing to take over your deal.

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  • Hi, can anyone provide the current money factor and residual values at 12K miles per year for both a 2 year lease (24 or 27 months) and three year lease (36 or 39). Thanks!
  • sphinxriddsphinxridd Posts: 10
    Hi Carman,

    could you provide residual % and money factor for 24-mo lease of sentra 2.0 S? thanks!
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