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Nissan Xterra Lease Questions

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Comments

  • gadomgadom Posts: 16
    Given the up to $8500 off MSRP (5,000 dealer incentive, 3,000 cash back, 500 new grad) that large volume Nissan dealers are offering I would say buy it.
  • Hi, I leased my 2007 XTerra OR in Nov 2007, with payments of $506/mo. Now, much as I totally enjoy this vehicle, I need to do everything I can to save money for a house, and the one thing I don't like is the gas mileage =< Besides, the XTerra has just become impractical for me.
    Is is possible to "trade down" within Nissan for a smaller, lower rate/less expensive car?
  • Hi redrambler. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates, even if you want to get a different vehicle from the same manufacturer. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. This is especially true in today's economy where the prices of used vehicles, particularly for used trucks, have absolutely fallen off of a cliff.

    Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • zooch76zooch76 Posts: 4
    Hi Everyone,

    I went to lease an 09 Xterra Off Road but the numbers were insane. The dealer claimed the following:

    Money Factor: .00390
    Residual: 36%

    Needless to say, both of these numbers drove the payment through the roof! I have tier 2 credit but still, that residual really killed it. And besides, credit shouldn't effect the residual, should it? I am in Southern California.

    Thanks,
    Zach
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Zach. If you are set on leasing your next vehicle, then the Xterra is definitely not for you. Nissan is not currently providing any lease support on the 2009 Xterra. As a result, if you were to lease one through Nissan Motor acceptance Corp. right now you would have to use its standard lease money factor. At .00310, NMAC's top buy rate standard lease money factor is better than what you were quoted, but still bad. That's equivalent to an interest rate of a little over 7.4%.

    The Xterra's residual values are terrible as well. We're talking in the high 30% area for a 36 month, 15,000 mile per year lease. Ouch :sick: .

    This is not the truck for someone who wants to lease.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • zooch76zooch76 Posts: 4
    Thanks for the info Car_man! These boards are great and you do a great job providing answers for everyone, especially the people like me who have so many questions! Thanks again!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome, zooch76. Thanks for the kind words.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
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