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Nissan Armada Lease Questions

CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
edited April 2015 in Nissan
For current leasing information, go to 2015 Nissan Armada Lease Questions



Hi everyone. Please use the following discussion to post any questions that you have about leasing a Nissan Armada. Thanks.

Car_man
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  • minaldo1minaldo1 Member Posts: 18
    I got a quote on an 06 LE. It has the nav and dvd entertainment, as well as technology package and some others. MSRP is $48,695. Working with CarsDirect.com. I'm a returning Nissan owner. They gave me a price of $43,683 (they said it excludes $1,500 rebate b/c Nissan does not include this on its "premier leases"). Still this is below invoice of $44,500 (roughly). The lease term is 39 months. 12,000 miles per year, although I could easily do 10,000 per. I was told a money factor of .00218 (seems a bit high to me) and a residual of 52% (does this seem low?). Anyway, with nothing up front but taxes, they gave me a monthly payment of $675. First, I have a lease calcuator that I've used for years (always accurate) that indicates with these inputs the monthly payment should be $619. Second, can I expect to find better numbers than these? This seems pretty high to me.

    Thanks
  • minaldo1minaldo1 Member Posts: 18
    Oh, I forgot to mention above is for a 4WD model.

    Thanks
  • minaldo1minaldo1 Member Posts: 18
    Car_Man, can you give me any feedback on the above lease quote. Please.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi minaldo1. If you are able to lease this truck with a selling price that is below invoice, you are getting an excellent deal. As far as this truck's lease money factor goes, its buy rate factor for a 39 month lease of any 2006 Armada is currently .00203 for consumers who pay a security deposit and qualify for its top credit tier. Its residual value is currently 52% for this term with 12,000 miles per year. Using these numbers, an MSRP of $48,695, and a selling price of $43,683, I estimate that this truck's zero down, pre-tax monthly payment should be around $611. As you can see, something is not right about the lease payment that the dealer quoted you. I doubt that you will be able to get a much lower selling price than the one that you were quoted, but as I said for some reason this price is not translating into the correct lease payment.

    Car_man
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  • minaldo1minaldo1 Member Posts: 18
    Car_man, thanks. Glad to see my lease calculator is in working order. I don't understand why they would tell me the best money factor I can get is .00218, when you are showing a slighlty lower one. I'm a 3 time lease Nissan customer with outstanding credit (in the 780s). And the lease payment should be about $70 per month less. That's serious money. It really bothers me that they monkey around with the numbers like this, all they do is destroy their credibility and poison the relationship. Would the residual go up much (and my monthly lease cost down) if we use 10,000 mile per year cap instead of 12,000? Also, is it true that NMAC does not offer the car rebate ($1,500)on leases? Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome minaldo1. I can certainly understand why you are annoyed. I would be as well if the dealer that I was working with was trying to mark up the money factor of the car that I was interested in. Try not to take it too personally though, it's just business. Now that information on invoice prices and incentives are available on sites like Edmunds.com, dealers are putting more effort into making money on the back-ends of deals, like by marking up interest rates. If they didn't, a lot of dealers would probably have to close their doors. Now that you know what this car's money factor should be, don't let them mark it up on your deal.

    I don't believe that Nissan Motor Acceptance Corp. offers 10,000 miles per year leases on Nissan division products. Yes it is true that Nissan's normal customer cash incentives are not compatible with its special lease program.

    Car_man
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  • buster6buster6 Member Posts: 134
    Could you please provide the current 3yr/15k money factor and residual on the armada. Thanks!!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I sure can, buster6. This truck's lease program varies by trim level though. For now, I will provide you with information on the 2006 Armada LE 4WD. Let me know if you want a different model. If you were to lease this truck 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 .00163 and 51%, respectively.

    Car_man
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  • achadha1achadha1 Member Posts: 65
    i am new to the lease calculator what would the payment be on a Armada that costs 40k for a 39 month lease at 15,000 miles a year

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi achadha1. When you say that the Armada that you are interested in costs $40,000, do you mean that's its MSRP or selling price? Either way, I need to know both of these numbers to calculate a lease payment on this truck for you. I'd be happy to estimate what your lease payment should be on this truck if you provide me with this pricing information, as well as a detailed description of the Armada that you want. The description is necessary because its lease program varies by trim level.

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  • matta3matta3 Member Posts: 8
    Hello,

    I am looking at a NEW '06 Armada LE with Rear DVD and Tech Package, Micro-Filter, Floor Mats. The MSRP is $46,075.00 or thereabout. I also have a 2003 Lincoln Aviator with 38,500 miles, and Autobytel says the good trade in value for it is $20,675. My payoff is $17,748.00 so I have some equity.

    All told, I offered the dealership $619.00 per month for 36 months, and they countered with $629.00 for 38 months.

    I based this off of paying invoice which is $41,600 minus $2,252.00 in equity (if they give me $20,000 for mine), rolling in title and license, and with the taxes being waived. I used a rate factor of .0163. Is this the correct one to use???

    They told me you either get the rebate of $2,000 or the sales tax waived, and in Texas our sales tax on cars is 6.25%.


    Is $619.00 a good deal, a great deal, or not so good?
    I have to decide by tomorrow.

    Thank you!!!!!!!!!!!
  • achadha1achadha1 Member Posts: 65
    its an LE 4X4 with tech and dvd package msrp is 46,500 or so final cost to me is 40,000
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for posting your questions in this discussion, matta3. Let me begin by saying 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 insurance company pays off the bank that you were leasing it through and 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 Armada would be exactly the same, regardless of whether you had put $2,000 down, or had made absolutely no down payment at all. You can still trade in your Aviator when you get your Armada. Just have the dealer that you trade it in to cut you a check for the equity that you have in it rather than using it as a down payment on your lease.

    Dealer invoice is a very attractive selling price for this truck, especially considering that the $2,000 customer cash that Nissan is currently providing on it is not compatible with its special lease program. Let's estimate what sort of lease payment this truck would have if you were to lease it through Nissan Motor Acceptance Corp. According to my calculations, if you were to lease a 2006 Nissan Armada LE 4WD with an MSRP of $46,075 and a selling price of $41,600 through NMAC right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $609. So $619 a month before tax is a good deal, as long as you don't have to make a down payment to get it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the additional information, achadha1. OK, according to my calculations, if you were to lease a 2006 Nissan Armada LE 4WD with an MSRP of $46,500 and a selling price of $40,000 through NMAC right now for 39 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $536.

    Car_man
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  • matta3matta3 Member Posts: 8
    Thanks for your message.

    This is a 4 x 2 and not a 4 x 4. Will that affect the money factor?

    It appears as if you are using a money factor of .0146 as a raw or buy-rate? I thought it was .0163.

    Also they are offering me 12,000 miles instead of 15,000. From your post, it seems as if I am getting a good deal, but not a great deal.

    Thank you again
  • mike2555mike2555 Member Posts: 18
    I am interested in leasing an 06 Armada SE Off Road. Can you please tell me the current money factor and residual percentage value for this truck. I am looking at 36 months and 12000 miles. Thanks for your help. Is the residual value negotiable?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, matta3. The buy rate money factors for both the 2WD and 4WD Armada LE models are the same, but the residual values for 2WD models are 2 points lower than the residuals for 4WD models. NMAC's residual values for leases with 12,000 miles per year are 1% higher than they are for leases with 15,000 miles per year.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, mike2555. If you were to lease a 2006 Nissan Armada SE Off Road 4WD 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 .00161 and 52%, respectively. Vehicles residual values are sent by the bank that you are leasing through and individual dealers do not have the ability to alter them.

    Car_man
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  • bourlabourla Member Posts: 5
    HI, i was offered a blue 06 LE 4x4 with tech package w/sirius, dvd entertainment, floor and cargo mats, cargo tray and in cabin filter and splash guards. msrp is 49245, offered for 44,500 with TT&L after 2500 rebate. is this a good lease or would it be better as a sale with the 3% financing from Nissan, thanks..
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi bourla. While Nissan is currently providing $2,500 customer cash on the 2006 Armada, this cash is not compatible with its special lease program. I wonder if the dealer that you are working with is running your lease through an independent bank because doing so with the $2,500 is better than leasing through Nissan Motor Acceptance Corp. without it. For the sake of reference, NMAC's current buy rate lease money factor and residual value for a 36 month, 15,000 mile per year lease of a 2006 Armada LE 4WD are .00161 and 52%, respectively. You can use these numbers to compute if you would be better off leasing through NMAC or using the deal that you were quoted.

    Car_man
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  • sdc3sdc3 Member Posts: 2
    I am looking to lease a 06 Armada SE OffRoad msrp is $43735. I am getting out of a vehicle that I have a lot of negative equity in. For the payment to be reasonable I need a longer lease. The dealer is trying to put me into a 63 month lease. The dealer is using $48000 as the sell price(this includes neg equity of payoff) - $2500 rebate - $1000 cash down leaving a payment of $669 per month. Is this reasonable. What should the money factor and residual be? I have very good credit and live in Oregon.
  • sdc3sdc3 Member Posts: 2
    Car Man can you help??
  • milkenmilken Member Posts: 10
    Car Man - could I get the current residual for a 36 month lease with 15k per year on an Armada? Also, if you have the current money factor (ex dealer mark-up) that would be great....thanks
  • jb1hb1997jb1hb1997 Member Posts: 3
    Hi, I am looking to lease a 2006 Nissan Armada LE with a list price of $48,945 and an invoice price of $44,280. I am assuming I would be a ble to get this vehicle at invoice. I have excellent credit (high 700's). I would like to put no money down. I am trying to get to a payment around $500. per month. What lease term should I target to get to this payment? If this isn't reasonable, what should I expect as a lease payment for this vehicle?
  • jb1hb1997jb1hb1997 Member Posts: 3
    Can anyone help me? Carman?
  • gvr4wdgvr4wd Member Posts: 23
    I don't know about the lease, but you should be able to get the car for about $4K below the invoice (with $3K rebate).
  • ccerv13ccerv13 Member Posts: 3
    I recently (last week) leased a 2006 Murano SL equipped with Touring, Sirius and Navigation. Final selling price was $41k and monthly is $556 (before tax). Then...I found this website and, more specifically, this forum. Looks like I got a really bad deal. Did I???

    I am looking to lease an Armada next however...not feeling so invigorated after this deal :( Please help.
  • ccerv13ccerv13 Member Posts: 3
    Hello?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Wow, sdc3, a 63 month lease :surprise:. You definitely do not want to lease this truck for that long. That is a very long time to be committed to one vehicle. A lot can change over the course of five years. You could decide that you are sick of paying an arm and a leg for gas for such a big truck, you could just plain get sick of it, your daily commute could change causing you to go way over your mileage allowance, etc... 36 to 39 month leases are usually ideal, 48 months at the longest. If you are so upside down on your current vehicle that you cannot lease an Armada for a shorter term, it would be in your best interest to wait until you are less upside down to get a new vehicle. Besides, the fact that you are so upside down on your current vehicle is going to cause you to pay way more than you should for your Armada.

    It looks as though this lease may be through an independent bank. I say this because the $2,500 customer cash that Nissan is currently providing on the '06 Armada is not compatible with Nissan Motor Acceptance Corp.'s special lease program. This dealer probably had to do this so that they could use the cash to cover part of your negative equity. I can tell you want NMAC's current lease program is like for this truck. Keep in mind though that the $2,500 customer cash is not compatible with this lease program. If you were to lease an '06 Nissan Armada SE Off Road 4WD 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 .00161 and 51%. Its 39 month numbers are .00163 and 50%. Its 42 month numbers are .00171 and 48%. Its 48 month numbers are .00181 and 41%. Lastly, its 60 month numbers are .00171 and 32%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi milken. This truck's lease program varies depending upon what trim level you get. In order to give you an accurate idea of what the program is like for the truck that you are interested in is like, I need a more detailed description of it. Just to give you a general idea of what this truck's program is like right now, if you were to lease a 2006 Nissan Armada LE 4WD 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 .00161 and 51%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jb1hb1997. This truck's lease program varies depending upon how long you lease it for and how many miles per year you need to be able to drive it. For now I will provide you with information on a common set of lease terms, 36 months with 15,000 miles per year. Let me know if you want something different. If you were to lease a 2006 Nissan Armada LE 4WD 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 .00161 and 51%, respectively. Using the prices that you mentioned in your post, an MSRP of $48,945 and a selling price of $44,280 (which I think may be a little optimistic) and the aforementioned lease program, I estimate that this truck's zero down, pre-tax monthly payment should be around $649. Unfortunately, as you can see, this is quite a bit higher than your target payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello ccerv13. It is difficult for me to say what sort of deal you got on your Murano without knowing its full MSRP. This will show me how much of a discount you were given on it and 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.

    Don't get nervous about leasing your next vehicle. As long as you negotiate an attractive selling price and make sure that its lease payment is being calculated NMAC's buy rate money factor, you'll get a good deal.

    Car_man
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  • milkenmilken Member Posts: 10
    Thanks for the update. I am looking to lease an LE 4x2 with the technology package (msrp $44,455). I know Nissan is giving a $3000 cash back for purchases so the incentive is not available unless I lease through another bank. Do you know if Nissan typically provides the best money factor and residual or is it typically pretty competitive?
  • tgctgc Member Posts: 1
    I am looking to lease a 2006 Nissan Armada LE loaded with the technology package and DVD entertainemnt system. 39 months and 12,000 miles per year.

    Can you tell me what the residual and money factor should be?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're right, milken. You would not be able to take advantage of the $3,000 customer cash that is currently available on the '06 Armada unless you lease through an independent bank. Nissan Motor Acceptance Corp.'s lease program for this truck will probably be significantly better than the lease program for it through any independent bank. It is difficult to say whether it would be better to lease through NMAC or through an independent bank + the $3,000 cash, but if I had to make an educated guess I'd say that NMAC's program would still be better even when factoring in the lost cash.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, tgc. If you were to lease a 2006 Nissan Armada LE 4WD through Nissan Motor Acceptance Corp. right now for 39 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00158 and 50%, respectively.

    Car_man
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  • cobrakaicobrakai Member Posts: 2
    Hi Carman, I was hoping you could give me the residual and money factor for an 06 SE 4x2 model which I have TMV priced at $33,061. 24 & 36 months with 12 & 15,000 mile allowances. Also, Are you familiar with independent leasing companies and how are there rates in comparison to NMAC? Thanks in adavance for my help and thanks on a whole for everything you do on the forum.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, cobrakai. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 24 month lease of a 2006 Armada SE 2WD with 15,000 miles per year are .00125 and 58%, respectively. The money factor for an otherwise identical 36 month lease of this car is the same, but the residual value drops to 49%. If you were to lease with only 12,000 miles per year, this truck;s residual values would be 1% higher. I am not very familiar with the lease programs that independent banks are offering on the Armada right now, but I suspect that NMAC's lease program for this model is the most attractive, even if one was to take advantage of its customer cash when leasing through an independent bank. Most dealers will know if an independent bank has the best program for a specific model and they will try to steer their customers in that direction.

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  • scotty11scotty11 Member Posts: 1
    Hi Carman! I was looking to lease either a 2006 or 2007(if they are out) Armada. I would like the LE style with 2 WD. We drive approx. 18000 miles/yr. Could you give me an estimate on monthly payment. we would be looking to leaese for 36 or 42 months. Thanks!!
  • hooopshooops Member Posts: 64
    Car_man

    Can you please provide me with the 36 month 15k mi/yr lease numbers on a 06 Armada SE 4x4. I see Nissan is still offering $3000 cash incentive through 10/31.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi scotty11. You never mentioned the selling price or MSRP of the Armada 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 truck'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 work up a sample lease payment on the car that you are interested in for you if you let me know what these numbers are.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey hooops. Here's the information that you're looking for. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2006 Nissan Armada SE 4WD with 15,000 miles per year are .00095 and 49%, respectively. Nissan is currently providing $3,000 customer cash on the 2006 Armada, but unfortunately this cash is not compatible with its special lease program.

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  • sasukesasuke Member Posts: 77
    I know Nissan is having 3k cash back

    Do you know the residual and money factor on an armada SE with leather, 4x4?

    15k miles
    36 months
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sasuke. While Nissan is providing $3,000 customer cash on the 2006 Armada, unfortunately this cash cannot be combined with Nissan's special lease program. Nissan is not currently providing any cash incentives on leases of this truck. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2006 Armada SE 4WD with 15,000 miles per year are .00105 and 48%, respectively.

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  • massguy2massguy2 Member Posts: 4
    Hi above vehicle MSRP is $42,235; TMV is $41,938 but also subtracting 2k rebate amounts to $39,938.
    My situation involves a 48 to 60 month lease (my company will pay a large percentage of the lease) then I can buy the car at end of lease so I'm looking for a smaller buyout figure. is either of these quotes any good?

    #1 - 48 month lease; 12k/year
    2k down plus tax and first payment
    $459/month
    lease end value: $17,302

    #2 - 60 month lease; 12k/year
    2k down and same costs as above
    $429/month
    lease end value: $14,274
  • kyfdxkyfdx Moderator Posts: 234,725
    One point... One way to get a lower residual is to increase your mileage allowance.. A 15K/year lease might reduce your residual by 2% (or around $800).

    Normally, you wouldn't want to pay for miles that you don't use, but in this case.. you aren't paying for them.

    regards,
    kyfdx

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  • sbuhlersbuhler Member Posts: 122
    I got a quote for a 2007 Armada SE. It seems really high and I cannot even duplicate their monthly payment. Carman can you give me your thoughts?

    MSRP: 37375
    Cap Cost: 34593 (does not include rebate)
    Money Factor: 0.00274
    Residual: 19,061 (Seems extremely low ... I don't even know if the 2006s are that low)
    36 mos, 12K/yr
    Monthly Payment: $654 (they told me pre-tax)

    Thoughts? Thanks.
  • bud_foxx44bud_foxx44 Member Posts: 31
    I am trying to get a price on 4X2 LE but I am being told they are hard to find in the NorthEast. I live in North New Jersey. I got a MSRP of $40,995 on a 4X4 LE with Sunroof option and a couple of other small options. The monthly lease price I got so far was $645 a month on a 39 month lease. I got a $628 price on a 36 Month 12K a year but I didn't get the MSRP on that. Bottom Line, I should be paying something the mid to high 500's no? A friend of mine got a Chevy Tahoe with a sticker of $53K and pays $685 on a 48 month lease. With a MSRP of $41K, I should pay in the $500's I would think.

    Please help
  • danymac13danymac13 Member Posts: 2
    I'm looking to lease a '07 LE. What are the residual and money factors for a 39 month lease with 12K miles per year?
  • sbuhlersbuhler Member Posts: 122
    I don't know about the residual and money factors for the LE, but I just leased an '07 SE.

    The money factor was .00188 with a security deposit for a 39 month lease. The residual was 49%.

    Sam
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