Hello, I'm new to this site as I just discovered this forum late last night after I just leased a new Maxima. After reading what some people are paying for a lease for a higher model that I got, I can't help but feel that I was perhaps taken advantage of. i just leased a basic 2016 Maxima base S model, while returning my 2013 Alitima I am paying $ 375- a month, with no money down, and all the taxes and other fees rolled into the $ 375 monthly payment We are also getting 15,000 miles per year. Could someone with some insight please let me know if that's a good deal, a bad deal, and if so, how much lower could I have gotten the monthly payment ? If it helps, I have tier 3 credit. Any help at all would be appreciated, I unfortunately have no idea how to read the numbers and residual stuff I've seen other people post. Thank you to those that reach out and let me know if this was a decent deal or not. also, if it helps I'm located in the New York area
Hello, I'm new to this site as I just discovered this forum late last night after I just leased a new Maxima. After reading what some people are paying for a lease for a higher model that I got, I can't help but feel that I was perhaps taken advantage of. i just leased a basic 2016 Maxima base S model, while returning my 2013 Alitima I am paying $ 375- a month, with no money down, and all the taxes and other fees rolled into the $ 375 monthly payment We are also getting 15,000 miles per year. Could someone with some insight please let me know if that's a good deal, a bad deal, and if so, how much lower could I have gotten the monthly payment ? If it helps, I have tier 3 credit. Any help at all would be appreciated, I unfortunately have no idea how to read the numbers and residual stuff I've seen other people post. Thank you to those that reach out and let me know if this was a decent deal or not. also, if it helps I'm located in the New York area
A couple of points -
First, does it matter now? You've driving a brand new Maxima for the next three years; go enjoy the car!
Second, $375/mo, with tax and all other fees rolled in, is a pretty good payment for 15,000 miles per year - and tier 3 credit. Could it have been better? I suppose, but beating yourself up over it isn't going to change the size of the check you write each month.
We'll see you in three years; make sure you check in with us before shopping for your next car.
Thanks everyone for all your assistance. I think I'm just about ready at this point...I used the site provided to calculate lease payments http://www.free-online-calculator-use.com/automobile-lease-calculator.html#calculator and it comes somewhat close to my calculations. Approx $30-50 off. I followed the advice above and removed the $1999 (first payment, acq fee, tax and any upfront items) as this will NOT apply as a CAP cost reduction, only to pay the fees I just mentioned.
Line 7 Invoice price I am getting this info from TrueCar. I will attempt to negotiate to as close to this number as possible.
Line 8 Geico customer savings applies ($100)
Line 9 Nissan July 4th bonus cash ($1000) I am going to confirm if I can get that
Line 10 Lease cash incentive ($2000 (or 2075 as quoted by someone else) I will confirm I can get that
Generally how much is the acquisition fee? NissanUSA lease calculator says $595.
And is money factor .00003%? Or .003%
So if everything above applies and I am doing this correctly, using only the above lease calculator site:
SL:
MSRP 37400 (from dealer site) Negotiated price after incentives 28914 (32014 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive) Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48) Down Payment 1,999 Sales Tax (NY, Nassau County) 8.625% 36 month lease Money factor .00003% Residual 55% Cap cost 37400 lease cost 28914 residual value 20570 monthly depr fee 193.46 monthly lease fee 1.44 before-tax monthly lease 194.90 monthly sales tax 16.81 total monthly lease payment = $211.71
PLATINUM:
MSRP 40370 (from dealer site) Negotiated price after incentives 31723 (34823 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive) Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48) Down Payment 1,999 Sales Tax (NY, Nassau County) 8.625% 36 month lease Money factor .00003% Residual 55% Cap cost 40370 lease cost 31723 residual value 22203.50 monthly depr fee 226.11 monthly lease fee 1.58 before-tax monthly lease 227.68 monthly sales tax 19.64 total monthly lease payment = $247.32
Please review and let me know if I am calculating something incorrectly.
Lastly, am I assuming correctly the above applies only to Top Tier customers? IF that is the case, my numbers will be slightly higher as my credit score is in the Good to Very Good range.
Thanks everyone for all your assistance. I think I'm just about ready at this point...I used the site provided to calculate lease payments http://www.free-online-calculator-use.com/automobile-lease-calculator.html#calculator and it comes somewhat close to my calculations. Approx $30-50 off. I followed the advice above and removed the $1999 (first payment, acq fee, tax and any upfront items) as this will NOT apply as a CAP cost reduction, only to pay the fees I just mentioned.
Line 7 Invoice price I am getting this info from TrueCar. I will attempt to negotiate to as close to this number as possible.
Line 8 Geico customer savings applies ($100)
Line 9 Nissan July 4th bonus cash ($1000) I am going to confirm if I can get that
Line 10 Lease cash incentive ($2000 (or 2075 as quoted by someone else) I will confirm I can get that
Generally how much is the acquisition fee? NissanUSA lease calculator says $595.
And is money factor .00003%? Or .003%
So if everything above applies and I am doing this correctly, using only the above lease calculator site:
SL:
MSRP 37400 (from dealer site) Negotiated price after incentives 28914 (32014 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive) Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48) Down Payment 1,999 Sales Tax (NY, Nassau County) 8.625% 36 month lease Money factor .00003% Residual 55% Cap cost 37400 lease cost 28914 residual value 20570 monthly depr fee 193.46 monthly lease fee 1.44 before-tax monthly lease 194.90 monthly sales tax 16.81 total monthly lease payment = $211.71
PLATINUM:
MSRP 40370 (from dealer site) Negotiated price after incentives 31723 (34823 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive) Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48) Down Payment 1,999 Sales Tax (NY, Nassau County) 8.625% 36 month lease Money factor .00003% Residual 55% Cap cost 40370 lease cost 31723 residual value 22203.50 monthly depr fee 226.11 monthly lease fee 1.58 before-tax monthly lease 227.68 monthly sales tax 19.64 total monthly lease payment = $247.32
Please review and let me know if I am calculating something incorrectly.
Lastly, am I assuming correctly the above applies only to Top Tier customers? IF that is the case, my numbers will be slightly higher as my credit score is in the Good to Very Good range.
The MF is .00003 - this is not a percentage; to convert to an APR, multiply by 2400 (.072%).
It's important to remember that any website based quote may include incentives that are for purchase only. Don't want you to be disappointed when you try to get the dealer to honor the prices when you are leasing.
Have you yet talked to any dealers about what they are willing to sell the car for, or has all of this been an exercise up to this point?
As @marc1022 points out, those are some incredibly low lease payments, relative to MSRP. Keep us posted.
Also curious. Why put $1999 down when the money is so cheap. 7/100th of a percent interest. Take your $2k and divide by 36 months and its about $56 a month. Just keep that in your account now and add to your payment. Don't put any money down because buying money is so cheap.
Micahell, it's based on exercises I am trying to calculate to get a roundabout estimate of what I will be paying, based on numbers I am getting from various sites (NissanUSA, individual dealership and Nissan manufacturer incentives, residual % and MF rate, etc. I'm heading to my first dealer now...lol late in the day, I've been hesitating as dealing with salespeople especially auto is NOT one of my favorite things to do. Sorry to say that but I'm sure I'm not the only one. They need to make a commission too I understand that.
My guess is that a Plat will lease in the vicinity of $400+/mo and an SL $375+/mo. Leased my SL for $422/mo. Sign n drive, 0 out of pocket, and received a check back for $1250 to pay off 2 remaining lease payments and disposition fee. Which added about $35/mo to my monthly payment. Car MSRP was $39,805
Micahell, it's based on exercises I am trying to calculate to get a roundabout estimate of what I will be paying, based on numbers I am getting from various sites (NissanUSA, individual dealership and Nissan manufacturer incentives, residual % and MF rate, etc. I'm heading to my first dealer now...lol late in the day, I've been hesitating as dealing with salespeople especially auto is NOT one of my favorite things to do. Sorry to say that but I'm sure I'm not the only one. They need to make a commission too I understand that.
Best of luck - and remember, you can always walk away.
But, don't be surprised if the lease quotes aren't close to what you think you ought to pay.
Dealer is quoting $420 for the Platinum, 0 out of pocket. WAY too high for my budget, I told him $1999 down. Lease calculator spreadsheet brings it to $327. Waiting to see what he comes back with. Otherwise I will tell him the SL and let's see what he says....UGH...
Also saying the TrueCar value is the absolute rock bottom, they can't take anything further off (incentives).
He just came back saying $415, I told him absolutely not. Let's look at the SL. Waiting.....ready to walk.....
I think you can get Platinum for under $400 but likely just under. My dealer was giving me a Platinum for $349 before TTL and aquisition fee. 3 yr 12K. I've decided to hold out for 2017 with CarPlay.
Need some advice please. Looking to lease a maxima platinum for 36/15k. I have 5 payments on Infiniti lease and IFS confirmed they will eat two payments and the dealer in NJ will eat the other three payments worth 1260. The platinum is fully loaded demo with 100 miles on it and the MSRP is 43,255. With a residual of 53% and MF of .00003, I was able to negotiate a payment of 399 with taxes (sales tax is 8.375). I'm putting down 1500 which is made up of bank fee of 595, doc fee of 299, dmv of 200 and first months payment of 399. Good deal?
Need some advice please. Looking to lease a maxima platinum for 36/15k. I have 5 payments on Infiniti lease and IFS confirmed they will eat two payments and the dealer in NJ will eat the other three payments worth 1260. The platinum is fully loaded demo with 100 miles on it and the MSRP is 43,255. With a residual of 53% and MF of .00003, I was able to negotiate a payment of 399 with taxes (sales tax is 8.375). I'm putting down 1500 which is made up of bank fee of 595, doc fee of 299, dmv of 200 and first months payment of 399. Good deal?
It's a good deal, but it would be $1260 better, if the dealer wasn't eating those payments.
Need some advice please. Looking to lease a maxima platinum for 36/15k. I have 5 payments on Infiniti lease and IFS confirmed they will eat two payments and the dealer in NJ will eat the other three payments worth 1260. The platinum is fully loaded demo with 100 miles on it and the MSRP is 43,255. With a residual of 53% and MF of .00003, I was able to negotiate a payment of 399 with taxes (sales tax is 8.375). I'm putting down 1500 which is made up of bank fee of 595, doc fee of 299, dmv of 200 and first months payment of 399. Good deal?
It's a good deal, but it would be $1260 better, if the dealer wasn't eating those payments.
Truecar estimates a purchase price of 36100. In calculating the payment, it appears 399 is appropriate. I don't think they'll drop it another 30-35 bucks per month. 43,255x.53=22,925; 36100-22925=13,175; 13175/36=365; 365x1.08375 (tax)=396 per month not including interest. The interest at .00003 came out to 2 bucks per month. Do you believe if I wait another 3 months that I'll get a better deal?
Need some advice please. Looking to lease a maxima platinum for 36/15k. I have 5 payments on Infiniti lease and IFS confirmed they will eat two payments and the dealer in NJ will eat the other three payments worth 1260. The platinum is fully loaded demo with 100 miles on it and the MSRP is 43,255. With a residual of 53% and MF of .00003, I was able to negotiate a payment of 399 with taxes (sales tax is 8.375). I'm putting down 1500 which is made up of bank fee of 595, doc fee of 299, dmv of 200 and first months payment of 399. Good deal?
It's a good deal, but it would be $1260 better, if the dealer wasn't eating those payments.
Truecar estimates a purchase price of 36100. In calculating the payment, it appears 399 is appropriate. I don't think they'll drop it another 30-35 bucks per month. 43,255x.53=22,925; 36100-22925=13,175; 13175/36=365; 365x1.08375 (tax)=396 per month not including interest. The interest at .00003 came out to 2 bucks per month. Do you believe if I wait another 3 months that I'll get a better deal?
Nope.. just saying that those payments aren't just going away. The captive leasing bank can forgive them, but if the dealer is paying them, that comes out of your deal on the new vehicle.
Okay so got my SL in blue pearl last night....with all the numbers I provided, I think I did OKAY, not great. I need to learn more, a lot more about the numbers and how to deal with the salespeople/manager/finance.
I stuck to my guns 100% - they were trying to get me in a Platinum for $480 then got it down to $415 with 1999 down. I told them it's way too high let's go for the SL. So we went back and forth, back and forth....I pulled out my spreadsheet on the salesman and the manager, got it down to $321/month (which is $2 more than what I was paying on my 2013 Maxima S). I figured that was a fair deal, started all the processes, the paperwork, the handshakes, can I get you a cup of coffee blah blah blah.....then the dreaded finance guy meeting. Comes back telling me my credit score was 20 or so points lower than what Credit Karma tells me (I'm in Good category, he was getting me into Fair) and he's telling me Credit Karma is inaccurate. I got "very upset" and threatened to walk, give me my $500 deposit back, put my original car back on my insurance and we are done (he was trying to jack the monthly back up to $380, I told him ABSOLUTELY NO WAY). Okay I need to call billing, blah blah blah, comes back okay we will do $321 month with what we agreed you will pay today (2000 down + 800 for the other stuff) - oh yes at first he said 2877, I said where is this extra 77 coming from.
Flashback: the salesman told me the TrueCar value (which they honored (I think) INCLUDES all the incentives wrapped into it) - I looked at him like he was nuts, maybe I should have walked at that point. I wanted to see where it was going, so I kept moving forward.
Flash forward: the finance guy added in the $2075 incentive most likely so they don't lose out and I wind up paying what we agreed to.
Bottom line is I stuck to my guns and fought for a total dealership time of 5 hours (UGHHHH) but got my car. Could I have done better? Yes. Way better? Please let me know. I think I did okay, wife's Rogue lease is up in 2018 so I have time to really really learn this game. Thank you all for your help and support!
Okay so got my SL in blue pearl last night....with all the numbers I provided, I think I did OKAY, not great. I need to learn more, a lot more about the numbers and how to deal with the salespeople/manager/finance.
I stuck to my guns 100% - they were trying to get me in a Platinum for $480 then got it down to $415 with 1999 down. I told them it's way too high let's go for the SL. So we went back and forth, back and forth....I pulled out my spreadsheet on the salesman and the manager, got it down to $321/month (which is $2 more than what I was paying on my 2013 Maxima S). I figured that was a fair deal, started all the processes, the paperwork, the handshakes, can I get you a cup of coffee blah blah blah.....then the dreaded finance guy meeting. Comes back telling me my credit score was 20 or so points lower than what Credit Karma tells me (I'm in Good category, he was getting me into Fair) and he's telling me Credit Karma is inaccurate. I got "very upset" and threatened to walk, give me my $500 deposit back, put my original car back on my insurance and we are done (he was trying to jack the monthly back up to $380, I told him ABSOLUTELY NO WAY). Okay I need to call billing, blah blah blah, comes back okay we will do $321 month with what we agreed you will pay today (2000 down + 800 for the other stuff) - oh yes at first he said 2877, I said where is this extra 77 coming from.
Flashback: the salesman told me the TrueCar value (which they honored (I think) INCLUDES all the incentives wrapped into it) - I looked at him like he was nuts, maybe I should have walked at that point. I wanted to see where it was going, so I kept moving forward.
Flash forward: the finance guy added in the $2075 incentive most likely so they don't lose out and I wind up paying what we agreed to.
Bottom line is I stuck to my guns and fought for a total dealership time of 5 hours (UGHHHH) but got my car. Could I have done better? Yes. Way better? Please let me know. I think I did okay, wife's Rogue lease is up in 2018 so I have time to really really learn this game. Thank you all for your help and support!
Bottom line - you did fine.
Go enjoy the new Maxima! The pleasure you get from driving it every day will be with you far longer than any concerns you may have regarding the deal.
I've been lurking on this thread for only 2 days and I must say lots of great details/info here. Could anyone give an opinion on this lease deal?
2016 SR (possibly midnight) located in Long Island, NY MSRP ---------------- $38,505 includes destination charge Net Cap -------------- $31,418 includes $595 acquisition fee Residual -------------- $20,023 (~52%) Monthly payments -- $318/month for 36 months @ 12K Purchase option fee - $300 Excludes dealer fees, taxes, title and license
To get the above deal, $3,099 due at signing (includes $318/1st month; $2,781 down payment) * The above details are from the Dealer's Lease Disclaimer
Based on the details above, it looks like the Depreciation Fee -------------- $11,395 = MSRP - Net Cap Depreciation Fee per month-- $316.53 = $11,395/36 Finance Fee ------------------- $1.47/month =$318 - $316.53 or $53/Lease/Rent Charge = $1.47 x 36 months MF ---------------------------- 0.00002862 from $53/[(Net Cap + Resid.) x 36]
Hope this isn't too much math for everyone... But some points I took from the above math is:
1) MF looks low and Residual is at 52% (seems like average, unless 1% is big difference?)
2) Not sure how they reduced $7,087 off MSRP; even with the $2750 Lease Cash incentive and if down payment of $2,781 is a Cap Cost Reduction, there would still be $1,556 remaining...
3) Also, according to the previous posts, it looks like most people advise against putting money down. Instead, split that down payment as the monthly payments come along, just in case something bad happens to the car such as theft/total loss/etc (please correct me if my assumption is incorrect) Personally, I'm comfortable putting money down and having a lower monthly payment
Let me know if anything seem off; I'm still trying to learn how the mathematics/process of leasing goes; so any criticism is highly appreciated
I look forward to everyone's comments and appreciate anyone who responds; Thanks!
I've been lurking on this thread for only 2 days and I must say lots of great details/info here. Could anyone give an opinion on this lease deal?
2016 SR (possibly midnight) located in Long Island, NY MSRP ---------------- $38,505 includes destination charge Net Cap -------------- $31,418 includes $595 acquisition fee Residual -------------- $20,023 (~52%) Monthly payments -- $318/month for 36 months @ 12K Purchase option fee - $300 Excludes dealer fees, taxes, title and license
To get the above deal, $3,099 due at signing (includes $318/1st month; $2,781 down payment) * The above details are from the Dealer's Lease Disclaimer
Based on the details above, it looks like the Depreciation Fee -------------- $11,395 = MSRP - Net Cap Depreciation Fee per month-- $316.53 = $11,395/36 Finance Fee ------------------- $1.47/month =$318 - $316.53 or $53/Lease/Rent Charge = $1.47 x 36 months MF ---------------------------- 0.00002862 from $53/[(Net Cap + Resid.) x 36]
Hope this isn't too much math for everyone... But some points I took from the above math is:
1) MF looks low and Residual is at 52% (seems like average, unless 1% is big difference?)
2) Not sure how they reduced $7,087 off MSRP; even with the $2750 Lease Cash incentive and if down payment of $2,781 is a Cap Cost Reduction, there would still be $1,556 remaining...
3) Also, according to the previous posts, it looks like most people advise against putting money down. Instead, split that down payment as the monthly payments come along, just in case something bad happens to the car such as theft/total loss/etc (please correct me if my assumption is incorrect) Personally, I'm comfortable putting money down and having a lower monthly payment
Let me know if anything seem off; I'm still trying to learn how the mathematics/process of leasing goes; so any criticism is highly appreciated
I look forward to everyone's comments and appreciate anyone who responds; Thanks!
1) The numbers are .00003 MF and 52% residual. 2) Dealers discount cars from MSRP. In this case, $1556. You wouldn't want a deal at full MSRP, would you? 3) I agree with most people.
If you pulled these numbers from an ad, you did pretty well with the calculations. However, that might not be the offer you get from the dealer. You could do worse, or better. Also, don't forget about taxes, title/registration and dealer fees.
Need MF and RV for 2016 Maxima SV/SL/Plat for 10 / 36 or whatever the lowest annual milage is for NJ. A question is Edmunds true value include latest lease cash incentives or should i deduct that from the True value amount for a good estimate for a negotiated price?
Need MF and RV for 2016 Maxima SV/SL/Plat for 10 / 36 or whatever the lowest annual milage is for NJ. A question is Edmunds true value include latest lease cash incentives or should i deduct that from the True value amount for a good estimate for a negotiated price?
.00003 MF and 52% residual for 36/12. (no 10K/yr for Nissan). All trims
If it's a consumer rebate, then it isn't accounted for in TMV. If it's factory-to-dealer incentive, then that's already figured in (I think)
We see some really great lease deals on the Maxima. Be aggressive.
Just negotiated a 2016 Platinum, MSRP $41,960. $500 down included first month's payment. 36/12,000 Virginia With fees and tax/tag included, monthly payment is $416. Got the sale price of the car to $34,050 and they're getting me out of my current lease two months early. I feel like I did the best I can. What do you think?
Just negotiated a 2016 Platinum, MSRP $41,960. $500 down included first month's payment. 36/12,000 Virginia With fees and tax/tag included, monthly payment is $416. Got the sale price of the car to $34,050 and they're getting me out of my current lease two months early. I feel like I did the best I can. What do you think?
Spent several weeks emailing back and forth with a manager. I'm a two-time repeat customer at that dealership and have had three Nissans in a row so I really played that up. Plus the fact that they needed to get rid of the 2016s.
I was able to use the information provided in this lovely thread (MF, Residual, etc.), plus the TrueCar estimated price to let them know I wasn't stupid. That, combined with plenty of dealer incentives like $2,000 cash helped them get the sale price way below MSRP.
You have to negotiate the sale price down in order to get the monthly payment where you want. I tried everything from waiving fees to waiving tax and tag to seeing if they'd drop their invoice price but the sale price of the car is what they have flexibility on. Be aggressive in getting that number down and you'll be in good shape. You have the power in the transaction so don't be afraid to use it.
Did my preliminary visit to a Nissan Dealer today to explore a lease on a 2016 Maxima. Some of the deals outlined above are incredibly good. However, in reviewing the lease formula and plugging in the numbers, the numbers become the numbers. Therefore, I would like the moderator as well as any other knowledgeable person to please confirm some the following for me. The MSRP on a Maxima S is $ 34,515. The dealer discount is limited to 1,887. Currently there is the total absence of factory incentives like cash back or rebates. The residual on a 36 month (12 K per year) lease of this car is 52% The money factor is a very attractive .00003 The acquisition fee is $595. Money at signing is limited to first payment and nominal document fees.
It is hard to understand the absence of factory incentives given that there remains a good inventory of 2016 with 2017 arriving shortly.
Also, what does you crystal ball show about holding off for a month or two to tap into the potential for further incentives?
Did my preliminary visit to a Nissan Dealer today to explore a lease on a 2016 Maxima. Some of the deals outlined above are incredibly good. However, in reviewing the lease formula and plugging in the numbers, the numbers become the numbers. Therefore, I would like the moderator as well as any other knowledgeable person to please confirm some the following for me. The MSRP on a Maxima S is $ 34,515. The dealer discount is limited to 1,887. Currently there is the total absence of factory incentives like cash back or rebates. The residual on a 36 month (12 K per year) lease of this car is 52% The money factor is a very attractive .00003 The acquisition fee is $595. Money at signing is limited to first payment and nominal document fees.
It is hard to understand the absence of factory incentives given that there remains a good inventory of 2016 with 2017 arriving shortly.
Also, what does you crystal ball show about holding off for a month or two to tap into the potential for further incentives?
.00003 MF and 52% residual is correct.
There is $1950 of lease cash on the Maxima. It's most likely a dealer incentive, so not disclosed, but it is there. Find another dealer. Maximas should lease cheap.
Did my preliminary visit to a Nissan Dealer today to explore a lease on a 2016 Maxima. Some of the deals outlined above are incredibly good. However, in reviewing the lease formula and plugging in the numbers, the numbers become the numbers. Therefore, I would like the moderator as well as any other knowledgeable person to please confirm some the following for me. The MSRP on a Maxima S is $ 34,515. The dealer discount is limited to 1,887. Currently there is the total absence of factory incentives like cash back or rebates. The residual on a 36 month (12 K per year) lease of this car is 52% The money factor is a very attractive .00003 The acquisition fee is $595. Money at signing is limited to first payment and nominal document fees.
It is hard to understand the absence of factory incentives given that there remains a good inventory of 2016 with 2017 arriving shortly.
Also, what does you crystal ball show about holding off for a month or two to tap into the potential for further incentives?
.00003 MF and 52% residual is correct.
There is $1950 of lease cash on the Maxima. It's most likely a dealer incentive, so not disclosed, but it is there. Find another dealer. Maximas should lease cheap.
I show $2650 lease cash under incentives and rebates. Go to another dearler as that deal above is way off. You could probably get an SV or SL. I was quoted $385/mo w/tax for a SL that had a msrp of 39,800 and that was the end of May. Deals are better now.
Hi, I'm looking at a 36 mos, 12k/yr lease, no money down for a 2016 Maxima SV in CT. First quote from the dealer: MSRP $34,500 Cap Cost $32,900 Resid $18,764 quoted payment was $411 + taxes which seems high compared to what others noted on this forum. What should the payment be?
Hi, I'm looking at a 36 mos, 12k/yr lease, no money down for a 2016 Maxima SV in CT. First quote from the dealer: MSRP $34,500 Cap Cost $32,900 Resid $18,764 quoted payment was $411 + taxes which seems high compared to what others noted on this forum. What should the payment be?
.00003 MF and 52% residual.
Based on the other deals we see on here, your CAP cost is kind of high. $1950 of lease cash on this model. Your MSRP X 52% doesn't add up to $18,764, either. Either your MSRP or your residual amount is wrong.
Trying again with another dealer - 2016 Maxima SV 36 mos / 12k/yr lease Cap Cost 31,290 resid 19,600 quoted payment - 329+ CT taxes, $2000 due at signing for conveyance, registration. acq, vin etch, first payment How much of this 2000 is negotiable? Would like to keep the payment with taxes near 350/mo
Comments
After reading what some people are paying for a lease for a higher model that I got, I can't help but feel that I was perhaps taken advantage of.
i just leased a basic 2016 Maxima base S model, while returning my 2013 Alitima
I am paying $ 375- a month, with no money down, and all the taxes and other fees rolled into the $ 375 monthly payment
We are also getting 15,000 miles per year.
Could someone with some insight please let me know if that's a good deal, a bad deal, and if so, how much lower could I have gotten the monthly payment ? If it helps, I have tier 3 credit.
Any help at all would be appreciated, I unfortunately have no idea how to read the numbers and residual stuff I've seen other people post.
Thank you to those that reach out and let me know if this was a decent deal or not.
also, if it helps I'm located in the New York area
First, does it matter now? You've driving a brand new Maxima for the next three years; go enjoy the car!
Second, $375/mo, with tax and all other fees rolled in, is a pretty good payment for 15,000 miles per year - and tier 3 credit. Could it have been better? I suppose, but beating yourself up over it isn't going to change the size of the check you write each month.
We'll see you in three years; make sure you check in with us before shopping for your next car.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Line 7 Invoice price I am getting this info from TrueCar. I will attempt to negotiate to as close to this number as possible.
Line 8 Geico customer savings applies ($100)
Line 9 Nissan July 4th bonus cash ($1000) I am going to confirm if I can get that
Line 10 Lease cash incentive ($2000 (or 2075 as quoted by someone else) I will confirm I can get that
Generally how much is the acquisition fee? NissanUSA lease calculator says $595.
And is money factor .00003%? Or .003%
So if everything above applies and I am doing this correctly, using only the above lease calculator site:
SL:
MSRP 37400 (from dealer site)
Negotiated price after incentives 28914 (32014 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive)
Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48)
Down Payment 1,999
Sales Tax (NY, Nassau County) 8.625%
36 month lease
Money factor .00003%
Residual 55%
Cap cost 37400
lease cost 28914
residual value 20570
monthly depr fee 193.46
monthly lease fee 1.44
before-tax monthly lease 194.90
monthly sales tax 16.81
total monthly lease payment = $211.71
PLATINUM:
MSRP 40370 (from dealer site)
Negotiated price after incentives 31723 (34823 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive)
Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48)
Down Payment 1,999
Sales Tax (NY, Nassau County) 8.625%
36 month lease
Money factor .00003%
Residual 55%
Cap cost 40370
lease cost 31723
residual value 22203.50
monthly depr fee 226.11
monthly lease fee 1.58
before-tax monthly lease 227.68
monthly sales tax 19.64
total monthly lease payment = $247.32
Please review and let me know if I am calculating something incorrectly.
Lastly, am I assuming correctly the above applies only to Top Tier customers? IF that is the case, my numbers will be slightly higher as my credit score is in the Good to Very Good range.
It's important to remember that any website based quote may include incentives that are for purchase only. Don't want you to be disappointed when you try to get the dealer to honor the prices when you are leasing.
Have you yet talked to any dealers about what they are willing to sell the car for, or has all of this been an exercise up to this point?
As @marc1022 points out, those are some incredibly low lease payments, relative to MSRP. Keep us posted.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
The Maxima has a lease incentive of $2075. http://www.choosenissan.com/new-york-area/maxima/?tool=model.vlp.regional.link
(INCLUDES $2,075 manufacturer's rebate applied to $259/Month lease. Offer valid only when financed through Nissan Motor Acceptance Corporation.)
This is for NY/NJ area. Hope that helps.
Also curious. Why put $1999 down when the money is so cheap. 7/100th of a percent interest. Take your $2k and divide by 36 months and its about $56 a month. Just keep that in your account now and add to your payment. Don't put any money down because buying money is so cheap.
But, don't be surprised if the lease quotes aren't close to what you think you ought to pay.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Also saying the TrueCar value is the absolute rock bottom, they can't take anything further off (incentives).
He just came back saying $415, I told him absolutely not. Let's look at the SL. Waiting.....ready to walk.....
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Nope.. just saying that those payments aren't just going away. The captive leasing bank can forgive them, but if the dealer is paying them, that comes out of your deal on the new vehicle.
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I stuck to my guns 100% - they were trying to get me in a Platinum for $480 then got it down to $415 with 1999 down. I told them it's way too high let's go for the SL. So we went back and forth, back and forth....I pulled out my spreadsheet on the salesman and the manager, got it down to $321/month (which is $2 more than what I was paying on my 2013 Maxima S). I figured that was a fair deal, started all the processes, the paperwork, the handshakes, can I get you a cup of coffee blah blah blah.....then the dreaded finance guy meeting. Comes back telling me my credit score was 20 or so points lower than what Credit Karma tells me (I'm in Good category, he was getting me into Fair) and he's telling me Credit Karma is inaccurate. I got "very upset" and threatened to walk, give me my $500 deposit back, put my original car back on my insurance and we are done (he was trying to jack the monthly back up to $380, I told him ABSOLUTELY NO WAY). Okay I need to call billing, blah blah blah, comes back okay we will do $321 month with what we agreed you will pay today (2000 down + 800 for the other stuff) - oh yes at first he said 2877, I said where is this extra 77 coming from.
Flashback: the salesman told me the TrueCar value (which they honored (I think) INCLUDES all the incentives wrapped into it) - I looked at him like he was nuts, maybe I should have walked at that point. I wanted to see where it was going, so I kept moving forward.
Flash forward: the finance guy added in the $2075 incentive most likely so they don't lose out and I wind up paying what we agreed to.
Bottom line is I stuck to my guns and fought for a total dealership time of 5 hours (UGHHHH) but got my car. Could I have done better? Yes. Way better? Please let me know. I think I did okay, wife's Rogue lease is up in 2018 so I have time to really really learn this game. Thank you all for your help and support!
Go enjoy the new Maxima! The pleasure you get from driving it every day will be with you far longer than any concerns you may have regarding the deal.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
SL, SR and Platinum FWD
10k miles per year and 12kmiles per year
24 and 36 months
located in los angelas
.00003 MF and 61%/54% residual for all trims for 12K/yr
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thank you
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I've been lurking on this thread for only 2 days and I must say lots of great details/info here.
Could anyone give an opinion on this lease deal?
2016 SR (possibly midnight) located in Long Island, NY
MSRP ---------------- $38,505 includes destination charge
Net Cap -------------- $31,418 includes $595 acquisition fee
Residual -------------- $20,023 (~52%)
Monthly payments -- $318/month for 36 months @ 12K
Purchase option fee - $300
Excludes dealer fees, taxes, title and license
To get the above deal, $3,099 due at signing (includes $318/1st month; $2,781 down payment)
* The above details are from the Dealer's Lease Disclaimer
Based on the details above, it looks like the
Depreciation Fee -------------- $11,395 = MSRP - Net Cap
Depreciation Fee per month-- $316.53 = $11,395/36
Finance Fee ------------------- $1.47/month =$318 - $316.53
or $53/Lease/Rent Charge = $1.47 x 36 months
MF ---------------------------- 0.00002862 from $53/[(Net Cap + Resid.) x 36]
Hope this isn't too much math for everyone... But some points I took from the above math is:
1) MF looks low and Residual is at 52% (seems like average, unless 1% is big difference?)
2) Not sure how they reduced $7,087 off MSRP; even with the $2750 Lease Cash incentive and if down payment of $2,781 is a Cap Cost Reduction, there would still be $1,556 remaining...
3) Also, according to the previous posts, it looks like most people advise against putting money down.
Instead, split that down payment as the monthly payments come along, just in case something bad happens to the car such as theft/total loss/etc (please correct me if my assumption is incorrect)
Personally, I'm comfortable putting money down and having a lower monthly payment
Let me know if anything seem off; I'm still trying to learn how the mathematics/process of leasing goes; so any criticism is highly appreciated
I look forward to everyone's comments and appreciate anyone who responds; Thanks!
2) Dealers discount cars from MSRP. In this case, $1556. You wouldn't want a deal at full MSRP, would you?
3) I agree with most people.
If you pulled these numbers from an ad, you did pretty well with the calculations. However, that might not be the offer you get from the dealer. You could do worse, or better. Also, don't forget about taxes, title/registration and dealer fees.
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No 10K/yr allowance for Nissan
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
All trims
If it's a consumer rebate, then it isn't accounted for in TMV.
If it's factory-to-dealer incentive, then that's already figured in (I think)
We see some really great lease deals on the Maxima. Be aggressive.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
$500 down included first month's payment.
36/12,000
Virginia
With fees and tax/tag included, monthly payment is $416.
Got the sale price of the car to $34,050 and they're getting me out of my current lease two months early.
I feel like I did the best I can. What do you think?
I was able to use the information provided in this lovely thread (MF, Residual, etc.), plus the TrueCar estimated price to let them know I wasn't stupid. That, combined with plenty of dealer incentives like $2,000 cash helped them get the sale price way below MSRP.
You have to negotiate the sale price down in order to get the monthly payment where you want. I tried everything from waiving fees to waiving tax and tag to seeing if they'd drop their invoice price but the sale price of the car is what they have flexibility on. Be aggressive in getting that number down and you'll be in good shape. You have the power in the transaction so don't be afraid to use it.
The MSRP on a Maxima S is $ 34,515.
The dealer discount is limited to 1,887.
Currently there is the total absence of factory incentives like cash back or rebates.
The residual on a 36 month (12 K per year) lease of this car is 52%
The money factor is a very attractive .00003
The acquisition fee is $595.
Money at signing is limited to first payment and nominal document fees.
It is hard to understand the absence of factory incentives given that there remains a good inventory of 2016 with 2017 arriving shortly.
Also, what does you crystal ball show about holding off for a month or two to tap into the potential for further incentives?
There is $1950 of lease cash on the Maxima. It's most likely a dealer incentive, so not disclosed, but it is there. Find another dealer. Maximas should lease cheap.
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First quote from the dealer:
MSRP $34,500
Cap Cost $32,900
Resid $18,764
quoted payment was $411 + taxes which seems high compared to what others noted on this forum. What should the payment be?
Based on the other deals we see on here, your CAP cost is kind of high.
$1950 of lease cash on this model.
Your MSRP X 52% doesn't add up to $18,764, either.
Either your MSRP or your residual amount is wrong.
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36 mos / 12k/yr lease
Cap Cost 31,290
resid 19,600
quoted payment - 329+ CT taxes, $2000 due at signing for conveyance, registration. acq, vin etch, first payment
How much of this 2000 is negotiable? Would like to keep the payment with taxes near 350/mo