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Comments
I chose the the sport, manual, with 99% of the bells and whistles. (premium package, nav Package, tech package, cargo net, rear spoiler, sunroof, XM, 4-wheel steer)
39 month lease at .00166 and 56%. 12K/year milage. I put 1K + first months payment down.
MSRP is ~42K. Invoice is: ~38.1K. Negotiated buying price: $38,450. I probably could've done better given that it was an 07 on the lot, but I got impatient.
Only bummer was that Texas is one of those states where you pay all the sales tax up front. :mad: THAT had to be explained to me, but I will say that the dealership was up front and honest about everything and took time to make sure I understood what the fees where and why.
Sales Price: $36,260 ($400 above invoice)
39 month lease, 15000 miles/year
Residual: 55%
Money factor: 0.00245
Drive-off costs: $1538 - includes first month, Registration $283, doc fee $45, Tire fee $8.75, bank fee $595, tax $46.11
Monthly payment: $516+state taxes
Only thing I can't really stomach in this is the bank fee but I gather that is non-negotiable, the other small costs on drive off are nuisances but hardly worth getting upset over.
Does this seem like a decent deal?
Is there much variation across the country for IFS money factor and residual values? Are dealers able to make adjustments to these on a particular sale?
I was told today that for a g35x (w/nav) the MF was 0.00287 with a 58% residual.
Thanks,
Andy
The bank fee (acquisition fee) is $595 but some dealers can, and do, mark this up as well for extra profit. Someone has to pay this fee - it goes to IFS and not to the dealer, so you just have to pay it.
Ideally you find a dealer who has $0 doc fee and does not mark up the MF or bank fee AND gives you a good price on the car. Then the deal is good or bad solely on the term you pick and the IFS offering - which got a little better for sedans for November but is still horrible for G37 coupes right now.
Dennis
Could you tell me the current residual and MF for a G35x, 08, 12k/yr, 36 months.
Thanks.
Looks like 0.00245 with a residual of 60%.
Dennis
3950 / 24 = 164.58. So what's he's really telling you is that you're paying 553/mo (389 + 164) for the car. What residual percentage, what money factor, etc. is he offering?
You negotiate the price on the car just as if you were buying it. Should should within $500 or $1,000 of dealer's invoice including destination and "doc" fees.
Then you look at the lease terms and make sure they are giving you the buy rate.
Then you will know if you have a good deal or not.
I would not sink that much money into the lease, if something happens to the car you will lose it all. But that is what makes the payments SOUND so low - they would be $554 (plus more interest) if you did a sign and drive lease.
Dennis
Sales Price - $35,317 (about $600 UNDER invoice) - Residual - $27,632.50 (70% of MSRP - $39,475)
Bank Fee - $595
Sales Taxes - $1,038.23
Total Capitalized Costs - $36,950 - 24 payments of $435 per month
Total Out of Pocket Comes to the following - ~$3,200 includes: First Payment, Sales Tax, Bank Fee, $12.50 Tire Tax Fee, approx. $120 DMV fees, $1,000 Cap Cost Reduction
What do you guys think? Take it or wait?
If you are getting that much under invoice including destination and dealer fees and getting the buy rate, then that sounds good to me.
Sure the rate could and probably will be lower, it seems to get low in the first quarter of the year. Unless it gets silly low on a short 24 month lease, I would not think it would make a huge difference in the payment - but you could plug the numbers in to a lease calc on run them to see for yourself.
I would pay less out of pocket and roll more into the lease, $3,200 up front is way to much money to risk.
You might also look at the 36 month terms, NORMALLY (but not always) that is a much better deal. Besides, you will not want to give the car back and get something else in just 24 months
Dennis
I went into the Dealership in my area, Los Angeles today and they are willing to sell me the $40,400 list price G35 6 mt Sport, Nav, Prem, and Technology package for $37,894. This doesn't sound like a great deal, but I haven't haggled a whole lot with them yet.
I'm hoping that my new spending goal is more feasible. I'm looking to pay about 3,000 drive off, and hoping my payment with the 8.25% sales tax is close to $500 a month? Does that seem possible with the current prices, residual, and money factor??
Thank you!
Reza
In this case, if you spec out a 6mt sedan with tech/premium/nav/splash/mat the MSRP is $39,115 and not the $40,000 you mention. The invoice for this car would be $35,661 which is $2,233 less that what you were quoted. So you have a whole lot of work to do to get a good price.
On a lease with this car at this time I would not think $500 a month would be possible with your tax rate - for sure if you overpay at the price you were quoted.
Dennis
Here is what I worked out, and I think i'm gonna pull the trigger tommorow (Sunday). Please let me know what you think.
2008 G35 Sport 6mt, Premium, Navi, Technology, Spoiler, Truck Mat, Splash Guards.
Listed on Edmunds as MSRP - $39,725
Sale Price - $36181 (Looks LIke Invoice to me, he said he would even go $250 below invoice, so I have to talk to him about it when I go in.
Money Factor (36 Mo 15K) 0.00235
Residual - 56%
Drive off $3,000
Monthly Payment - ~ $475 + California Tax 8.25%
He said it applies to Tier 0/1 Credit, which I believe I quality for with a 733 Fico. Does everything look right to you guys?
Thanks again for all your help!
3,254 Down (incl. NJ tax of 7% and MV fee of $354)
$498 per month for 24 months
10,000 miles per year.
I have not gotten specifics yet (money factor, sales price, residual - although I did ask). Just want to get a sense of whether those numbers seem to be in the ball park.
Thanks.
What dealer in NJ are you dealing with?
MSRP 36,800
Invoice 33,300
What should a sign and drive with no out of pocket 36 month 15K lease number be? Thanks to anyone who can assist.
Are the buy rate and residuals for a 2008 G35X with prem and nav for December available yet? I am not sure if I should deal now with the current rate or wait for the December numbers.
Thanks
If we guess based on the sales numbers which came out today, they COULD raise the rates for December since:
The G Sedan experienced a record-setting November, with sales of 4,399 units, up 4.0 percent
from the news here: at the Nissan news site
Here are the totals for Nov 07 / Nov 06 change YTD 07 / YTD 06 change:
G Sedan 4,399 4,229 4.0 49,532 33,802 46.0
G Coupe 1,849 1,069 73.0 15,719 19,206 -18.4
So YTD the sedan is up 45% and up 4% over last November (which WAS the largest sales November for sedans prior to Nov 07) but coupes are down for YTD by 18%, but up over last November by a whopping 73%.
So they have already sold 16k more sedans this year than last, so maybe they don't need to sweeten the deals?
Do they care if 07 YTD coupes says are down compared to YTD 06? If so, then they may sweeten coupe deals to try to make up for it. Or they could figure sales are stronger now (up 73% over Nov 06) and let it sit as is.
Your guess is as good as mine, but it does not appear they will be "desperate" to move sedans in December coming off a strong November in sedans.
Dennis
Add in you your taxes - the rate varies from state to state and most just tax the payment, but some tax the whole car and some tax the payment but make you pay it up front. If you live in one of those states add the taxes onto the cap cost.
Then you will know your payment - with paying the first month only at signing. To get a sign and drive ESTIMATE you could multiply that payment by the term and divide by the term-1. So if $500 a month for 39 months is what it comes up and you don't want to pay the $500 at signing, then a S&D would be around $514 per month (actual payment a little higher).
Dennis
This sounds like a good deal to me. What does the Carman think?? I need to let the dealer know today. Thanks.
Dennis
I do want to take the time to thank you and let you know how much this forum has helped me. I cannot give you enough praise and you are an extremely valuable asset to Edmunds. Thanks again.
Dennis
2008 G35 Sport 6MT Black/Black with Premium, Navigation, Spoiler.
36mo/15k lease
$517.35 + tax = $550.98 Incl 6.5% sales tax
$2,125 Total due at Signing.
MSRP $38,315
Cap Cost $35,281 **Even less than the $36,000 - $695 deale fee***
.00235 money factor 56% residual.
I spoke to someone at the Englewood NJ dealership today and he said the MF was .0004 and that the residual was 47%. I said that 47% seemed very low and wanted him to double check - he came back to me and said it was correct. I wasnt too happy with him so I prob wont purchase there...just want your advice on what I should be paying monthly or what a good invoice price would be. Thanks!
I would go through the Internet sales department or the dealer's web pages rather than taking luck of the draw and calling. Normally Internet reps know you know invoice, lease rates, etc and they you are just looking for the best price and they should be able to give you their best price w/o too much hassle.
Dennis
MSRP 37325
Cap cost 34750
MF .00257
Residual 57%
Doc fee 83.48
License 143
Tax $1333 (after 15k tax credit) In IL we are taxed on the full amount up front
drive off 770.52 (doc, license and first mo payment)
monthly payment 544.04
Is this a good deal? The MF seems higher than most are receiving here. Is it negotiable?
Thanks!
Looks like invoice is $34,216, so your price with doc fee looks like is pretty close.
Dennis
2008 Infiniti G35 Sedan
24 Month – Residual 69% of MSRP – .00218 Base Rate
36 Month – Residual 58% of MSRP – .00235 Base Rate
48 Month – Residual 46% of MSRP – .00239 Base Rate
60 Month – Residual 39% of MSRP – .00249 Base Rate
2008 Infiniti G35 Journey Sedan
24 Month – Residual 68% of MSRP – .00218 Base Rate
36 Month – Residual 57% of MSRP – .00235 Base Rate
48 Month – Residual 45% of MSRP – .00239 Base Rate
60 Month – Residual 38% of MSRP – .00249 Base Rate
2008 Infiniti G35 Sport Sedan
24 Month – Residual 67% of MSRP – .00218 Base Rate
36 Month – Residual 56% of MSRP – .00235 Base Rate
48 Month – Residual 43% of MSRP – .00239 Base Rate
60 Month – Residual 37% of MSRP – .00249 Base Rate
2008 Infiniti G35 X Sedan
24 Month – Residual 68% of MSRP – .00217 Base Rate
36 Month – Residual 58% of MSRP – .00228 Base Rate
48 Month – Residual 45% of MSRP – .00237 Base Rate
60 Month – Residual 38% of MSRP – .00249 Base Rate
2008 Infiniti G37 Coupe
24 Month – Residual 72% of MSRP – .00275 Base Rate
36 Month – Residual 62% of MSRP – .00275 Base Rate
48 Month – Residual 51% of MSRP – .00275 Base Rate
60 Month – Residual 44% of MSRP – .00285 Base Rate
2008 Infiniti G37 Journey Coupe
24 Month – Residual 72% of MSRP – .00275 Base Rate
36 Month – Residual 61% of MSRP – .00275 Base Rate
48 Month – Residual 51% of MSRP – .00275 Base Rate
60 Month – Residual 43% of MSRP – .00285 Base Rate
2008 Infiniti G37 Sport Coupe
24 Month – Residual 74% of MSRP – .00275 Base Rate
36 Month – Residual 62% of MSRP – .00275 Base Rate
48 Month – Residual 52% of MSRP – .00275 Base Rate
60 Month – Residual 44% of MSRP – .00285 Base Rate
Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms
In my experience, the 12k mile per year leases have just a 1% higher residual and the 10k mile per year lease are 1% more than that (total of 2%) and not the 2 and 3% numbers that Tarry shows. The dealer is not allowed to change the residual, so no worries that your dealer gives you a wrong number.
A lot of the numbers are the same as November, some look betting (the x), and the coupe lease MF is still really high.
Dennis
Tarry either does not get or does not post the "odd" lease terms, so looking at 39 month you are a little on your own. Years ago IFS 39 month leases were always great deals as they normally carried the same MF and often the same residual (or maybe 1 point lower) as the 36 month deal. Lately they have been charging a higher MF for 36 month deals and often a much lower residual. Per month the payment may be less, but not by as much as it used to be.
Back in November on a 6mt sedan, for example, the numbers were 56% and 0.00235 on a 36 month/10k lease but changed to 54% and 0.00245 if you went with a 39 month/10k lease.
Dennis
Back in June 07, I started a 3 yr lease on a fully loaded G35 Journey. I traded in a '98 Mustang GT (I got $4K on trade) and I put in $4425 of my own cash. I just got rear ended tonight at about 30mph. So, the damage is significant to the rear of the car and the car had to be towed. It looks like a total loss to me, but I'll need the repair shop and other drivers insurance to say if that's really the case, I guess.
If it turns out to be totalled, can anyone tell me if there's any way to recover the money that I have in the car (i.e. my trade and the cash I put in at the start of the lease)? From what I've read so far, I guess the answer to this is no. If so, it seems like this accident, which was totally not my fault, is going to cost me considerable $$.
Thanks for any advice on this.
Call and talk to your insurance company about it and see what they say. AFAIK their only obligation on a lease car is to satisfy the lease bank's claim for the value of the car - what the current buyout on the lease is.
The one thing you have going for you is that the other driver (hopefully well insured) is at fault. If YOU had driven off the road and totalled the car then your insurance would have likely just paid off the lease bank. In this case someone hit you and they SHOULD treat you like a king - in these days of folks suing at the drop of a hat then they try to go out of their way to treat the "injured party" well so they never THINK of suing. Of course, if neither insurance company is willing to make you happy then you could retain a lawyer and sue the other driver to recoup the lost money - but that would be my very last resort.
I would also contact the lease bank (or look it up online, if possible) and get that current buyout number - on some lease statements they print this right on the statement, but normally you have to ask for over the phone or perhaps online. Make SURE the buyout does NOT include sales tax - often they throw that in since in most states it is due if you buyout the lease but in this case no tax would be due if the insurance paid off the car.
Then I would look up the current value of a car in the shape yours was in with the same options and miles. I am with State Farm and when my son's car was totalled earlier this year they paid us based on the "clean retail" number found on the NADA web page. Ask your insurance company how they determine the value of a totalled car and look it up for yourself. You might also ask this of the other driver's company. You can always choose to "subrogate" your claim - allow your insurance to make you happy then they go after the money from the other party. I have done this before just to avoid any hassles, forms, and time needed to file claims, etc. In this case, you might want to deal with the at fault driver's insurance yourself to take to get the max settlement - which would hopefully be a check to the lease bank to pay off the lease a another check to you that represents the difference between retail value of the lost car and the amount of the other check.
Once you have the numbers then you can see how much, if any, you SHOULD be able to collect from insurance company - if they let you.
Something else you can ask about is will they just replace the car for you? You/they find a similarly equipped car with similar miles and (if you can get the insurance and lease bank to go for it) they buy it to replace the one that was lost and you finish the lease with the replacement car. I would doubt they would go for this, but it never hurts to ask. If you try to pursue this then find acceptable replacement cars yourself (local paper, online car lists, etc) so you can present them with a few options and numbers.
Of all the ways you could have a total loss, this is the "best" in that your car was not stolen nor were you at fault - so there is a possibility for you to recover some of your money.
Be sure you report back however it turns out for you, so everyone can learn something either way.
Dennis
Also, are residual rates fixed, meaning can dealerships lie about them? Are they the same for everyone in every part of the country?
Thanks for reading,
Karen
IFS has promo FINANCE rates on G's that range from 2.9% to 3.9% on terms from 36 to 60 months. They had these in November and carried them forward into December as well.
The residual is set by the lease bank (IFS in this case) and can't be changed by the dealer. If they accidentally get it wrong on the lease paperwork the bank will not fund the lease. The bank fee (acquisition fee) is $595 but the dealers are allowed to mark that up a bit if you allow them. The same is true for the lease MFs.
Dennis
MSRP 37,000 (approx)
Sale Price - 34,5000
7.30% Tax - 1524
License Fee - 185 (this was a bit higher b/c I need new plates, not transfering)
Doc Fee - 45
Bank Fee - 595
1st month pymt - 509
Cap Reductinon -230
Residual - 20,900
39 month/15k mile lease. The gave me a monthly price of 509/month. Does this deal look ok? Is there a way I can calculate the MF myself?
Thanks again!
Dennis
Dennis