Nissan Altima Lease Questions

CarMan@Edmunds[email protected] Member Posts: 38,514
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Nissan Altima. Thanks.

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  • kevhollywoodkevhollywood Member Posts: 12
    Wow, not a very popular forum. Hey Car_man. What's the current lease program on a 2006 Altima 3.5 SE? Thanks.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    I'm surprised that there haven't been more posts about leasing the Nissan Altima as well, kevhollywood. Perhaps this discussion is a little less popular than it would normally be because it fell to the second page of the Prices Paid forum. I would be happy to give you an idea of what this car's lease program is currently like. You never mentioned how long you want to lease it for or how many miles per year you need to be able to drive it, so for now I will assume that we are talking about a 36 month lease with 15,000 miles per year. Let me know if you would like info for another term or mileage allowance. If you were to lease a 2006 Nissan Altima 3.5 SE 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 .00130 and 56%, respectively.

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  • frank310frank310 Member Posts: 45
    Car_Man,

    Hello again! Your advice in the past helped me get an unbelievable deal on a 2005 BMW 545, now I'm looking for a car for my sister. She wants a 2006 Altima 3.5 SL looking for purchase or 36 month lease with 12k per year. MSRP is $27,905.00.

    Thanks,
    Frank
  • italia10italia10 Member Posts: 10
    Car_Man,

    Your past advice has helped me and other friends/relatives negotiate the best deals on several cars. I am now looking for the best incentives out there for the Nissan Altima. I've been quoted $260/month on a 2.5S w/spec edition (msrp of ~$22000) and $2000 down (includes all fees). Is this a good deal?

    Are there any other similar cars with deals in the $250-$275/month ballpark?

    Thanks as usual!!
  • frank310frank310 Member Posts: 45
    Car_Man,

    What would the money factor and residual be on a 2006 Altima 3.5 SL 36 and 39 month with 12k per year?

    Thanks
  • wdhaydenwdhayden Member Posts: 4
    I posted this a week ago or so on another board. May help some folks here as well.

    Just agreed on the car, here are the details. Use these numbers any way
    you would like.

    Dealer: Arch Abraham Nissan in Elyria, OH

    2006 Altima 2.5 S Series - Automatic
    Added options: ABS Package, Splash Gaurds, Floor Mats.

    42 Month lease with 15K miles per year.
    MSRP: $21,695 (Includes destination fee)
    Invoice: $20,222 (Includes destination fee)
    Price Paid for Car: $20636.32 (Includes destination fee)
    Taxes: $792.46 (All taxes paid up front, Ohio Law)
    License Fees: $140.50
    Acquisition Fee: $550.00
    Commission $100.00 (I think this is B.S, but didn't want to haggle
    anymore)
    Residual: $11702 (54%)
    Money Factor: .00196
    Money Down: $0 (nothing down out the door, first payment in 30 days)
    Payment: $314 Per month (If I understand correctly, I only pay 41
    monthly payments)
    No Trade in.

    My experience:
    (Everything is 42 months 15K)
    We went to Honda, VW, Toyota, and Nissan. Nissan started at $339 per
    month for a S Series car without the ABS package, zero down. We went to
    Honda, they gave us a quote of $291 per month with $550 down for their
    2006 Accord LX. Toyota was $365 for their 2006 Camry LE, zero down.. VW
    was at #378 for their 2005 Jetta 2.5 package #1, zero down.

    We went to the Nissan dealer Saturday and he told us we could test
    drive the car until Sunday. We put about 100 miles on it. We turned it in
    Sunday and then went to the other dealers. We liked the Accord and
    Altima the most. We decided we would go with the best deal, but maybe pay a
    little extra for the Altima because we liked the styling inside much
    more.

    We went back to the Nissan dealer on Monday night and told them they
    had to match the offer we had for the Honda Accord and add in the ABS
    package. He told me the best they could do was $299 a month. He gave me
    all of the numbers and I told him that we would think about it and come
    back Tuesday. We arrived Tuesday and told him that we didn't want to put
    any money down and that we wanted the car. He put a hold on the car we
    wanted because it was at another dealer. We will be picking it up
    tomorrow.

    Hope this helps,
    Bill
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello again Frank. I am glad that I was able to help you out in the past. Let's see if I can do so again. If your sister was to lease a 2006 Nissan Altima 3.5 SL 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 .00115 and 59%, respectively. A base '06 Altima 3.5 SL has a spread of around $2,000 between its full MSRP and invoice prices, so for now let's assume that your sister is able to get a $1,500 discount on this car for the purpose of calculating a lease payment on it. Using the aforementioned lease program, an MSRP of $27,905, and a selling price of $26,405, I estimate that this car should have a zero down, pre-tax monthly payment of around $326. If your sister ends up paying more for this car her lease payment will be higher, and vice versa. You may want to stop by the following discussion to see how much other community members have paid for similar cars lately: "Nissan Altima: Prices Paid & Buying Experience".

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Welcome back italia10. You never mentioned the selling price or MSRP of the car 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 car'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 give you my opinion on this deal if you let me know what these numbers are.

    As far as other cars that probably have similar lease payments to the Altima, take a look at the Toyota Camry and Honda Accord.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Thanks for taking the time to post such a detailed description of your recent lease experience, Bill.

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  • andreydandreyd Member Posts: 3
    looking to buy this in the next week to a month or so, depending on how things go and what kinda deals i can find.

    im looking into the 3.5 SE with the sports option (sunroof and spoiler). the msrp for it is $26005 and the invoice comes out to $24025. from all the research i've been doing there seems to be a $1000 cash back on all altimas until the 31st of this month and a 3% apr (are these two combined, meaning i can get the 1000 back and get the low interest on the lease?). what kind of a lease am i looking at here for 36 months and 15K with no money down? from the calculations i did on the site it comes out to around ~$330 (depending on 12k vs 15k it varies up and down).

    when i go to the dealership should i try to get the price down below invoice, or is getting invoice good enough on it's own? i understand that the rebate comes off on top of the invoice, but say there was no rebate involved, should i push to get invoice or below, is that reasonable?

    basically trying to get the most for my money here, thanks for any info!

    also are there any other deals coming out for after oct 31st? wondering if i should hurry on this and try to get in on the current promotions or if something else is going to come out after this is done.
  • sdiver68sdiver68 Member Posts: 124
    Can you please detail the 36 month, 15K program for an Altima 2.5 and 3.5 SL? tier 1+ credit. Thanks again, and thank you for your past and continued help!
  • sdiver68sdiver68 Member Posts: 124
    Follup up to above post, here is the deal I've been offered:

    2006 Altima 3.5SL
    $338/month + tax - zero down
    36month/15K per year
    Residual 57%

    With splash guards, sunroof wind deflector, and full floor mat set. Includes acq fee and waived security deposit since I already lease an M45.

    I'm not complaining, but I keep running the calcs and don't see how he can offer this to me but I must be missing something, because given those variables and using .0014MF I keep coming up with $358/month. He states he is making $200 over COG (maybe including holdback???) AND including first 2 years of oil changes (up to 8!)
  • b22squaredb22squared Member Posts: 6
    hi car man,

    I'm interested in the residual values/money factors for an 06 Altimae 3.5SE automatic. 15k/mile lease and would appreciate the numbers for 36/39/48 month leases. Thanks a lot. If you need an invoice price, you could use 23k.

    By the way, is there a website where we can get updated residual values/money factors or do you rely on inside sources or use reverse calculations? Thanks again!
  • andy2812andy2812 Member Posts: 69
    Carman,

    I had posted on the Maxima board for factors but I'm still undecided as to go for the Maxima or the Altima. Can you also please provide me with the money factor and residual for November for a 2006 Altima 2.5 SL w/o Navigation for both 24 & 36 months with 15K miles per year.

    Thanks again for your help
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello andreyd. Consumers are not allowed to combine the customer cash that is currently available on the 2006 Nissan Altima with its special financing or lease programs. Also, Nissan's lease money factors (the interest rate that is used to calculate its lease payments) are different than its special finance rates. I would be happy to estimate what this car's lease payment should be like for you using its current lease program. According to my calculations, if you were to lease a 2006 Nissan Altima 3.5 SE with an MSRP of $26,005 and a selling price of $24,525 ($500 over invoice) through Nissan Motor Acceptance Corp. right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $315. I'd say that $500 over is a reasonable price for this car right now.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    I'd be happy to help you out, sdiver68. If you were to lease a 2006 Nissan Altima 2.5 S 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 .00078 and 57%, respectively. The numbers for an otherwise identical lease of a 2006 Altima 3.5 SL should be exactly the same.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Sdiver68, $200 over dealer invoice is a good deal on this car. I would be happy to calculate a lease payment on this truck using Nissan's current lease program for you so that we can compare what I come up with to the payment that you were quoted, however in order for me to do so I need you to tell me its exact MSRP and selling price.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Here's the information that you're looking for, b22squared. If you were to lease a 2006 Nissan Altima 3.5 SE through NMAC right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00078 and 55%. The numbers for an otherwise identical 39 month lease should be .00090 and 54%. The numbers for an otherwise identical 48 month lease should be .00082 and 45%. Unfortunately, I am not personally aware of any source that provides this sort of information to the general public.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hey andy2812. If you were to lease a 2006 Nissan Altima 2.5 SL through NMAC right now for 24 months with 15,000 mils per year, its buy rate lease money factor and residual value should be .00078 and 64%, respectively. The numbers for an otherwise identical 36 month lease should be .00078 and 55%.

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  • andy2812andy2812 Member Posts: 69
    Car_man

    Thanks so much for your help. It's greatly appreciated.

    One other question: On the CarsDirect website it shows a customer rebate of 1,250 on both the Altima and Maxima. Will this rebate also be available to lower the cap cost for a lease?

    Thanx
    Andy
  • globotglobot Member Posts: 2
    Car man,

    Have been reading your forums on the Acura TSX & Altima for some time and I'm ready to pull the trigger. Here are the details of the deal!

    Altima 3.5L $27,300 MSRP plus mat and splash guards and $605 destination charge. Total MSRP $28,195. I'm getting it at invoive of $26,070 less $1250 rebate. Total purchase price is $24820.

    I'm putting $2500 down and paying tax and title up front.

    Lease term is 36 months and they are giving me a residual value of $16,353. 15,000 miles per year!

    Once I strike the deal I'm turning it over to my CFO as it's going to be a company car.

    Any thoughts or insights you may have before I jump would be much appreciated

    THX
  • globotglobot Member Posts: 2
    car man,

    Can't get the $1250 rebate so cost is $26,219.

    Thx
  • otoluvaotoluva Member Posts: 196
    Just signed the papers, taking delivery Monday morning.
    06 2.5 SL dark Blue/ Blond leather, every single option Nissan offers except nav.
    Sticker $27165
    Selling price $24900
    36 month/15k miles a year $2500 down $255 a month.
    The car is for my wife and she is excided especially with the Sirius radio.
    For Folks looking to refresh their marriage, buy her a new car, trust me :)
  • carguy8532carguy8532 Member Posts: 7
    Carman,
    I'm part of the Nissan VPP program and before I go to the dealership and get hassled I want to know how low payments would be on a 06 Altima 3.5SL with a sticker price of $28,065. The invoice on the car is $25,972. VPP says I get a 2.87% deduction under invoice but have to pay a 2.5% delivery fee?.. From what I worked out the car would end up being $24606 after VPP and incentives. I want to lease the car for 24months with 15000 miles per year and put $6000 down so I have payments as low as possible. Can you let me know what ballpark I'm in here? Thanks a lot!
  • allencaliallencali Member Posts: 11
    Hi Car_Man:

    Thanks for being here, looking to lease a 06 Altima 2.5 S Special Edition package, MSRP $21500, 12000 miles/year 36 or 39 months can you please help me with residual value and money factor through Nissan Acceptance?

    Also do you know if they have any program for less mileage like 10K/year?

    Allen
  • georgiman1georgiman1 Member Posts: 2
    I was hoping someone could help me out. I'm looking to lease a 2006 SE-R that has an MSRP of $31,660 in NY. I have not negotiated a selling price yet so I was looking for some help. What is the invoice price on this car and what can I expect as a selling price/residual/money factor? I would like to lease the car for 39 months with 17,500 mi/year and about $3500 up front. What should I expect ballpark as a monthly lease payment? Thanks!!
  • czrczr Member Posts: 7
    Here is the deal we just got for a 12k miles per year lease on a 2006 2.5 S with special edition package:

    $2500 down total

    $219 a month for 39 months

    This includes all tax, tags, fees. I think this beats the advertised Nissan lease special b/c this deal includes all dealer fees, taxes, tags, etc.

    We might have done a tad better but this we were short on time and this was the FIRST dealership with only 5 hours logged on.

    Hope this helps.
  • tomflannerytomflannery Member Posts: 3
    I'd like to jump in and hope you can answer. Am considering a 36- or 39- month lease on a 2006 Altima S model. Want AC, automatic, cd as only really important "options." Have a '96 Altima now in bad shape as trade in, 150,000+ miles. Looking to put down as little as possible but keep payments to close to $200 a month. Is residual value based on MSRP (my assumption) or net capitalized cost?

    I've done all my Edmunds (and other source) research and am hoping scenario is possible. Also...what can I expect my "lease inception fees (including registration, title, tage, etc.) to be? I'm trying to have as few surprises as possible.

    Can I also expect a money factor in the .00078-00090 range and a residual value in the 55-54% range, depending upon # of months with lease?

    Thanks for anybody's response. And Happy Thanksgiving!
  • tomflannerytomflannery Member Posts: 3
    Forgot to mention....would like the 15,000 mile per year option rather than 12,000. How much more per month should the lease be?
  • tomflannerytomflannery Member Posts: 3
    I guess I should have included all my questions in one post, but one more question came up: If I do get stuck with some fees (license, tag, title, etc.), are they out of pocket when I sign the lease...or are they typically worked into the monthly payment schedule? Thanks, Tom
  • arceoarceo Member Posts: 1
    My question is this i am getting an ALtima 06 2.5 SL. This is what i saw msrp price at $25,500. But when the dealer printed some paper out it said $28,863. Then they ran my mom's credit and then me as a cosign. They came down to me paying $509.00 a month, for 40 month lease and 12,000 miles a year and i was wondering if i was getting a good deal or being taken for a ride. Thanks
  • meusemanmeuseman Member Posts: 18
    This is what i saw msrp price at $25,500. But when the dealer printed some paper out it said $28,863.

    Why would you buy a car when you don't know how much it really costs? Why does the "paper" the dealer printed say $28863? What are you paying for?

    Also, $509 per month would buy not lease a $27000 OTD car financed over 60 months(assuming 5% interest). I would suggest reading about what people are actually paying for this car on the prices paid thread. Also read all messages in this thread to see where this deal leaves you.
  • otoluvaotoluva Member Posts: 196
    Read message #24.
  • famugradfamugrad Member Posts: 6
    Hello Carman/Meuseman/arceo,

    I need help ASAP!!

    I am a recent college grad and I am trying to lease my 1st car. I just got off of the phone with a dealership, and I told them about the price you got on your lease (Post 24). I tried to use that as a bargaining, but they said that the loss would be too great. Here are the terms of the deal:

    Selling Price: $25,119
    Down Payment : $1,500
    Monthly payment: $330 (including taxes)


    This is my first time buying a car, and it is becoming a little overwhelming. I have been reading the previous posts and trying to make the best decision, but a little more help would be great. When the dealer gives me the rest of the details, I'll post immediately. Is this a good deal?? thanks for you help everyone!!
  • famugradfamugrad Member Posts: 6
    Carman

    This is exactly what the dealer emailed to me. Please let me know what you think of this deal, and ways that I can get the payment price lower. Thanks!!!!

    As we discussed, we have a 2006 Nissan Altima 2.5 SL in stack that is equipped with Satellite Radio, Splash Guards, Sun Roof, Fog Lamps, Side Curtain Air Bags and Anti-lock Brakes, Protection Package and Floor Mats.

    You can lease this car (stock # HN 6118) for $330/ month for 39 months with $1500 out of pocket. That price includes 15,000 miles per year and all fees including tax, MV, etch and documentation.
  • meusemanmeuseman Member Posts: 18
    hey famugrad,

    what is the msrp on the car? carman will need this.
  • famugradfamugrad Member Posts: 6
    The Sticker Price is: $27,185.

    Thanks for you help. What do you think about the deal so far? Do you have any tips that you could give me until carman responnds?
  • famugradfamugrad Member Posts: 6
    I also asked for the residual value and Money Factor, which are 14,679 and .001050 respectfully. Thanks for you help in advance!!
  • meusemanmeuseman Member Posts: 18
    Well looking at it, it looks really good to me. From the information you gave (MSRP 27185, Cap Cost 25119, Resisual 54%, MF .00105) Make sure that all you are putting down is the 1500 and that that money is paying things like the security deposit, the acquistion fee and the 1st. month. Don't ust the 1500 as a down payment and then have a lot more money to come up with at delivery. If the 1500 is all out of pocket you are paying at delivery, I think it is pretty good!
  • famugradfamugrad Member Posts: 6
    Thanks Meuseman...I really appriciate your input!! Any other tips that you could tell me before I go to the dealership will be appriciated. How do u know so much about cars?? experience?
  • meusemanmeuseman Member Posts: 18
    LOL!! I have been reading these boards religiously for about 3 months. You can learn a lot. My Brother-in-law is a General Sales Manager for a luxury dealership and i learn a lot from bouncing questions off of him. The last tip i can give you is that if they try to change the terms of the deal on the fly, walk away. Don't get yourself so invested in a deal that you can't bring yourself to walk away from it. Good luck with the Altima. I realy like that car!
  • famugradfamugrad Member Posts: 6
    Carman/Meuseman,

    How long does it usually take for carman to respond?

    Yea, I wish I would have found out about this board a long time ago...I have learned so much over the past couple of days, its amazing. There is also alot of basic information about leasing on leaseguide.com. It really breaksdown everything that goes into caculating lease payments.
  • b22squaredb22squared Member Posts: 6
    Hello carman,

    Could you help me determine the residual value/money factors for December and monthly payment for the following? Thanks in advance for your help!

    06 Altima 2.5S w/ Spec. Ed. Pkg.(auto) - MSRP $22,115
    Price paid before tax ($20,800) after tax ($22,250 - 7%)
    - zero down (will pay acq fee, 1st month, etc. w/ cash - security deposit waived)
    Plse provide for 36 and 39 month options
    15k miles/year
    * I qualify for $500 student prog. discount + $1,250 cash back but not sure if these can be combined w/ lease options quoted above.

    Thanks so much for your help, I'll be pulling the trigger on an Altima right around year end.
  • georgiman1georgiman1 Member Posts: 2
    Can someone take a look at post #27 and let me know what they think and what I can expect as a monthly payment? Thanks for your help!
  • shepalishepali Member Posts: 72
    carman -
    can you please tell me the December lease specials (MF and residual) for a 24 and 36 month lease with 15,000 mi/yr for a both 3.5SE and 3.5SL.
    Thanks.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Unfortunately, Andy, Nissan's normal customer cash incentives are not compatible with its special lease program. It does have special lease cash that is on a number of vehicles, but the 2006 Altima is not one of them.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi carguy8532. Did you say that you want to make a $6,000 down payment on your lease. Yikes :surprise: don't do it. 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 Altima would be exactly the same, regardless of whether you had put $6,000 down, or had made absolutely no down payment at all. You would be better off keeping that money in the bank and using it to supplement or make a number of your lease payments for you.

    Let's calculate what your lease payment will be on the car that you are interested in. According to my calculations, if you were to lease a 2006 Nissan Altima 3.5SL with an MSRP of $28,065 and a selling price of $24,606 through Nissan Motor acceptance Corp. right now for 24 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $276. That's a heck of a good lease payment for such a nice car.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    You're welcome Allen. Here's the info that you are looking for. If you were to lease a 2006 Nissan Altima S through NMAC right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00078 and 58%, respectively. The numbers for an otherwise identical 39 month lease should be .00090 and 56%, respectively. I don't believe that NMAC offers 10,000 miles per year leases on Nissan division models.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Greetings georgiman1. You can find the dealer invoice of the car that you are interested in by visiting the appropriate page in the following section of this site: Edmunds.com - New Vehicle Pricing. As far as its lease program goes, if you were to lease a 2006 Nissan Altima SE-R through Nissan Motor Acceptance Corp. right now for 39 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00090 and 53%, respectively. 15,000 miles per year is the highest mileage allowance that NMAC publishes residual values for. If you need more miles than this, you will have to purchase them on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    In your post you mentioned that you want to pay $3,500 up front. All you really have to pay at lease signing is your vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, and NMAC's $550 lease acquisition fee. You shouldn't pay any taxes or make any sort of down payment up front. 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 Altima would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi tomflannery. Vehicles' residual values are based upon a percentage of their full MSRPs, including any options that can be residualized (which in Nissan's case is any factory installed options) and the destination charge.

    At lease signing, you will have to pay your vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, NMAC's $550 lease acquisition fee, and any required state taxes or fees.

    This car's exact money factor and residual value vary depending upon how long your lease is and your mileage allowance. Let's say that you were to lease a 2006 Altima 3.5SE through NMAC right now for 36 months with 15,000 miles per year. Its buy rate lease money factor and residual value would be .00093 and 55%, respectively.

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