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Nissan Altima Lease Questions



  • carzcarz Posts: 24
    I am looking at the same exact same car with convenience, premium package, mats and kick plate. I so far have a lease price of $349.00 p/m with first months payment due at signing. Lease is for 39 months, 12,000 p/year.
  • carzcarz Posts: 24
    Here is what I have from a dealer in the NYC area. MF.000167 and residual 55%. This is for a 2010 Altima Coupe 2.5S with 12,000 mile lease.
  • pumpkinpiepumpkinpie Posts: 1
    edited June 2010
    I put $1500 down and will pay $215/mo for 39 months (includes 7% tax) - also have to pay MV fees ~$400. I also traded in my crappy 2002 altima with 89K and got $3500 for it, which was more than I expected. Does this sound like a good deal or not?
  • jao6304jao6304 Posts: 7
    I'm currently in a lease on a 2008 Altima. Love the car, but I am going to exceed my mileage (job change increased my commute). I'll approach my mileage about 8 months prior to lease termination. So,
    - Does Nissan offer an early lease termination program, assuming I'm going to lease or buy another Nissan?
    - If so, is there a time limit for the program, i.e. is it available only within something like 6 months of lease termination?
    - What other details would apply in this situation (I assume the car is owned currently by NMAC and the dealer would pay off the lease and then try to sell the car? If so, what is the payoff amount - remaining payments plus residual?).

  • victor23victor23 Posts: 201
    Probably, they've tried to bait you with too good a trade-in. It seems to me you actually gave away your old car. The deal looks fair only if no trade-in is involved.
  • victor23victor23 Posts: 201
    You better call NMAC directly and ask. There is a chance you can pay off anytime without fines, especially if you are buying another Nissan (I don't really know, but that is what Honda does, I think). In this case, yes, you can trade it in, even though it is owned by NMAC (dealers routinely do this). If it isn't worth the payoff (which is quite probably), you'll carry some negative equity which still may be better than excessive mileage fees. Payoff amount may be obtained at the NMAC customer service, and it may be a bit less than residual plus remaining payments (minus interest you would pay if carrying the lease to maturity).
  • tywebb1973tywebb1973 Posts: 77
    Looking at leasing a 2010 Altima SV with V6, fully loaded. MSRP around $31000+.

    What are the MF and residuals for 36 or 39 month lease with 12,000 miles a year?

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for, John. Mercedes-Benz Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Altima Sedan 2.5 SL with 12,000 miles per year are .00130 and 59%, respectively for consumers who qualify for its top credit tier. I'm not sure if NMAC offers leases with only 10,000 miles per year on Nissan division vehicles, but if it does its residual values for 10k leases are likely 1% higher.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, codt. The car that you described probably has a spread of around $2,200 between its full MSRP and its dealer invoice price. If we add the $500 dealer cash to that, we're talking about a total of around $2,700. I will use that figure to come up with an estimated dealer invoice price for this car. You can look up its exact invoice price over in the New Vehicle Pricing section of

    According to my calculations, if you were to lease a 2010 Nissan Altima 3.5 Coupe SR with an automatic transmission that has an MSRP of $28,630 and a selling price of 25,930 plus $3,000 in negative equity (if your allowed to roll that much into the deal) through NMAC right now for 39 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $427 assuming that you qualify for its top credit tier.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for, jcw15. Nissan Motor Acceptance Corp.'s June buy rate lease money factor and residual value for a 36 month lease of a 2010 Altima Coupe 2.5 S with 12,000 miles per year are .00167 and 56%, respectively assuming that you qualify for its top credit tier.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tywebb1973. NMAC's June buy rate lease money factor and residual value for a 36 month lease of a 2010 Altima Sedan 3.5 SR with 12,000 miles per year are .00130 and 58%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical 39 month lease are .00130 and 57%.

    Prices Paid: Buying & Leasing Experiences Forum
  • Does NMAC still offer the $500 Excess Wear and $1000 Loyalty rebate for hopping out of a G35 Lease and into an Altima lease. Im looking to get a lower monthly payment.
  • heldicusheldicus Posts: 4
    Just wanted to share my numbers since I benefited from the info in this forum. I just leased a 2010 Altima 2.5 SL +premium +tech +spoiler +fogs +kick plates. 36 months, 12000 miles. RV 59%, money factor 0.0013. MSRP $30,960. Edmunds gave me the invoice price of $28,222, and I talked the dealer down to $28,500 before a $500 rebate for recent grad status. I wrote a check for $739 including first payment and bank fees. NMAC includes gap insurance as part of their lease contract. I have 35 payments of $376 remaining.
  • jon625jon625 Posts: 2
    Hopefully Car_Man can help on this one.

    I leased a 2008 Altima 2.5SL in late 2007 with 15k miles/year allowed. The lease period is up in December and it appears I will be about 25k miles over my allotted miles (penalty of about $0.15/mile over, or about $3,700). In thinking of my next move, I could either:
    -Buy the Altima at the residual price of $16,000.
    -Buy a new Nissan...I would buy a new Sentra this time around.
    -Turn the Altima in, pay the fees, and buy a decent pre-owned Sentra, maybe circa 2008, for about $12,000.

    What I would hope (and this is where your opinion/experience could really help) is that by buying a new Sentra that I could get the mileage overage charges wiped clean. Based on doing car cost estimates, the type of Sentra that I would want would have an invoice price of about $17,500. I of course wouldn't have to pay any overage fees on the altima if I simply purchased the Altima at the end of the lease. Since the prices are pretty close ($16,000 to buy the Altima or about $17,500 to buy the Sentra) I would rather have the car without all the miles on it. In anyone's experience, does Nissan have pretty good willingness to wipe out these potential charges if you end up buying a new car at trade-in time?

    Thoughts? Or is there another alternative you know of?
  • carzcarz Posts: 24
    I am driving a leased 2007 Maxima SE fully loaded with 3 months remaining on my lease at $409.00 p/m. NMAC has a program called Pull Ahead. They will waive the last 3 lease payments if you are willing to re-up to a 2010 lease or buy. I needed to reduce my car payments if possible by $100 p/m due to economic conditions. I decided to look at the Coupe. I know, a big torque V6 to a V4 but that is ok. I will now get much better mpg and use regular gas. I have been shopping the coupe all over Queens and Long Island, New York.

    I originally got a quote for the 2.5S Coupe back on 5/22 for $349.00, 39 mon, 12,000 miles from a dealer in Queens, NY. All fees and taxes rolled into the payment, just have to make first payment $349.00 down. The MF.00167 and Residual 54% were the rates used for this quote. I did not do the deal as I need to get to 3 remaining payments. I would had to add the payments into the lease. I am now down to 3.

    I got a call yesterday from the dealer to come back for their July 4th sale so I went to see what the sale is. I was now given a rate for the same exact car of $329.00 + $329.00 down (all fees and taxes rolled in) NMAC waives the last 3 payments. The car is equipped with:

    Convenience Pkg
    Premium Pkg
    Kick Plates
    Floor Mats

    I believe this is a great deal and will decided today what I am going to do.
  • djjp100djjp100 Posts: 6
    Went in yesterday to negotiate a lease deal on a 2010 Altima 2.5SL with premium audio and floor mats, terms were 39mos 12,000K. I'm in New York so 8.875 Sales tax. He told me the residual value was 57% (which seemed low) and a money factor of .0012. The MSRP was $28,100. I was putting $2,000 down (actually $1500 and $500 for my trade-in 1997 Pathfinder LE). I came up with a figure around $250 a month. The dealer would not budge off $290. Am I nuts or does that seem a bit high to anyone else? The way I saw it the only way he could come up with $290 is by giving me the MSRP. When I told him that and that I wanted to start over and re-negotiate the price, he refused and told me I was nuts! He told me it was a "straight" deal...whatever that means! Then I asked him to go over the math with me step by step so I could see how he got that number (and where I may have gone wrong) and again, he refused. He told me and I quote "it would be an exercise in futility" and that I had "no clue" what I was doing, then he basically got up and left. Now there's a site you don't see everyday! If I had to guess, he looked like he wanted to punch me and I was kind of praying he did. Not only because he wasn't that big a guy but because I've taken a few lumps in my day and would have taken one on the chin yesterday just to walk out of there with a fully loaded Altima for $200 a month, lol. I can't honestly say I was completely in the right as I raised my voice a few times as well (only after he did first, lol) but apparently it was enough to cause a commotion in the dealership. To tell you the truth after a month of negotiating with these bleep-bleeps, the fact that I was able to ruffle this guys feathers a little bit...I have to say, felt kinda nice. =) On a side note, I feel like I have a pretty good grasp of leasing and calculating payments. I would like to think I represented the knowledgeable buyers well and would hate to think I did something wrong in my calculations or figuring that led to this outcome. So please, with a cherry on top, can someone please confirm that I am or am not nuts! (when it comes to leasing that is, lol) Thank you.
  • delta737hdelta737h Posts: 606
    edited July 2010

    You may be a few sandwiches shy of a full picnic (lol)... just kidding!

    More than likely, the salesperson is not sophisticated enough to guide you through all the calculations. This is not uncommon among dealship personnel. They rely on computers and pushing keys and that's about the extent of their knowledge. Sad, but true.

    I can't confirm whether or not the dealer's payment of $290 is excessive or not. Here's why...

    Three items are missing...

    (1) I have no clue whether or not the $290 payment includes NY taxes as you did not provide this information. NY computes taxes on the sum of the payments and they are due and payable upfront. However, they can be capped in the lease where the fund provider pays the tax upfront on your behalf.

    (2) You did not indicate the selling price of the vehicle.

    (3) You didn't itemize the items being paid upfront. For instance, are you paying all or a portion of the taxes upfront? Are you paying tax on the $1,500 cash cap reduction upfront? What about the doc fee and acquistion fee? Are you paying those upfront as well?

    If you have more information, let me know and I will provide accurate calculations inluding payment, taxes, etc.

  • djjp100djjp100 Posts: 6

    He told me the down payment covered the taxes. According to him the selling price of the vehicle was $26,000 on the nose. I don't think I'm paying tax on a down payment...that doesn't sound right. And even if I was that's only another $133. All fees were included.

    On a side note I find it interesting how Nissan advertises $2000 total savings yet whether you are buying or leasing the most you can get is $1500. I was getting $1000 in rebates from Nissan.

    Thanks, JP
  • delta737hdelta737h Posts: 606
    edited July 2010

    You haven't provided all the information I need. What about the amounts you're paying upfront? Doc fee and acquisition fee? Down payment means the same thing as cap reduction and doesn't include items paid upfront unless they're applied directly toward reducing the sell price.

    The best way for me to analyze your deal is for you to ask the dealer for their lease worksheet. That will speak volumes and tell me everything I want to know. Otherwise, we're guessing. If you like, you can email it to me at

    However, based on what you've provided, I get a lease payment of $252.71 excluding both tax and the NFS $595 acquisition fee. If I include only taxes, I get $282.05. If I include both taxes and the $595 acquisition fee, I get a lease payment $299.65.

    Please let me share with you the biggest mistake people make when leasing and that is failure to educate themselves. An educated consumer will never allow a dealer to "run the numbers" or "control the deal". For what it's worth, this is what I do...

    1st. I do research regarding residual factors, money factor (I always use the buy rate), learn applicable incentives, and establish a competitive selling price.

    2nd. I create a one-page lease proposal with all pertinent data including a description of the vehicle, MSRP, sell price, amounts capitalized (e.g., taxes, acq. fee, etc), cap reductions (e.g., trade, cash down, etc), money factor, residual factor, residual value, term, taxable payment, lease payment, amounts due up front (itemized), contract provisions (gap insurance, excess mileage charge, applicable disposition/purchase option fees).

    3rd. I Fax/email the proposal to the dealer and negotiate via phone/email from the comfort of my home/office with my laptop excel spreadsheet lease program fired up and ready to rumble! The only thing I'm likely to negotiate is the sell price and that only requires a few keystrokes on my laptop.And, bing bang, boom you're done!

    The key (no pun intended) is that you must control the deal. Never ever allow a dealer to control the deal. Trying to figure out the dealer's numbers is often a pointless exercise and, frankly, a waste of time. These people often lie or simply don't know what the hell they're talking about. Allowing the dealer to control will only end up costing you money. A one-page lease proposal speaks volumes about you... it sends the message that you know what you're talking about and you know and understand leasing. That quickly puts the dealer in their place, and so; they're not at all inclined to play games. This suggests that the biggest advantage of a lease proposal is that it saves time, money, and aggravation.

    However, if you agree to allow the dealer to "run the numbers", ALWAYS ask them for their LEASE WORKSHEET. If they refuse to give you a copy, WALK AWAY!

    Hope this helps.

  • djjp100djjp100 Posts: 6

    OK I see what you're driving at. You're right, I didn't do enough homework and that's probably why I got the outcome I did. To be honest, you say do research on the residual value, factor, money factor, buy rate, but the reality is those are some of the hardest numbers to find online. Especially for your exact make, options and current time frame to buy. That's actually been one of my biggest stumbling blocks because up until now I've had to use the figures I see Car Man giving people in this forum. I am not a member of ALG either so I would love to know (if you could) where you get these figures so I could better inform myself of these values and not have to take the dealers word for it.

    As far as my situation goes I think the biggest mistake I made was not negotiating a starting selling price without telling them my intention to buy or lease and the fact that I had a trade-in. Obviously, I learned my lesson and will not make the same mistake twice.

    I'm going to start anew and also try your lease proposal. The difference is now I see how much more information I need than just the basics so let me get back to you on all of this. I'm going toi try a few new dealers but hopefully I can still get that worksheet from the first dealer (if he gives it to me).

    Thanks again for your help and hopefully soon I'll have an update. I wanted to nail this deal down before the 6th of July because of the rebates but it looks like that may be tough. I'll let ya know.

  • delta737hdelta737h Posts: 606
    edited July 2010

    Actually, I get my data from car_man right here at Another source I've used is...

    Just register and click on the manufacturer auto lease rates forum and ask Tarry Shebesta for the rates and he'll be happy to provide them. But, you're right, this information is not publicly available like loan or mortgage rates. The lobbyists in Washington DC have blocked any effort to disclose them. I guess it's human nature to place selfish greed above the greater good and I find that appalling and despicable.

    I never ever take the dealer's word for anything. In fact, you can go to three dealers and ask for the same information and the chances are astronomically high that you'll get three different answers. Either one or more are lying or they're incompetent. Any way you cut it, it doesn't bode well for them.

    Here's the basic format I use for my lease proposals...

    MSRP 2011Honda Pilot LX Automatic…… 28,755.00

    Selling Price.........................................… 26,450.92

    Amounts Financed (Capitalized)
    AHFC Acquisition Fee….......……………… 595.00
    NY Sales Tax 8.875%...………………...…… 1,248.73

    Capitalized Costs
    Gross Capitalized Cost…………………..…. 28,294.65
    Capitalized Cost Reduction…………..……. 0.00
    Adjusted Capitalized Cost…………………… 28,294.65

    Residual Data
    Residual Factor…………………………….. 0.59
    Residual Value (Residual Factor × MSRP)… 16,965.45

    Cost of Money/Term
    Money Factor……………………............………. 0.00173
    Term (months)…………………………………. 36

    Monthly Lease Payment……………………. 393.00

    Estimated Charges Payable at Lease Origination
    Documentation Fee………………………..... 75.00
    Government Fees…………………………….. 217.50
    Amount Due at Lease Signing…………….… 292.50

    Fund Provider: AHFC
    GAP Coverage: Included
    Annual Mileage Allowance: 12k
    Disposition Fee: None
    Excess Mileage Charge: $0.15 per mile

    NOTE: Monthly Payment = MF x (Adj Cap + Res Val) + (Adj Cap - Res Val) / Term

    You might want to put your proposal on your letter head and Fax/email it to the dealer. This will save time, money, and aggravation.

    Questions? Please let me know.

  • delta737hdelta737h Posts: 606

    I received your email but there was no message or attachment. You may want to try re-sending.

  • cimicimi Posts: 2
    I'm just finding this forum, better late than never, and am wondering if this sounds like a good deal. Leasing a 2010 2.5S with $1964 due at signing, not exactly sure what that number is comprised of, taxes, etc. and then $295/39 months/12k miles per year. Also, I'm turning in a leased Altima 12 months early that I'm paying $274/month. There's 35,000 miles on the Altima going back so I'm thinking that one more year would put me way over on mileage and I'd have lots of fees and hassles then.

    Thanks in advance for yourhelp.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jon625. I'm sorry to hear that you are so far over your vehicle's mileage allowance. Unfortunately, Nissan will not waive your excess mileage penalty if you buy a new Sentra.

    Probably, the only way that you will be able to avoid paying this penalty would be if you were to purchase your Altima at lease-end.

    Prices Paid: Buying & Leasing Experiences Forum
  • 2gr8girls2gr8girls Posts: 1
    We just inked a good deal/lease for 2010 Altima 2.5SL on L.I., fully loaded (convenience, convenience plus, prem audio & tech pkgs) for $270/mo 12K mile 39 month lease. $3K total out-of-pocket, includes taxes and fees except DMV.
  • wawzj619wawzj619 Posts: 33
    Hi Car_man,

    I'm thinking about to lease a Altima Coupe 2.5S with convenience package. Do you have any information about the money factor and residual percentage of this car?

    Thanks for your help :P
  • nissanamernissanamer Posts: 1
    edited July 2010
    Hi and thanks in advance, Car_man.

    We were in a Nissan dealership in Cincinnati and we were offered this deal:

    2.5 S with 2.5 SL Package
    * Splash Guards
    * Premium Audio Package
    * Convenience Package
    * Convenience Plus Package
    * 2.5 SL Package

    39 months/15K miles, $2000 due at signing, $349/month out the door.

    $15000 to buy at the end of the lease, I believe.

    Is that payment too high?

  • hvnhvn Posts: 2

    Using your numbers (in your ex.) I come up with a monthly payment of $316.87.

    "NOTE: Monthly Payment = MF x (Adj Cap + Res Val) + (Adj Cap - Res Val) / Term"

    Did you typo or do I need to go back to basic math skills school.

    (please be kind)
  • delta737hdelta737h Posts: 606

    Your formula is correct but, when I plug in the following numbers in my example,...

    Adjusted Capitalized Cost…………………… 28,294.65
    Residual Factor…………………………….. 0.59
    Residual Value (Residual Factor × MSRP)… 16,965.45
    Money Factor……………………............………. 0.00173
    Term (months)…………………………………. 36
    Monthly Lease Payment……………………. 393.00

    I get...

    P = 0.00173 x (28,294.65 + 16,965.45) + (28,294.65 - 16,965.45) / 36
    = 393.00

    I'm sure your math skills are just fine. I make more mistakes than I care to admit. Thanks for checking my calculations.

  • hvnhvn Posts: 2
    edited July 2010
    Now I got it!
    You might get a laugh to know that out of 10 salesmen that I have delt with over the last few days, not one knew how to figure out a lease with out a computer.
    It was VERY useful to run the numbers right in front of my salesmen and to show them how it works.
    I leased @ 15 k miles per year, a nice Altima 2.5S with an adjusted cap of 21060, Residual Value of 12 thousand odd, a MF of .00112 (!?!!!?) over 39 months from Nissan credit (tier 1.)
    265 a month and 265 down (first payment.) Everything else went into the lease (tax,lic,doc etc. etc.)

    You, car_man and Edmunds saved me a LOT of $$$.

    Thanks all!!!

    The only thing I did not like was the Nissan lease eContract that seemed to say that I had to pay $1400 (or so) at the signing of the lease. Even though I was not paying it and the dealer was paying it (with Nissan Corp incentives.)

    At least that was how the finance manager explained it...

    I hope I will not be getting a bill for $1400 in the mail...

    I only gave them $265 and drove the car home...
    Am I ok?

This discussion has been closed.