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Nissan Altima Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi nissan1207. The fact that you know this car's selling price is very helpful. Do you know its MSRP as well? If so, let me know and I'll tell you what I think.

    Car_man
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  • Hi Car_man,

    The MSRP was 22k, I think.
  • Thanks Carman, I do not have the exact numbers in front of me so I am going from my memory. MSRP was 28,690 the Selling price was 24,690. I was told the residual was 14k. I am picking up the vehicle today but would love to know how good or bad I did.

    Also what do you think about a 2.5 special edition and a 2 year lease with 12k per year. All the talk seems to be around a 3year lease at 15k. Can a 2year lease on this type of vehicle pay work for my daughter who would be leaving for school in 2 years? Any info you could provide would help.
  • qbrozenqbrozen Posts: 22,267
    If the MSRP was $22k and you paid $22k, then you did quite poorly, I'm sorry to say.

    '17 F150 Crew 2.7; '67 Coronet R/T; '14 Town&Country Limited; '09 LR2 HSE. 44-car history and counting!

  • biggiebiggie Posts: 4
    HI Carman, I hope you can help? A ">2006 se altima w/2.5 with a msrp of 21535, selling price quoted of 20679.LEASE FOR 36 MO,1000DOWN,and 15000@$285.24. Somerset nissan in somerville nj 08876 if this is of any help!Lookin at another dealer sat to compare $$$.I believe that there still may be some more movement.Am i wrong?Have a nice day!! rudy39
  • aphaph Posts: 4
    Are you likely to get a better % rate through NMAC (or any manufacturer's finance corp. for that matter) or an independent bank if you have a mid-level credit score ~625?
  • Any info you can provide would be appreciated.
  • tictac3tictac3 Posts: 78
    Here's the info I have:
    Term: = 3 years w/15k miles per
    MSRP = $26,855
    Selling $ = $1 over invoice
    Money Factor = .00224
    Resid = 61%
    Bank fee & first pmt = ? I'm guessing about $900
    $0 up front
  • Received a quote for a 2006 Altima SE-R
    MSRP: $32,700
    Sales Price: $29,505 (includes freight)
    Residual: 53%
    MF: .00045
    Acq. Fee - $575
    VA sales tax 4%
    36 months 12K miles/year
    no security deposit
    zero down
    1st mo. pymt at signing

    The dealer quoted $431/month. I ran these through edmunds calculator and I get $403. $28/mo. difference. Am I missing something or is it just hidden dealer profit?

    Also, the car has been on the dealer lot for a year now. Should I be skeptical about that? Can I get more of a discount too?

    Got a message from the salesman about 20 min after I left the dealer. They have some "dealer cash" suddenly and dropped to $399/mo.

    So, based on the numbers from Edmunds calculator, I'd be looking at $371/mo.

    Any insight? I need to close the deal before the end of the weekend. My current car lease is up on 8/23!!!!

    Thanks!
  • scpetescpete Posts: 5
    Host:

    I need the 24 mos. and 36 mos. money factor and residuals rates for a 2006 ALtima S SE for the So Cal market for the highest credit rating.
  • scpetescpete Posts: 5
    Also what rebates are available on leases. A local dealer told me that only the $500 rebate is available on a 24 or 36 month lease not the $1750.
  • Hi nissan1207. I'm a little confused. In your first post you states that this car's selling price was around $22,000. Now you are saying that its MSRP was $22,000. Are you saying that the selling price and MSRP were the same? I doubt that this is the case, but if it is then this is not a very good deal. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Furthermore, Nissan is providing $500 lease cash on the 2006 Altima right now. I suspect that you will be able to negotiate a selling price that is fairly close to dealer invoice on this car.

    Car_man
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  • Thanks for the additional information, teddyteddy. A base 2006 Nissan Altima 3.5 SL has a spread of slightly over $2,000 between its full MSRP and dealer invoice price. Plus Nissan is providing $500 lease cash on all 2006 Altimas right now. As you can see, the $4,000 discount that you were given on this car is an excellent price. Using the prices that you mentioned in your post and Nissan's actual lease program, I estimate that this car should have a 39 month, 12,000 mile per year zero down, pre-tax monthly payment of around $271. Something is not right about the paymen that you were quoted, even if it does include sales tax. Even if I add Nissan's acquisition fee into this car's capitalized cost and waive its security deposit, its monthly payment only increases to $291.

    Nissan's two year lease program on the 2006 Altima is actually very attractive right now. There's nothing wrong with entering into a two year lease on one.

    Car_man
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  • Hello rudy39. I think that you can do better than the selling price that you mentioned. If I was in the market for this car, I personally would shoot for at least another $500 off of its selling price if not slightly more.

    Car_man
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  • That is a very good question, aph. I am not sure exactly what NMAC's lease program is like for consumers with credit scores in the low 600's. If I had to make an educated guess, I would say that you are probably still better off leasing this car through NMAC instead of an independent bank.

    Car_man
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  • Hi mbartels11. I just calculated a 36 month lease payment on this car using the information that you provided in your post, an MSRP of $32,700, a selling price of $29,505, a money factor of .00045, and a residual value of 53% and I came up with a zero down, pre-tax monthly payment of $360. If you opt to have your car's security deposit waived, it would increase the money factor that is used to calculate its monthly payment by .00015 and the payment for an otherwise identical lease to $367. Adding NMAC's $550 acquisition fee to your car's capitalized cost instead of paying it at lease signing would further increase this car's payment to $382.

    You shouldn't really be skeptical that this car has been on the dealer's lot for a while. You are getting it for a pretty good price, I would not be surprised if you were able to get a slightly better one given how long this car has been on the dealer's lot but I would not expect any dramatic changes.

    Car_man
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  • Here you go, scpete. Through September 5th, Nissan Motor Acceptance Corp.'s buy rate lease money factor and residual value for a 24 month lease of a 2006 Altima 2.5S with 15,000 miles per year are .00045 and 63%, respectively. The numbers for an otherwise identical 36 month lease are .00045 and 53%. When negotiating your lease of this car' don't forget about the $500 lease cash that Nissan is currently providing on it. This cash will help you to negotiate an attractive capitalized cost.

    Car_man
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  • The information that you were given is correct, scpete. Nissan's normal customer cash incentives are not compatible with leases through Nissan Motor Acceptance Corp. Nissan is providing a $500 lease cash incentive on the 2006 Altima right now.

    Car_man
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  • I am getting ready to sign a 24 month lease on a 2006 2.5S. I am entitled to the friends and family discount, which gets you the car for just a bit less than invoice. The dealership is acting like because I have the fandf discount, that all of the other lease points are non-negotiable. Is that standard? My sales price is right around $20K, my MSRP is around $22K, I am getting the $500 lease cash, my money factor is around .00045 and my residual is either .63 or .64, the last two depending upon the options. Brings my monthly to around $300-$330, depending upon exactly what options I want. Should I push the dealer to move on these numbers, or am I in good shape?
  • apz29apz29 Posts: 1
    I noticed on the nissan website a lease deal for the 2.5S SE for 36mon/36k $199/month and $2639 down. First, I qualify for their $500 graduate discount, can I factor that into the down payment? Second, I have a '00 volvo s40 to trade in, but I was planning on selling to carmax for cash (hopefully $5k or more) and using the cash for the down payment and several lease payments, does this make sense or is there a better way to go?
  • Hi altima11. The only really negotiable aspect of leased vehicles is their selling price. You have already assured yourself of getting a good price on this car, so you don't have to worry about that. The other main aspect of leases that dealers try to make money on is vehicles' money factors. Dealers are often allowed to mark vehicles' money factors up to add additional hidden profit to deals. Fortunately, the factor that you were quoted is right in line with Nissan's current buy rate for this car. So basically, this Altima lease is not negotiable, but it is a good deal.

    Car_man
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  • Hi apz29. While most manufacturers' advertised lease payments have some sort of down payment to make their monthly payments look more attractive, it is actually in your best interest as a consumer not to make any down payment at all when leasing. I always advise consumers not to make any sort od capitalized cost reduction when leasing vehicles. The main reason why I do so is because if your leased vehicle is totaled in an accident or never recovered, your down payment essentially disappears. Your best bet would be to lease this car with no down payment and to use the $500 college grad cash to negotiate as low a selling price as possible or to pay the $550 acquisition fee that Nissan Motor Acceptance Corp. charges on every vehicle that it leases. Selling your current car to CarMax is a good idea. You can then use then proceeds from it to make several of your lease payments or better yet, invest it.

    Car_man
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  • Hello
    I just leased 2006 Altima 2.5S for 36 months NOT RECALLED
    i paid $650 out of pocket including 1st month payment and my monthly payments are $247.50 Dealers that i went to before kept calling me to see if I bought i car already. When i tell them yes they ask me how much. When I tell them how much I'm paying a month they tell me its very very very unrealistic. It got me worried a little. Does 247.5 a month seems unrealistic? I just want to make sure there wont be any charges in the future
    thank you
  • I just got off the phone with the nissan sales guy that I'm currently trying to make a deal with. The deal that looks like will get approved is a 2.5S with convenience package. It will be a 39 month lease (12k miles a yr) for $320 a month with no money down. But, he said i have to pay $1500 for registration, title, etc. Is this a good deal? or am i getting played? When i went into the dealership on saturday, the residual value they quoted me was 61% and the money rate was 0.002917.
  • Here is my deal(signed Nov,9th) ,
    I qualified for all rebates($1500), discounts($1000 + $?) ,inicetives( $1000 +$? ), loyalty customer program($?), easy deal no hassle - dealt with a general manager.
    Altima2.5S SpecialEdition with aluminum wheels(last one there), AutoMate, and etc. (sticker price over $23000),no demo vehicle-ODO with only 41 miles.

    24mon. 15k miles/year , 0 down, $278/mon. with tax (for my zip %7.4), also free maintenance - SWEET.
    I believe my residual value is %62 or %61 but I'm sure I qualifed for 0.00033 money factor(less then %1 APR) through Nissan Motor Acceptance Corporation (NMAC).
  • Do you guys(carman) think a base models 2.5s automatic with next to no options is a good deal for $259 a month 12k a year 39 months with zero down????
  • Hi plohish1. It sounds to me as though this is just sour grapes on the part of the salespeople who are following up with you. It is highly unlikely that the dealer you got your car from will attempt to change the terms of your lease in the future. If you would like, I can give you a thorough analysis if your deal. However, in order for me to do so I need you to provide me with your car's full MSRP, selling price, and mileage allowance.

    Car_man
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  • Hi simon76. 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 of this deal if you let me know what these numbers are.

    Car_man
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  • Greetings aceonthebeach3. 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 of this deal if you let me know what these numbers are.

    Car_man
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  • Hi Carman,

    Do you happen to have any info on the current lease programs available on the '07 Models. I'm looking at either a 3.5 SE or SL, 15k/year, 36 Months. Any info you can provide would be much appreciated.

    Thanks!
This discussion has been closed.