Nissan Altima Lease Questions

CarMan@Edmunds

Hello garbou. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Altima 2.5 S with 12,000 miles per year are .00221 and 59%, respectively. NMAC charges a $550 acquisition fee on every vehicle that it leases. Nissan charges a security deposit equivalent to vehicles' monthly payments rounded up to the nearest $25 increment at lease signing as well. It will waive this deposit in exchange for an increase of .00015 in your vehicle's money factor. Sometimes Nissan runs a special program that waives its security deposit requirement for free on select models, but I am not sure if this sort of a program is available on the Altima right now.

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CarMan@Edmunds

Hey andyhiggs. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Altima 2.5S with 15,000 miles per year are .00221 and 59%, respectively. The numbers for an otherwise identical lease of an '07 Altima 2.5SL are .00221 and 57%. If you were to lease either of these cars with only 12,000 miles per year, their residual values would be 1% higher.

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CarMan@Edmunds

Hi bolek. This car's lease program varies by term. For now I will assume that you are interested in a 36 month lease. Let me know if you want something different. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Altima 3.5 SL with 12,000 miles per year are .00221 and 57%, respectively. The numbers for an otherwise identical lease of a 2007 Nissan Altima Hybrid are .00259 and 56%.

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CarMan@Edmunds

Hey bolek. NMAC's money factor for a 39 month lease of the 2007 Altima 3.5 SL is actually a little worse than its 36 month factor, but the three additional months will probably make the monthly payment for a 39 month lease slightly lower than it would be for a 36 month lease. NMAC's current 39 month, 12,000 mile per year buy rate lease money factor and residual value for this car are .00249 and 56%. I've never seen a NMAC lease of a Nissan with only 10,000 miles per year. I'm not sure that it offers leases with that low a mileage allowance. The numbers for a 39 month, 12k lease of an '07 Altima Hybrid are .00255 and 55%.

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CarMan@Edmunds

Hi garbou. Dealer invoice is a good price for a 2007 Nissan Altima. The money factor that you were quoted is a little high though. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Altima 2.5 S with 12,000 miles per year are .00221 and 60%, respectively. Make sure that the dealer that you are working with uses this factor to calculate your car's monthly payment and you're in business. Despite the fact that this is a good deal for this car right now, as others have mentioned a number of other cars are much better deals than the Altima right now. If I was in the market for a new vehicle, I personally would not lease an Altima until Nissan increases its lease support on it.

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dkbrmd

I just wanted to see how much is Nissan Altima lease is.

And I realized that it is suggested "in NY ... $400.00 lease for the 3.5SL as is and up to $440.00 for added features".

I leased 2005 Acura MDX for $435 including taxes and fees">. Why would you want to lease a Nissan Altima for $400?<img src="

CarMan@Edmunds

Hi dpanda. The money factor that you were quoted is right in line with Nissan Motor acceptance Corp.'s buy rate for a 36 month lease of a 2007 Altima 3.5 SE. The residual value is correct as well. As far as pricing goes, the car that you described has a spread of around $3,000 between its full MSRP and its dealer invoice price. The $2,548 discount that you were quoted looks pretty good to me. If you like the car, I personally don't see any reason not to proceed with this deal. I just double checked the payment that you were quoted using the numbers that you provided in your post and I also came up with $402 per month.

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mc077

We are currently negotiating a lease on a 2007 3.5 SL Altima with 2 local Southern California dealerships. Both dealerships offered to "waive" our security deposit because of our good credit rating. At some point when crunching numbers we noticed a discrepancy on the money factor in the lease. They explained that many people opt to increase the money factor by .00015 rather than putting down the security deposit. The assumption was that the security deposit was capitalized over the 39 months. Our money factor for a 39 month lease was .00249, with a residual of 56% 12k miles. This increase brought the money factor to .00264. With more thought on this one, it occurred to me that their generous "waiving" of the security deposit and increase of the money factor now means this deposit goes "poof" and we will never see the money back that the increase in money factor adds to our lease payments. We suspect this is a scam and I was just was curious if anyone else had this experience with dealerships. We are in the process of having the car transported and the dealership will be preparing the paperwork tomorrow, so any feedback would be appreciated.

kyfdx

It isn't a scam, but it was a mischaracterization of the process by your dealer..

If they were really waiving the deposit, because of your good credit, there wouldn't be any adjustment in the money factor. The .00015 MF bump is the standard increase for someone who wishes to waive the deposit, and as you correctly calculated, this will raise your payment.

I doubt the dealer benefits from this transaction (minimally, if they do), but they probably see less resistance to price, when a customer doesn't have to make a security deposit.

It would be in your financial interest to make the deposit, and have them use the lower money factor.

regards,
kyfdx

pleaman

I'm also in the market for a 2007 Altima 2.5S with 15k miles, and convience package.

Are there web sites or forums that perhaps give some guidance or tip-off about possible cash back to dealer/customer or lease supports for the upcoming month? If money is forthcoming in April, I'll wait. Thanks!

David

goofy1972

Offered Lease-36 months-Horsham, Pennsylvania- 2007 Nissan Altima 2.5 S-4 cyl- auto trans with fog lights and mats-no additional packages. Orig msrp- $21835.00, Base Invoice: 20,324.00, Vehicle Price: $19,800.00, Acq Fee- $595.00, Gross Cap Cost: 20395.00, Net Cap Cost: 19375.57 - Lease Monthly Payment: $265.32 with $1500.00 down? I have no clue where they got the Cash Reductions fee of $1019.43, hidden costs in there? Don't know if I got a good deal?

mc077

Thanks for the response... I think that using the statement "We'll WAIVE your security deposit because of your good credit" may not be classified as a scam, but it is at the very least very misleading. It is not WAIVING it if you are then charged with an increase in money factor. Especially when they don't disclose the increase in conjunction with the statement.

Thanks for your advice. I called the dealer and insisted that I will put the security deposit down in cash at signing and I wish to have my money factor lowered accordingly. Is there a standard amount that the security deposit should be? One dealer quoted us $2000 and the other $500. I think I prefer the $500 ;-)

Just curious...

kyfdx

It is your monthly payment rounded up to the next $25 or $50 increment (not sure which amount Nissan uses). It is set by Nissan Finance.

You are correct, I think... Definitely not a truthful way to describe the waiver..

ferreiror83

Was just quoted $397 15k per year for 39 months...Zero out of pocket all fees including tax, title and reg. rolled into payment...The car is loaded with everything except a spoiler...Do you think this is a good deal?

lili1

Car_Man

After next Monday and we will be into April - do you expect any change to the MF and Res. % on a 3.5SE 36 months 12000 or 15000 ml per year.

I agree the Nissan MF is way H I G H and in a no incentive environment, this ALtima is simply not flooding the market and I expect Nissan to have to do something gradually.

lili1

Car_man:

I forgot what happen to my last lease.

Is the Security Deposit 'refundable', that is. it can be applied towards the last payment on the lease or it is money already given to Nissan unconditionally?

lili1

I can answer my own question now. Checked my record. Yes, it is.

eace2063

That sounds about right. I was quoted $400.00 per month for a fully loaded 2.5SL. Please make sure it includes the bank fees of $550.00 if leasing through NMAC or as high as $795.00 if leasing through another finance company.

Also I was told there was not much difference in the 36 month lease. It was only a few dollars more like $5.00 more. If that is the case opt of the 36 month so that you will be fully protected under warranteed. If you lease for 39 months you are on the hook for 3 months without the full warranteed.

Good Luck!

E-man

milehigh5000

i got an offer of 394 with 2500 down for a 2007 altima 3.5 SE fully loaded including navigation from acme nissan in south brunswick, nj

poehls

Today I tried to trade in my 05' Altima 3.5 SL (fully loaded, except for navigation system) for an 07' Altima 2.5 S. The 05' lease is up in June (2 payments left at $319 with $395 termination fee). I asked the dealership to take over the lease, paying the 2 remaining payments and the termination fee and I do not want to put money down. They quoted me a $378/mo lease payment (at $22,000+ invoice price) with a $775 1st mo./security deposit that supposedly cannot be waived. Does that seem right? I'm a grad student trying to find the most cost effective way to deal with my lease...

lili1

Car_Man

What is the April MF and Res. % on a 3.5SE 36 months 12000 and 15000 ml per year? thanks.

coloniss

I was just offered the following using carsdirect.com and I am in Colorado..can someone please make sure my calculations are correct because I have a different number than the dealership for my base monthly rent. This is for a 3.5se technology package with an emergency kit, 36 month, 12000 mi:

MSRP-31825.00
INITIAL CAP COST-28963.00
ADJUSTED CAP COST-29558.00
RESIDUAL-60%
MONEY FACTOR-.00247

All I would owe to drive off is first months payment and a doc fee of 506.70. The doc fee seems a little high to me but I am happy with the other numbers. The only problem is when I use the numbers above, I come up with a payment(excluding taxes) of 380.81 and the dealer is quoting 410.81(excluding taxes) which is exactly 30 dollars more than my calculation...seems kind of strange.

Thanks all.

dpanda

Does anyone have the updated April Money Factor and Residual % for a 2.5 SL??

Would it make sense that I was quoted a cheaper price for a 3.5 SE in March, which was about $3,000 more than a 2.5 SL in April, just a month later...??

Thanks!

iacsmam

I live in Iowa, am a soon to be recent college grad, and was wondering if anybody could help me on approximately how much it would cost to lease a 2.5 Altima SL and what the current lease program is. I am going to a few dealerships this weekend and wanted to do some 'research' before I go.

Any help would be great!
Thanks

lili1

W/ Nissan lease, lease drawn with Nissan and the system uses are tied into Nissan. Nissan dictates and fixes the money factory ('interest rate') used to calculate your lease amount for each of the several combinations of number of months and the miles allowed per year. The dealer is not supposed to be able to play with them. Nissan also fixes the residual value %(as % of the MSRP). So you have three things fixed. Everyone pays the $550. They will judge whether you also have to leave w/ them the last month payment which is refundable at the end of the leave. The tax, title, license are fixed calcualtions. (36 months and 12000 miles per year will likely results in the smallest monthly payment.

That leaves only one variable, the negotiated selling price. You go to the link below and spec out your ALtima (SL always has leather & loaded enough without the fancier electronic gagets, ABS will automatically be added, and I suggest you take the splash guard, and floor mat. That will be it. )and the site will also give you the invoice value. That is your magical figure. Walk up to the dealer, and ask to buy the car at invoice. You should be able to get at least down to invoice plus 300-400 w/ some shopping around.

http://www.cars.com/go/config_frameset.jsp?zc=52722&fs=&so=asc&rd=100&trf=homepa- genew&tracktype=newcc&config=t&srv=dealer&sk=dst&ddrd=30&sb=dst&act=ncbssrch&mki- d=36&referrer=configurator&year=2007&mdid=331&mdnm=Altima&szc=&rt=quick_ncbs.tmp- l&affiliate=national&aff=national

Only focus on the final selling price and you must have that nailed down to know how good a deal you have before confusing with all the other things. All the other things will fall in place unless the dealer is screwing around. DO NOT distract or let yourself be distracted by focusing on how much you pay a month. That is driven by the price, period.

The dealer wil charge a doc fee to do the lincense etc. and they of course make some money from that and that should not be higher than 500 or so. The dealer finance guy will have to show you the calcualtions and you must understand every figure before you can start to decide.

Again, the selling price is what you gauge the deal with.

Look at all other things as your money to chip in to lower the amount of money on 'loan' and to drive down the payment with. Look, you trade in a car, that is your money and it has a blue book price and it does not have to be factored in until you know the selling price of the new car. You can pay as much down as you want with your own money, and of course, it will accordingly reduce the money on loan and mathematically reduce your month amount. You basically use your own asset to buy down. Search 'Nissan incentives' to see if there are Nissan factory incentive. That will be extra/bonus, but consier them after getting the selling price.

If you are really into checking the dealer's calculation, search for a site with 'auto lease calcualtor'. You plug in the first dealer figures and check out the calcualtions so that you knwo what things to be and go to the next dealers.

Good luck!!

giraldo

I'm thinking of trading in my car for a more economical one. I saw an offer for a Nissan Altima S lease for 2 years for 179 a month with 0 due a signing. Just pay some fees, so the total cost for 2 years 24k is under 4500. I have a 06 Kia Sportage that kelly says trade in around 13,500. How would a trade in work with a lease, and is this a decent deal. THe dealer is QuirkNissan.com and the special is right on their specials page. I've never done a lease and don't know much about a lease, does it make since? I'm a college student that will graduate hopefully in a year and a half. Thanks for any advice

creepypauly

The calculation the deal came up with is correct. What are you using to come up with your calculation?

CarMan@Edmunds

Hi David. Nissan hasn't provided any cash incentives on the Altima in a while and I don't personally expect it to introduce any in the near future.

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CarMan@Edmunds

Hey goofy1972. $500 below invoice is an excellent price for a 2007 Nissan Altima. At first I couldn't figure out how they gave you a price that low on a car that doesn't have any cash incentives available on it, but then I got to the part of your post that mentions the $1,000 "Cash Reductions fee." This sounds like a way for the dealer that you are working with to slip some hidden profit into your deal. Even with this tricky fee, this Altima's price is $500 over invoice, which is good. Make sure that the dealer you are working with uses the '07 Altima 2.5 S' 36 month buy rate lease money factor of .00221 to calculate your monthly payment and you're all set.

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CarMan@Edmunds

Hi ferreiror83. 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.

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CarMan@Edmunds

Hey lili1. Nissan still has not made any dramatic improvement to the Altima's lease program. I give them credit, they have been able to sell quite a few Altimas with a very low level of support. That's the ideal situation for an automaker, sell a high volume vehicle without incentives. I still would be shocked if Nissan didn't eventually have to introduce a sweet lease on this car, but time will tell.

Nissan Motor Acceptance Corp.'s current buy rate lease money factor for a 36 month lease of a 2007 Altima 3.5 SE with 15,000 miles per year are .00221 and 59%, respectively. Its 12,000 mile per year residual value is 1% higher.

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CarMan@Edmunds

Hey lili1. Security deposits on leases are refundable. Having said that, you cannot apply them towards your final monthly payment. Banks do not refund vehicles' security deposits until after they are returned. That enables them to make sure vehicles do not have any excess mileage or excess wear and tear that the deposit will have to be applied towards.

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CarMan@Edmunds

Hi poehls. Your least expensive option would probably be to wait until the scheduled end of your current lease to get a new vehicle. If for some reason you can't wait, I would be happy to evaluate the deal that you were quoted. 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. Let me know what these numbers are and I'll tell you what I think.

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CarMan@Edmunds

Hello coloniss. I just worked up a sample lease payment for you and according to my calculations, if you were to lease a 2007 Nissan Altima 3.5 SE that has an MSRP of $31,825 and a capitalized cost of $29,558 through Nissan Motor Acceptance Corp. right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $399. I used a NMAC's buy rate lease money factor of .00221 to calculate the above payment. If you opt to have your security deposit waived, it would increase the buy rate to .00236, which would bump the payment to $406.

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CarMan@Edmunds

Here's the information that you're looking for, dpanda. Nissan's lease program for this car varies by term and mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Altima 2.5 SL with 15,000 miles per year are .00221 and 57%, respectively.

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CarMan@Edmunds

Greetings iacsmam. It is smart to do research on the vehicle that you want prior to visiting dealers. The first thing that you want to do is determine what sort of selling price you want to pay for the car that you are interested in. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Take a look at the following discussion to get an idea of how much you will have to pay for the Altima that you want right now: "Nissan Altima: Prices Paid & Buying Experience".

This car's lease program varies by term and mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Altima 2.5 SL with 15,000 miles per year are .00221 and 57%, respectively. If these are the terms that you want, make sure that the dealer that you are working with uses this money factor to calculate your monthly payment.

Good luck in your quest for a new vehicle and let me know if you have any other questions.

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CarMan@Edmunds

Hello giraldo. Consumers who lease vehicles can still trade in their current one. In fact, doing so provides a tax advantage in many states. If you decide to trade in your Sportage when you lease your new Altima, just make sure to have the dealer that you are working with cut you a check for it rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments on leased vehicles. Those who make them risk losing them if their vehicle is totaled in an accident or stolen and never recovered.

I would be happy to give you my opinion on the lease that you mentioned in your post, but 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. Let me know what these numbers are and I'll tell you what I think.

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aamc

I misspoke, they are actually aluminum kick plates for the door sill.

dpanda

Thanks, car man...I was actually looking into the 12,000 mile lease on the 2.5 SL...How does this change these factors...??

Thanks so much for your help!!!

moldyloaf

3.5 SE Premium Package, VDC, Spoiler
15,000 mi, 36 mos

MSRP $30,900

Payments including all NJ taxes, title, reg, fees, etc:
$416 / mo.

Nothing down but the first payment, so its $416 x 36 total out of pocket.

Im pretty sure I got a good deal. Car_Man?

coloradojake

Does anyone know the new May Lease Rates. I need the Residual Value % and Money Rate on a 2007 3.5SE, 36 months, 15,000 miles per year.

Thanks in advance.

coloradojake

I got this from my dealer last night. Residual Value 58% and .00199 Money Factor. Can anyone confirm?

nickoooch

using $20,213 as the quoted price.. what would my monthly payment be based of todays MF and residual? im looking to just pay the 1st mnth, tax 6% and title out the door. 36 mtn lease with 12k miles.. thanks

CarMan@Edmunds

You're very welcome, dpanda. The money factor for a lease with only 12,000 miles per year would be exactly the same, but its residual value would be 1% higher.

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CarMan@Edmunds

Hi moldyloaf (ewwwwww :confuse: ). You never mentioned the selling price of the car that you leased. This number will show me how much of a discount you were given and it will enable me to use Nissan's lease program to estimate what your monthly payment should be. I would be glad to give you my opinion of this deal if you tell me what this number is.

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CarMan@Edmunds

Here you go, coloradojake. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2007 Nissan Altima 3.5 SE with 15,000 miles per year are .00199 and 58%, respectively.

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CarMan@Edmunds

Yep, coloradojake, those numbers are right on the money.

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CarMan@Edmunds

Hello nickoooch. I need the MSRP along with the selling price that you mentioned to work up a payment for you. Let me know what it is and I'll crunch some numbers.

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mlubes11

I was wondering if you knew the current money factor and residual for a 17000 mi lease of an Altima 2.5 SL.

Thanks

dpanda

I've been told by my dealer that the May Lease factors are 57% residual and .00214 MF for a 2.5SL Lease with 12,000 mi.

Just want to make sure they're accurate....Does anyone know for sure?

Thanks Carman!