2013 and earlier Nissan Murano Lease Questions

CarMan@Edmunds

Hi manstendig. I see that you are considering making a $2,500 down payment on your lease. I always advise consumers not to make capitalized cost reductions on leases. Consumers who do risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered. Consumers can and should lease any vehicle that they want without making a cap cost reduction.

I would be more than happy to give you my opinion of this deal, but it would be a big help if you would provide me with this vehicle's MSRP first. It will show me exactly how much of a discount you are being given and it will enable me to use Nissan's lease program to estimate what your monthly payment should be.

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espo1

Hey car_man sent this to your email but repeating it here to make sure:

Hey carman;
i've least a couple of Lexuses(or Lexi) in the past. Both times I was able to use multiple deposits to lower the money factor. Was also able to do this with a BMW lease. Do you know if it is still possible with Lexus and what the discount would be per deposit? I believe the last time (on a 1999 GS400) it was .0001 per deposit.
espo1

forman350

The MSRP on the sticker shows $36,820.00 I have the SL AWD with Touring package.

lou2007

Hey Forman350, Did you get a quote on the Murano SL AWD w/ touring package $36,820 with 12,000 miles 39 months sign and drive ($0 Down)?

frog22

Has anyone leased a car in another state or too far from home to bring the car back to that dealership for under warranty repairs, recalls, etc? I was wondering how the dealership in your area responded to the fact that you didn't lease the car at their dealership. Can they refuse to service the car since it wasn't bought there? Thanks.

coolrider

I have done it many times, it has never been a issue for me. Don't expect free loaner cars unless your warranty calls for it (premium cars only usually), most dealers stopped that years ago anyway. I always buy the factory extended warranty because this is a feature of it. I had rarely used this feature until I got a lemon and it sure did pay for itself then until it was bought back.

aznightshade

Hi everybody,

We leased a car today and I wanted to share my numbers with you.
MSRP $35,460 (Murano SL w Touring Package, floor mats, splash guards, cargo area protector and sunroof wind deflector)
We agreed on Base Cap cost: $32, 181 ($200 below invoice)
Lease: 24 months w 12K
Residual: 60%
Money factor: 0.00016
Cost cap Reduction: $2700 (trade in)
Monthly payment: $438.49 + $38.59 tax = $477.08

I have a little problem though... When I enter all these numbers into a lease calculator, I cannot get my final monthly payment of $477.08

I would like to know what exactly costs added to lease include. Do they include first month payment? Below are my fees:
Title & Registration: $515.24
Doc fees: $349
Acquisition Fee: $595

I thought my costs added to lease included all of the above, which will be 1,936.32 total. Did I miss anything or I’m doing it wrong?

If somebody can run all these numbers and say if everything is all right so I can sleep at night, I’d really appreciate it

Some numbers from my lease which may help to clear the picture :confuse: :
Total of my monthly payments: $11,449.92
Total of payments: $15,014.16
Gross Cap Cost: the agreed upon value of the vehicle $33701.81 (Does this number include taxes? Why is it so high if we agreed on $200 below invoice?)
And any items you pay over the lease term such as taxes, etc $34,296
Then there is cap cost reduction $2,700 (my trade in) and
Adjusted Cap Cost $31,596.81
Depreciation: $10,320.81
Rent charge: $202.95
Estimated fees & taxes: $1808.40

I’m really confused here... and a little bit frustrated

aepheme

I stopped by the Nissan dealership near me in Saginaw, MI today. They had two Nissan Murano SL's (Silver and Black), both equally equipped (Touring Package and Misc...).

Here's the price breakdown with vPP Pricing (their employee purchase plan).

MSRP: $37,650
CapCost: $34,345
Term/Contract: 24 months / 15,000 miles / 0 down

Residual Value: 59.00%
Money Factor: 0.00016 (or 0.384% APR)

Acq. Fee: $595
Doc. Fee: $180
License: $15

Monthly Payment: $571.77

The math:

1. Depreciation: [($34,345 + $595) - ($37,650 * 0.59)] / 24
1a. Depreciation: $530.27
2. Taxes: [($34,345 + $595) - ($37,650 * 0.59)] * 0.06 / 24
2a. Taxes: $30.70
3. Interest: [ $34,345 + $595 + $30.70 * 24 ] * .00384 / 24
3a. Interest: $5.71

Total = $530.27 + $30.70 + $5.71 = $566.68

It's pretty close to the number they gave me. There's a little bit of error there (possibly from rounding and compounding). The fees here seem pretty low compared to some of the others quoted here! Hope that's realistic.

We'll have to see what new incentive packages they role out this coming month...

aepheme

To elaborate on the specs of that car:

2007 Nissan Murano SL AWD w/
1. Touring Package
2. Dynamic Control System
3. Roof Rail Crossbars
4. Splash Guards
5. Carpeted Floor Mats
6. Sunroof Wind Deflector
7. Cargo Area Protector

MSRP = $37,650
Invoice = $34,345

So, the employee program is exactly at invoice. Technically, the program takes off -2.87%, but then adds back in +2.50%... so it almost breaks even. Strange. Full details are here:

http://www.insidenissan.com/vpp/vendor/offer.html

ddw13

Has anyone heard of the July incentives yet? carsdirect.com states a $1500 rebate till 7/31.

Also, does anyone know if you can get the manufacturer rebate AND use Nissan to LEASE the car? I was at a dealer yesterday that said the rebate only applied to purchases and that it was already factored into the money factor and residual for the lease. So you cant use both. I was quoted .49 residual and .00036 money factor for a 39 month 12K mile lease on a AWD SL.

CarMan@Edmunds

Hi espo1. BMW Financial Services definitely still has a multiple security deposit program. I suspect that Lexus Financial Services still has one as well, but I am not 100% positive that is the case.

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CarMan@Edmunds

Thanks for the additional information, forman350. You are interested in one that has an MSRP of $36,820 and a selling price of around $33,300 ($32,600 cap cost + $700 cap cost reduction). If I am right, you are essentially getting a $3,500 discount on this vehicle...which is a very good deal. If you haven't finalized your deal yet, make sure that the dealer you are working with uses Nissan Motor Acceptance Corp.'s 36 month buy rate lease money factor of .00016 to calculate your monthly payment and you're in business.

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CarMan@Edmunds

Hi aznightshade. The money factor that was used to calculate your Murano's lease payment is right on the money and a selling price of $200 under invoice is an excellent deal. If you choose not to pay them at lease signing, all of the items that you mentioned would be included in your Murano's capitalized cost. After taking them into account, I come up with a pre-tax monthly payment of around $426. This is a little lower than what you were quoted. Definitely sit down with the dealer and have them explain to you how they arrived at the payment they quoted you. Either than or shop around with another dealer or two in your area to see what sort of lease payment they quote you for a similar vehicle.

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CarMan@Edmunds

What you saw is correct, ddw13. Nissan enhanced the $1,000 customer cash incentive that it was providing on the 2007 Murano in June to $1,500 in July. Unfortunately, this customer cash is not compatible with the Murano's special lease program. The money factor that you were quoted is correct for a 39 month lease of a 2007 Murano through NMAC in July.

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forman350

Thank you Car man. I actually already leased this vehicle with a MSRP of $36,700. (SL AWD w/Touring package) I paid out of pocket 3k, plus dmv fees and $360/month for 39 months and 12k/year. I got a $700 cap cost reduction with a residual of $18,410. the MF was .00024. In my 3k down included all the taxes, bank fee, etc. They picked up the first months payment as well. The lease was through NMAC. How well did I end up doing on this lease deal based on my figures?

forman350

3k down plus dmv fees. $360/month 39 months, 12k a year.

needacarnow

I was quoted $410/month before taxes, $0 down except 1st pmt, for a 39-month lease, 15k/mi/month for an SL AWD w/ the Touring package. Can anyone please tell me if this is a good deal? Are the July dealer incentives better than those in June?

lou2007

that seems to good to be true. I was quoted $490 a month $0 down for the SL w/ touring 12K a month...Where did you find that deal?

needacarnow

That was the best offer I've received so far. The first offer I received was from another dealer for $449/month and the same terms (only 1st pmt down at signing). I received another offer for $429/month from a third dealer afterwards. One salesman told me that he was expecting to receive some 2008 Muranos w/in a couple weeks. I don't know if that's true, but if it is, they may have received an additional incentive that I don't know about from Nissan.

frog22

The deal sounds pretty good. If you live in the New York area can you tell us the names of these dealers? thanks.

alexpk

hello all,
Just leased a 2007 murano MSRP 38700 with zero down and paid only first payment of 478/mo. with 15k year for 39 months which includes tax, from anyones experience is that a fair deal?
thanks for all the great advice

espo1

Thanks for the reply. A couple of days ago I was speaking with the salesman that leased me my two Lexuses and had a chance to put the question to him. He has been pretty good in being honest in his dealings with me, he gave me the run down on the offer. He suggested I come in in Dec. when they usually have their sale time for a 2008 and with the oncore offer I could get a money factor of .00265 marked down from the .00275 . Than with up to nine deposits I could lower the money factor another .00072 to I believe APR of 4.63%. Now all i have to do is negotiate a good cap cost. I think your passed suggestion of not lowering the cap cost with up front money is a excellent one and I'll not do it this time. It is better to use the money to lower the interest and get it back at the end of the lease. I read a lot of your answers to people in dire need of answers to their lease questions and commend you for all you've done to help them.

abenson

I'm new to this so I posted this message in the wrong forum initially. I think it belongs here. Forgive the duplication.

Edmunds shows a special lease program for the Murano S AWD. I'm trying to determine if this means that there is a lower money factor applied to S leases than SE and SL leases, to S AWD leases and S 2WD leases. To phrase this as a question, does the money factor for the Murano differ by body style? What are the money factor(s)?

lou2007

where did you find this deal... $0 down and 478 a month, this deal sounds to good to be true.

vickik

Hey carman -- thanks so much for all of the info you provide on this board -- it was soooo helpful when it came time to negotiate our lease. We are finalizing all within the next day or so, so please review and let us know if we are getting a good deal, or if you think we can negotiate for a better deal:
07 Murano SL AWD w/ Touring package:
MSRP $36,730
selling price $33k
money factor .00036
total out of pocket $2,200
residual value $17,630
lease terms: 39 mos, 15k miles/year
monthly lease pymt $395.08 (which includes 5.1% taxes)

I hope that is all the info you need. If not, please let me know. Thanks much!!

neiled

I am considering two lease deals from different dealers for a 2007 Nissan Murano, S model. I requested a 48-month lease. One dealer tells me the best lease deal is 39 months, with money factor of .00036 and 51% residual. The other tells me the best lease deal is 42 months with money factor of .00045 and 47% residual. Both deals represent similar discount off sticker price, and both are for 15,000 miles per year.
What is your opinion?

flightnurse

If you go to Nissans web page and click on BUYING, then speical offers, you well see that Nissan is offering a deal on a S AWD that is good for 39 months 299/m + tax and 3000 out of pocket.

In a general rule leasing for 48 months isn't in your best interest, usally 36-39 months is.

neiled

To flightnurse:

Thanks for the advice and information. Actually, the "special offer" deal on the Nissan website is really not a good deal at all. For a good-credit-score lessee, you can get a significantly better deal on the same vehicle. Both deals I was quoted, with no money down, from two different dealers, one for 39 months, and the other for 42 months, with almost identical monthly payments (due to differences in money factor and residual calculation), result in an approx. $395 monthly payment, including sales tax of 8.625%. This works out, after adding tax to the Nissan website $299 monthly figure, to my paying a total of about $2730 more in monthly lease payments while saving the $2999 down payment required by the "special deal". Also, I am getting 15k miles per year included, rather than 12k. I believe the "special deal" also requires a good credit score, otherwise they hit you for a significantly higher interest rate.
My gratitude goes to you and to this website for helping to educate me on leasing. I can now do the calculations, to verify what the dealer is telling me. It is interesting how differently they speak to you when it is apparent that you understand the numbers and how they are arrived at.

2buckeye

Hello all.. My wife and I were at the Nissan dealership today looking at the Murano. The sales rep. mentioned the $299/$2,999 lease "deal". Does anyone know how it works if you have less than perfect credit?? My situation is that I have a great paying job, but my credit is only fair because of some past problems.. Thank you for your comments.

neiled

One sales manager told me that the best "money factor" deals for a Murano were available to lessees with FICO scores of 700 or better. For a 39-month lease with 12k miles per year, that money factor should be 0.00036, which is equivalent to an interest rate lower than 1%. According to my calculations, the money factor on the "special" $2999 down/$299 per month deal is 0.00018, and the actual purchase price works out to $29,142 plus the $595 non-refundable acquisition fee. If your credit is not so great, you may not qualify for this deal. Also, note that this deal does not include sales tax. Depending on your location, you may have to just add sales tax to each payment based on the amount of each payment, or you may have to pay it all up front (or alternatively finance the tax, in which case Nissan pays it up front and you pay the tax monthly along with additional finance charges for borrowing the tax money from them).
If you are able to close a deal in the next day or two, you probably have some additional "end of month" leverage with your sales manager, and you may be able to negotiate a better actual purchase price than previously offered. Good luck.

2buckeye

neiled, thank you very much for your reply!

bpd196

Carman, I have a 2004 murano sl and the lease expires 5/2008, so I have 10 months to go. My payment is 349. It is leased through NMAC. I have spoken to one dealer about getting out of the lease and leasing a new 2007. He told me that he has to add $3490.00 onto the the 2007 so I can get out of the lease, is this true. Just some more info I have 35,800 miles it is AWD

j_ing

2007 SL AWD with Touring and satellite radio:

MSRP $36,630
Selling Price $33,440 (told was $1 over invoice)
Money Factor .00032
Due at signing $1966.43 which included TTL
36/15K
Payment $435.77

Salesman is driving it over to my house tomorrow.

Is this a good deal?

CarMan@Edmunds

You're very welcome, forman350. Congratulations on getting your new Murano. The money factor that was used to calculate your payment looks good. What was its selling price? Let me know and I'll tell you what I think. Don't forget to stop by the new Edmunds.com Dealer Ratings & Reviews section of this site to share your thoughts on the dealer that you leased from with others.

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CarMan@Edmunds

Congrats on getting your new Murano, alexpk. I would be happy to give you my opinion on the deal that you got if you provide me with its selling price. Make sure to stop by the new Edmunds.com Dealer Ratings & Reviews section to share your thoughts on your sales experience. Enjoy your new ride !

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CarMan@Edmunds

You're very welcome, espo1. If you really want to get a Lexus, now is actually a really good time to do so. Lexus just introduced an enhanced lease program during the last week of July. It is scheduled to run through September 4th, so you don't have to wait for the "December to Remember" sales event to get a good deal on one.

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CarMan@Edmunds

Welcome abenson. Nissan's special lease money factors for the 2007 Murano are the same for all trim levels. NMAC's factors vary by term. Its current buy rate lease money factor for a 36 month lease of any 2007 Murano is .00016.

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CarMan@Edmunds

No problem, vickik. I'm glad that you find this discussion so helpful. The selling price that you were quoted for the Murano that you are interested in looks very attractive to me. It appears to be right around dealer invoice minus the $500 lease cash that Nissan is providing on this model right now.

The money factor that you were quoted for this vehicle looks pretty good as well. In case you haven't leased yet, NMAC's new August buy rate lease money factor for the '07 Murano is .00016 for consumers who pay a security deposit at lease signing.

This looks like an excellent deal to me. If you end up going with this offer, make sure to stop by the new Dealer Ratings & Reviews section of this site to share your thoughts on the sales experience with everyone.

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CarMan@Edmunds

Hi neiled. I suppose that there are different definitions on what the "best" deal is. A 39 month lease of an '07 Murano will provide you with the lowest money factor, so you will be paying less interest on a 39 month lease than a 42 month lease. Generally speaking though longer leases tend to have lower lease payments because the longer a lease is, the larger the number of payments one has to spread out the large initial depreciation hit that new vehicles experience over. I suspect that a 42 month of a Murano will have a slightly lower monthly payment than a 39 month lease will. So you will pay less interest on a 39 month lease, but have a slightly higher monthly payment. You will have a lower monthly payment on a 42 month lease, but you will be married to your vehicle for three more months than a 39 month lease.

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CarMan@Edmunds

Hi bpd196. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

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CarMan@Edmunds

Hi j_ing. The selling price that you were quoted for the Murano that you are interested in does indeed to be right around dealer invoice. When the $500 lease cash that Nissan is providing on the '07 Murano is taken into account you are at right around $500 over invoice. This is a good deal.

As far as this vehicle's money factor goes, Nissan just published its August lease program. Its new buy rate for a 36 month lease of an '07 Murano SL AWD is .00016 with the payment of a security deposit. Make sure that is the factor that is used to calculate your lease payment and you're in business.

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neiled

Thanks Car Man for your help and your insight. Can you tell me what the August residual percentage is for a Murano S AWD for the 36-month lease with .00016 MF and a security deposit? Based on your response that I just read regarding someone else's deal, I would like to recalculate mine. Since I am due to take delivery later today, Aug 2nd, perhaps I have some leverage in restructuring the deal; although I would not bother trying unless the money is significantly different. If you could also provide the MF and residuals for 39- and 42-month leases, that would be appreciated. Thanks again.

quattro5

Also looking for current Murano residuals. That MF is cheap.

neiled

Update - the car will be ready for pickup on Friday Aug 3rd. I am guessing that the overall deal would not be better than what I have, but if you can provide the MF and residual for new 36- 39- and 42-month leases, plus any other requirements (security deposit, rebate or incentive available for lease deal), I would like to do the calculations and compare.
Thanks again.

CarMan@Edmunds

No problem, neiled. NMAC's August buy rate lease money factor and residual value for a 36 month lease of a 2007 Murano S AWD with 15,000 miles per year are .00016 and 51%. The numbers for an otherwise identical 39 month lease are .00032 and 50%. The 42 month numbers are .00045 and 48%. If you lease with only 12,000 miles per year, these residual values would be 1% higher. When negotiating your lease on the Murano that you want, make sure to take advantage of the $500 lease cash that Nissan is currently providing on it.

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CarMan@Edmunds

Hi quattro5. Please see my previous post for the info that you're looking for. Let me know if you have any other questions.

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thebordcu

We are looking to go into a Murano and wanted to know if this was a good deal. We are currently in an Altima and are going to take Nissan up on their offer to get out of the lease early.

Choice 1:
Murano SL with Sunroof and Audio package:
$500 out of pocket (1st month, plus motor vehicle)
39 months, 12K a year = $429

or

Choice 2:
Murano SL Base
$500 out of pocket (1st month, plus motor vehicle)
39 months, 12K a year = $370

Plus we have a coupon from Nissan waiving security and paying what would be the first month payment.

Thoughts?

espo1

Would love to but my current lease isn't up till Feb 08. I figured I buy during the sale in Dec. and order a car to be built that should take a couple of months to get to the states. the dealer said he might hold for a little while if it came early and hopefully honor the prices. Also asked you on an other site (Lexus lease) about the percentage for multiple deposits. How can you check to make sure what the dealers says is true?

jaynaps

I am glad I found this forum. It might be a bit too late. My wife and I negotiated a lease for a Murano S AWD for 500 down and 460 a month. We also had a trade that we needed to make up 2000k for during the negotiation. So we had to roll this into the payment of course. We did 500 over invoice for the S model. I would rather have the SL, but they did not seem to work out in our favor. Could anyone give us some adivce, we do not pick the car up for a few days. Thank you..

kevin86

I am going to be reading through this entire thread in a little while, but I was hoping I could get a little advice.

I am looking at leasing a 2007 SL Murano with the Touring package. I was hoping to put 2-3K down. I was hoping to get my payments somewhere in the mid $300's with 15,000 miles.

Is this possible, an what is the best way to go about this. Also, I haver A+ credit so that shouldn't effect it.

Thanks for any advice.