Nissan Altima Lease Questions

futuredoc · July 2006

270 for the Accord LX is including the downpayment. And yea, I won't drive 10k. $79 is for auto without taxes. I included the taxes in the down.

I'm looking in terms of per month price. And in that view, the Altima is nearly $100 cheaper. I thought it was 'too good' of a deal to be true. I guess they just overstocked?

qbrozen · July 2006

well, sure, its cheap. i agree.

I wonder how it would compare in similar terms, though.

CarMan@Edmunds · July 2006

Hi christina271. According to my calculations, if you were to lease a 2006 Nissan Altima 2.5 SL with an MSRP of $25,455 and a selling price of $22,286 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 $254.

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CarMan@Edmunds · July 2006

Hello freaka. Consumers who are upside down on vehicles that they want to trade in are never able to get out of them for free. The dealer that you are leasing your new Altima from will have to use some of the profit from your new deal to get you out of your Envoy. This will hamper your ability to get the lowest possible monthly payment on your new car. I would be happy to give you an idea of what a lease on the car that you are interested in should cost without taking your trade into account if you provide me with its full MSRP and approximate selling price.

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factorco · July 2006

Altima 3.5 SL

I live in Colorado. I think the local dealer is high-balling me. What should be my monthly costs, cap cost, money factor and residual for a 2006 Altima 3.5 SL, no special add-ons, 36 month, 15,000 miles per year, one-month up-front only, with tax rolled into deal.

Thanks
factorco

hgershman · July 2006

I'd really appreciate the Altima 3.5 SE Lease Numbers for July...also the status of rebates/incentives. Is the $1750 still in play for people buying? What about the $750 "lease cash? Thanks.

hgershman · July 2006

Just came from local dealer.Please tell me if 54.9% RV and .00045 money factor sounds right for July...I know the MSRP w/my options and the cap cost were WAY OFF but I thought I'd get ALL my figures straight before going somewhere else. Thanks.

mocachina113 · July 2006

hi there,

i have a 2003 altima sl with approx $26k miles on it. i pay $360/mo on a 62 mo loan w/ 0.9% apr. i'm half way thru the loan. that being said, i would like to get my monthly pymts down around $250 or so.

the car i would trade in for optimally would be a 2006 altima s w/se pkg (should have most/all of the features that i want off my sl). i would lease it for say 39/mos. i don't have any numbers except what is currently on the nissan site.

how do i negotiate a lease offer? do i negotiate the price as though i were trying to buy and then take that number to use for the lease? do i tell them im trading in upfront? how do i negotiate the trade?

as you see i have many questions. when i purchased the altima it was my first time and i almost threw up while signing the documents. so this is a stressful experience for me to say the least. any feedback is appreciated.

thx!

teddyteddy · July 2006

I have been quoted a lease price on a Nissan Altima 3.5SL of 342.00 per month 39 month zero money down sign and drive. Taxes are included. I was not quoted a residual price. 15k miles per year. Options are Floor Mats an Mud guards only. Doe this sound like a resonable Quote?? Any help? new to this.

quiksilver0824 · July 2006

In December I leased a 2006 Nissan Altima and from week 2 I have hated this car. I had it on leasetrader.com but the membership ran out. Does anyone know how I can get out of this lease?

qbrozen · July 2006

why do you hate it?

you can always trade it ... with enough money, you can do alot of things.

quiksilver0824 · July 2006

I've got money but dont want to waste anymore on this car. It was an attempt to reduce my bills and I thought I would get used to the downgrade turns out no.

qbrozen · July 2006

out of curiosity, what did you downgrade from?

Trading any car this quick means you take a big hit in the wallet. Vehicles depreciate the fastest when they are new.

Again, with enough money, you can do anything you want, but its a matter of whether its worth it. Unless you put a good amount down, odds are you have negative equity in the car. so you'd need to consider how it will affect you to roll that into your next car.

You also have to be careful that you don't get into a cycle of hating your cars and trading them too soon. You need to figure out what you can do to make sure you don't buy another car "just to get out of the altima" and then wind up hating that just weeks later.

I can kind of feel your pain. I was also looking at the Altima in terms of downgrading and lowering my bills. I ultimately went with the Accord and am still satisfied with my decision after 2 months.

CarMan@Edmunds · August 2006

Hi factorco. Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2006 Nissan Altima 3.5 SL with 15,000 miles per year are .00045 and 53%, respectively. When negotiating your lease on this car, keep in mind that Nissan is currently providing $500 lease cash on all models and an additional $1,000 bonus cash on select models. this cash will help you to negotiate an attractive capitalized cost. If you are in an area that has a decent level of competition, I suspect that you should be able to get the Altima that you want for a couple hundred dollars over invoice before the deduction of any available incentives. Make sure to stop by the following discussion for additional feedback on how much you should pay for this car right now: "Nissan Altima: Prices Paid & Buying Experience". Once you have an idea of how much you should pay, tell me this car's full MSRP and approximate selling price and I will be happy to estimate what its monthly payment should be for you.

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danr6 · August 2006

Wife and I are looking at a 2006 loaded SL doing a 36month lease with 20k miles in Minnesota. So far we've heard around $400 out the door. Is that a good deal? What is the normal residual on a loaded 3.5SL? If your credit score is over 700 what is your money factor? If this is not a good deal what type of numbers should I approach the dealer with? Thank you!

nissan1207 · August 2006

Actual sale price on the car was around 22,000. Today, I got a lease deal with 2000 down and 230 + tax monthly payment for 3 years, 36000 miles. I got the sunroof as well.

Can anybody tell me if it's a good deal? This is the first time I'm leasing but I really wanted the leather seats and bose audio for that price. The dealer wouldn't budge at all. I couldn't help but wondering if I got a good deal.

Please let me know. Car Man?

Thanks.

CarMan@Edmunds · August 2006

Hi hgershman. This car's lease program varies depending upon how long you lease it for and how many miles per year you are allowed to drive it. 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 2006 Altima 3.5 SE with 15,000 miles per year are .00045 and 53%, respectively. Nissan is currently providing $1,750 customer cash for '06 Altimas that are paid for with cash or financed through an independent bank. On leases its cash incentive is $500. Nissan is also providing an additional $1,000 bonus cash on select models.

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CarMan@Edmunds · August 2006

Hello mocachina113. As you thought, you should negotiate the selling price of the vehicle that you want to lease just as if you were paying cash for or financing it. The only difference between negotiating the selling price of a leased vehicle and one that you are paying cash for or financing will be the cash incentives that are available on it.

There's nothing wrong with telling the dealer that you are working with that you want to trade in your current vehicle at the beginning of your negotiations. It is a good idea to treat your trade and your new lease as two separate transactions. Negotiate the best possible deal that you can on your lease and then see how much the dealer is willing to give you for your trade. If you have equity in your trade have the dealer cut you a check for it rather than use the proceeds as a capitalized cost reduction for your lease. I always advise community members against making down payments on leased vehicles because if their vehicle is totaled in an accident or stolen and never recovered, their down payment essentially disappears.

Good luck and let me know if you have any other questions.

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CarMan@Edmunds · August 2006

Welcome teddyteddy. 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 · August 2006

Hi danr6. You never mentioned the MSRP or approximate selling price of the car that you are interested in. These are two very important number to know when leasing. You should be able to get an idea of how much you should pay for this car right now by visiting the following section of this site: "Nissan Altima: Prices Paid & Buying Experience". If you aren't able to figure out an approximate selling price for this car by looking there, just look up its MSRP and dealer invoice price in the following section of this site and I'll give you a general idea of how much you should pay: Edmunds.com - New Vehicle Pricing.

As far as this car's lease program goes, Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2006 Altima 3.5 SL with 15,000 miles per year are .00045 and 53%, respectively. 15,000 miles per year is the highest mileage allowance that NMAC publishes residual values for. If you need to drive more than this you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than to wait until lease-end and have to pay an excess mileage penalty.

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CarMan@Edmunds · August 2006

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.

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nissan1207 · August 2006

Hi Car_man,

The MSRP was 22k, I think.

teddyteddy · August 2006

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.

qbrozen · August 2006

If the MSRP was $22k and you paid $22k, then you did quite poorly, I'm sorry to say.

biggie · August 2006

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

aph · August 2006

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?

teddyteddy · August 2006

Any info you can provide would be appreciated.

tictac3 · August 2006

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

mbartels11 · August 2006

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!

scpete · August 2006

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.

scpete · August 2006

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.

CarMan@Edmunds · September 2006

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.

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CarMan@Edmunds · September 2006

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.

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CarMan@Edmunds · September 2006

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.

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CarMan@Edmunds · September 2006

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.

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CarMan@Edmunds · September 2006

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.

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CarMan@Edmunds · September 2006

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.

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CarMan@Edmunds · September 2006

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.

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altima11 · September 2006

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?

apz29 · October 2006

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?

CarMan@Edmunds · October 2006

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.

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CarMan@Edmunds · October 2006

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.

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plohish1 · November 2006

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

simon76 · November 2006

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.

bluffs · November 2006

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).

aceonthebeach3 · November 2006

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????

CarMan@Edmunds · November 2006

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.

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CarMan@Edmunds · November 2006

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.

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CarMan@Edmunds · November 2006

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.

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newt250 · November 2006

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!

Nissan Altima Lease Questions

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