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Nissan Altima Lease Questions
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Comments
Sounds too good to be true. Remember, NMAC owns your current car. Why would they give up the remaining 9 payments unless they get something in return? Perhaps i am missing something; others may chime in too, but color me suspicious...
2. What I want to do ideally is take the lease and buy the car out after a year or so by paying the residual value. If I buy the car outright now, they are not offering me any rebates or payment forgiveness. In what situations does it make financial sense to lease and buy during the lease?
You can't buy the car after one year of payments for the residual value... The residual value is the buyout, only after all payments have been made. Buying it out after one year will be substantially more than that..
If Nissan is offering a pull-ahead program that forgives your last 9 payments, and you can get into a new lease for less than you are paying now.. then, that is probably a good deal.. Buying a car out of a good lease deal is usually a bad move..
But, as to questions #1 and # 3? That's just a personal decision you'll have to make... Do you want to drive the same car for three more years?
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msrp= 23755 (23410 plus car/trunk mats & remote starter = 23755)
cap cost=-23164 (my agreed sale price 22569 plus 595 acquisition fee?)
residual = 14478 (62%)
money factor = .00200 (equates to 4.8% if converted to interest)
monthly payment = 315 Incl tax.
down payment = 500 which includes first payment.
what do you think of this deal.
back in 2009 my money factor because of a promotion was .0008125 (equating to 1.95% interest) , the new money factor .0020 is an increase of $45 per month if i figured one against the other with the above figures. and based on that the new money factor, which it seems the dealer doesnt have any control over, the payment would come to $330/month Incl tax. But you know the drill, take it today and Ill do it for 315.
whats the prognosis on this deal..?
thanks.
only 22,420 miles.
residual/buyout of 13450. plus that $300 for something i never saw 3 years ago...regardless total buyout is 13,750....is this a good deal....
and here on edmunds the value is for trade in 12,998, for private oarty sale 14,337, and for dealer retail 15571.
yet i have seen dealers asking 16,995 and more for low mileage cars of 25K or less than 30K.
Sales price is too high. Fitzmall is offering their 2.5 S models at 500 below invoice. For a new car, that is a crazy price. Big competition is coming from Fusion and Accord. Nissan lease money factor is not good this month making your comps high. Shoot for $11 per 1000 of msrp pre-tax...
I am also located in NJ and interested in buying 2.5 SL with tech package. Can you please provide me with the dealers (also sales person if possible) that you got internet pricing since I got a rude to no-response indicating they do not provide any pricing online or via email. I am located in central jersey.
Another request since I am new to all these can you detatil out your negotiation strategy.
Thanks a lot in advance
This has been an extremely helpful website. I would like to return the favor by sharing my experience (sorry--it's a long story). After sending out numerous online requests to individual dealers, the lowest sales price I received was $23,294 (MSRP $28,445). However, when I asked to convert the price to a lease, I was quoted a price of $1,500 down and $289/month (39 months; 15,000 miles/yr.), which reflects a substantially higher selling price (apparently, the incentives are much lower for the lease). In any case, I targeted other dealers who happened to have the car (very few SLs are left), and explained that I had already worked out a deal for a fully loaded Honda Accord EX-L ($20,053 selling price; $28,450 MSRP; resulting in approx. 500 down and approx. $287/month on a 36 month/15,000 miles/yr. lease). I indicated that I would consider an Altima if the total cost paralleled the Accord. I received the following offer (39 months/15 K/yr.) from Faulkner Nissan (Jenkintown, PA.) today and picked up the car:
MSRP: $29,445
Sales Price: $23 841 (including $1475 rebate)
Residual: $15,011
Money Factor: .0002
Monthly Payments: $248.91/month (Plus tax)
In PA.. the lease tax is 9%, and fees totaled approx. $224 (Doc Fee=129; Online reg.= $15.90; Title=22.50; Registration=36. Thus, my down payment = $495 (monthly payment and fees) and my remaining 38 monthly payments=$271.31. Despite the higher selling price, this lease is competitive with the Accord because of a lower money factor (.0002 vs. .00046) and a higher residual. A 36 month Altima lease would be very close in price to the Accord (using these numbers).
I am providing this (ridiculous) amount of detail because I found it nearly impossible to get this kind of information from dealers and/or most websites. I would also note that Faulkner Nissan did a terrific job; they did not try to push expensive add-ons and were extremely professional. Keenan Honda (Doylestown, PA.) was also pleasant to work with, and I would have used them to purchase an Accord.
I hope this did not put anyone to sleep. I would be happy to provide additional information if it would be helpful.
What do you guys think of this? Anyone else recently price this vehicle? I dont know if I am gettin ripped off especially with 595 bank fee. Thank You
Nissan Motor Acceptance Corp.'s August buy rate lease money factor and residual value for a 36-month lease of a 2013 Altima Sedan V6 S with 12,000 miles per year are .00200 and 62%, respectively for consumers who qualify for its top credit tier.
The numbers for an otherwise identical 39-month lease are .00200 and 60%.
The money factors for the '13 Sedan SV V6 are the same, but the residual values would be 2% higher.
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out of curiosity, what is the exact selling price you got at $500 below Invoice ???
and on the honda .00046 is 1.10% interest, also Extremely low...check your fiqures..
and on 2012, the residual on the honda is 58%, what is it on the "2012 altima.
I did not say i bought one in my earlier post:
"REF:1635
Sales price is too high. Fitzmall is offering their 2.5 S models at 500 below invoice. For a new car, that is a crazy price. Big competition is coming from Fusion and Accord. Nissan lease money factor is not good this month making your comps high. Shoot for $11 per 1000 of msrp pre-tax..."
A minute ago, there are 9 sv models at 500 below invoice. here is one example:
http://fitzmall.com/fitzway/carfind/RESULTSB.ASP?V_XREFID=FTON102984:2012-08-02T- 23:15:04.233
FWIW, the NMAC money factor is too high this month making a super lease deal hard to get. Residual %'s are good though.
I'm still in the process of negotiating but basically, I am aiming for below invoice since I'm able to use the VVP (vechicle purchase program) through my company. This will allow for a pre-set vehicle price without the back and forth price haggling. I have the residual, money factor and interest rate so i just calculate my payment. The only issue I'm having is that the montly payment is coming out to be higher than I expected because of no incentives (cash back, rebates) etc. Also, the reisidual value isn't very high. I don't know if this will change after the car has been out for several months. I'm getting conflicting stories about this. Either way I really like the car so I don't know if I should just continue to push for a better deal or just wait ( problem is my lease on my current car is ending in sept). I drove the 3.5 SV and it's great but maybe i should look at a lower priced 2.5. I dunno.
Let me know if you've made any progess with your negotiating. Good luck!
OR
2013 Altima 2.5 (base model) for 39months, 12k yr, $2000 out pocket, $235 month
Thanks for your input
Sansone and north plainfield nissan were not at all cooperative and they want me to come down and only than they would talk the pricing. Sansone person was so confident that they wanted me to come in sign the paperwork, give deposit and they can get me the new 2013 SL, Tech package, black-on-black in "2" days. This was also in July 2nd week. After that I have decided to wait unless dealerships have the cars actually listed on their website and only than I would start the process.
Ive gone to 4 dealers in south florida and they are not moving off 95% of msrp for any and all altimna models.
the dealers Ive gone too, one is an autonation dealer with many outlets, another is an automall with various brands (honda/gm etc) the other two were only nissan dealers. that my choice down here.
fitmall deal was msrp 23580 vs 23410 (difference was fitz had side moldings), sell price w/ acquisition cost was fitz 21916 vs 22926. RV fitz 14384 vs 14280.
figuring the lease at .002 money factor bc this is nissans tier one now.
fitz payment 266 vs 296.
but with fitz i need 1454 for tax, fees , regi, tax in advance and tinting windows, VIN etching PLUS first months lease payment vs just 186 plus first payment (the fees, etc, vin etch, tint etc was eaten by the dealer in so. florida not fitz who had the lower starting price.
final tally.....south florida lease payment 296. fitz payment if all was folded into lease 297. (all lease figures are without local sales tax monthly)
in conclusion you truly get what you pay for and no matter what dealer even if 1200 miles apart the numbers are the same...the freakin same.
I am going with florida. less money out of my pocket. i can go for an additional $30 per month vs having to come up with another $1,268 at inception now with fitz.
and as an add'l bonus, having vin # etching saves me $17 per month on my insurance vs no etching.
thanks for participating in this journey.
residual is probably at 61% or so, this is by the book, dealer has no say. but they do have a say in the seller price or cap cost after any reductions or additions (such as bank fee).
if your tier one your money factor (which is how they figure your rental fee is .0020, thats what NMAC (lease co of nissan) is offering now, it equates to a 4.8% interest if you wanted to convert it (.0020 x (multiplied by ) 2400=4.8%.
also the percentage of selling price to msrp to arrive at a good deal is needed. for instance a 90-91% selling price to msrp is really good. a 95% selling price to msrp is ok, but in a lease just those few percentage points will cost you, $20 to $30,.
write here the numbers, Ill figure it....
it is to forgive, forget or whatever you want to call it for my last THREE lease payments. these payments are not put into my new lease, they are pulled back as is the phrase in the auto industry , if an only if i purchase/lease another nissan.
I just took advantage of it , again.
basically it made my 39 month lease 36 months on my 2009 which i turned in. and now i start again for the next 39 months ,,,I went with a 2013.
pegasus, i got the letter from nmac, and its for 3 months, not 9. not in my case anyway.
Three payments is the norm for those companies that have a pullback program. The OP said they were going to forgive 9 payments which i highly doubted. Congrats on the 2013 Altima. I saw one a couple hours ago in a local supermarket parking lot in dark red and it was gorgeous. OTOH, I saw a few pics of the 2013 Accord at a Kroger lot and it was a big yawn (very similar to the 2012, which isn't a bad thing). i have a few months to decide...Camry, Fusion, Accord, Altima...we'll see. Enjoy!
pegasus...whats this mean...."Shoot for $11 per 1000 of msrp pre-tax... "
if you can, pleeze explain.
If a vehicle has an MSRP of $40,000, then that is 40 X $11 = $440/mo..
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Here's the vehicle specs.
2.5 SV with Convenience Package, Navigation, Floor Mats and Mud Guards -- sticker price with destination of 27,150.00
They are putting in factory match leather and doing dark (but legal) tint on the windows at teh dealership.
Financial figures are $1k total out of pocket (includes first month's lease payment) then 38 payments $299 + 6% sales tax ($316.96).
I went to two other dealers and they were close to $100 more a month for a simialr vehicle.
What say the forum? Good deal or not good deal?
so if as in the example of shoot for $11 per 1000 of msrp. the figuring would then be ..... if msrp is 40,000 then 40 X $11 = $440/mo.
so for a real price, a 2013 altima 2.5S, msrp of 23,410 X $11 = $257.51.
NOW the questions.
Is this a price including the money factor (interest) or not???
in other words, is this figuring $11/thousand just the price of the rental charge of the car. (basically the portion of the msrp a customer pays before interest.)
so to continue.... if then figuring on a money factor of .002 for this msrp it would add an additional $75 (approx) of interest per month.
thats a payment of principal (or rental charge) plus interest (money factor) of $332.
so is $11/thousand with interest or not...
ps- even at fitzmall with their low prices, the $11/thousand as a guide is just for the rental not the interest.
thanks for any input...Ill check back.
as for the base figure of 299 + tax. for this car, it would be the greatest deal ever in all of the USA .
you would have a residual of over 67%, and wouldve have a sale price of at least 14% below msrp.
out of curiosity what south florida dealer did you go to??___________
theres maroone nissan, pompano, coral springs in broward, and a few more in palm beach & dade county, but since you stated your tax rate at 6% , well then, your in Broward?
as for the base figure of 299 + tax. for this car, the SV at that msrp thiswould be the greatest deal ever . .
out of curiosity what south florida dealer did you go to??___________
theres maroone nissan, pompano, coral springs in broward, and a few more in palm beach & dade county, but since you stated your tax rate at 6% , well then, your in Broward?
now for some number crunching. as to what you should pay...299 doesnt seem real, if it is grab it NOW...as for 100 more than that from other dealers, well thats high and overpaying, heres two real examples to help you.
example #1
msrp=27150
you agree to pay 24163 (89% of msrp, this would be GREAT}dont think it exists in FLA, read below for answer,,,but not yet...
add destination of 595 {this bank fee is on all FLA leases}
your adjusted cap cost is 24758
residual at 62% (thats what it is for 39 mth lease is 15474
your depreciation or the amount you would pay for usage is 9284 divided by 39 equals 238/mth
your rent fee based on NMAC .002 tier 1 credit would be $80
total of lease monthly payment 318 add 6% for tax total payt 337.
AN EXCELLENT DEAL....best in USA, not kidding,,,
now if your agree to pay is fiqured at 94% , which is what the dealers in Broward county are figuring then....
msrp 27150
agree to pay 25521
plus destination, gives adjusted cap cost of = 26116
residual 16322
depreciation 9793 /39 = 251/mth.
rent fee is 85/mth
total 336
6% tax +20 =
total 356.
THIS IS A REAL GOOD DEAL TOO.
SO REAL FIGURES ARE 337 TO 356....print this bring it to your dealer...and after he gives you figures, match it against this...I know these two examples are real.
as for your $1000 down which includes 1st payment....OK....that leaves $700 that needs to go to pay
title (even if your transferring from another car..approx 260 in fl.
taxes in advance ,,approx 60
florida fee 70
documentary fees, or doc fees which are state intangibles and must be paid for putting another car on florida roads is approx 500 (closer to 600)
that adds up to 890...so giving the dealer 1000 for this and your first payment is very good...dealer eating a little.
just know your 299+ tax figure for a 27K car doesnt compute. it would mean the dealer selling you the car to get to the adjusted cap cost would be selling it to you for 79 % of msrp....as I said, it doesnt compute, No dealers sell new cars that cheap. Now 88-91% of msrp is generally their dealer cost (as fitzmall sells cars for up North, because he does huge volume in a 3 state area, way more than any dealers in Broward county including autonation Maroone and coral springs auto mall , the rest are Independents), and Yes you can get it at that , in FLA, doubtful, up noprth at a mega dealer, yes..so therefore a 93-94% of msrp is definitely real.
So its 337 (this is based on a 89% sales price from msrp) to 356 (figured at 94% )....these percentages with nothing down as your doing (your $1000 is going to fees and 1st payment) as i was saying, these differences in percentages of msrp will give you your adjusted cap cost before destination fee.
good luck.
please let me know how you did, and let me know the dealer please, because Ill be there right behind you...
Here's the data from my lease agreement.
Agreed upon sales price for vehicle - $24,589.76
Acquisiton Fee - $595.00
Total Capitalized Cost - $25,164.76
Total out of pocket - $1,000.00 - $434.50 cap. cost reduction, $316.94 first month payment
Registration/tax/ttile - ($150.00, $26.07, $3.99 and $68.50 - total $248.56)
Residual value - $16,290.00
I don't know what else I can tell you that helps you crunch the numbers. This is from a dealer that I've gotten my last several vehicles through (2x 2003 Nissan Altima 3.5s, 2006 2.5 S Altima, 2006 Nissan Murano, 2009 Altima 2.5SL and 2010 Nissan Maxima SV (along with one or two pre-owned during the same 9+ years) so I like dealing with them and have trust that they give me a good deal. This time, however, I didn't do any research and was just checking to see whether they did me right....which it sounds like they really did.
you state, and I quote "this is from a dealer that I've gotten my last several vehicles through" and thats great...since I am also in broward county florida, which dealer did you go to..__________________________________.
thanks the info will be used to get me a 2.5 SV
i got prices from maroone and coral springs on 2.5S for more money.....so your answer is paramount to me as to the dealer, because I will go and get the same deal, so please help and thanks in advance..
so buying at 90% of msrp is great.
just gotta wonder what the dealer is getting back from the nissan manufacturer, because dealer cost for this new just introduced model is 91%, so the dealer has got to have real good incentives to sell it at below dealer cost.
there are no rebates on the car, and there really isnt even good lease money factor on the car yet either (its .002).
so in conclusion congratulations. best deal Ive heard of , hands down and Im anxious to get it too.
as for the dealer you purchased from in broward county , florida....it would be helpful to me, Im buying an altima this weekend or next, and Id really like to know, Ive been to maroone, weston, pompano, esserman, coral springs even bill siedle. , Ive been to these but not for the deal you got, so ...is it one of these or a different one...thanks in advance... the ammunition , (your numbers) are great , now I just need to know which dealer to go to, to prove it to them that this is the comparable deal they have sold at. thanks again.
Before you jump on an unlikely deal, you might want to check out the new Accord on sale 9/19. i am cross-shopping these 2 vehicles as well as the NEW fusion for my future car purchase. Competition is fierce; buyers are in control for a change...good hunting
http://www.autonews.com/apps/pbcs.dll/article?AID=/20120905/OEM04/120909960/2013- -honda-accord-gets-wholesale-changes
"When Nissan does a national lease, the dealer sells car at invoice, that is the cost of the car. The 2399.00 comes of the invoice price of the car. That is why the tax,tags.doc fee are seperate"
I was under the assumption Nissan lease deals were sold at msrp
Thanks for posting. I'm currently in the market for a 2013 Nissan Altima and live in NY. Could you please tell me the name of the dealership and the model that you are going for! I would appreciate it!
2013 Altima 2.5 S with Splash Guards and Mats Lease
24 Months - $219/Month - $2,399 initial payment.
Excludes taxes, title, and license. $2,399 initial payment required at consummation. (Includes $2,180 consumer down payment, $219 first month payment.) (Offer valid only when financed through Nissan Motor Acceptance Corporation.)
2013 Altima 2.5 S with Splash Guards and Mats lease model 13113 subject to availability to well-qualified lessees through Nissan-Infiniti LT. $23,555 MSRP incl. destination charge. Net capitalized cost of $20,514 includes a $595 non-refundable acquisition fee. Dealer contribution may affect actual price set by dealer. Monthly payments total $5,256. At lease end, purchase for $16,489, plus purchase option fee up to $300 (except KS & WI), plus tax, or pay excess wear & use plus $0.15 per mile for mileage over 12,000 miles per year. Lessee is responsible for maintenance and repairs. Disposition fee due at termination of lease term. No security deposit required. See participating dealer for details. Offer ends 10/01/2012.
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i wish you provided me with the dealer you went to..but o-well.
i went to all 5, 2 of them gave me on a msrp on a 2013 2.5SV w/ packages etc, a sales price of 25412 (93.6%) of sales price and the other 93.25% of msrp or a sales price of 25317. all the others were at 94-95% of msrp.
using the best price, the deal including 1000 down and after paying taxes regi, and 1st payt etc, left 434 toward cap reduction.
final tally 319. plus broward county 6% sales tax=19=338.
the figures of nathenek of 296 plus 6% tax for a total payment of 316, based on a 89-90% selling price is not attainable by the 5 soputh florida broward county dealers, so says my research.
i also got professional after market tinting, and most important VIN # etching no charge.
now let me explain about VIN # etching...dealers charge about $175 for this. but it will save you on your insurance premium about $19-21 per month.
***PS---shame on you nathenk...you take place in this conversation, then bail...its difficult to believe you after my extensive , exhaustive research.
as for negotiating a lease , and the dealer gives you the national deal, you gotta do homework, check dealers thru-out the usa, see what their msrp to sales price is,,,all the other numbers are set. RV is 60% of msrp, the money factor is what it is for tier 1 if u have v.good credit. these arent numbers the dealer moves off of.
the number dealers move on is msrp to sales price....and if you know how to figure a lease, and there are plenty of websites to know and understand, you can go into a dealer with your numbers, and get it. if not do as I did and walk and go to another dealer. Im fortunate, i have 5 (actuall 8 less than an hour awayy. good luck all.
as for negotiating a lease , and the dealer gives you the national deal, you gotta do homework, check dealers thru-out the usa, check different areas, east vs west vs south etc, just pick any four random dealers or better yet look for the mega dealers/auto malls etc..., see what their ratio of msrp to sales price is,,,all the other numbers are set. RV is 60% of msrp, the money factor is what it is for tier 1 if u have v.good credit. these arent numbers the dealer moves off of.
so after msrp, negotiate a price, your sales price...I found dealers in my area were at 94-95% of msrp, i got two at 93.25 and 93.6% of msrp.....they started at 97%...after that, I try to put little down, in my case i went for 1000 down , 338 for first payment,228 for tax etc, and 434 toward cap cost reduction.
the number dealers move on is msrp to sales price....and if you know how to figure a lease, and there are plenty of websites to know and understand, you can go into a dealer with your numbers, and get it. if not do as I did and walk, then go to another dealer. Im fortunate, i have 5 (actually 8 less than an hour awayy. good luck all.
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