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Nissan Altima Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, cmyawn.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi tasteckler. The money factor that you were quoted for these cars is right in line with Nissan Motor Acceptance Corp.'s buy rate for them. That is a good thing.

    The other important number to focus on when leasing is your vehicle's selling price. Let's take a look at them. You were quoted a dealer discount of around $1,700 on the first car and of around $1,900 on the second car. Both of the selling prices that you were quoted appear to be below dealer invoice, which is an excellent deal.

    Both of these deals look very attractive to me. If you like these cars, I personally don't see any reason not to go for it.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    As they say on sports talk radio, welcome aboard Newport5003. Since you have been helpful enough to provide all of the necessary data (most importantly this car's MSRP and selling price) I would be happy to work up a sample lease payment on the car that you are interested in for you.

    According to my calculations, if you were to lease a 2009 Nissan Altima 2.5S CVT Sedan that has an MSRP of $22,545 and a selling price of $18,936 through Nissan Motor Acceptance Corp. right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $208. The payment for an otherwise identical 39 month lease would be $201.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi lotuspeddler. As far as the fees that you will have to pay on this lease goes, Nissan Motor Acceptance Corp. charges a $595 acquisition fee on every vehicle that it leases. I believe that it is waiving its security deposit requirement on the 2009 Altima right now. NMAC just started charging a disposition fee on leases a couple of months ago. I believe that it is something like $350.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mirm. Since you are relatively new to leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the best way to get a good deal on your leased vehicle is to negotiate as low a selling price as possible on it and then have the dealer that you are working with calculate its payment using its buy rate lease money factor.

    The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. In today's environment, most consumers are able to get high volume vehicles like the Altima for around dealer invoice. You can look up the exact invoice price of the car that you want by hopping over to the New Vehicle Pricing section of Edmunds.com.

    Once you have negotiated a selling price that you are comfortable with, have the dealer calculate your monthly payment using Nissan Motor Acceptance Corp.'s current buy rate lease money factor of .00158.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, cmyawn. Thanks for taking the time to make such a detailed post about your recent buying experience. If you have the top, make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on the dealers that you mentioned. Enjoy your new ride :shades: !

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi psychoboy. You definitely do not want to lease this car for only 24 months. Nissan stopped providing lease support on two year leases a couple of months ago. Its current buy rate lease money factor for that term is an atrocious .00325.

    Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2009 Altima 2.5S Sedan with an automatic transmission and 15,000 miles per year are a much more reasonable .00158 and 59%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    There certainly is, pattyeo. You are being very smart to find out exactly how leasing works prior to visiting any dealers. You definitely should check out the following informative articles that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, pax4. I'm glad that I was able to help you out.

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  • pampi1pampi1 Member Posts: 1
    What were the Net Cao Cost Reductions to get to the Lease Price of $18,936.00?
    I'm negotiating at this time for a 2009 Nissan Altima S, Automatic Transmission and Radio/CD and my quoted Lease price is $20,909.26 for 36 months and 12000 miles. (Ira Nissan/Tewksbury, MA) Money factor is .00158
  • cmyawncmyawn Member Posts: 51
    Just saw this online today:

    $1,000 Holiday
    Bonus Cash***
    for well-qualified buyers

    *** Holiday Bonus cash back when you purchase a new 2009 Nissan Altima Sedan from new dealer stock. Offer ends 2/16/09. Holiday Bonus Cash can be applied to retail and lease sales and can be combined with existing Customer Cash, or NMAC Special APR, or may be combined with NMAC Lease. See Retailer for details.

    $%#!&* now I am kicking myself for leasing on 1/30/2009.
  • peter05peter05 Member Posts: 3
    Looking to Lease 2.5 SL Altima for 39 months with 15,000 miles in the Boston Area.
    MSRP about $26,600 and nego price is $25,900.
    Have been quoted $300 month with first month plus $300 in Document fees due upon signing.
    Anyone know how much more room is there in this price?
    Are Document fees negotiable?
    Is there an Acquisition and Turn In Fee or is this included in lease?
  • djhalptertdjhalptert Member Posts: 115
    The non-negotiable acquisition fee should be included in your lease. (If they are saying only first payment and doc fee are due at signing). Doc fee is a made up way for dealer to make more profit. Almost every dealer has it. You can refuse to pay it and they can refuse to sell you a car. I would tell them XXX dealer's doc fee is only $120 and that is what you would be willing to pay. Nissan has now included a disposition fee in their leases. I think it's $350? Not sure. That is required at lease end. I think $700 off MSRP is ridiculous. Should be WAY under invoice. You should be able to lease this car for $270 at the most.
  • ga40ga40 Member Posts: 4
    I leased a 2.5S with SL package for $292 including TTL ( I am in a 7% tax county in georgia). You are right there is a lease end disposition fee which Nissan added in feb and is $395. Seems like that is non-negotiable.
  • travdog34travdog34 Member Posts: 17
    I will be closing out a lease on my 2007 Infiniti G35 Coupe in the end of April.

    The thing is...I want to jump over to the Nissan Altima. I need a bigger vehicle, more trunk space, and a bit better gas mileage.

    I don't need anything fancy with the car. Just looking for a 4 door, automatic, 2.5S...all the bells and whistles are not necessary.

    My first question would be...does anyone know of any loyalty incentives if I am switching from Infiniti to Nissan? Obviously not the same make, but within the same family. Has anyone ever heard of any kind of incentives for something like this?

    Secondly, is there any kind of way to end my lease early and jump into an Altima lease now? Would I be hung out to dry on the remaining Infiniti payments? Is this something that people do/can do?

    Any insight/info is greatly appreciated!

    Not sure if it matters, but I am in the Raleigh, NC area.
  • glennjrglennjr Member Posts: 37
    Just leased a Dark Slate 2.5 SL last night, MSRP $26455. 39 payments of $285. True zero down. My deal was at $282 but they discounted their window etching to $114 or $3 per month. I actually saved more then that with my insurance company. Happy with the deal, probably could have beat them up for another $250 but i didnt have the time to shop multiple dealers. Nice vehicle but it will take me some time to get use to as i am coming out of a honda ridgeline. Needed to downsize, what can i say. The whole key thing or lack there of it makes me nervous, and the CVT is just insane.
  • hegemonhegemon Member Posts: 5
    I want to lease an Altima 2.5SL with Navigation sometime soon...I was looking at them last summer, and when I told the dealer I wanted my payment around $300 he laughed at me, but reading through this thread, it seems like it's completely doable.

    For a 2.5SL with the Technology Package, what should I be paying monthly and what would you say in regards to a down payment?

    I've been looking at Jetta's too, but they're just being decontented more and more every year. Plus, I was quoted $340 with $2000 down, which now seems high considering what I could get...

    Why are Altima's with much higher MSRP's, being priced close to or lower than a Jetta?

    Thanks!
  • kamjamkamjam Member Posts: 5
    Why lease w/ nav. You're paying Nissan over a grand just to use it for 3 yrs...and then that money's gone at the end of lease. Put it into a top-rated Garmin or Navigon instead.
  • hegemonhegemon Member Posts: 5
    I just like that it looks cleaner than having one sitting on my dash. Plus, I'd rather have it integrated with the audio and stuff...
  • pax4pax4 Member Posts: 9
    Car_man,
    You have no idea how helpful you and the members of this site are,. Thank You!

    I live in Florida and plan on leasing an Nissan 09 Altima Sedan in the very near future. I will be driving up to New York with it ... What is the average Dealers service reliability for a car that is leased out of a different State?
    Beside regular car insurance and the GAP insurance that you strongly advise... should I be considering any other auto insurance? Feed back for you or other members would be very helpful. Thanks
  • mightybmightyb Member Posts: 1
    Is this realistic?

    09 altima SL with conv and conv+

    26,485 MSRP
    57% Residual (15,000 miles a year)
    .00158 Money Factor
    7.8% tax
    $399 Doc fee
    39 months
    approximate 400 ttl

    I want to get the selling price to 23,500 (including doc, ttl fees), which will give me a monthly payment of 298.

    Thoughts??right now they are at 24458 on the first offer to me. is 23500 realistic?
  • andrew730andrew730 Member Posts: 1
    288 per month, 1 month payment and dmv fees down only.
    they also ate my last 2 month payment of my current lease which ends in 2 months. also got 15k miles per year in my new lease.
  • uwbadger98uwbadger98 Member Posts: 2
    just leased one today and got a crazy good deal.....
    $220 per month for 39 months 12K Miles, no money down, no destination fee, no doc fee, no etch/tire or other bs fee....got them all waived....

    paid just tax, motor vehicle fees and the standard acquistion/fee(only bs fee couldnt get waived, but only $495)

    hope this helps someone who is looking!
  • travdog34travdog34 Member Posts: 17
    Wow, great deal!

    What area did you purchase?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi travdog34. I do not believe that Nissan is currently providing any loyalty incentives for Infiniti customers to want to lease a new Nissan Brand vehicle. Nissan is not running any sort of early lease termination program that I am aware of either. If you choose to lease a new Altima now, you likely will have to pay all of your remaining Infiniti payments out of your own pocket or roll them into your new lease.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new Altima, glennjr. Thanks for taking the time to share the details of your new lease with everyone. Make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience as well. Enjoy your new ride!

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, pax4. I'm glad that you find this site so helpful. You shouldn't have any problems getting your Altima serviced in New York even though you leased it in Florida. In fact, things are so tough for dealers right now that I am sure they would welcome your service revenue with open arms.

    Nissan Motor Acceptance Corp. requires a minimum level of car insurance on leases. You probably don't need anything above and beyond that, unless you would personally prefer to have a lower deductible. I believe that NMAC automatically includes gap insurance on leases at no additional charge.

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  • pax4pax4 Member Posts: 9
    Thanks Car_man !
  • travdog34travdog34 Member Posts: 17
    Thanks for the info Car_man.

    I have heard some of the dealers use that expression, "roll them into your new lease" what exactly does that mean?

    Also, right now I am pretty settled on getting a 2009 Altima 2.5S (Auto) that has a MSRP $22,545. I am looking for a 39month lease at 12k miles/year.

    I have seen some people post some fairly good lease agreements so the boards. What would you recommend me to shoot for for my monthly payment ($0 down) in order to get the best deal out there?

    A couple days ago someone posted they got out for $220/month ($0 down) and only got stuck with an acquisition fee. That seems like a great deal to me.

    All your help is greatly appreciated!!

    I am in the Raleigh, NC area...just in case that matters.
  • shackt65shackt65 Member Posts: 1
    Car_man

    Received below quote from local dealer on an 09 Altima 2.5S with Convenience Package and Connection package floor mats and splash guards.

    MSRP $25,005
    Savings $3,253
    Internet Sales Price $21,752

    Price looks pretty good however I am looking to lease for 39 months, 15000 miles no money down. Dealer state lease program just changed, any idea what a lease payment would be?

    Thanks,
    Shackt
  • cheeseplzcheeseplz Member Posts: 5
    Ok so heres my question. I'm looking at buying a new altima and was wondering if it makes more sense to lease it (to have lower monthly payments) and then after 3 years just buy it outright? I'm not totally sure how leases work but to me it seems like a good way to pay less for a car upfront and then buy a depreciated car for less. If I was to buy it from the start I'd pay 2-3 times more a month wouldn't I? Yes after 5 years I'd own it but I also paid full price for a car that isn't worth that now. Like I said i'm not too sure what the advantages to leasing and then buying at the end of a lease are, most info on edmunds concerns leasing and then releasing at the end. PLEASE help me with any info you can.
  • chuck68516chuck68516 Member Posts: 195
    If you are talking over a 6 year time frame...

    A $28,000 Altima 2.5S w/ SL Package, 36 month lease, purchase option at lease end is going to be around $16,000 PLUS SALES TAX, so say $17,000. If you financed that $17,000 for an additional 36 months your payment would be over $510. The additional 36 month loan would cost $18,360. If you negotiated an awesome lease (as several people have reported) you are looking at $300 a month for 36 months. Total payments = $10,800. TOTAL COST TO LEASE THEN BUY $29,160.

    You could buy it for $23,500. (People are reporting around $4,500 off MSRP on the S with SL package). Sales tax would be around $1,500. If you financed $25,000 for 72 months, you would owe $13,400 after 36 months. You would've already paid $15,120 in total payments. TOTAL COST TO BUY $30,240.

    This really depends on your ability to negotiate a great lease. Some people have reported $290 on the 2.5S w/ SL. Some have reported $400. Even $50 a month difference is $1,800 during the life of the lease. In the long run it is probably at least less of a hassle to just buy it outright. Why even lease if you know you want to keep the car forever?
  • jimmycornjimmycorn Member Posts: 3
    Hey Cheese, Chuck sure ran a lot of great numbers for you. As he said and you can see, it's the deal that still matters, you can go right (OR wrong) depending on all the numbers. I've been leasing cars for 25 years. Many financial people will tell you leasing is the more expensive way to get a car. I use mine for work, so I write it off and leasing is better. I always do 3 years or definitely within the warranty. I always do zero out of pocket, too. It seems really backward to me to put money down on a "rental" - you are just "borrowing" it. Put money down on a purchase only. With leasing you get into a nice car with no money and a small payment, but you own nothing at the end. Hope my opinion/input helps.
  • integritasintegritas Member Posts: 5
    Hey Car_Man... hope you make it to the N's soon... as I'd be grateful if you could advise:

    Current Money Factor & Residual for an Altima 3.5 SL Sedan... 36 month lease... 10000 (or 12000... whatever is minimum) miles/year.

    Much thanx!
  • pax4pax4 Member Posts: 9
    Hello Car_man,
    I'm thinking of leasing an 09 Altima 2.5 S, W/ SL convenience,convenience plus and connection package with mats and splash guards.
    How do these figures look

    MSRP 27,395

    Sell Price 24,546

    Residual 56%

    Money Factor .00124

    Terms 39 months

    Tax 6% ( Fla )

    595. at signing

    333.00 a month with taxes

    Feed back appreciated
  • pax4pax4 Member Posts: 9
    Car_man
    Re last post # 953 it will have a 15,000 miler per year.

    thank you (AGAIN)
  • pax4pax4 Member Posts: 9
    Car_man or Somebody

    I am leaseing a 09 Altima 39months 15,000 miles.Should I take the Nissan Security+Plus Protection package for an additional $350??? I thought Nissan was resposible for the car if something goes wrong with it during the entire lease period!

    Thanks for any feed back.
  • armjetarmjet Member Posts: 2
    new to the forum, been browsing for a while - great info.. thanks to all!

    looking at a 09 altima 4cyl, MSRP was $27395 was pretty loaded with options. liked the car!

    dealer offered 354/month lease 39 months 12k year with only first pymt due at signing. Ohio tax included at 6.75 percent

    seemed ok, but did not release any details.

    can someone help with residual, money factor, dealer cash, etc.

    Thanks in advance.
  • chuck68516chuck68516 Member Posts: 195
    58% and a money factor of .00124 for a 36 month lease. Not sure of 39. I would never lease for 39 months due to the fact that you will be out of warranty for 3 months. If anything happens you will be solely responsible for fixing it. It's only going to lower your payment by less than $10 anyway. I'd stick with the 36 month.

    Monthly payment was right at $300 including tax on MSRP $27395.
  • stunner_shadesstunner_shades Member Posts: 3
    Hi, EVERYONE this is my first time on here, I got a price quote for a 2009 Nissan Altima 2.5 SL package conv, conv + and Technology package(FULLY LOADED). MSRP 30,000 SALE PRICE 28,100 OUT THE DOOR, Includes all taxes and fee's. So your money factor will be .00124 with a credit score of 700 and up. That is with no dealer markup. Your residual is 56% with 15K miles a year and 57% with 12K miles a year. Monthly payment of 307 for 12K per year and 2,500 down. How does this deal sound please let me know as im looking to purchase a car very soon. Thank you for all your help
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem pax4.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, travdog34. The phrase "roll them into your lease" usually refers to adding the fees from your current lease or some sort of negative equity from your trade or previous lease into the capitalized cost of your new car to make it part of the monthly payment rather than having to write a check for it at lease signing.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Shackt. Did the dealer taking the $1,500 consumer cash that is currently available on this car into account in the price that they offered you. I suspect that they did. This cash is not compatible with NMAC's special lease program.

    I will work up a lease payment on this car two ways for you, first using the exact prices that you mentioned in your post and then after backing out the $1,500.

    According to my calculations, if you were too lease a 2009 Nissan Altima 2.5S Sedan that has an MSRP of $25,005 and a capitalized cost of $21,752 through NMAC right now for 39 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $244. If I back out the $1,500, this payment rises to around $284.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Ha integritas, I see that you noticed that I go through the leasing discussions alphabetically. I'm here.

    Nissan Motor Acceptance Corp.'s current buy rate lease money factor and residual value for a 36 month lease of a 2009 Altima Sedan 3.5L with 12,000 miles per year are .00124 and 58%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey pax4. The money factor that you were quoted looks good. It's right in line with NMAC's current buy rate for this model. That leaves the selling price of this car as the other important variable that we need to take a look at.

    I don't know the exact dealer invoice price of the specific car that you are interested in, but it probably has a spread of around $1,800 to $2,000 between its MSRP and its dealer invoice price. You were quoted a discount of around $2,850. That is a good price, it is likely right around dealer invoice minus the dealer cash that is available on this model right now.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi pax4. I definitely wouldn't spring for the extra warranty coverage if I was leasing an Altima. The dealer is probably trying to push this coverage on you because the Altima comes with a 3 year / 36,000 mile bumper-to-bumper warranty. This means that if something happens to your car during the final three months of your lease you would have to pay to have it fixed out of your own pocket. It's not really that risky though because the Altima's powertrain coverage is 5 years / 60,000 miles, so you would only have to pay for any non-powertrain item that breaks during the last three months of your lease.

    Again, I personally would pass on the extra coverage.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi stunner_shades. Let's take a look at the deal that you were quoted. The money factor that you were quoted looks great. It's right on line with NMAC's current buy rate for this model.

    Now' let's look at the other important number, the selling price. The Altima that you are interested in probably has a spread of around $2,400 or so between its full MSRP and its dealer invoice price. The $1,900 dealer discount that you were quoted isn't bad, but given the current state of the auto industry and the dealer cash that is available on this car I would not be surprised if you were able to shave another couple hundred dollars off of this deal.

    Also, I see that the dealer is asking you for a $2,500 down payment. I always advise consumers not to make large down payments when leasing. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your car's monthly payment will be a little higher it would be much safer to go with a zero down lease.

    Car_man
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  • kozakakozaka Member Posts: 3
    Car Man
    Just want to confirm, Altima S, 36 months, 15k, residual is 57% and MF is .00158? Thanks.
  • stunner_shadesstunner_shades Member Posts: 3
    I have recieved a quote on a 2009 Nissan Altima 2.5 S FULLY LOADED WITH NAVI. I got a monthly payment of 284 for 39 months 2,000 down how does this look car_man?? Thanks
  • 77snb77snb Member Posts: 1
    I was quoted the following on a 2009 Altima SL
    MSRP 26155
    CAP cost 22633.09
    money factor 0.00124
    lease end value 14908.35
    12K miles per year @ 260.62 a month.
    I have a 2006 Pathfinder on lease with three months left at 300 per month and when we started talking numbers the payment went up to 307 a month because they state that they must payoff my pathfinder??? Arn't there any deals for return customars?
    then I'm leaving and they keep telling me what a good deal I'm not taking 307 rather than 260 because the money factor is going to go up.
    Any word on the money factor going up?
    I know they wanted me to buy today but is there any truth to a change in the money factor?

    Thanks for any help.
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