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After reading what some people are paying for a lease for a higher model that I got, I can't help but feel that I was perhaps taken advantage of.
i just leased a basic 2016 Maxima base S model, while returning my 2013 Alitima
I am paying $ 375- a month, with no money down, and all the taxes and other fees rolled into the $ 375 monthly payment
We are also getting 15,000 miles per year.
Could someone with some insight please let me know if that's a good deal, a bad deal, and if so, how much lower could I have gotten the monthly payment ? If it helps, I have tier 3 credit.
Any help at all would be appreciated, I unfortunately have no idea how to read the numbers and residual stuff I've seen other people post.
Thank you to those that reach out and let me know if this was a decent deal or not.
also, if it helps I'm located in the New York area
First, does it matter now? You've driving a brand new Maxima for the next three years; go enjoy the car!
Second, $375/mo, with tax and all other fees rolled in, is a pretty good payment for 15,000 miles per year - and tier 3 credit. Could it have been better? I suppose, but beating yourself up over it isn't going to change the size of the check you write each month.
We'll see you in three years; make sure you check in with us before shopping for your next car.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Line 7 Invoice price I am getting this info from TrueCar. I will attempt to negotiate to as close to this number as possible.
Line 8 Geico customer savings applies ($100)
Line 9 Nissan July 4th bonus cash ($1000) I am going to confirm if I can get that
Line 10 Lease cash incentive ($2000 (or 2075 as quoted by someone else) I will confirm I can get that
Generally how much is the acquisition fee? NissanUSA lease calculator says $595.
And is money factor .00003%? Or .003%
So if everything above applies and I am doing this correctly, using only the above lease calculator site:
SL:
MSRP 37400 (from dealer site)
Negotiated price after incentives 28914 (32014 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive)
Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48)
Down Payment 1,999
Sales Tax (NY, Nassau County) 8.625%
36 month lease
Money factor .00003%
Residual 55%
Cap cost 37400
lease cost 28914
residual value 20570
monthly depr fee 193.46
monthly lease fee 1.44
before-tax monthly lease 194.90
monthly sales tax 16.81
total monthly lease payment = $211.71
PLATINUM:
MSRP 40370 (from dealer site)
Negotiated price after incentives 31723 (34823 TrueCar - and assuming I get it for that price, less 100 Geico customer, less 1000 Nissan 4th July cash, less 2000 lease cash incentive)
Additional lease costs not paid up front 619.39 (595 acquisition fee + tax 19.94 + interest 1.48)
Down Payment 1,999
Sales Tax (NY, Nassau County) 8.625%
36 month lease
Money factor .00003%
Residual 55%
Cap cost 40370
lease cost 31723
residual value 22203.50
monthly depr fee 226.11
monthly lease fee 1.58
before-tax monthly lease 227.68
monthly sales tax 19.64
total monthly lease payment = $247.32
Please review and let me know if I am calculating something incorrectly.
Lastly, am I assuming correctly the above applies only to Top Tier customers? IF that is the case, my numbers will be slightly higher as my credit score is in the Good to Very Good range.
It's important to remember that any website based quote may include incentives that are for purchase only. Don't want you to be disappointed when you try to get the dealer to honor the prices when you are leasing.
Have you yet talked to any dealers about what they are willing to sell the car for, or has all of this been an exercise up to this point?
As @marc1022 points out, those are some incredibly low lease payments, relative to MSRP. Keep us posted.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
The Maxima has a lease incentive of $2075. http://www.choosenissan.com/new-york-area/maxima/?tool=model.vlp.regional.link
(INCLUDES $2,075 manufacturer's rebate applied to $259/Month lease. Offer valid only when financed through Nissan Motor Acceptance Corporation.)
This is for NY/NJ area. Hope that helps.
Also curious. Why put $1999 down when the money is so cheap. 7/100th of a percent interest. Take your $2k and divide by 36 months and its about $56 a month. Just keep that in your account now and add to your payment. Don't put any money down because buying money is so cheap.
But, don't be surprised if the lease quotes aren't close to what you think you ought to pay.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Also saying the TrueCar value is the absolute rock bottom, they can't take anything further off (incentives).
He just came back saying $415, I told him absolutely not. Let's look at the SL. Waiting.....ready to walk.....
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Nope.. just saying that those payments aren't just going away. The captive leasing bank can forgive them, but if the dealer is paying them, that comes out of your deal on the new vehicle.
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I stuck to my guns 100% - they were trying to get me in a Platinum for $480 then got it down to $415 with 1999 down. I told them it's way too high let's go for the SL. So we went back and forth, back and forth....I pulled out my spreadsheet on the salesman and the manager, got it down to $321/month (which is $2 more than what I was paying on my 2013 Maxima S). I figured that was a fair deal, started all the processes, the paperwork, the handshakes, can I get you a cup of coffee blah blah blah.....then the dreaded finance guy meeting. Comes back telling me my credit score was 20 or so points lower than what Credit Karma tells me (I'm in Good category, he was getting me into Fair) and he's telling me Credit Karma is inaccurate. I got "very upset" and threatened to walk, give me my $500 deposit back, put my original car back on my insurance and we are done (he was trying to jack the monthly back up to $380, I told him ABSOLUTELY NO WAY). Okay I need to call billing, blah blah blah, comes back okay we will do $321 month with what we agreed you will pay today (2000 down + 800 for the other stuff) - oh yes at first he said 2877, I said where is this extra 77 coming from.
Flashback: the salesman told me the TrueCar value (which they honored (I think) INCLUDES all the incentives wrapped into it) - I looked at him like he was nuts, maybe I should have walked at that point. I wanted to see where it was going, so I kept moving forward.
Flash forward: the finance guy added in the $2075 incentive most likely so they don't lose out and I wind up paying what we agreed to.
Bottom line is I stuck to my guns and fought for a total dealership time of 5 hours (UGHHHH) but got my car. Could I have done better? Yes. Way better? Please let me know. I think I did okay, wife's Rogue lease is up in 2018 so I have time to really really learn this game. Thank you all for your help and support!
Go enjoy the new Maxima! The pleasure you get from driving it every day will be with you far longer than any concerns you may have regarding the deal.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
SL, SR and Platinum FWD
10k miles per year and 12kmiles per year
24 and 36 months
located in los angelas
.00003 MF and 61%/54% residual for all trims for 12K/yr
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thank you
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I've been lurking on this thread for only 2 days and I must say lots of great details/info here.
Could anyone give an opinion on this lease deal?
2016 SR (possibly midnight) located in Long Island, NY
MSRP ---------------- $38,505 includes destination charge
Net Cap -------------- $31,418 includes $595 acquisition fee
Residual -------------- $20,023 (~52%)
Monthly payments -- $318/month for 36 months @ 12K
Purchase option fee - $300
Excludes dealer fees, taxes, title and license
To get the above deal, $3,099 due at signing (includes $318/1st month; $2,781 down payment)
* The above details are from the Dealer's Lease Disclaimer
Based on the details above, it looks like the
Depreciation Fee -------------- $11,395 = MSRP - Net Cap
Depreciation Fee per month-- $316.53 = $11,395/36
Finance Fee ------------------- $1.47/month =$318 - $316.53
or $53/Lease/Rent Charge = $1.47 x 36 months
MF ---------------------------- 0.00002862 from $53/[(Net Cap + Resid.) x 36]
Hope this isn't too much math for everyone... But some points I took from the above math is:
1) MF looks low and Residual is at 52% (seems like average, unless 1% is big difference?)
2) Not sure how they reduced $7,087 off MSRP; even with the $2750 Lease Cash incentive and if down payment of $2,781 is a Cap Cost Reduction, there would still be $1,556 remaining...
3) Also, according to the previous posts, it looks like most people advise against putting money down.
Instead, split that down payment as the monthly payments come along, just in case something bad happens to the car such as theft/total loss/etc (please correct me if my assumption is incorrect)
Personally, I'm comfortable putting money down and having a lower monthly payment
Let me know if anything seem off; I'm still trying to learn how the mathematics/process of leasing goes; so any criticism is highly appreciated
I look forward to everyone's comments and appreciate anyone who responds; Thanks!
2) Dealers discount cars from MSRP. In this case, $1556. You wouldn't want a deal at full MSRP, would you?
3) I agree with most people.
If you pulled these numbers from an ad, you did pretty well with the calculations. However, that might not be the offer you get from the dealer. You could do worse, or better. Also, don't forget about taxes, title/registration and dealer fees.
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No 10K/yr allowance for Nissan
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
All trims
If it's a consumer rebate, then it isn't accounted for in TMV.
If it's factory-to-dealer incentive, then that's already figured in (I think)
We see some really great lease deals on the Maxima. Be aggressive.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
$500 down included first month's payment.
36/12,000
Virginia
With fees and tax/tag included, monthly payment is $416.
Got the sale price of the car to $34,050 and they're getting me out of my current lease two months early.
I feel like I did the best I can. What do you think?
I was able to use the information provided in this lovely thread (MF, Residual, etc.), plus the TrueCar estimated price to let them know I wasn't stupid. That, combined with plenty of dealer incentives like $2,000 cash helped them get the sale price way below MSRP.
You have to negotiate the sale price down in order to get the monthly payment where you want. I tried everything from waiving fees to waiving tax and tag to seeing if they'd drop their invoice price but the sale price of the car is what they have flexibility on. Be aggressive in getting that number down and you'll be in good shape. You have the power in the transaction so don't be afraid to use it.
The MSRP on a Maxima S is $ 34,515.
The dealer discount is limited to 1,887.
Currently there is the total absence of factory incentives like cash back or rebates.
The residual on a 36 month (12 K per year) lease of this car is 52%
The money factor is a very attractive .00003
The acquisition fee is $595.
Money at signing is limited to first payment and nominal document fees.
It is hard to understand the absence of factory incentives given that there remains a good inventory of 2016 with 2017 arriving shortly.
Also, what does you crystal ball show about holding off for a month or two to tap into the potential for further incentives?
There is $1950 of lease cash on the Maxima. It's most likely a dealer incentive, so not disclosed, but it is there. Find another dealer. Maximas should lease cheap.
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First quote from the dealer:
MSRP $34,500
Cap Cost $32,900
Resid $18,764
quoted payment was $411 + taxes which seems high compared to what others noted on this forum. What should the payment be?
Based on the other deals we see on here, your CAP cost is kind of high.
$1950 of lease cash on this model.
Your MSRP X 52% doesn't add up to $18,764, either.
Either your MSRP or your residual amount is wrong.
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36 mos / 12k/yr lease
Cap Cost 31,290
resid 19,600
quoted payment - 329+ CT taxes, $2000 due at signing for conveyance, registration. acq, vin etch, first payment
How much of this 2000 is negotiable? Would like to keep the payment with taxes near 350/mo