2023 Nissan Frontier PRO-4X Truck Crew Cab - Two Scenarios - Deal Check

Ask the Hackrs
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1

I’m having trouble replicating these numbers taken directly from the lease contract. The dealership I’m working with has limited experience structuring one-pay lease contracts. I could sign this for an on-the-ground unit once I agree. However, I don’t feel comfortable since the numbers are not aligning in the Leasehackr Calc, and I don’t want to have any issues with the dealership on the back end of the contract as they sell it to NMAC. The dealership has assured me that NMAC has approved this contract. I have communicated with the GM and GSM that if there are any issues with the contract, I will be happy to resign to correct any mistakes. However, if it requires more money, I will not pay anything additional; they will have to eat it.

Maybe I’m being overly cautious, but I’ve had a bad experience in the past where a dealership made similar mistakes. Instead of contacting me to resign the “corrected” contract, the finance manager took it upon himself to sign for us. After five iterations, he eventually got the contract sold and thought all was said and done. However, whenever we received our statement in the mail, I noticed the lease maturity date had been moved back one month, and the miles had been reduced from 15K to 12K per year. I contacted the lease financing company and discovered that there were six contracts on file for our account, and once I received a pdf copy of each, I saw the forged signatures on my wife and me.

I would appreciate the experts here picking this deal apart, highlighting any errors (if any), and providing recommendations about how I might improve this deal or if I should just walk away. There are two scenarios below on the same truck.

Thanks.

Scenario 1:

SignatureOne Pay Lease: 18 months/15,000 miles per year/92% residual
• MSRP: $47,815
• Window Sticker: $48,214 (window tint add)
• Selling Price: $47,517
• RV: $43,989.80
• MF w/o MSDs: 0.00282
• Incentives: Nissan College Grad $500 + Sweetheart NMAC Bonus Cash $500 = $1,000
• State: GA
• Tax Rate: 6.6%

Numbers from Lease Contract:
• Depreciation: $3,527.20
• Rent: $4,644.83
• Total Base Lease Pymt: $8,172.03
• Acquisition Fee: $695
• Title AD Valorem Tax: $318.20
• Documentation Fee: $599
• Electronic Filing Fee: $98
• MTR VEH WARR RGTS Fee: $3
• Temporary Tag Fee: $18
• Title Transfer Fee: $25
• Total: $9,928.23

Amount Due at Lease Signing:
• Rebates and Non-Cash Credits: $1,000
• Amount To Be Paid in Cash: $8,928.23
• Total: $9,928.23

Scenario 2:

SignatureOne Pay Lease: 18 months/15,000 miles per year/92% residual
• MSRP: $47,815
• Window Sticker: $48,214 (window tint add)
• Selling Price: $47,517
• RV: $43,989.80
• MF w/o MSDs: 0.00282
• Max MSDs: 9 * $450 = $4,050
• MF w/MSDs: 0.00192
• Incentives: Nissan College Grad $500 + Sweetheart NMAC Bonus Cash $500 = $1,000
• State: GA
• Tax Rate: 6.6%

Numbers from Lease Contract:
• Depreciation: $3,527.20
• Rent: $3,162.50
• Total Base Lease Pymt: $6,689.70
• Refundable MSDs: $4,050
• Acquisition Fee: $695
• Title AD Valorem Tax: $318.20
• Documentation Fee: $599
• Electronic Filing Fee: $98
• MTR VEH WARR RGTS Fee: $3
• Temporary Tag Fee: $18
• Title Transfer Fee: $25
• Total: $12,495.90

Amount Due at Lease Signing:
• Rebates and Non-Cash Credits: $1,000
• Amount To Be Paid in Cash: $11,495.90
• Total: $12,495.90

2

The math for leases isn’t complicated. If you have all of that information you don’t need a specialized calculator. A simple desk calculator with addition and multiplication is fine.

I don’t see anything that looks miscalculated. What numbers do you think are wrong?

But there’s definitely room for a bigger discount off MSRP here.

3

We walked. You are right about improving the deal and getting a bigger discount off the MSRP. Thanks for your comment.

4

We are located in GA.
Looking at deal which is out of state.

Q1: I think the taxes are overestimated. Please advise. The sales guy told us the finance department was having trouble figuring it out and that it is illegal for them to make a profit on taxes. He also stated that we would be eligible for a refund if we indeed pay to much taxes. However, when pressed he could not explain the logistics of how/when we would get a refund if we indeed overpay or the reconciliation process of whether we would be eligible for a refund. He then referred us to ask about this to the finance manager during closing, which is supposed to happen tomorrow. I was like ummm shouldn’t you guys fix this before closing? Any. help in handling this would be appreciated.

Q2: I thought NMAC treated these two incentives as cap cost reduction. However, the dealer listed them as rebates and knocked off the $1,000 at closing from my cash due. Anybody have experience with these and where they should go? I don’t want to have to resign the contract if the dealer can’t get it sold off to NMAC timely and mistake free.

Lease Program: SignatureOne Pay Lease
Term: 18 months
Miles per Year: 15,000
Residual %: 92
MSRP: $48,210
5.7% Dealer Discount: ($2,747.97)
Selling Price: $45,462.03
Residual Value: $44,353.20
Money Factor w/o MSDs: 0.00282
Money Factor w/Max MSDs: 0.00192
Incentives: Nissan College Grad $500 + Frontier Sweetheart NMAC Bonus Cash - Southeast $500 = $1,000
State: GA
Tax Rate: 6.6%

Numbers from Lease Contract that we are being asked to sign:

IMG_8983
IMG_89831772×1276 969 KB

5

The one pay + MSDs aspect of the deal looks calculated correctly. The incentives are applied correctly. There is no cap cost reduction on a one pay.

Not familiar with taxes in GA, but if the dealer overcharged for taxes or government fees they should mail you a check for the difference after the registration is processed.

This is a more expensive lease than some of the one pay + MSDs we’ve seen, but that’s mostly due to the RV being lower in Feb. than it’s been in the past and the 15k miles/year. 5.7% off MSRP is reasonable for a PRO-4X.

6

Overpaid registration fees get refunded back from DMV. Happened to me before in CA.

Taxes - the bank auto adjusted the tax and the dealership cut me a check back due to overpayment on a different vehicle lease.

1 Like
7

Is the no-cap cost reduction on the SignatureOne Pay Lease a program guideline? Just curious.

I live in GA, and this dealer is in TN, so I am going to push back on the TAVT before I get there tomorrow. I pulled my two Honda one-pay leases I completed last summer, and the TAVT math is basically the one-pay amount x 6.6%. However, both of those deals were completed with dealers in GA. I don’t know if there is something I’m missing because this dealer is in TN and not GA.

Overall, I’m proud of this accomplishment because I’ve had to deal with a lot of dealers who know nothing about this program and most just give up.

Thanks for your comments and review.

8

Thanks, that’s good to know.

I appreciate your experience on this matter.

Thanks for your comments.

9

Last time I checked @Clutch had a great deal. I would check him out.

10

It’s doubtful a broker will be able to beat this when you add in the broker fee and shipping. The hardest part of these deals is finding a dealer willing to do one pay + MSDs which has already been achieved here.

11

Agreed, after the broker fee and shipping costs, the 5% MSRP discount they are offering nets out in the 2.5% range on a deal like this.

12

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