Deal Check: Shopping 5 NORCAL dealers for Nissan Leaf and think I have a good deal at $11 a month but need sanity check

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I’m shopping 5 dealers on 2020 Nissan Leaf SV Plus with added tech package and the best deal I’ve seen so far is this, it looks like it makes sense to me but I want to make sure:

MSRP: $42,935
Selling Price: $38,935
Incentives: $14,175 (federal, state and ??? maybe something from nissan to get rid of 2020s now that it’s 2021)
Money Factor: 0.00003
Total Upfront Cost (to me, including taxes and fees): $5,995
Term: 24 months
Monthly Payment (after tax): $11.06

I’ve never leased before so I need a sanity check but it seems like I’m essentially prepaying the lease (along with all the taxes, etc) almost in full. I plan on looking at this car tomorrow early afternoon - are there any specifics I should ask to make sure they’re not trying to trick me? As long as my total cost for the car for 24 months is $5,995+$11.06*24+the return fee of $4-500 at the end of the period it seems like a good deal for this car.

I found another dealer who has the same price but no tech package, and another one who has it with the tech package in white which I prefer but it comes out to about $1500 more over the term of the lease which doesn’t make sense to me.

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Here is the screenshot they texted me https://imgur.com/a/lVwYpHD

It was to match the quote from another dealer but that one is 200 miles away so I’d prefer this one if possible.

Here is the quote from the other local dealer but without the tech package https://imgur.com/a/guwt1o6

I can’t quite get it to plug into the calculator correctly for some reason so hard to tell if it’s a good deal or not?

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Why are you prepaying $6k only to have a monthly anyway. Folks only do prepay (one-pay) when there is a MF discount as a result. You aren’t doing that, so you are only putting $6k at risk if you total the car early in the lease.

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They’ll do lower prepay if I want, the 6k includes taxes and dealer fees I believe so only ~$3-4k is down payment?

Here’s what it looks at $4k: https://imgur.com/a/IK1IcY9

Since I’ll have comprehensive insurance coverage I figured I might as well prepay the $6k and save a couple bucks (comes out to a little over $80) but I don’t care too much either way - does make sense that it would be safer with less down.

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With that MF, it is virtually free money. It would be silly to give them anything. Do a sign and drive and use that money to earn more interest than you’d be paying on the lease.

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You think the lease is a good deal though?

I’m pretty sure I can step up the monthly payment and decrease the down to wherever I ask tomorrow so I’ll do that and if we just assume for each $1000 I take off the total down I add ~42-3 to the monthly it’s kinda 6 of one half a dozen of the other in my mind.

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Sorry but i know nothing of Leafs in Cali. Don’t you guys get post-sale rebates on electric cars?

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If it’s not a great deal I don’t mind waiting and finding another one, not tied to the model - I don’t need to buy the car this week but seemed like a good opportunity while they’re trying to clear our 2020 stock.

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Because it’s 24 months I don’t get any rebate, at 36 there are some options but they won’t do that. This deal is conditional on them pocketing the rebates which happens at 24.

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I will say 2 dealerships said they couldn’t come close which is usually a good sign, haha

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I’m NorCal also and tried to pull a Leaf deal end of year but didn’t work out. I’d say discount is about right. For reference, residual was 53% last month. If you really like the car I’d go with zero cap cost reduction but effectively $260+ a month for a Leaf is more than I would pay IMO

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They cannot pocket your CVRP rebate, and minimum term is 30 months. Incentives might be different which result in lower payment for 24 months. Not a good deal at $260 a month, many Leaf deals on this site to find comparisons.

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I’m not eligible for the CVRP because I make just over unfortunately.

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This structure makes no sense at all.

You should change your clickbait title since the deal is actually nowhere near $11/month

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I would first verify this is $260.85/mo on a sign-and-drive, and then decide if you like it enough that you want to drive it for 2 years.

Doesn’t sound like you’re especially attached, so I would ignore the FOMO and see what else leases between this amount and your budget, and if you like anything better.

1 Like