Hi,
This is my first post, so please bear with me.
I have a newbie/amateur question.
I see a lease option advertised as 162 plus tax @18 months.
its based on MSRP of 26599, with 3620$ downpayment.
based on the Lease Hacker calculator, I came up with following:
Residual = 87%, MF = 0.00294.
However, when I try to put the numbers as
Payment = ((Capitalized Cost - Residual Value) / Number of Months) + ((Capitalized Cost + Residual Value) * Money Factor)
payment = (26599-3620) - (26599-3620)*0.87)/18 + (26599-3620) - (26599+3620)*0.87)*0.00294
this comes as 292$ .
What I am doing wrong?
also, if I were to pay 1000$ as down, with 1500$ as security deposit , how would this change?
You are Missing A LOT here ( such as Tax and Registration )
but it’s
Interest or Rent:
(26599+(26599*.087)+(You are missing some fees)) * .00294 = 146
Depreciation
(26599 - 3620 - (26599*.087) + (FEES)) / 18 = -19 (So this is missing a ton of info and where the your calculation goes wrong)
Then add Tax (7.75%) to get Payment
Rent + Depreciation + Tax
So right now assume you are slightly above 146. and your 162 does fit that bill.
Your Deposit or Down does not affect the Rent fee at all, and in fact the Rent is going to be higher because you are missing several spots of Tax Title License as well.
Paying more or less only affects that Depreciation line, it doesn’t affect the Rent line.
Now Adding a security deposit can change the MF, but that depends on how much. (Security is a different line and is not part of Rent or Depreciation)
Paying a 1 Pay (all 18 payments at once) can also lower the MF.
I called several socal nissan dealers, trying to replace portion of downpayment with security deposit, and all said Nissan doesn’t allow that now. is that true?
I talked to two Nissan dealers in SoCal today and neither of them accepts MSDs. One sales manager told me the reason is their lease printers don’t support MSDs.
It’s entirely possible the dealers do not want to deal with the headache of MSD’s and are unwilling to structure their deals with it. You can try, but if the dealer stands firm and still refuse, best option is to move on to another
Yes, I also guaged they didnt want to reduce MF and go through that calculation again by taking MSD in account.
I also mentioned NMAC January-February Retail Owner Loyalty Communication Program and Enterprise CRM Loyal Owners Program rebates, and the manager mentioned they can only give that if I have received these from Nissan directly and provide them some kinda code to use. dont know if thats the truth or he was just fooling me.
They’re correct about the incentives. Anything that says “Communication” or “CRM” is targeted and requires a code.
Some Nissan models do have a loyalty incentive that doesn’t require a code. It’s called “NMAC Loyalty Cash”. This month it’s available on Armada, Sentra, Rogue, Murano, Titan, and Titan XD.
Got New lease for 2023 Nissan Altima SR.
They quoted 250 per month, with 3000$ due at signing for 18 months on SV trim , but when I reached the dealer, they only had SR.
So, with some haggling and back and forth settled at following:
Sticker price : abt 33000$
Agreed price: 30995$
Down payment: 2500$, no payment for first month
monthly payment 230$.
Oil change, tire rotations included for lease term.
However, don’t understand the following:
How is the residual at 29,242 $ which is the buyout price? at 88% residual value, wouldn’t it be 30995*88% = 27275$ if based on agreed price? if based on 32,147$, its still 28,289$. ?
The lease page 3 says that I am responsible for minimum coverage of Bodily injury liability of 100,000 per person. With that, my insurance was coming very high, and I was thinking about not getting the lease, and the guy told I could just do 15000 for Bodily injury which i did for lower insurance. However, as per this contract page, am I an violation? like what happens in case we purchase lower coverage than mentioned in the contract? did the guy lie to me?
Yes, youre required to have the contractually required insurance terms. They can take out supplemental insurance and then charge you for it which will definitely be more expensive than if you took it out. Also, if you total the vehicle and have insufficient insurance, the gap waiver is generally void and youll be paying a lot of money out of pocket.
