Does Money Factor Depend on Down Payment?

[willietjustice]

Todd Fee at Rairdon Nissan of Auburn, WA gave me a money factor of .00264 instead of the .00204 that I expected to get with my 770 credit score (which they showed me from their own credit check). They initially offered me .00304 and said that was the default. I told them I was expecting .00204 and he came back with .00264. Todd said that the only way to get .00204 was to put something like half of the lease payments down, and since I was putting ZERO down Nissan requires higher money factor to deal with the added risk. Also, when I mentioned the .00204 money factor, he said that was the number released in August 2010, but in March 2011 new rates were released.

Did Todd Fee at Rairdon Nissan of Auburn lie to me to get $750 bucks back on his INVOICE - 100 bucks price offer?!?!?

Thanks for your input.

 

[Gonewild]

Todd has been fired from Rairdon's.

No money factor does not change do to larger down payment. It will lower your payment but not the money factor/interest rate.

 

[xtremeflyer]

Although the large downpayment is false, the lease agreements with the .00204 money factor was advertised with $2000 down. If you are asking for zero down, I could see them saying that that lease special is no longer valid.

I know they have been shady with this and what not, but asking for zero down but the best money factor doesn't give you the best leverage.

 

[willietjustice]

Todd has been fired from Rairdon's.

No money factor does not change do to larger down payment. It will lower your payment but not the money factor/interest rate.

Weird, he was working there on Monday when he sold me my car...

 

[orderaleaf]

Given that the federal rebate of $7500 is put as down payment in the lease isn't that large enough??? Down payment has nothing to do with the money factor, typical car puckee.

 

[DaveinOlyWA]

Todd has been fired from Rairdon's.

No money factor does not change do to larger down payment. It will lower your payment but not the money factor/interest rate.

Weird, he was working there on Monday when he sold me my car...

only takes 5 minutes to say "you outta here"

 

[LEAFfan]

Also, when I mentioned the .00204 money factor, he said that was the number released in August 2010, but in March 2011 new rates were released.
Did Todd Fee at Rairdon Nissan of Auburn lie to me to get $750 bucks back on his INVOICE - 100 bucks price offer?!?!?

I can tell you that the rates didn't change with the new lease paper. I have a copy of the new one and it's exactly the same as the earlier one that had expired end of April.

 

[Steve]

I was told that .264 at 760. Was informed that to get to .224 or .204, you'd need a score in the 800s. That was at Younkers.

 

[willietjustice]

I was told that .264 at 760. Was informed that to get to .224 or .204, you'd need a score in the 800s. That was at Younkers.

From here: http://www.mynissanleaf.com/viewtopic.php?f=23&t=1067

Tier 0 — 0.00204 (credit score Above 740) i.e. 4.9%
Tier 1 — 0.00224 (credit score 700-739)
Tier 2 — 0.00264 (credit score 660-699)
Tier 3 — 0.00369 (credit score 620-659)
Tier 4 — 0.00454 (credit score 600-619)

 

[QueenBee]

I was told that .264 at 760. Was informed that to get to .224 or .204, you'd need a score in the 800s. That was at Younkers.

From here: http://www.mynissanleaf.com/viewtopic.php?f=23&t=1067

Tier 0 — 0.00204 (credit score Above 740) i.e. 4.9%
Tier 1 — 0.00224 (credit score 700-739)
Tier 2 — 0.00264 (credit score 660-699)
Tier 3 — 0.00369 (credit score 620-659)
Tier 4 — 0.00454 (credit score 600-619)

Wow, seriously Todd got fired? I guess that would explain why he has not been answering my emails.

After I sent two screens shots that Greg had sent me which showed the money factor as 0.00204 I had no troubles getting Todd and some manager to agree that it was going to be 0.00204.

 

[LEAFfan]

Yes, those are the correct rates for the FICO scores. Todd told me that the rates had changed with the new sheet. Then he sent me the new sheet, and there were absolutely NO changes. :lol: Greg gave me (by mistake) .00180 which I find out later to be only for a one payment lease. Maybe that's why he was fired. I didn't know Todd was fired too, although I didn't think he was very nice. Jack Miller seemed really nice;wonder what happened to him.

 

[Amary]

Todd has been fired from Rairdon's.

Todd assures me he has NOT been fired and is still at Rairdon's. Did you perhaps confuse him with Greg Leach?