Down Payment On Lease-Mandatory?

[gergg]

Knowing that a lease would be more expensive monthly with less money down, would it even be possible to lease a Leaf with $0 money down.....just $0 out-of-my-pocket down payment, the $7,500 fed money would go into the equation? Is it possible?

 

[kubel]

It's definitely possible, but the dealer will probably make you pay some fees at signing.

Push hard for 0 down and as many fees possible rolled into the lease, because at the current money factor, there's really not much of a reason to have to put any money into the car upfront other than the $7500 lease cash (tax credit). Any money you put down is lost if you wreck the car.

 

[mkjayakumar]

I did a zero down 24 month lease. The offer initially was $2k down, I asked them to include it in the monthly payments.

 

[kubel]

I did a zero down 24 month lease. The offer initially was $2k down, I asked them to include it in the monthly payments.

I wish I did that.

 

[jpa2825]

I did a zero down 24 month lease. The offer initially was $2k down, I asked them to include it in the monthly payments.

Can you share some details? Was this thru Nissan financing or a local financing option facilitated by the dealer?

 

[garygid]

Somebody recently leased with with "zero" down
from Connell Nissan in Costa Mesa, I believe.

 

[gbarry42]

Jeremy did that recently. Said his payments were just over $500 per month.

 

[mkjayakumar]

I did a zero down, $450/month for 24 months lease with 15k miles per year, for 2011 SV, with an MSRP of $32K. No other fees added. I paid $450 as the first month payment and took the keys.

The monthly payments + residual came to around $28K. I have no intentions of buying this at the end of the lease, so residual doesn't matter to me. I will lease the 2013 or go to another EV or a Volt.

This is Nissan Motors Finance, through Courtesy Nissan, Richardson, TX.

 

[KayserNissan]

Downpayment on a lease is down right silly IMO...you are just prepaying, and as it has been mentioned, car crash means the money is more than likely gone.

The standard no money down lease normally includes ~$500-800 down because they like the first payment and there are a couple of small startups depending on your state/region. It is possible to go with $0 down, the guy that is doing your financing just has to be smart enough to adjust the purchase price of the vehicle X dollars that would be required down at signing.

So say startup fees cost $450, you are buying the vehicle for $35,000, the guy doing finance just has to adjust the sale price to $35,450 to make it officially zero down.

Hope that helps!

 

[mynameisjim]

I can verify that zero down can work, I just did it last night. The dealer used some of the $7500 rebate to cover the lease fee and first month's payment. All told with tax and DMV fees it is $367/mo after zero down.

 

[gergg]

I can verify that zero down can work, I just did it last night. The dealer used some of the $7500 rebate to cover the lease fee and first month's payment. All told with tax and DMV fees it is $367/mo after zero down.

Great....if you could provide details of the lease that would be helpful.

 

[mynameisjim]

I can verify that zero down can work, I just did it last night. The dealer used some of the $7500 rebate to cover the lease fee and first month's payment. All told with tax and DMV fees it is $367/mo after zero down.

Great....if you could provide details of the lease that would be helpful.

Sure. I negotiated a $3100 discount, then added the cargo organizer. My credit allowed tier 0 .00071 money factor. We used the 39 month lease with 45% residual. Tax was about $800 and DMV fees were around $450. The first month's payment and registration fees were taken out of the $7500 rebate.

Total out of pocket is 38 payments of $367.94

 

[gergg]

Nice, that is exactly what I was looking for, thanks!

 

[bradbissell]

So the dealer cut you a check for the difference at the end? Sounds like a great deal. Where are you located? Can't seem to get discounts in the Boston area.

 

[mynameisjim]

So the dealer cut you a check for the difference at the end? Sounds like a great deal. Where are you located? Can't seem to get discounts in the Boston area.

No I didn't walk away with any money or bring any either. The remaining rebate was applied as a cap cost reduction on the lease, similar to a downpayment. I'm in Minneapolis but this MSRP was started by the excellent west coast dealers competing and supporting this site.

 

[bradbissell]

Ah, makes more sense. Thanks. I was tempted to have a 2012 shipped from CA with the $5000 discount, but then I couldn't lease. Not about to buy with the battery degredation being experienced.

 

[mynameisjim]

Ah, makes more sense. Thanks. I was tempted to have a 2012 shipped from CA with the $5000 discount, but then I couldn't lease. Not about to buy with the battery degredation being experienced.

Don't be afraid to shop that discount around to dealers that will lease and ship. The $5000 seems limited to California, but $3000 is doable anywhere. Boardwalk seems willing to lease and ship. Also email or call every dealer within 100 miles of you and ask them to match or come close. I received lots of nos, and it only took one yes.

 

[bradbissell]

I'll probably just wait until the 2013 is released, unless my Prius craps out before that date.

 

[jpa2825]

I can verify that zero down can work, I just did it last night. The dealer used some of the $7500 rebate to cover the lease fee and first month's payment. All told with tax and DMV fees it is $367/mo after zero down.

Great....if you could provide details of the lease that would be helpful.

Sure. I negotiated a $3100 discount, then added the cargo organizer. My credit allowed tier 0 .00071 money factor. We used the 39 month lease with 45% residual. Tax was about $800 and DMV fees were around $450. The first month's payment and registration fees were taken out of the $7500 rebate.

Total out of pocket is 38 payments of $367.94

Thanks very much for the details. I am going to give this a run at my local dealer I have been working with. Will report back on response. I would do this deal immediately if they said yes.

Quick questions -- SL or SV? Any other options besides the cargo organizer? Presume you stuck with the 12k miles per year rather than 15k miles per year? Also, assume this was thru Nissan financing arm?

 

[DaveinOlyWA]

.

Quick questions -- SL or SV? Any other options besides the cargo organizer? Presume you stuck with the 12k miles per year rather than 15k miles per year? Also, assume this was thru Nissan financing arm?

get 15,000 miles (after you experience EV driving, you will start inventing excuses to go somewhere)

get the QC port. nothing else really matters. get the cargo organizer if you feel the need...