Yes you can pay it off at any time. You have a payoff, for example when you lease an SL you have a payoff of about 27k (est). You could buy it right away, you would just have to pay the sales tax (if applicable) on the payoff amt.
Nissan has released Lease info on Leaf
- Thread starter mossyleaf
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cdub
Well-known member
Ok I'm just a little confused (sorry).
1. The lease price of $379 is possible because Nissan gets the $7,500 federal credit?
2. If so, wouldn't the payoff be 44% of MSRP-$7500?
1. The lease price of $379 is possible because Nissan gets the $7,500 federal credit?
2. If so, wouldn't the payoff be 44% of MSRP-$7500?
mossyleaf said:
So, unless I'm mistaken (which I frequently am), unless you have a crushing need for $7500 in federal tax credits, the way to buy this car is:
1. Bring you a check for $1999 on day one.
2. Bring you a check for $27K+tax on day two.
LEAFfan
Well-known member
mossyleaf said:
Now, I'm a little confused. So when you lease they deduct the $7500 fed tax credit, and then when you want to buy the car back after so many months (24/36/48), they deduct the $7500 from the residual since they already received that money? So now, the residual becomes 44% (36m) of the total MSRP MINUS the $7500?
Sorry for the confusion, I'll see if I can help. 34540 MSRPX44% 15196. This is what you will pay plus tax end of the 36mos. Let's say your price is MSRP 34540, you subtract the tax credit rebate 7500 =27040. Add you acqusition fee of 595, and yu are close to what you would owe. You pay the difference between 27635 and 15196 over the three years+finance charges. The 7500 is only taken once, initialy when you lease.
Ready2plugin
Well-known member
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- Jul 27, 2010
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Okay, this is what I get for a 48M Lease on an SL. I know the 3 year is more popular, but I personally would be doing a 48M to maximize the carpool benefit in CA.
MSRP: $34,420
Drive-Off: $2,469 (assuming acquisition fee & 1st month pmt is included)
Lease Pmts: $395.10 ($360+9.75% tax)
Total # pmts: 47 (assuming first pmt is included in drive off)
Total $ pmts: $18,569.70
Total Cost for Leasing: $18,569.70+$2,469= $21,038.70
Lease Purchase option:
Residual: 39% of $34,420 = $13,423.80 with 9.75% tax = $14,732.62
Total Cost w/purchase: $21,038.70+$14,732.62 = $35,771.32
No Lease, but purchase car and finance for 48m at 3.50% (current CU rate)
$34,420 + 9.75% tax = $37,775.95
48M pmt = $844.52 (with no money down)
Total Cost = $40,536.96
Less $7,500 tax break (yes I do pay Uncle Sam more than that unfortunately)
Net Cost = $33,036.96
I know there are a few things missing, such as destination charge and acquisition fee vs. disposition fee, but this is for discussion purposes only. I see that buying would be approximately $2,735 cheaper than leasing. I have also left out the CA rebate since it would be the same for each if you qualify. My conclusion is if you can’t qualify for the Federal $7,500 tax credit, or you want to protect yourself from the resale value of the Leaf being less than $13,423.80 in 4 years, you should probably lease. If not, buying would be the best alternative and would save you over $2,700. Enough for your charger and few months of “Juice”, plus you would not have to worry about driving over 60k miles (15k/yr).
MSRP: $34,420
Drive-Off: $2,469 (assuming acquisition fee & 1st month pmt is included)
Lease Pmts: $395.10 ($360+9.75% tax)
Total # pmts: 47 (assuming first pmt is included in drive off)
Total $ pmts: $18,569.70
Total Cost for Leasing: $18,569.70+$2,469= $21,038.70
Lease Purchase option:
Residual: 39% of $34,420 = $13,423.80 with 9.75% tax = $14,732.62
Total Cost w/purchase: $21,038.70+$14,732.62 = $35,771.32
No Lease, but purchase car and finance for 48m at 3.50% (current CU rate)
$34,420 + 9.75% tax = $37,775.95
48M pmt = $844.52 (with no money down)
Total Cost = $40,536.96
Less $7,500 tax break (yes I do pay Uncle Sam more than that unfortunately)
Net Cost = $33,036.96
I know there are a few things missing, such as destination charge and acquisition fee vs. disposition fee, but this is for discussion purposes only. I see that buying would be approximately $2,735 cheaper than leasing. I have also left out the CA rebate since it would be the same for each if you qualify. My conclusion is if you can’t qualify for the Federal $7,500 tax credit, or you want to protect yourself from the resale value of the Leaf being less than $13,423.80 in 4 years, you should probably lease. If not, buying would be the best alternative and would save you over $2,700. Enough for your charger and few months of “Juice”, plus you would not have to worry about driving over 60k miles (15k/yr).
planet4ever
Well-known member
Of course part of the difference, about $1200 worth, is because Nissan is charging 5% interest and you say you can get a loan for only 3.5%. That's not an inherent disadvantage of leasing, but if you can get a better rate elsewhere, more power to you.Ready2plugin said:
Another part of the difference is because the lease is back loaded. At the end of your four years, before you buy out the lease, you will have paid $21,039, as you said. With the purchase, on the other hand, you will have paid $40,537 at that point. That means someone will have been able to use $19,500 of your money for part of that time (roughly, for an average of two years).
For more of an apples-to-apples comparison, let's say you buy and I lease, both on a 48-month plan. Since you are paying $844.52/month and I am paying only $395.10/month, I decide the invest the difference of (roughly) $450/month. But since I had to put down $2469 up front, it's going to take me 5+ months to catch up; let's call it 6 months, so I really invest my $450 for only 42 months. If you will grant that as a relatively astute investor I might get 3.5% return on my investment, I'm going to end up with around $1150 to $1200 earnings on my investment. If the economy finally picks up in a year or two, or at least the stock market starts climbing again (which it probably will), I could earn a lot more than that.
Bottom line: $1200 in interest differential, maybe $1500 from investment due to backloading, and your $2735 has nearly disappeared. I would claim that leasing is not inherently "worse" than purchase.
I may have missed it, but if not could someone point to some online lease calculator (the one at Edmunds.com seemed pretty good, except it appeared unable to input as accurate as a 5-decimal point money factor), together with the Leaf lease info that we now know, and duplicate the $379 (SL) and $349 (SV) lease payment figures that Nissan has provided? I would actually like to see those payment figures to the penny, if possible.
The reason is that I would like to have a lease calculator that I could use to check my Nissan dealer's figure.
The reason is that I would like to have a lease calculator that I could use to check my Nissan dealer's figure.
TomT
Well-known member
Yeah, you kind of get the feeling that Nissan considers the SL options to have no value at the end of the lease...
Tom
Tom
evnow said:
Ready2plugin said:
Is your MSRP based on a SL with L3?
garygid
Well-known member
SL MSRP $33,720 + $700 QC => $34,420, then add the "destination" $820 => $35,240 plus any other options, plus doc fee, registration, and taxes.
That => about $39,000 out the door in CA (if "sold" at MSR), and you pay for a L2 EVSE separately.
That => about $39,000 out the door in CA (if "sold" at MSR), and you pay for a L2 EVSE separately.
garygid said:
We had one of the dealers quote registration as $469 and docs as $45. 8% tax would be around $2750. You don't pay tax on the destination fee, do you?
garygid
Well-known member
I think the "destination fee", included in the "Total" MSRP (but not in the "Base" MSRP) is taxed.
Here in CA, registration and taxes are approximately 10%, I think!
Here in CA, registration and taxes are approximately 10%, I think!
wwhitney
Well-known member
In California, sales tax depends on the county you first register the vehicle in. See https://mv.dmv.ca.gov/FeeCalculatorWeb/newVehicleForm.do for all the state fees including sales tax.garygid said:
Cheers, Wayne
garygid
Well-known member
In CA, the dealer is normally required to register a new car and collect the fees as part of the sale.
A possible exception might be made for an out-of-state delivery, but you should carefully check that detail.
A possible exception might be made for an out-of-state delivery, but you should carefully check that detail.
garygid
Well-known member
For sales to out-of-state buyers, check out the CA:
Administrative Service Fee
One-Trip Permit (to drive out of the state)
Out of State Deliveries
Administrative Service Fee
One-Trip Permit (to drive out of the state)
Out of State Deliveries
This is my first lease.
My dealer charged us at a 0.00349 Money Factor for a Tier 1 lease. I was not happy.
I tried to negotiate a lower MF, but I was told that it was impossible - Nissan Financing determined the rate, and it was not adjustable.
Is that true, or was I handed a line?
AzJazz
My dealer charged us at a 0.00349 Money Factor for a Tier 1 lease. I was not happy.
I tried to negotiate a lower MF, but I was told that it was impossible - Nissan Financing determined the rate, and it was not adjustable.
Is that true, or was I handed a line?
AzJazz
LEAFfan
Well-known member
AzJazz said:
You were handed a lie! What dealer if you don't mind? I'll avoid that one for anything. NMAC only lists the rates and they didn't change from the last time the other one expired. The DEALER sets the rates so they can use whichever one they want within the tier parameters listed by NMAC. If you had a FICO score of at least 740 they should have given you the Tier 0 of .00204. They just wanted to make a lot of extra cash on the lease.
