Boardwalk Nissan money factor

Huge huge Leaf goer, was one of the first bunch. 2 years of patience.

So, my Nissan Leaf is here, and Boardwalk Nissan wants to lease at .00324 or 7.77%.

What is going on? This is way way to high, and they told me that was the deal.

Anyone else dealing with Boardwalk Nissan?

The rep was awesome, but finance is crazy.

fYI my credit rating is 788, so they can't pull that.

Help, that rate is crazy.

Johnny

JohnnyUnites said:

Boardwalk Nissan wants to lease at .00324 or 7.77%. What is going on? This is way way to high, and they told me that was the deal. fYI my credit rating is 788, so they can't pull that. Help, that rate is crazy.

Click to expand...

Boardwalk quoted that same number to me today as well (and according the credit report they ran, my score was 838).
So what does that .00324 figure refer to (I was kind of wondering that myself)?

earther said:

JohnnyUnites said:

Boardwalk Nissan wants to lease at .00324 or 7.77%. What is going on? This is way way too high, and they told me that was the deal. fYI my credit rating is 788, so they can't pull that. Help, that rate is crazy.

Click to expand...

Boardwalk quoted that same number to me today as well (and according the credit report they ran, my score was 838).
So what does that .00324 figure refer to (I was kind of wondering that myself)?

Click to expand...

That money factor rate is between Tier 2 and Tier 3, but the fine print says that the dealer can mark up the money factor from Tier 0-4. However, the 'Signature' rate of .00180 can't be marked up.

earther said:

JohnnyUnites said:

Boardwalk Nissan wants to lease at .00324 or 7.77%. What is going on? This is way way to high, and they told me that was the deal. fYI my credit rating is 788, so they can't pull that. Help, that rate is crazy.

Click to expand...

Boardwalk quoted that same number to me today as well (and according the credit report they ran, my score was 838).
So what does that .00324 figure refer to (I was kind of wondering that myself)?

Click to expand...

There is a lot of demand for the Leaf, and a car dealer being a car dealer, they're going to squeeze as much profit out of a sale as they can. Since they've already fixed the
price on the car and since they would probably get a higher price on the car if you failed to buy it, they no doubt they think they should try for an enormous markup on the money factor. Don't be surprised when you hear a pitch for an extended warranty and VIN etching.

JohnnyUnites said:

So, my Nissan Leaf is here, and Boardwalk Nissan wants to lease at .00324 or 7.77%.

Click to expand...

Does it match the lease payment they gave you when you accepted the quote? If not, they're pulling a switch on you. Pretty dirty in my book. I'd switch to a purchase and finance it elsewhere just on principles if a dealer tried that on me.

JohnnyUnites said:

Huge huge Leaf goer, was one of the first bunch. 2 years of patience.

So, my Nissan Leaf is here, and Boardwalk Nissan wants to lease at .00324 or 7.77%.

What is going on? This is way way to high, and they told me that was the deal.

Anyone else dealing with Boardwalk Nissan?

The rep was awesome, but finance is crazy.

fYI my credit rating is 788, so they can't pull that.

Help, that rate is crazy.

Johnny

Click to expand...

ya, i got screwed too. my credit rating was 818. i got mine at Rairdons Nissan. funny thing is, after i and others posted our experiences, a few others who came in after me (i was first) actually got the tier 0 money factor on their lease, so its not written in stone.

i plan to convert to purchase here in the next few months anyway. i have determined that even with significant battery degradation (up to 30%) the Leaf still works for me at the very least as a well used 2nd car.

**edit** i did mitigate the higher money factor by putting down $10,000 which lowers my payments to $162.02 this saves me over $30 a month in additional finance charges i would have paid.

I've gone back and forth with Brendan on this. Generally, 0.00324 is the factor they quote you before they pull your credit report. Insist that you get 0.00204 before you go to the dealership. I've emailed with Brendan and, as usual, he was very nice about it. So, while I don't have my LEAF yet, I am fairly sure that I'll get 0.00204. Get this sorted out before you show up to get the car. Once you are sitting with the finance guy, it's too late. Leon at Mossy has confirmed that 0.00204 is the best rate (Never heard about the 0.00180), so I don't think that there should be any problems in getting that rate with such a high credit score.

When I bought my car at Boardwalk, the sales guy Nate said that the finance guys might try to mark up the money factor, but if I told them that I was "from the forum", then they wouldn't, as there was a tacit agreement not to mark up the money factor for forum buyers.

Cheers, Wayne

wwhitney said:

.....but if I told them that I was "from the forum".......

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Cool! We have a version of the Mason's secret handshake!

DaveinOlyWA said:

**edit** i did mitigate the higher money factor by putting down $10,000 which lowers my payments to $162.02 this saves me over $30 a month in additional finance charges i would have paid.

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Ok, this brings up a thought I just had: What if you lease and put down the same amount of money that you're financing with the lease? Maybe this is a fundamental misunderstanding of lease calculations on my part, but...throwing out some round numbers here and ignoring random fees that would be tacked on (assume I add them to the down payment):

Purchase price: 34,000
Residual: 15,000
Fed tax credit: 7,500
Down payment: 11,500
"Finance" amt: 0

What's your monthly lease payment?

MsLusty said:

Ok, this brings up a thought I just had: What if you lease and put down the same amount of money that you're financing with the lease? Maybe this is a fundamental misunderstanding of lease calculations on my part, but...throwing out some round numbers here and ignoring random fees that would be tacked on (assume I add them to the down payment):
Purchase price: 34,000
Residual: 15,000
Fed tax credit: 7,500
Down payment: 11,500
"Finance" amt: 0
What's your monthly lease payment?

Click to expand...

If you are going to do a 36 month lease, then putting more money down than required ($1999) isn't a wise thing to do according to a website that someone put a link to (may be in the 'lease' thread). The risk is if something happens like a collision, fire, etc. you're out that extra money.

LEAFfan said:

If you are going to do a 36 month lease, then putting more money down than required ($1999) isn't a wise thing to do according to a website that someone put a link to (may be in the 'lease' thread). The risk is if something happens like a collision, fire, etc. you're out that extra money.

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i think that would depend upon your insurance company. i have already discussed this with my insurance company and due to the fact that the federal tax credit would also apply, should i wreck it relatively early in the lease, i would actually come out ahead as the insurance company would still pay "fair market replacement value" for car.

now, using your logic, if i had bought car for cash then wrecked it, i would get nothing because i owe nothing??

DaveinOlyWA said:

i think that would depend upon your insurance company. i have already discussed this with my insurance company and due to the fact that the federal tax credit would also apply, should i wreck it relatively early in the lease, i would actually come out ahead as the insurance company would still pay "fair market replacement value" for car.

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Thank you. I was also thinking "but where's the insurance company in that equation?"

Which comes back to my original question: what happens to the lease payment if you pay down the entire amount of the lease up front?

LEAFfan said:

That money factor rate is between Tier 2 and Tier 3, but the fine print says that the dealer can mark up the money factor from Tier 0-4. However, the 'Signature' rate of .00180 can't be marked up.

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That .0018 rate is the signature one payment so unless you have cash and pay the whole lease you will not get that rate Leaffan.

And it you get a loan for the one payment you would pay both interest rate which is really high.

Be happy if you get the .0204/4.9% lease rate like I got.

MsLusty said:

Purchase price: 34,000
Residual: 15,000
Fed tax credit: 7,500
Down payment: 11,500
"Finance" amt: 0

What's your monthly lease payment?

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You are still "borrowing" the residual for the lease term, so assuming 4.9% simple interest, your monthly lease payment is $61.25.

Cheers, Wayne

wwhitney said:

When I bought my car at Boardwalk, the sales guy Nate said that the finance guys might try to mark up the money factor, but if I told them that I was "from the forum", then they wouldn't, as there was a tacit agreement not to mark up the money factor for forum buyers.

Cheers, Wayne

Click to expand...

Wish I would have known. I reported last January when I got my car that even with an 800+ credit score they would not reduce the money factor. I was on the fence on buying vs. leasing, so at least that pushed me into the buying camp. All said and done, I'm glad I purchased....the more I have the car, the more I like it!

Gonewild said:

Be happy if you get the .0204/4.9% lease rate like I got.

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You mean the .00204?

Gonewild said:

LEAFfan said:

That money factor rate is between Tier 2 and Tier 3, but the fine print says that the dealer can mark up the money factor from Tier 0-4. However, the 'Signature' rate of .00180 can't be marked up.

Click to expand...

That .0018 rate is the signature one payment so unless you have cash and pay the whole lease you will not get that rate Leaffan.

And it you get a loan for the one payment you would pay both interest rate which is really high.

Be happy if you get the .0204/4.9% lease rate like I got.

Click to expand...

Hmm....how does the "signature one payment" work? And in what type of circumstance will it benefit the buyer/leasee?