Nissan lease offer in Chicago

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Booster86

Member
Joined
Jul 28, 2014
Messages
8
Location
Chicago, IL
Hi,

I've been reading the forum for quite a while now and wanted to thank all of you for providing such great information.

We have been looking at the Leaf for a couple of months and have decided that leasing is our best option. We haven't yet decided on the trim level.

Below is the current Nissan lease offer in our area.

My question is - What is negotiable on the offer?

2015 Nissan Leaf S Lease - 36 months/$199 month/$2399 initial payment - Excludes taxes, title, and license. $2,399 initial payment required at consummation. (Includes $2,200 consumer down payment, $199 first month payment.) (INCLUDES $8,150 manufacturer's rebate applied to $199/Month lease. Offer valid only when financed through Nissan Motor Acceptance Corporation.) Subject to residency restrictions.

2015 LEAF S Lease model 17015 subject to availability to well-qualified lessees through Nissan Motor Acceptance Corporation. $29,860 MSRP incl. destination charge. Net capitalized cost of $19,081 includes a $595 non-refundable acquisition fee. Dealer contribution may affect actual price set by dealer. Monthly payments total $7,164 At lease end, purchase for $11,944, plus purchase option fee up to $300 (except KS & WI), plus tax, or pay excess wear & use plus $0.15 per mile for mileage over 12,000 miles per year. Lessee is responsible for maintenance and repairs. A disposition fee is due at termination of lease term. No security deposit required. Must take delivery from new dealer stock. See participating dealer for details. Offer ends 09/02/2014.


Thanks!

Booster86
 
It's the old dealer participation aspect as to what they have in stock, etc. ... also (although perhaps you already know), you'll lose the 10% MSRP cash rebate (up to $4K) available from the IL EPA due to leasing and not buying it outright. I've leased two other cars in IL and also like TX (and perhaps another state, can't recall); you'll pay sales tax on the whole car, not just the total of the lease payments like in other states ... that's IL for you!
 
Well, one reason we're looking to lease is to wait and see what's out in 3 years. That Mercedes B class looks very attractive.

Our RT commute is 25miles, 95% city driving, so it seems like the Leaf will work out well for us.

I also just read that IL changed the tax structure for leasing to make it more attractive?

http://www.ssh-cpa.com/newsroom-insights-sales-tax-illinois-vehicle-lease.html" onclick="window.open(this.href);return false;
 
Tallying up your $199lease payments with the $2200 down results in $9364 total (excluding taxes and other leasing fees) for the 3 year lease.

Whereas 2 days ago I purchased a Leaf S with the following breakdown.

The deal was really good as I caught the dealer at the end of the month and they were looking for volume sales to hit a certain bonus, at the expense of a slight loss on the vehicle.

Cost breakdown (S):
+$28,002 sell price w destination
-$3,500 nissan rebate
-$3,000 IL state rebate (due in 3-4 months)
-$7,500 Fed rebate (due at tax season)

=$14,002 excluding taxes and fees.

Basically for $5k more you get to keep the car. No brainer if you're tax rebate eligible and can wait for the rebates.

0% financing via nissan for 3 years on 2015s or 5 years on 2014.
 
Booster86 said:
Well, one reason we're looking to lease is to wait and see what's out in 3 years. That Mercedes B class looks very attractive.

Our RT commute is 25miles, 95% city driving, so it seems like the Leaf will work out well for us.

I also just read that IL changed the tax structure for leasing to make it more attractive?

http://www.ssh-cpa.com/newsroom-insights-sales-tax-illinois-vehicle-lease.html" onclick="window.open(this.href);return false;

Thanks for the link … I heard about this but didn't see the specifics, two things come to mind; 1) hasn't been implemented yet (as per article), possibly 1/1/2015 and 2) although only effects those who trade-in another car, no reduced tax on your trade-in against the total sales tax to be paid which actually makes sense but may make selling yourself more attractive. A number of people simply lease cars so #2 probably won't matter if they never 'buy' a car that needs to be traded in.

Agree with 'phatcat73' on the buying scenario; although ours was an early '12 bought at full list, after the fed credit and IL rebate and trade-in our out-of-pocket to own our '12 SL was about $17K … I just hate making payments so even if I did lease due to ridiculously low money rates, etc. I would probably opt for a single lump sum lease (some offer this) now, but each person looks at this their own way.

On the 25 mile R/T commute, mine is 30 miles and no problems at all but on really cold days (zero or close to it) where the car would sit outside work all day I take my other car (an ICE) just to be on the safe side. I have witnessed the car using its own electricity to warm the battery when its really cold which is comforting and makes me nervous at the same time … as I have another car I simply don't have to deal with it.

Lastly, I also like the MBZ B-class electric but its significantly more money than even the top line LEAF and we probably won't see it until late 2015 out this way (if we're lucky)
 
We can charge at work in a parking structure, so that's also a bonus.

And I guess we're really not quite ready to buy an EV yet; hence the lease option.

But this lease would be a 1st for us which is why I'm trying to figure out all of the parameters beforehand.
 
Booster86 said:
... And I guess we're really not quite ready to buy an EV yet; hence the lease option. ...
Most people go through these emotions when buying a leaf:
1. Excited when first get the car, not sure what to make of it.
2. Getting happy with the car since it does so much, like remote climate control.
3. Getting even happier, no vibration, smooth ride, no one wants to use the ice car anymore.
4. Still smiling because no more noxious fumes from gas car, don't have to breath cancerous fumes at gas station.
5. As range limitations set in, then happiness is tempered a bit.

At point 3 you will wish you would have bought the car, but later on you might be o.k. with the lease especially if Leaf 2.0 comes out with 150 mile range.
 
Sorry, here's another question - if a dealer is offering a 'sale price' on a specific car, in this case, something like $17K, shouldn't the lease payments be based on that price, and not on MSRP or invoice?

Since this is our first lease, I'd like to be as prepared as possible.

I had an encounter last year with a Toyota dealership (when we were considering the Prius) who told me that for 0% financing they would have to charge the MSRP of the car.

Thanks for any and all advice!
 
Booster86 said:
We're finally ready to go lease the Leaf, maybe this Labor Day weekend. May I ask for your recommendations on which dealer to visit?

Thanks!

Not sure, as ours is over 2 1/2 years but don't think that ALL Chicago area Nissan dealers even sell LEAFs as they need to certify a mechanic and install chargers, etc. so that alone could reduce the number to pick from. Keep in mind that you should be able to make it home from the dealer with a full charge so that shouldn't be a limiting factor ... I've been pretty happy with McGrath Nissan in Elgin but I'm sure others can chime in with more recent purchases/leases. I'd target at least 3 so you get something to compare ...
 
if a dealer is offering a 'sale price' on a specific car, in this case, something like $17K, shouldn't the lease payments be based on that price, and not on MSRP or invoice?

I live in Minnesota and saw extremely low quotes from dealers in northern IL. Found later that they were quoting the IL state tax credit (which I would not be eligible for) in their quoted prices. In short, the quoted price would NOT be the price that *I* could expect to pay.

In some cases there are lease offers that would not be available if your purchase directly, other cases there are cash back offers if you finance through Nissan, various combinations.

I was told in some cases that the price quoted was basically assuming all discounts applied to your situation.

Some leases deduct the $7,500 federal tax credit from the lease amount. This would be an excellent approach for someone that cannot directly use the full federal tax credit. Is the leasing company eligible for the state tax incentives in IL? If so, they will probably deduct those from the lease amount as well.

With my dealer, they quoted both a financed purchase price, and a lease price (with cost to buyout at the end of the lease). It seemed in every case there was about $3000 of cost in the lease that did not exist when purchased. I plan to keep the car a very long time, so I went the purchase route. 1.90% for 5 years. Once I get my tax refund next year, I will be able to make more than a year of payments with the federal tax credit (or invest it in solar panels, and get a rebate from local utility and a 30% federal tax credit).

I look at it this way, to grant a lease, they are willing to take the car back at the end and sell it on the used market. They aren't sure what they'll be able to get for it so they build that uncertainty into the lease costs where you can't easily see it. I could buy outright, take the risk myself, and keep the car as long as I want. So, over a long period of time, I'd expect purchase will always beat lease. But if your planning horizon does not extend that far, then the ease of returning it at the end of the lease certainly has some merits too. For business to deduct 100% of lease payment and not do depreciation etc. handy too.
 
Finally leased the car from Autobarn Nissan in Evanston, from Martin Deszak. You folks were right; he's definitely an authority on the Leaf and his energy and enthusiasm was infectious!

Not sure that our lease deal was that much of a deal, but we've been very happy with the car since bringing it home on Monday.

We charged it to 100% overnight on Monday, and haven't charged it again. According to my husband, we're at 29% charge left with 80 miles traveled.

Thanks again for all of the advice!
 
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