$5000 first payment - $229/month + tax for SL

[leaves09]

I have $2500 from CVRP and $3000 from my county as rebate. Got the quote as below for SL

First paymnet - $5000
Monthly - $229 + tax

36 months/12,000 miles

Good deal ?

 

[LEAFfan]

I have $2500 from CVRP and $3000 from my county as rebate. Got the quote as below for SL

First paymnet - $5000
Monthly - $229 + tax

36 months/12,000 miles

Good deal ?

No, your down payment is way too much. Leasing experts recommend the smallest dp possible.

 

[kubel]

If for some reason your lease ends prematurely (car is totaled or stolen), that down payment is neither insured nor refundable. You will want to put only the $7500 lease cash down (tax credit passed on to you by Nissan as "lease cash").

Also, when dealing with leases, ignore the per-month quotes. The information you need from them is simple:

- Negotiated price of the car
- Money factor that applies to your credit worthiness
- Down payment
- All fees

A lot of dealers like luring people in with monthly payment quotes but quietly inflate the money factor (basically the interest rate), so make sure you get all the info from the dealer first.

 

[LEAFfan]

If for some reason your lease ends prematurely (car is totaled or stolen), that down payment is neither insured nor refundable. You will want to put only the $7500 lease cash down (tax credit passed on to you by Nissan as "lease cash")
Also, when dealing with leases, ignore the per-month quotes. The information you need from them is simple:

- Negotiated price of the car
- Money factor that applies to your credit worthiness
- Down payment
- All fees

A lot of dealers like luring people in with monthly payment quotes but quietly inflate the money factor (basically the interest rate), so make sure you get all the info from the dealer first.

This is great advice! The only thing that I would add to it is the FTC tax. I knew all the fees, but my online lease calculator failed to allow for the tax on the $7500 FTC.

 

[gergg]

Also, when dealing with leases, ignore the per-month quotes. The information you need from them is simple:

- Negotiated price of the car
- Money factor that applies to your credit worthiness
- Down payment
- All fees

A lot of dealers like luring people in with monthly payment quotes but quietly inflate the money factor (basically the interest rate), so make sure you get all the info from the dealer first.

OK, ignore my ignorance relative to leases, never used one to purchase a car. Wouldn't all 4 of your factors determine the monthly payment? So, if the monthly payment is really low, can that still be a negative at the end of the lease(tricks involved?). Just seems to me that the lower the monthly payment the better off you are, and the only way to get a low monthly is to do well on the 4 factors you listed. I do understand the reason for limiting the size of the down payment, but it seems like a low monthly can only result from a low purchase price, low money factor, and low fees.....is this accurate?

 

[kubel]

OK, ignore my ignorance relative to leases, never used one to purchase a car. Wouldn't all 4 of your factors determine the monthly payment? So, if the monthly payment is really low, can that still be a negative at the end of the lease(tricks involved?). Just seems to me that the lower the monthly payment the better off you are, and the only way to get a low monthly is to do well on the 4 factors you listed. I do understand the reason for limiting the size of the down payment, but it seems like a low monthly can only result from a low purchase price, low money factor, and low fees.....is this accurate?

It's easy for a dealer to inflate the money factor and offset that inflation with a higher deposit to give the appearance of a low monthly payment. The only way to find out if they are doing this is to plug in the numbers and do the calculations. It's very difficult, at least for me, to be able to look at $229/mo and $5000 "first payment" and decide whether it's got inflated money factor or unnecessary fees.

The residual should be 47% for a 12,000 mile lease and the money factor should be .00071 assuming excellent credit. $850 is the destination charge. $595 is the acquisition fee. If you pay a doc fee, negotiate the cost of the car lower to offset the cost of the doc fee.

I would probably work with the dealer to only apply the $7500 lease cash and to make $0 down. Assuming he was able to negotiate around $500 off the price, the monthly fee should be around $365 with $0 down. I'm probably off by a few bucks. Plug in the figures to a lease calculator to find out.

http://www.theautoleasecalculator.com/" onclick="window.open(this.href);return false;

 

[leaves09]

This is the deal I got . Leased a red SL for 3 yrs/12,000 miles

SL negotiated price - $35270
Acquisition fee - $595

gross cost - $35865
---------------------
capitalized cost reduction - $11031
registration - $309
tax on capitalized cost reduction - $855
dealer doc prep fee - $45
ca tire fee - $7
-----------------
adjusted capitalized cost - $24833
residual value - $17604
rent charge - $1084
----------
base monthly payment - $230.94
tax - $17.90
Total monthly payment - $248.84

-------------
Amount paid for drive off - $5000

---
My goal was to buy the car for what I pay for gas per month which is around $250. I get CVRP rebate and county rebate of $5500 and the $5000 drive off amount is covered by that.


I charge it from my 6KW solar panels at a cost of 4 cents/KWH

So I am getting this car for what I pay for gas. This car pays for itself

 

[EVDRIVER]

This is the deal I got . Leased a red SL for 3 yrs/12,000 miles

SL negotiated price - $35270
Acquisition fee - $595

gross cost - $35865
---------------------
capitalized cost reduction - $11031
registration - $309
tax on capitalized cost reduction - $855
dealer doc prep fee - $45
ca tire fee - $7
-----------------
adjusted capitalized cost - $24833
residual value - $17604
rent charge - $1084
----------
base monthly payment - $230.94
tax - $17.90
Total monthly payment - $248.84

-------------
Amount paid for drive off - $5000

---
My goal was to buy the car for what I pay for gas per month which is around $250. I get CVRP rebate and county rebate of $5500 and the $5000 drive off amount is covered by that.


I charge it from my 6KW solar panels at a cost of 4 cents/KWH

So I am getting this car for what I pay for gas. This car pays for itself

At the end of the LEASE what is the total you will pay including all taxes after rebates?

 

[leaves09]

My total payments for 36 months after rebate is $8209

 

[evnow]

Wouldn't all 4 of your factors determine the monthly payment? So, if the monthly payment is really low, can that still be a negative at the end of the lease(tricks involved?).

When borrowing what is the first thing you would ask ? Interest rate. Money factor is interest rate presented in a different way.