Leaf Lease for $200/month ?

[pksd1]

Just saw this....wonder how true this is, and how does it work.

http://www.earth2017.com/2010/08/breakthrough-pricing-200month-lease-for-nissan-all-electric-leaf/

 

[Spies]

Just saw this....wonder how true this is, and how does it work.

Like Trisha Jung says in the video by putting the $5,000 California rebate towards the initial payment making it a total of $6,999 instead of $1,999. I don't know what the exact math is but I can see that changing a $349 a month lease to under $200 a month.

 

[mwalsh]

Just saw this....wonder how true this is, and how does it work.

Like Trisha Jung says in the video by putting the $5,000 California rebate

Don't forget though that you'll have to front the $5k, because you won't receive the rebate until at least 60 days following submission of your registration paperwork. I've been having this same argument for at least a week with some dude someplace who just doesn't get this (Nissan Leaf's FB page...Autoblog Green...I forget where).

 

[LakeLeaf]

I didn't realize that the Leaf on a lease qualified for the CA rebate.

So ~$7000 to lease for three years or ~$21,000 to purchase with an 8 year warranty on the batteries. Hmmm.

Besides knowing what the lease buyout would be after 3 years, it would also be nice to have some guess about what the cost of a Leaf II will be three years from now. Will it still be in the $32,000-$35,000 range? Will it have 200 miles of range of more? Decisions, decisions.

 

[Spies]

So ~$7000 to lease for three years or ~$21,000 to purchase with an 8 year warranty on the batteries.

~$7,000? Would it not be closer to ~$9,200? (($1,999+$5,000)-$5,000)+(~$200 X 36 months)=~$9,199.

And you are right, can't really make an informed decision between lease or buy until we know what the buyout and milage cost is. I myself still plan to buy.

 

[LakeLeaf]

Would it not be closer to ~$9,200? (($1,999+$5,000)-$5,000)+(~$200 X 36 months)=~$9,199.

Yes, yes - sorry. You're right.

And you are right, can't really make an informed decision between lease or buy until we know what the buyout and milage cost is. I myself still plan to buy.

I've been planning on buying, but it is over $37,000 out of pocket (tax, title, license, doc) until $12,500 in rebates come in.

The OP's video suggested just $7000 out of pocket, with $5000 of that coming back.

I would agree that a lot depends on buyout and maybe a little on mileage - although I don't see myself exceeding the mileage unless it is very restrictive.

Hard to believe that ordering starts in a couple of days and we don't know the price of the options, let alone what options there will be, nor the lease buyout. Maybe I should be glad I'm not an August order date.

 

[garygid]

$14,199 + tax, license, fees, (and $820 destination?, and options? added into lease monthly) out of pocket.
Then, $5000 back, right?

 

[LakeLeaf]

It looks like the lease price isn't really set yet. I didn't read through the fine print in detail before, but don't remember this on the pricing page before.

Orders through dealers commencing in August (in limited areas) and sales by dealer commences in December 2010. LEASE payment of $349/mo. is an example of offer if vehicle were sold in April 2010. The actual lease offer for NMAC (or "NILT") will be announced in December 2010 when sales commence. Subject to change. Limited quantities available in select markets and states through online reservation system.

Maybe the lease will be $349/mo or maybe more or maybe less :?: Hard to tell by the fine print.

 

[LEAFfan]

It looks like the lease price isn't really set yet. I didn't read through the fine print in detail before, but don't remember this on the pricing page before.

Orders through dealers commencing in August (in limited areas) and sales by dealer commences in December 2010. LEASE payment of $349/mo. is an example of offer if vehicle were sold in April 2010. The actual lease offer for NMAC (or "NILT") will be announced in December 2010 when sales commence. Subject to change. Limited quantities available in select markets and states through online reservation system.

Maybe the lease will be $349/mo or maybe more or maybe less :?: Hard to tell by the fine print.

Since the Volt will lease for $350 and it is a $41K car, I would hope Nissan would make theirs much less.

 

[planet4ever]

Don't forget that lease payments are based on a vehicle price set by the dealer, which may be either more or less than MSRP. Since most Volt dealers seem to be going way over MSRP, I don't think you will be likely to lease a Volt for anywhere close to $350.

I don't see that $7K down and $200/mo is a better deal than $2K down and$349/mo. Either way you will have paid out between $14K and $15K by the end of the three years. Mostly, the $7K down means the leasing company gets to use more of your money, and use it longer.

 

[LEAFer]

An acquaintance interested in a LEAF lease explained his calculation to me as follows:

• 
  ..$ 379 /mo (upper trim level SL)
  - $ 190 /mo for parking for his Prius, which goes away, because where he works downtown Sacramento EVs park for FREE.
  - $ 139 /mo The $5,000 CVRP rebate paid from his Savings Acct over 36 months.
  -----------------
  ..$ 50 /mo :shock:

So ... I guess the lower trim level (SV) would cost $20/month

 

[mwalsh]

- $ 190 /mo for parking for his Prius, which goes away, because where he works downtown Sacramento EVs park for FREE.

That's a nice bonus. I get free parking in nearby (to work) Hermosa Beach. Not that I'd go to the beach on a workday. Or even go the beach and work from there.

The biggest incidental benefit for me is going to be the HOV lane.

 

[evnow]

- $ 139 /mo The $5,000 CVRP rebate paid from his Savings Acct over 36 months.

This is better than paying $5,000 down. This is what I read in priuschat. If someone knows better, pls chime in.

If the car gets totalled, in the case of a lease, we get zilch. Insurance company pays the leasing company depreciated value. So, in extreme case, let us say we pay $6,999 downpayment, instead of $1999 and the next day car is totalled. We see not a penny of that ... so, we have lost 5,000.

ps : http://www.edmunds.com/advice/strategies/articles/102677/article.html

The strategy for leasing a car is the opposite of buying — no down payment is recommended (in leasing, the down payment is called a "cap cost reduction"). Often, consumers put down as much as $3,000 to lower their monthly payment. While it's true that the monthly payment is reduced, consider this: If the buyer gets into a serious accident in the first few months of his or her lease contract, and the car is totaled, the down payment is completely lost. Even with collision and gap insurance, no portion of the $3,000 down payment is ever refunded.

 

[LEAFer]

Good point.
Now ... having brought up the issue of "gap insurance" ... is it the dealer or your insurance company that might force this upon you ? Without it ... you might get stuck with paying the delta between the remaining contractual lease payments+residual and what the insurance company pays the dealer (or actually, the lessor (NMAC/NILT)). (I'm unclear ... only did one lease so far and wasn't paying a lot of attention to that one.)

 

[LEAFer]

And another point: Since CVRP requires 3 years registration ... if the car gets totalled ... do you have to pay back all or a portion if you don't replace the car ? Can you get another $5k if you DO replace it ?

 

[evnow]

Good point.
Now ... having brought up the issue of "gap insurance" ... is it the dealer or your insurance company that might force this upon you ?

I beleive most leases have that included (I guess part of the 1,999 we pay in the beginning). Neither dealer nor insurance company would care about the gap insurance - it would be the leasing company (NILT).