2011, 2012 Nissan Leaf Leasing Information

[Gonewild]

I plan to buy it unless something with the battery or some real improvement on a new model. As far as the sheet my dealer gave me only had a 15,000 miles but if it was cheaper for a 12,000 miles and I was planning to buy any way why pay more for the 15,000 miles.

I do have a 2nd car so I could stop using it if the miles got to high.

 

[Gonewild]

I also thinking of leaseing then buy because I have a new PV system and will need to write it off over a few years I think. I hate to do taxes and if I would to have to roll the PV system passed the 2012.

 

[LEAFer]

Bumping this so it gets a more current date, but also for some minor corrections.

In the first post ("OP") of this thread a new spreadsheet is referenced as follows:

CA specif excel sheet : https://docs.google.com/leaf?id=0B-DGAXnbchK0NTI1NGJlZWMtNGFkYS00NGNhLWJmZTEtMGNkZDJhMjQ4YzVk&hl=en&authkey=CKztusUN

note : Need to download and use excel, google docs doesn't work. Enable iterative calculation in Excel. (file->options->formula).

On MS Office 2003 to enable iterative calculations (which prevents the circular references) you actually need to do "Tools"->"Options", then on the "Calculation" tab enable the checkbox in the middle called "Iteration".

The text in cells F44 and F50 are the same. F50 should probably say "What you would pay for the Lease if you DO BUY OUT."

And the CA DMV fee might be off a little. I don't know exactly how it's calculated, but Omkar reported a higher amount. Not sure if it's based on MSRP or your negotiated (discounted) price.

And it appears the MoneyFactors (based on your credit) can be inserted in cell B3 based on the August figures given in the OP. But confirmation for the different tiers from a Dealer would be nice.

It seems odd that the $45 "DocFee" (cell E25) appears under the monthly lease calulations ... I would have expected it under the "Downpayment Calculation" together with the DMV fee, but ok ...

 

[evnow]

Another thing to note is that the "buy" sales tax uses a hardcoded %. Should be changed to use the enetered %.

If someone can modify the spreadsheet for other states, I'll post the link as well.

 

[LEAFer]

Another thing to note is that the "buy" sales tax uses a hardcoded %. Should be changed to use the enetered %.

If someone can modify the spreadsheet for other states, I'll post the link as well.

What cell ? I did not see that. I thought it's all via the green-highlighted cell B5 that the user can change ? (and thus properly affects all transactions (incl. tax on monthly lease payment))

Edit: never mind, you're right. I just found it: cell E9 should be corrected to reference B5.

 

[evnow]

Added WA specific sheet. I used the DMV "fees" listed below (43.75). But I can't get the King county excise - since they want "value code".

http://www.dol.wa.gov/vehicleregistration/fees.html

update : Looking at other vehicles, RTA fees will be around 0.3%. So, about $100.

 

[LEAFer]

Found another error in the CA spreadsheet: the "MSRP" (cell E3) includes $820 "Destination" and the sum is used for calculation of the "Residual" (cell E31). But the "RAQ Transaction Price" (cell E5) excludes the "Destination". The error is in "Total Cash" (cell E15) which forgets to add the $820 destination as a separate item.

( Did someone say a while ago this MSRP versus Total MSRP is a PITA ? )

Evnow, were you planning on correcting these errors ? Or could the original provider please do so ? (Evnow doing it may be easier.)

 

[evnow]

Evnow, were you planning on correcting these errors ? Or could the original provider please do so ? (Evnow doing it may be easier.)

I think it might be better if someone in CA does it. I'll update the first post with the new link. Ofcourse, I'll correct the WA one. I also made another change in WA - the terms cell is now a drop down list.

 

[Spies]

I have just been told by my dealer that I would need to pay $10,000 at lease signing instead of the typical $2,000 as a result of not currently being employed.

As a result I realized that the spreadsheet, at least the California one, does not seem to include the "LeftOver Cash CapReduction" from B14 when calculating "What you would pay for the Lease if you don't BUY OUT." on E44. This also results in not only E44 being lower than I think it should be also "Penalty" on E52. Perhaps someone can check this for me?

I also wanted to note that the spreadsheet seems to run fine for the most part in OpenOffice as long as one increases the iteration steps in options.

 

[DaveinOlyWA]

I have just been told by my dealer that I would need to pay $10,000 at lease signing instead of the typical $2,000 as a result of not currently being employed.

As a result I realized that the spreadsheet, at least the California one, does not seem to include the "LeftOver Cash CapReduction" from B14 when calculating "What you would pay for the Lease if you don't BUY OUT." on E44. This also results in not only E44 being lower than I think it should be also "Penalty" on E52. Perhaps someone can check this for me?

I also wanted to note that the spreadsheet seems to run fine for the most part in OpenOffice as long as one increases the iteration steps in options.

what is your payments and residual?

 

[Spies]

what is your payments and residual?

I did not get the fine details over the phone but this is what I was told and wrote down.

$10,000 due at lease singing
0.00204 money factor
36/15,000 monthly payment of $193.98 and residual of 44%
36/12,000 monthly payment of $172.93 and residual of 46%

 

[DaveinOlyWA]

what is your payments and residual?

I did not get the fine details over the phone but this is what I was told and wrote down.

$10,000 due at lease singing
0.00204 money factor
36/15,000 monthly payment of $193.98 and residual of 44%
36/12,000 monthly payment of $172.93 and residual of 46%

nice...wondering because $10,000 is also what i was planning to put down.

so $750 diff for the extra mileage? and the overall total cost does not really change? hmm.

6983.28 @ 15k miles with 10k down = 16983.28

what is the payoff on a regular downpayment...

 

[Spies]

nice...wondering because $10,000 is also what i was planning to put down.

Not sure why one would want to put more down on the lease if one does not need to. I would think the extra $8,000 would work harder in an interest bearing account instead of being tied up in the lease just to lower the monthly payments. Perhaps I am missing something?

I would love to feel more comfortable myself about having $10,000 tied up in the lease from the get go. I am so on the fence when it comes to buying with cash or getting the lease its making me crazy! If the Leaf showed up last year I would have bought it with cash no questions asked. Now that it is the beginning of January and the fact that I would not only need to create tax liability and pay quarterly estimated taxes to take advantage of the whole $7,500 tax credit but I probably wont get that money back until a year from now at the earliest.

 

[DaveinOlyWA]

i dont have access to any accounts that are paying better than 4.9%. but wondering exactly if there is any difference in the accruing interest as there should be based on a larger downpayment for any other P/I loan?

problem is, its hard to equate his numbers verses what i would pay since my "purchase" price and my out the door price would be so much different. we dont have sales tax to contend with

 

[turbo2ltr]

Updated Spreadsheet

https://docs.google.com/leaf?id=0B-DGAXnbchK0MjI2ZjM3NjEtNWVjYS00NmJiLWJiNzYtYjc5NzhlMDRkNThh&hl=en&authkey=CP333c0F

 

[DaveinOlyWA]

Updated Spreadsheet

https://docs.google.com/leaf?id=0B-DGAXnbchK0MjI2ZjM3NjEtNWVjYS00NmJiLWJiNzYtYjc5NzhlMDRkNThh&hl=en&authkey=CP333c0F

i cant open it

 

[LEAFer]

36/15,000 monthly payment of $193.98 and residual of 44%
36/12,000 monthly payment of $172.93 and residual of 46%

The residual difference should only be 1%, and I suspect the 36/12k should be 45%. These terms should be standard and not vary from dealer to dealer, because they are being controlled by NILT. The large down ($10k) really should not make a difference since the term/miles does not change. I did find, however, that when I requested my first quote the dealer had some sort of defaulted money factor of 0.00329 in their computer printout. I had to get pushy and he went into the binder in the finance office before he came up with 0.00204.

Updated Spreadsheet

https://docs.google.com/leaf?id=0B-DGAXnbchK0MjI2ZjM3NjEtNWVjYS00NmJiLWJiNzYtYjc5NzhlMDRkNThh&hl=en&authkey=CP333c0F

i cant open it

I was able to open it. It shows 45% for 36/12k. Also looks like some fixes for what Spies was earlier complaining about (cash leftover?). But ... funny ... look at the "CA Tire Tax" (cell E12) and the comment next to it; didn't follow his/her own advice

 

[turbo2ltr]

So aside from the sales tax and DMV fees, how accurate is this for other states?

After changing the sales tax to 9.3% and removing the DMV fees, I'm getting a payment of $388, which is great, but sounds lower than what I was expecting.

 

[evnow]

So aside from the sales tax and DMV fees, how accurate is this for other states?

After changing the sales tax to 9.3% and removing the DMV fees, I'm getting a payment of $388, which is great, but sounds lower than what I was expecting.

The calculations are correct and agree with my own sheet. It will be different for TX - where I believe you have to pay tax on the whole price. One other difference would be tax on rebate - which is probably only in CA.

 

[DaveinOlyWA]

what is the amount applied towards bal on $2000 payment?