2013/2014 Nissan Leaf Lease Information

[nycfresh]

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[mkjayakumar]

Helped a friend lease one yesterday here in the DFW are:

- Model 2013 SV, with LED lights and QC package
- Lease period: 24 months
- 15k Miles per year
- Zero down
- T&T included
- no disposition fee
- $295/month

The two other offers that were on the table:

- SV with no LED lights or QC package: $270/month
- S base model: $250/month

 

[jvleaf]

2013 S with Quick Charge 36 month/12,000
Residual: 40% ($12,448.00)
$0 Down
Drive-Off:
TOTAL DRIVE OFF: $1260
35 remaining Payments: $236 including taxes

Update: 2013 is all sold out , so you probably wont' get this on 2014

 

[dd123]

GUys,

I am completely noob to leasing and don't understand the leasing math.

I am in San Diego and looking to lease a leaf potentially for 3 years
I need cheapest with quick charger thingy...



I got one response from mossy nissan asking : $2K down +$259/month...

Not in absolute need of car so can wait for better deals..

Please advice..

 

[RonDawg]

The concept of leasing is simple: you are paying only for the expected depreciation of the car, and a bit of interest on top of that. That's why lease payments are usually less than the monthly payments of a purchase. The terminology:

1.) Capitalized Cost: this is what the leasing company/bank (called the "lessor") buys the car from the dealership for. This price is very much negotiable, no different than you negotiating the price of a car you intend to buy.

2.) Capitalized Cost Reduction: leasing's equivalent of a down payment. This includes any cash from you, any net equity from a trade-in, plus any cash contributed by the deal by the manufacturer and/or the dealer. In the case of EV's and PHEV's, if the manufacturer elects to pass on any Federal tax incentives to the consumer ("lessee"), and not all do (but Nissan does if you use their own financing arm, NMAC), this is where it will end up. This part is also negotiable, and aside from manufacturer/dealer contribution, with a lease try to keep this as low as possible. The reason for that is if the car becomes a total loss, you basically will lose any cash you contribute.

3.) Residual Value: this is the expected depreciation of the car. It's a bit of fortune-telling, since nobody can truly predict a car's desirability 2 or 3 years later, but the lessors have developed their own formula based on their previous experience with the brand and/or model. Generally, this is not negotiable.

What you are paying for is the difference between 1, and 2 and 3 combined. The interest on that payment is known as the "Money Factor." To find out what the equivalent APR is on the Money Factor, multiply it by 2400.

Being a Californian, keep in mind that Sacramento expects you to pay them twice on your lease: each monthly payment is subject to sales tax based on the zip code where the car is registered (not necessarily where it is bought) and you are expected to pay the same sales tax rate on the Capitalized Cost Reduction as well.

 

[dd123]

The concept of leasing is simple: you are paying only for the expected depreciation of the car, and a bit of interest on top of that. That's why lease payments are usually less than the monthly payments of a purchase. The terminology:

1.) Capitalized Cost: this is what the leasing company/bank (called the "lessor") buys the car from the dealership for. This price is very much negotiable, no different than you negotiating the price of a car you intend to buy.

2.) Capitalized Cost Reduction: leasing's equivalent of a down payment. This includes any cash from you, any net equity from a trade-in, plus any cash contributed by the deal by the manufacturer and/or the dealer. In the case of EV's and PHEV's, if the manufacturer elects to pass on any Federal tax incentives to the consumer ("lessee"), and not all do (but Nissan does if you use their own financing arm, NMAC), this is where it will end up. This part is also negotiable, and aside from manufacturer/dealer contribution, with a lease try to keep this as low as possible. The reason for that is if the car becomes a total loss, you basically will lose any cash you contribute.

3.) Residual Value: this is the expected depreciation of the car. It's a bit of fortune-telling, since nobody can truly predict a car's desirability 2 or 3 years later, but the lessors have developed their own formula based on their previous experience with the brand and/or model. Generally, this is not negotiable.

What you are paying for is the difference between 1, and 2 and 3 combined. The interest on that payment is known as the "Money Factor." To find out what the equivalent APR is on the Money Factor, multiply it by 2400.

Being a Californian, keep in mind that Sacramento expects you to pay them twice on your lease: each monthly payment is subject to sales tax based on the zip code where the car is registered (not necessarily where it is bought) and you are expected to pay the same sales tax rate on the Capitalized Cost Reduction as well.

Thanks Ron for taking time to write this up..

 

[RonDawg]

Correction: the Residual Value is the expected depreciated price of the car, not the actual expected depreciation (loss of value).

 

[dd123]

Correction: the Residual Value is the expected depreciated price of the car, not the actual expected depreciation (loss of value).

Thanks

It looks like pretty expensive to won this in CA as CA taxes you on the used/depreciated value of the car as well.
If the car is worth 30K, after 3 year, it is depreciated 60% ( 40% residual value ) meaning I'd be charged almost 8% on $18K which is about $40 more permonth on top of monthly lease + sales tax..

 

[Rama]

I've been comparison shoping the 2013 leaf. Here is what I was quoted.

State: CA
Drive off (I assume with all fees): 2k
Milage: 12k
Term: 36 mo

Leaf Trim, options : S with quick charge
Monthly payment : $207

Leaf Trim, options : SV
Monthly payment : $262.19

Leaf Trim, options : SL
Monthly payment : $325

The dealer I'm working with is willing to throw in a AeroEnvionment 240v L2. Not installed just the equipment.

What do you guys think? Pull the trigger now or wait a bit more until the dealers get more desperate. I noticed that there are several dealers near me each with about a dozen collecting dust on the lot.

 

[jvleaf]

Being a Californian, keep in mind that Sacramento expects you to pay them twice on your lease: each monthly payment is subject to sales tax based on the zip code where the car is registered (not necessarily where it is bought) and you are expected to pay the same sales tax rate on the Capitalized Cost Reduction as well.

Why do people keep implying some evil double tax in CA. My math says it works out to be the same ?

Buy Tax on  28375  *.0875 = $2483                                           

Lease:
        Tax on 8150 rebate at drive off      713.13
        Tax on 36 monthly                    683.64
        Tax IF you buy at end on residual   1089.20
                             Total tax    = 2485.97

 

[RonDawg]

Why do people keep implying some evil double tax in CA. My math says it works out to be the same ?

Because it adds a significant amount to that "low" lease price. In my case, it added over $1,000 to the drive off that needed to be paid up front, or rolled into the lease payments.

I never said nor implied it was evil; but if you are in California and plan to lease, you need to be aware of it.

Also, if you move to an area with a different tax rate, or a tax increase/decrease is voted in, your monthly payment can go up or down. A few people have been caught by surprise because they had their lease payments automatically sent to NMAC from their bank but failed to take the new payment into account when taxes went up.

 

[FormerFF]

It seems that all the LEAF leases are for 36 months. Are there other lease terms available? In my situation 42 months or 48 months might work better.

 

[RonDawg]

Many folks have gotten 24 month leases for ridiculously low amounts of money, though with supply getting tight that may not be possible right now.

I personally would not lease a car for 48 months in particular something like an EV where the technology is constantly evolving, and in the case of the Leaf due to battery degradation concerns. You'll no longer be covered by the bumper-to-bumper warranty for the last year/12k miles and you'll only have the powertrain and battery warranties. So if the dash display or the nav system goes berzerk during that last year, you're on the hook for a replacement.

 

[dd123]

Many folks have gotten 24 month leases for ridiculously low amounts of money, though with supply getting tight that may not be possible right now.

I personally would not lease a car for 48 months in particular something like an EV where the technology is constantly evolving, and in the case of the Leaf due to battery degradation concerns. You'll no longer be covered by the bumper-to-bumper warranty for the last year/12k miles and you'll only have the powertrain and battery warranties. So if the dash display or the nav system goes berzerk during that last year, you're on the hook for a replacement.

Anyone point me to a good dealer in San Diego for 3 yr leaf ? Thanks

 

[z0ner]

I plan on picking an SV up tonight from a SoCal dealer. Let me know what you think:

State : CA
Sales tax % : 8
Leaf Trim, options : 2013 SV with LED/QC, PREMIUM and FLR MATS
MSRP : 34,670
Invoice : 32,267
Negotiated Price : 31,839 inc 850 dest/handling
Taxes, Title, Registration : ?
Any other fees (doc, administrative, marketing etc) : unknown
Money Factor : .00014
Downpayment : 1000 (loyalty cash)
Monthly payment : 294.26 plus tax

The dealer was telling me it was 1600 under invoice, but if dest/handling is factored in then it only looks like $428, right?

294.26 + 8% = 317.80. Am I missing anything? It looks like I have more room to negotiate.

 

[dd123]

I plan on picking an SV up tonight from a SoCal dealer. Let me know what you think:

State : CA
Sales tax % : 8
Leaf Trim, options : 2013 SV with LED/QC, PREMIUM and FLR MATS
MSRP : 34,670
Invoice : 32,267
Negotiated Price : 31,839 inc 850 dest/handling
Taxes, Title, Registration : ?
Any other fees (doc, administrative, marketing etc) : unknown
Money Factor : .00014
Downpayment : 1000 (loyalty cash)
Monthly payment : 294.26 plus tax

The dealer was telling me it was 1600 under invoice, but if dest/handling is factored in then it only looks like $428, right?

294.26 + 8% = 317.80. Am I missing anything? It looks like I have more room to negotiate.

not an expert but looks expensive to me

 

[z0ner]

He's including the 850 and the 322 marketing assessment in "invoice", which would make it 33,439. That technically puts it at 1600 under invoice.

 

[omkar]

I'm not sure what the marketing assessment is but I paid $31,900 for the same (but without floor mats) on 12/31.

Via truecar.com, I believe your MSRP is $35,520 and Invoice $33,440 so a price of $31,839 is $1601 under invoice.

 

[HIOJim]

Here's the lease I got on a 2013 S Model:

24 Months, 12,000/year
MSRP $31,120.00
Money factor 0.00084
Adjusted cap cost $19,577
23 payments @ $184.20
$2,000 down
Rebate $8,150 Includes DMV

Options included were: Charge Package, Kick Plates and Floor Mats. The 24 month lease was actually cheaper than the 36 month. I am quite pleased with the car and the changes that Nissan has made since 2011.

 

[DougWantsALeaf]

2 year leases are often less as your down payment is spread across fewer monthly payments.