2015 Lease Deals?

[DNAinaGoodWay]

So, I got an email from the dealer who gave me the deal below... it looks like they put in the residual incorrectly and the revised residual jumps my payment by $40 per month - supposedly they made a mistake in computing the residual. This was for the 48 month lease, current payment is $149 per month and revised would supposedly be $189 per month

The lease was signed, I have been using the car for about 3 weeks now - they are going to play with the numbers and get back to me.

Any thoughts on how to handle this? I am inclined to tell the dealer to eat it or can they force me to return the car?

It's generally best to not have to end a lease early. The dealer is multiplying the payments and saying that owing a year at $159 a month means owing just an extra $1908 if you break the lease after 36 months. That's fine as long as there are no other charges involved. See if you can get that in writing, and keep in mind that it would apply to this one dealer only. BTW, compared to the lease deal I was offered on a 2015 SV with premium, your offer is a bargain. I'm also very curious what the residual would be. I'm guessing they have set it high.

Here are the details.

For 36 months, $0 down with 35 payments @ $222.57 per month - SV + QC

MSRP $35,155
CAP COST - Gross $28,756, Cost Reduction $9,877.43, Adjusted $18,878.57
RESIDUAL - 31% $10,898.05
MONEY FACTOR - .00003
Acquisition fee - $595
Disposition fee - $395

For 48 months, $0 down with 47 payments @ $149.76

MSRP $35,155
CAP COST - Gross $28,756, Cost Reduction $9,950.24, Adjusted $18,805.76
Residual - 35% $12,304.25
Money Factor - .00046
Acquisition Fee - $595
Disposition fee - $395

Both are 12k miles per year with a end of lease buy @ the residual value + $300.

I am also aware that any repairs and / or tire wear, etc. after the 3 years will be my liability as the bumper to bumper will have expired.

Their error. In your favor. Signed lease agreement will hold up in court. Sucks to be them.

 

[r9973]

Yeah - that is my stance. Looks like Nissan is refusing to execute the lease agreement so I cannot send payment (no account number available, social not recognized for lease...). Best case I keep the car with the same numbers, worst case I give it back with 600 miles on the odometer - either way they need to resolve it.

I am planning to send a check to Nissan with the VIN # noted so they can't say I did not pay them

So, I got an email from the dealer who gave me the deal below... it looks like they put in the residual incorrectly and the revised residual jumps my payment by $40 per month - supposedly they made a mistake in computing the residual. This was for the 48 month lease, current payment is $149 per month and revised would supposedly be $189 per month

The lease was signed, I have been using the car for about 3 weeks now - they are going to play with the numbers and get back to me.

Any thoughts on how to handle this? I am inclined to tell the dealer to eat it or can they force me to return the car?

Here are the details.

For 36 months, $0 down with 35 payments @ $222.57 per month - SV + QC

MSRP $35,155
CAP COST - Gross $28,756, Cost Reduction $9,877.43, Adjusted $18,878.57
RESIDUAL - 31% $10,898.05
MONEY FACTOR - .00003
Acquisition fee - $595
Disposition fee - $395

For 48 months, $0 down with 47 payments @ $149.76

MSRP $35,155
CAP COST - Gross $28,756, Cost Reduction $9,950.24, Adjusted $18,805.76
Residual - 35% $12,304.25
Money Factor - .00046
Acquisition Fee - $595
Disposition fee - $395

Both are 12k miles per year with a end of lease buy @ the residual value + $300.

I am also aware that any repairs and / or tire wear, etc. after the 3 years will be my liability as the bumper to bumper will have expired.

Their error. In your favor. Signed lease agreement will hold up in court. Sucks to be them.

 

[DNAinaGoodWay]

Does the Purchase & Sale Agreement match? Keep copies of everything. Not sure if there's a clause that would allow them to not execute a signed agreement, you should consult a lawyer.

 

[ljwobker]

I had a very similar experience about 10 years ago buying a Subaru Outback - negotiated the deal (this was a purchase rather than a lease) and signed all the paperwork. Two days later the "sales manager" called and said "we shouldn't have given you both discount XXX and rebate YYY" or something like that. I was polite with him for the first couple of phone calls, then I suggested that I also thought the contract was negotiated unfairly and would be calling them asking for two thousand dollars in cash. He replied "you can't do that" and I replied with "You're correct, that's exactly what a signed contract means. So this is the last polite conversation we're going to have on this matter".

Politely tell them to pound sand.

 

[ljwobker]

Closed today on a 2015 SV with QC/LED. I didn't really want the QC/LED but the cheaper cars were all colors I really DIDN'T want to drive for 3 years. Durham NC, Michael Jordan Nissan - no complaints about the sales staff here.

Terms:
36-months, 12000 miles/year, $600 at signing, 35 payments at $266.
Gross cap cost: $32768
Cap cost reduction: $12693
Adjusted cap cost: $20044
Residual: $10755
Money Factor: functionally zero (I didn't even do the math, it's less than $1/month)
Monthly payment is $266 of which $8 is North Carolina road use taxes (paid monthly on a lease in NC)

I didn't pay any attention to the residual or other stuff as there's a zero chance I will do anything other than turn the car back in after the lease is up. My number was originally $260 per month with everything totaled up, but I took the extra $15/month to get the one with the QC/LED.

 

[Deleted member 9549]

Closed today on a 2015 SV with QC/LED. I didn't really want the QC/LED but the cheaper cars were all colors I really DIDN'T want to drive for 3 years. Durham NC, Michael Jordan Nissan - no complaints about the sales staff here.

Small world. Thats one of the two cars I was looking at to purchase. Had talked them down to 24k, but I ultimately decided even that was too much. Unfortunately getting an ICE instead.

 

[Reddy]

Phx, AZ.

SV with QC and LED.

I don't know what the dealers have been smoking in our city but the best quotes I got (for 2016 SV) were close to $500 with nothing down for 36 months so from that point of view this seems good. Also it is nice that this is a 2 year lease and you will be ready to jump on a new (higher range vehicle sooner). Though I would have liked this number to be around low $300s.

Welcome to 2011. That's pretty similar to what was being offered on the 2011 Leaf when they first introduced it. Wait a bit and prices will come down.

 

[r9973]

I had a very similar experience about 10 years ago buying a Subaru Outback - negotiated the deal (this was a purchase rather than a lease) and signed all the paperwork. Two days later the "sales manager" called and said "we shouldn't have given you both discount XXX and rebate YYY" or something like that. I was polite with him for the first couple of phone calls, then I suggested that I also thought the contract was negotiated unfairly and would be calling them asking for two thousand dollars in cash. He replied "you can't do that" and I replied with "You're correct, that's exactly what a signed contract means. So this is the last polite conversation we're going to have on this matter".

Politely tell them to pound sand.

So, I exchanged a few more emails and told them politely I will consult my attorney as I have a mutually signed lease agreement. Got some emotional push back from the sales manager, how he will be losing his job over this... BTW, both he and his finance manager went over the numbers before presenting them to me so they both made a mistake?

Even if this was an honest mistake, this was a business transaction and I am sure if I went back and wanted them to revise the lease to reduce my payments they would laugh about that. I feel sorry if they made a genuine mistake but it's a business transaction so if you make an error, you deal with it...

I firmly indicated I intend to honor the signed agreement and expect them/NMAC to do the same, sounds like they are ok with that. Haven't received a bill or an account number from NMAC yet so I intend to send over a check with the VIN # and copy of the lease agreement via certified mail to ensure that they credit my account in a timely manner.

 

[Valdemar]

I had a very similar experience about 10 years ago buying a Subaru Outback - negotiated the deal (this was a purchase rather than a lease) and signed all the paperwork. Two days later the "sales manager" called and said "we shouldn't have given you both discount XXX and rebate YYY" or something like that. I was polite with him for the first couple of phone calls, then I suggested that I also thought the contract was negotiated unfairly and would be calling them asking for two thousand dollars in cash. He replied "you can't do that" and I replied with "You're correct, that's exactly what a signed contract means. So this is the last polite conversation we're going to have on this matter".

Politely tell them to pound sand.

So, I exchanged a few more emails and told them politely I will consult my attorney as I have a mutually signed lease agreement. Got some emotional push back from the sales manager, how he will be losing his job over this...

Dealer's tears, don't get too sensitive over this. I'm sure they screw up buyers by the dozen every week. May be he should be losing his job after all if he can't read the terms.

 

[r9973]

I had a very similar experience about 10 years ago buying a Subaru Outback - negotiated the deal (this was a purchase rather than a lease) and signed all the paperwork. Two days later the "sales manager" called and said "we shouldn't have given you both discount XXX and rebate YYY" or something like that. I was polite with him for the first couple of phone calls, then I suggested that I also thought the contract was negotiated unfairly and would be calling them asking for two thousand dollars in cash. He replied "you can't do that" and I replied with "You're correct, that's exactly what a signed contract means. So this is the last polite conversation we're going to have on this matter".

Politely tell them to pound sand.

So, I exchanged a few more emails and told them politely I will consult my attorney as I have a mutually signed lease agreement. Got some emotional push back from the sales manager, how he will be losing his job over this...

Dealer's tears, don't get too sensitive over this. I'm sure they screw up buyers by the dozen every week. May be he should be losing his job after all if he can't read the terms.

Yep totally not affected by the tears Manager came by today to get DMV papers re-signed as they had messed up the date on it - looks like they are honoring the original deal. Thank you all for the advice - much appreciated.

 

[mrwuf]

Edit: Nm, I found my answer with some GoogleFu.

 

[HornsKeith]

We're mostly looking at used Leaf's, but I got a quote on a leftover 2015 SV + QC yesterday:

$299 / mo x 36 months (Ie, 0 down- only first month's payment). 12k miles per year.

MSRP - $35,180
Dealer discount - $5130
Rebate - $10,550
Doc Fee - $599
Residual - 31%, so $10,906
Money factor - 0.0003

Doesn't seem horrible, but probably not good enough to sway us from buying a used 2013 instead.

Keith

 

[LeftieBiker]

Given that you'd be able to buy the 2015 cheap at the end of that lease, you may want to reconsider. That's only, of course, if the 2015 checks out well with Leaf Spy. The 2015 battery seems to hold up better in mild and slightly warm climates, although not much (if any) better in Hot ones. The only real advantage a 2013 would have, price aside, is the Charge to 80% feature.

 

[HornsKeith]

Our 2015 SV w/ premium package was delivered yesterday. The details:

MSRP: $34,710 (including freight)
Upfront discounts: -$5,454
Assorted fees, sales tax, polar bear protection, etc: +$1,661.26

So gross capitalized cost: $30,917
Capitalized cost reduction: -$14,050 (was initially higher. $100 delivery charge was subtracted here)
Adjusted capitalized cost (ie, price of the vehicle for lease calculation): $16,867
Residual value (31%): $10.760

Lost value, then, paid off over 36 months: $6,107
Rent charge (money factor interest): $1,024

End result: 0 down, $198/mo for 36 months. I'm quite happy with the deal, and it was enough to steer us away from a used Leaf.

Keith

 

[inphoenix]

Our 2015 SV w/ premium package was delivered yesterday. The details:

MSRP: $34,710 (including freight)
Upfront discounts: -$5,454
Assorted fees, sales tax, polar bear protection, etc: +$1,661.26

So gross capitalized cost: $30,917
Capitalized cost reduction: -$14,050 (was initially higher. $100 delivery charge was subtracted here)
Adjusted capitalized cost (ie, price of the vehicle for lease calculation): $16,867
Residual value (31%): $10.760

Lost value, then, paid off over 36 months: $6,107
Rent charge (money factor interest): $1,024

End result: 0 down, $198/mo for 36 months. I'm quite happy with the deal, and it was enough to steer us away from a used Leaf.

Keith

That is pretty good. Congratulations on your purchase.

 

[HornsKeith]

Also, if anyone in the VA/NC/DC area is looking for a 2015, send me a PM. In many weeks of discussions and emails, I have a pretty good sense of where the best 2015 deals are at present and can pass along some of the good ones we didn't choose.

Keith

 

[golfcart]

Our 2015 SV w/ premium package was delivered yesterday. The details:

End result: 0 down, $198/mo for 36 months. I'm quite happy with the deal, and it was enough to steer us away from a used Leaf.

Keith

That's a steal man, looks like your patience paid off. Congrats.

 

[ConsideringALeaf]

I'm looking at leasing a 2015 S with Charge Package for:

$1173 Down
$205 a month for 24 months

Is this a good price?

 

[inphoenix]

I'm looking at leasing a 2015 S with Charge Package for:

$1173 Down
$205 a month for 24 months

Is this a good price?

What's your location? Any particular reason for a 2 year lease? It seems like others were able to get that monthly payment with zero down. So you would pay $1173 to shorten the lease by 1 year if that is important to you (to get a second gen EV), if not do you know the numbers for a three year lease?

 

[ConsideringALeaf]

I'm looking at leasing a 2015 S with Charge Package for:

$1173 Down
$205 a month for 24 months

Is this a good price?

What's your location? Any particular reason for a 2 year lease? It seems like others were able to get that monthly payment with zero down. So you would pay $1173 to shorten the lease by 1 year if that is important to you (to get a second gen EV), if not do you know the numbers for a three year lease?

Thanks for the response!

I'm located in Indiana. No particular reason for the 2 year lease, that is just what they offered. I thought it was a fairly good time frame given the changes in EV's I expect to be available then. I do not know the numbers for a 3 year lease.

I can purchase the vehicle outright for $20,465 at 0% for 5 years. Is that a reasonable deal?