Down Payment On Lease-Mandatory?

[gergg]

get 15,000 miles (after you experience EV driving, you will start inventing excuses to go somewhere)

get the QC port. nothing else really matters

I agree with the 15,000 miles, but I don't think I would ever use a QC, so the SV would save me 2000 dollars.

 

[DaveinOlyWA]

get 15,000 miles (after you experience EV driving, you will start inventing excuses to go somewhere)

get the QC port. nothing else really matters

I agree with the 15,000 miles, but I don't think I would ever use a QC, so the SV would save me 2000 dollars.

until there were two DCFCs installed in my area, i felt the same as you did. dont plan to crisscross the nation in my LEAF so why bother?? but as i got to use them, i realized for a few minutes at a time (my average charge session is about 10 minutes) i now have "tesla range"

 

[jpa2825]

.

Quick questions -- SL or SV? Any other options besides the cargo organizer? Presume you stuck with the 12k miles per year rather than 15k miles per year? Also, assume this was thru Nissan financing arm?

get 15,000 miles (after you experience EV driving, you will start inventing excuses to go somewhere)

get the QC port. nothing else really matters. get the cargo organizer if you feel the need...

Thanks for the feedback. However, the question was originally to mynameisjim about his specific deal so I could know whether I am comparing apples to apples when I put it in front of the dealer.

I am inclined to go with the SL & 15k as well for futureproofing & in case DC charging gains popularity rapidly in my area (though I doubt that will happen).

 

[gergg]

However, the question was originally to mynameisjim about his specific deal so I could know whether I am comparing apples to apples when I put it in front of the dealer.

PM him, I bet he'll be happy to let you know.

 

[phaduman]

I can verify that zero down can work, I just did it last night. The dealer used some of the $7500 rebate to cover the lease fee and first month's payment. All told with tax and DMV fees it is $367/mo after zero down.

Great....if you could provide details of the lease that would be helpful.

Sure. I negotiated a $3100 discount, then added the cargo organizer. My credit allowed tier 0 .00071 money factor. We used the 39 month lease with 45% residual. Tax was about $800 and DMV fees were around $450. The first month's payment and registration fees were taken out of the $7500 rebate.

Total out of pocket is 38 payments of $367.94

My first post here and learning a great deal, thanks. I am looking to lease a 2012 SL (or SV) this month - so have some questions on your information above. If my understanding of leasing is correct, the above information should give a lower payment/month than what you are showing:

list 38200 (including destiation charge etc.) - $3,100 discount - $7,500 credit = net cap cost: $27600.

Residual 45% off MSRP = $16794 (45% * $37200).
Tax + license: $1250
so net cap cost / month (39 months) = $311
money factor= 0.00071. finance fee = (net cap cost+residual) * money factor, which is = (27600 + 16794) * 0.00071 = $31.
Total leasing fees = $311 + finance fee = $342.

How did your dealer calculate your fees to be $367?

Sorry if this question is too trivial, I am just learning on the leasing side of things.

thanks
Phaduman

 

[mynameisjim]

I think the difference between our numbers is you calculated 39 payments, but with zero down I'm only making 38 payments. Also you forgot the lease acquisition fee of $595. After those it looks like they match.

 

[phaduman]

I think the difference between our numbers is you calculated 39 payments, but with zero down I'm only making 38 payments. Also you forgot the lease acquisition fee of $595. After those it looks like they match.

Perfect - got it, thanks Jim! Never done lease before and nervous about a banana skin I would be stepping on and falling.

With other things remaining constant, I have heard of CA dealers giving 5K off and will hope to close on a red Nissan leaf soon.

thanks again

 

[jpa2825]

I think the difference between our numbers is you calculated 39 payments, but with zero down I'm only making 38 payments. Also you forgot the lease acquisition fee of $595. After those it looks like they match.

Perfect - got it, thanks Jim! Never done lease before and nervous about a banana skin I would be stepping on and falling.

With other things remaining constant, I have heard of CA dealers giving 5K off and will hope to close on a red Nissan leaf soon.

thanks again

Good luck. I was in your shoes and picked my Leaf yesterday. Tough decision for me was to lease now or wait until 2013s from Smyrna start showing up. Just decided a bird in the hand was worth 2 in the bush for me. PM if you have any Qs not answered in forum (unlikely).

 

[WhiteBearLake]

Two more aspects to consider when leasing....

In this thread I see references to a 39 month lease. Keep in mind that the vehicle warranty is 36 months.

I read an article a few years back on edmunds.com which strongly suggests either getting the warranty extended to 39 months or the lease reduced to 36 months. If something substantial breaks in the 37th month, you will likely be on the hook to cover the expenses to get it repaired prior to returning it at the end of the lease. Some negotiation may be possible if you are leasing another vehicle from the dealer.

I have followed this suggestion each time I leased a vehicle and it removes those repair concerns for the last 3 months of the lease. I leased a car for my daughter and the cost to extend the warranty another 3 months was negotiated to $1.57 per month. They wanted a lot more, but I was willing to walk away (politely) from the deal so they sold the extended warranty to me at $1.57 per month which I believe they said was their cost.

Also, I recall (vaguely) a conversation with a sales manager when negotiating a previous lease. He pointed out that it is best for the buyer to lease at the beginning of the model year, and not as good at the end of the model year. He pointed out that if you lease at the end of the model year, like it is now, they consider the vehicle to be 4 years old when it is returned which reduces its residual value. The lease is based upon the difference of the sale price and the residual value. But, sometimes if a dealer has an excess of a particular vehicle at the end of the model year, so you can get a great bargain. Don't be mislead.... just because you lease, doesn't mean you can't negotiate the sale price that the lease is based upon. The edmunds.com article suggested closing the deal on the last saturday of the month, or even better, the afternoon of the last day of the month.

For those who haven't leased before this might also help. The concept of leasing became clear to me when it was explained that when leasing, I agree to purchase (it's not a type of renting) the vehicle from the dealer at an agreed price. Then, 36 months later they agree to purchase it back from me at the agreed upon price if it is in acceptable condition (no repairs needed and acceptable mileage). IMHO, the attractive parts about leasing are that the monthly payments are about 35% less than purchase payments, the lease payments are made for 36 months while purchase payments are made for 60 months, the vehicle is ALWAYS under warranty while I have the vehicle, and I get to drive it while it is fresh and hopefully problem free.

In response to another previous comment in this thread. All down payments on a lease are lost in the event that the vehicle is destroyed or stolen (not recovered). I have never put money down on a lease, but sometimes have had to make the first lease payment up front.

Those were a couple of thoughts that I thought might be worth considering. You might be able to tell that I advocate leasing. Sorry if I sound too biased.

White Bear Lake ... in Minnesota

BTW, I don't have my Leaf yet. I contacted a couple local dealers, and I am hoping a dealer will make an attractive offer during the Labor Day sale next week. If not, I will patiently wait for the 2013. So if there is a dealer reading this... I'm ready.

 

[mynameisjim]

I can't imagine what uncovered substantial item would break between 36 and 39 months in this car considering that the battery, power train, and EV system warranties are longer than 36 months. Maybe something like the nav unit? Power steering?

I had a good experience and paid 8% under MSRP at Luther Nissan Inver Grove, if you're interested.

 

[LEAFer]

It's been mentioned before ... but just as a reminder I'll point it out again. In anyone's particular situation the impact may be more or less pronounced ... depending on your local registration requirements. By traversing into a 4th year (beyond 36 months) you may be responsible for ponying up another entire 12 months of registration fees, and this in essence constitutes a 9 month "waste". The $ amounts may or may not be small based on local rules.

Our 1st year renewal was $281 (California). Not sure what the 3rd (4th year) renewal would be. And not sure if lease or purchase makes a difference. Some may feel that $281 (or less or more in your state) is not worth worrying about. Ok; but then again it should figure in the total analysis, just as much as a disposition fee does.

 

[WhiteBearLake]

Just did a zero down lease on a Leaf SL for $300 a month, 15,000 miles. It was a great lease, but it was tough not holding out for a 2013, even at a higher price.

Just got my Schneider charger installed, using it for the 1st time right now.

 

[EatsShootsandLeafs]

Just did a zero down lease on a Leaf SL for $300 a month, 15,000 miles. It was a great lease, but it was tough not holding out for a 2013, even at a higher price.

Just got my Schneider charger installed, using it for the 1st time right now.

Nice. That is a $263/month at 12,000/year.

 

[ljwobker]

Nice. That is a $263/month at 12,000/year.

I'm slightly lost... is the 15c/mile rate good in both directions? Or is it just accepted fact that all leaf leases are based on 12k miles, and anything above this can be reverse-computed using 15c/mile?