Gonewild
Well-known member
evnow - I lease from WA and live in AZ I did not pay sale tax on the lease cost but now if I buy it will it be like I bought it in WA or AZ? Will it revert back to where I leased it, that would be nice.evnow said:
2011, 2012 Nissan Leaf Leasing Information
- Thread starter evnow
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DaveinOlyWA
Well-known member
Gonewild said:
you will probably pay AZ sales tax on the lease residual
GREENEV
Well-known member
So, how do I find out if I should be charged sales tax on the MSRP or the MSRP-Federal Tax Rebate($7500)?
Do I contact my county or my state? My sales tax combined for my town is 5.0%.
I live in south metro Denver, Colorado.
Do I contact my county or my state? My sales tax combined for my town is 5.0%.
I live in south metro Denver, Colorado.
EvansvilleLeaf
Well-known member
OK folks neophyte leaser here so be gentle. I've always just paid for cars before, but the probability of many more choices and maybe advances in the next 3-4 years has me thinking lease. My dealer numbers look less attractive than most I see mentioned here but not sure where the problem is. Here's the breakdown he sent. Can anyone advise me here? FICO above 800, open downpayment options, SL with mats only. Thanks!
Lease
$38270 MSRP
39 month lease term
15k miles per year
42% residual
.00225 money factor
Due at signing: $1058.75 (This is tax on the $7500 lease cash and first months payment including tax)
Monthly payment: $498.83 plus IN sales tax of $34.92 for $533.75 due each month.
Lease
$38270 MSRP
39 month lease term
15k miles per year
42% residual
.00225 money factor
Due at signing: $1058.75 (This is tax on the $7500 lease cash and first months payment including tax)
Monthly payment: $498.83 plus IN sales tax of $34.92 for $533.75 due each month.
NYLEAF
Well-known member
Hi Evansville...there's a few issues I see with those numbers.
First is the price. That looks to me like you've chosen a 2012 SL with the Floor Mats option, and that price includes destination. When I first got my RAQ, my dealer put $37,420, and after I accepted (but before leaving the dealer), I specifically asked about the destination fee, and he said there wouldn't be any...I thought it was just dealer BS, but 3 months later rolls around, and sure enough, they didn't charge me a destination fee. It is absolutely possible for them to discount the car to cover the cost of your destination fee, so you should absolutely ask. Anything less than $37,420 would be even better...remember, there are dealerships in CA that are charging $2000 under sticker. If they can do it and still make a profit, your dealer can take off $850 or $1000 and be just fine.
The next thing is the miles and the residual. Do you really need 15k miles? This is obviously a hugely personal preference, but it does seem to me like a bit much for a car that can't do long trips. Dropping down to 12k miles will raise the car's residual value, saving you money. I was given 43% residual on the 2012 SL with 12k miles at 39 months (this was last Friday, January 27 -- residuals and money factors do change every month, so this may have changed for Feb.)
Same story with the money factor...I was given .00175 money factor on January 27th, and my credit is honestly nothing special. It was right around 700. An 800 should be easily able to qualify for .00175, which is the Tier 0 (aka the best possible) rate on the Leaf. Remember, money factor times 2400 equals the interest rate. So a .00175 is a 4.2% interest rate..not horrible, but not spectacular for a car, either. The $7500 credit really makes the lease worthwhile, and Nissan knows that, hence the crummy interest rate...
Can't really comment on money down or sales tax, as that's different everywhere. In NY, we are required to pay sales tax on all monthly payments up front, the moment the lease starts, so my Sales Tax + First Month's Payment + DMV fees came out to $3300, with a monthly payment of $461. My monthly payment is actually high considering the price I wound up paying for the car and the money factor I got because I had a trade in that I was upside down on by $1800.
First is the price. That looks to me like you've chosen a 2012 SL with the Floor Mats option, and that price includes destination. When I first got my RAQ, my dealer put $37,420, and after I accepted (but before leaving the dealer), I specifically asked about the destination fee, and he said there wouldn't be any...I thought it was just dealer BS, but 3 months later rolls around, and sure enough, they didn't charge me a destination fee. It is absolutely possible for them to discount the car to cover the cost of your destination fee, so you should absolutely ask. Anything less than $37,420 would be even better...remember, there are dealerships in CA that are charging $2000 under sticker. If they can do it and still make a profit, your dealer can take off $850 or $1000 and be just fine.
The next thing is the miles and the residual. Do you really need 15k miles? This is obviously a hugely personal preference, but it does seem to me like a bit much for a car that can't do long trips. Dropping down to 12k miles will raise the car's residual value, saving you money. I was given 43% residual on the 2012 SL with 12k miles at 39 months (this was last Friday, January 27 -- residuals and money factors do change every month, so this may have changed for Feb.)
Same story with the money factor...I was given .00175 money factor on January 27th, and my credit is honestly nothing special. It was right around 700. An 800 should be easily able to qualify for .00175, which is the Tier 0 (aka the best possible) rate on the Leaf. Remember, money factor times 2400 equals the interest rate. So a .00175 is a 4.2% interest rate..not horrible, but not spectacular for a car, either. The $7500 credit really makes the lease worthwhile, and Nissan knows that, hence the crummy interest rate...
Can't really comment on money down or sales tax, as that's different everywhere. In NY, we are required to pay sales tax on all monthly payments up front, the moment the lease starts, so my Sales Tax + First Month's Payment + DMV fees came out to $3300, with a monthly payment of $461. My monthly payment is actually high considering the price I wound up paying for the car and the money factor I got because I had a trade in that I was upside down on by $1800.
We went to take the LEAF for a test drive last weekend. I had driven in two seperate Drive a LEAF events but Mrs hadn't driven it. We were talking with the sales person afterward and asked about trading our Jetta. The trade value according to Edmunds is about $14500, the lease pay off is a little over $15k. The sales person said we could work with that small difference but when he called me to give me the payment amount he said they came up with a trade value of around $13000. And quoted me a monthly lease payment of around $500 for a 2012 SL with my trade, on a 48 month, 12K mi per year lease.
I asked him if they took into consideration the $7500 federal tax credit and he assured me they had. I told him I thought something was wrong with the number he gave me. I really want to call him and ask for a figure without the trade but I don't really want to take up his time.
I didn't press it because, unless they can get me a payment under $400 a month it isn't going to work, but this is eating at me. Is there anywhere I can plug in my numbers and get a reasonable extimate of my lease payment. I don't want to take up a sales person's time when it doesn't look like I can do anything about it until I can get my house sold.
I asked him if they took into consideration the $7500 federal tax credit and he assured me they had. I told him I thought something was wrong with the number he gave me. I really want to call him and ask for a figure without the trade but I don't really want to take up his time.
I didn't press it because, unless they can get me a payment under $400 a month it isn't going to work, but this is eating at me. Is there anywhere I can plug in my numbers and get a reasonable extimate of my lease payment. I don't want to take up a sales person's time when it doesn't look like I can do anything about it until I can get my house sold.
essaunders
Well-known member
It won't take a good salesman long - give him the call.
jimcmorr said:
Look at the first message in this thread. It has some spreadsheets that you can use to figure out lease costs/etc. $500 a month sounds insane considering that I paid $2000 down for my 2011 LEAF and my monthly payment is $321. I have no sales tax, 2011 car was cheaper, cost of the car was negotiated down, money factor was the lowest, etc. so those are all factors that would be effecting the price you are getting. Once you understand how the spreadsheets work you can ask for them to send you their numbers and you should be able to figure out what is going on.
Good luck!
Great! Thanks QB! 
I thought I had seen some spreadsheet somewhere but couldn't remember where. I didn't think even with my trade upside-down like they say it is, that the monmthly figure would be that high. We have no sales tax here. The dealer isn't discounting or marking up the MSRP. That's what he told me anyway.
I thought I had seen some spreadsheet somewhere but couldn't remember where. I didn't think even with my trade upside-down like they say it is, that the monmthly figure would be that high. We have no sales tax here. The dealer isn't discounting or marking up the MSRP. That's what he told me anyway.
amtoro
Well-known member
jimcmorr said:
You can use this one, it is very accurate.
http://www.edmunds.com/calculators/car-lease.html
Just keep in mind that the $7,500 credit, technically works out as a down payment, therefore you need to tax it before typing it in the "Incentives" line.
The money factor, if it has not changed since December, is 0.00159.
Acquisition fee is $595, MSRP is $38,150 (plus any dealer fees). I ran it for you with some assumptions and I got $512/mo including sales tax with $0 down, $2,400 of negative equity on your trade-in and 40% residual (not sure what the residual is on a 48mo lease, for a 36mo it is 45% of the sale price).
BrainDonor
Well-known member
Jenn, be careful when planning your lease mileage. Take my case as an example. Before leasing our LEAF, we had two cars which we put about 10K miles on each (I've been keeping track of our mileage using the GasCubby app, so I know exactly how much we drove). I thought 12K miles would be sufficient for the lease. Well, it turns out we're driving the LEAF a lot more than the SUV it replaced, and taking miles away from our second car. In two months of ownership we already have 3K miles, which puts us on track for 18K this year!jennrod12 said:
At this rate the extra mileage penalty would cost $2,700 (18K miles over three years times $0.15 per mile) when turning in the car! Granted, we're currently saving about $0.20 per mile on our running costs compared to the SUV, which also means that the extra mileage will have saved us about $3,600 in gas costs over three years. This extra cost may swing the decision on whether to purchase the car at the end of the lease.
amtoro
Well-known member
BrainDonor said:
Same for us... we have driven it much more that expected, specially after realizing that the motorcycle costs 6x more to run that the LEAF... who would have thought that?
In our case, we entered in the lease to get the full tax credit, and at the end we will buy the car for the residual. It turns out that with the large down payment, our total cost will be the same as if we had purchased the car with something like a 2.9% APR
EvansvilleLeaf
Well-known member
Well despite my tier 0 credit I can only get the dealer to .00225 on a 39 and .00175 on a 1-pay lease.
Doing all the math that means the lease costs me about $2780 over a straight buy. I'm still going lease just in case a)the bottom drops out of the EV market and the Leaf is worth well under residual or b) Much better range and charging rates show up in affordable EVs within 3 years, which would also depress Leaf value.
Putting the approx $20k less out of pocket into ATT-CL preferred stock should net me a hair over 4k in dividends within 3 yrs anyway, thus making the lease at least a non-losing NPV, even though I remain leery about leases in general.
Doing all the math that means the lease costs me about $2780 over a straight buy. I'm still going lease just in case a)the bottom drops out of the EV market and the Leaf is worth well under residual or b) Much better range and charging rates show up in affordable EVs within 3 years, which would also depress Leaf value.
Putting the approx $20k less out of pocket into ATT-CL preferred stock should net me a hair over 4k in dividends within 3 yrs anyway, thus making the lease at least a non-losing NPV, even though I remain leery about leases in general.
amtoro
Well-known member
EvansvilleLeaf said:
The money factor does not vary from person to person due to credit score; it is set by NMAC from time to time based in their market expectations.
In a lease, your credit score just qualifies you or not.
EvansvilleLeaf
Well-known member
amtoro said:
Not trying to say you are wrong. In fact I hope you are right, but is there any official NMAC link you know of spelling this out as a MF number so I can show my dealer? Might still save me a few pennies. Thanks!
evnow
Well-known member
NMAC announced money factors are dependant on credit scores.amtoro said:
amtoro
Well-known member
That is interesting, our money factor was locked since the RAQ process and the credit was not run until the delivery date.
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