Comprehensive Lease vs Buy Financial Comparisons

[EVDRIVER]

If you sell in the first three years, you lose the $5k rebate too.
And the EVSE (first two years).

It seems like, for EV Project folks and CA in general, the Leaf is a 3yr commitment no matter how you look at it.
You'd be trickle charging.

CA pro-rated

EVSE, why would you sell it?

 

[DaveinOlyWA]

is it possible the $460 payment is with taxes added?

i was more than willing to pay the $380 whatever a month lease (i am selling one car for $300 a month so i would only come up with the remainder. with about a $50-60 per month savings in gas/oil with estimated savings of just under 5 cents per mile) since i had originally planned to purchase at $430 a month.

but then we found out that any discount provided by the dealer would lower monthly payments. so i was thinking i would be at the break even point essentially getting lease for free.

i think that all this thread is interesting, but due to the various situations we are in, i think i have more confusion now then before. as i understand it, some lessees will not pay sales tax (WA) which is essentially a $3000 discount over purchase of car or about half on a lease if taxes are normally incorporated into the LT of loan. or would they be added to initial purchase price and the entire tax bill be paid off in the 3 year lease term?

as it stands barring a major misunderstanding of the lease process, that is the route i will go for a Jan delivery so i am pretty flexible as to what the monthly payments will pan out to be.

 

[evnow]

i think that all this thread is interesting, but due to the various situations we are in, i think i have more confusion now then before. as i understand it, some lessees will not pay sales tax (WA) which is essentially a $3000 discount over purchase of car or about half on a lease if taxes are normally incorporated into the LT of loan. or would they be added to initial purchase price and the entire tax bill be paid off in the 3 year lease term?

Normally you would pay tax on the lease amount every month. So, it would have been $350+tax.

For SL-e (with mats and eco package) from Rairdon's I'll be paying $333 per month.

 

[DaveinOlyWA]

i think that all this thread is interesting, but due to the various situations we are in, i think i have more confusion now then before. as i understand it, some lessees will not pay sales tax (WA) which is essentially a $3000 discount over purchase of car or about half on a lease if taxes are normally incorporated into the LT of loan. or would they be added to initial purchase price and the entire tax bill be paid off in the 3 year lease term?

Normally you would pay tax on the lease amount every month. So, it would have been $350+tax.

For SL-e (with mats and eco package) from Rairdon's I'll be paying $333 per month.

i posted on other thread that my payments *i think* will be around $350 as the $379 is retail plus destination as of August 2010 GMAC terms. now with the discount Rairdon's is offering and the options i got, my out the door price is just about the MSRP. so i figure my payments will be the $379 minus the effect of the $820 destination charge or $22.78 + interest per month

now i guess, the big question; are terms better now than Jan or worse? i guess we will find out in a few weeks, but i would have to think they would be better. housing loans have dropped since August correct?

 

[tps]

I womder if one could set up a shorter lease for the LEAF, say 1 or 2 years. A one year lease might allow me to get the entire $7500 federal credit, which I probably won't be able to claim on my income tax, while still keeping the interest fairly low. Also, a year would probably be a good enough "test drive" so that I would know if I really wanted to keep the car, or if it had too many first MY problems. I wonder how much a 1 year lease might cost over buying the car outright. Even if I could claim the entire $7500, I'd have to "loan" it to Uncle Sam for maybe 6 months, so that interest would have to be included (or maybe I could screw around an get my deduction changed to $0...

 

[evnow]

I womder if one could set up a shorter lease for the LEAF, say 1 or 2 years.

I've seen 2 year quotes - not 1. See the sticky about lease ...

 

[garygid]

How did you get down to $333 payments?

No tax in WA?
about $1500 off MSRP?
Free $700 QC?

 

[DaveinOlyWA]

How did you get down to $333 payments?

No tax in WA?
about $1500 off MSRP?
Free $700 QC?

Hmmm ya pretty much except that he not getting Q C

 

[garygid]

He said SL-e which includes the "free" QC Option.

 

[evnow]

How did you get down to $333 payments?

I quoted wrong number. $333 is correct for SL - when sold at invoice without any options.

Total MSRP : 34,150
Price Accepted : 32,543

For this, the payment is $326.

Interesting thing to note is that the sale price is close to SV price - but since the MSRP is higher the residual is higher. This makes the depreciation lesser than standard SV - which brings your lease payment down !

 

[thimel]

EVNOW, your spreadsheets are very informative. Could you please make the actual spreadsheets available so we can try making some changes ourselves. I'd like to be able to put in the actual price of the car I ordered and check the effect of CA sales tax. I think the sales tax will make leasing cheaper than buying for the case where the car is sold after 3 years.

Thanks

 

[ecoobsessive]

Is it possible that Nissan could pull the lease option or change it during 2011? I didn't order the car as soon as I could since I didn't think I could afford it. Then I realized I could afford it if I leased it. I just ordered the car yesterday so I have 4-7 months wait until delivery. Could Nissan decide too many people are leasing, or a senario where they wouldn't get the $7,500 for all the cars and so cut the lease option? Sorry, I'm just worried about this.

 

[DaveinOlyWA]

Nissan does not control lease terms... GMAC does and the lease terms provided are as of august 2010 and are subject to change.

 

[LEAFer]

What ?

Nissan =? GM ?

(Isn't GMAC the Acceptance Corp. arm of General Motors ?)

 

[DaveinOlyWA]

Not after bankruptcy. GMAC was the only part of company making money. The got out fast otherwise feds would have took all their money too

 

[LEAFer]

Ok ... so are you saying GMAC will be our Nissan LEAF leasing company ? Not "NILT" (referenced on Nissan's site in fine print ... whoever that is ...) ?

 

[Gonewild]

Would GMAC have a better interest rate the Nissan?

 

[DaveinOlyWA]

NILT?
Hmm.

 

[LEAFer]

The language has changed from a couple months ago when I last checked. Now they have actually inserted "NMAC", but the "NILT" is still in there, this time with a partial expansion on what that acronym might mean ... Got these footnotes by following the links to the "Pricing Details".

*after tax savings, net as low as $26,220
MSRP $33,720
with federal tax savings from 0-$7,500
$379 a month1 – 36 month lease
($1,999 initial customer payment)
Excludes tax, title and license. MSRP subject to change. MY 2012 MSRP to be announced later. Initially available through online reservation process. Orders through dealers commencing in August (in limited areas) and sales by dealer commences in December 2010. LEASE payment of $379/mo. is an example of an offer if vehicle were sold in August 2010. The actual lease offer for NMAC ("NILT") will be announced in December 2010 when sales commence. Subject to change. Limited quantities available in select markets and states through online reservation system. Increased availability in Spring 2011 with full market rollout through 2012. At start of sale, one order per household address until availability increases. Taxpayer must incur federal tax liability to receive full benefits. Consult your tax professional.

1 Estimated monthly payment based on proposed offer subject to change at start of sale. Estimates include assumed residual, money factor, and acquisition fee amounts. Excludes taxes, title, and license. $1,999 initial payment required at consummation (includes $1,620 down payment and $379 first month payment). 2011 LEAF SL subject to availability to well qualified lessees through Nissan-Infiniti LT ("NILT"). Subject to credit approval. Based upon $33,720 MSRP plus destination charge. Adjusted net capitalized cost of $25,521 includes $7,500 manufacturer incentive for federal tax credit available to NILT by law, and $595 non-refundable acquisition fee. Dealer contribution may affect actual price set by dealer. Monthly payments total $13,644. Lessee is responsible for maintenance and repair. Lease payment excludes the cost of the EVSE/charging dock charging equipment. Security deposit not required. Disposition fee due at termination of lease term. See participating dealer for details. Finalized lease terms available to be set upon start of sale.

**after tax savings, net as low as $25,280
MSRP $32,780
with federal tax savings from 0-$7,500
$349 a month2 – 36 month lease
($1,999 initial customer payment)
Excludes tax, title and license. MSRP subject to change. MY 2012 MSRP to be announced later. Initially available through online reservation process. Orders through dealers commencing in August (in limited areas) and sales by dealer commences in December 2010. LEASE payment of $349/mo. is an example of offer if vehicle were sold in August 2010. The actual lease offer for NMAC (or "NILT") will be announced in December 2010 when sales commence. Subject to change. Limited quantities available in select markets and states through online reservation system. Increased availability in Spring 2011 with full market rollout through 2012. At start of sale, one order per household address until availability increases. Taxpayer must incur federal tax liability to receive full benefits. Consult your tax professional.

2 Estimated monthly payment based on proposed offer subject to change at start of sale. Estimates include assumed residual, money factor, and acquisition fee amounts. Excludes taxes, title, and license. $1,999 initial payment required at consummation (includes $1,650 down payment and $349 first month payment). 2011 LEAF SV subject to availability to well qualified lessees through Nissan-Infiniti LT ("NILT"). Subject to credit approval. Based upon $32,780 MSRP plus $820 destination charge. Adjusted net capitalized cost of $24,441 includes $7,500 manufacturer incentive for federal tax credit available to NILT by law, and $595 non-refundable acquisition fee. Dealer contribution may affect actual price set by dealer. Monthly payments total $12,564. Lessee is responsible for maintenance and repair. Lease payment excludes the cost of the EVSE/charging dock charging equipment. Security deposit not required. Disposition fee due at termination of lease term. See participating dealer for details. Finalized lease terms available to be set upon start of sale.

 

[planet4ever]

Is it possible that Nissan could pull the lease option or change it during 2011? I didn't order the car as soon as I could since I didn't think I could afford it. Then I realized I could afford it if I leased it. I just ordered the car yesterday so I have 4-7 months wait until delivery. Could Nissan decide too many people are leasing, or a scenario where they wouldn't get the $7,500 for all the cars and so cut the lease option? Sorry, I'm just worried about this.

The agreement I have with my dealer provides in writing for a specific amount down and a specific monthly lease payment. It details all charges covered, states no contingencies on federal credits or money factor, and the only caveat is that I must qualify for the highest credit rating. So far as I can tell, if NMAC were to refuse to do the lease the dealer would have to find someone else. If NMAC changes its terms, or the new leasing company has different terms, the dealer will have to eat the difference (or get the benefit if the terms get better).