[galexa]

Just hoping I can get some feedback on this deal...

My husband and I were at the dealership today...we haven't locked into anything, but for a 2004 SL AWD w/ Touring here's the lease deal he gave us:

36 month lease/12,000 miles
MSRP - 36,260 (Edmunds says 35,490)
Sales Price - 31,900 + TTL
Money Factor - .00145
Total Out of Pocket at signing - $1200 (security deposit, processing fee, 1st month's payment)

$465/month lease payment

The only thing we're not clear on is the residual. He said the residual is around 52% but he never clarified. I'm going to call him back and ask.

Does this sound like a good deal? Is anyone familiar with typical money factors? Can anyone compare to their lease experience?

FYI - we're in DC metro area.

Thanks!

 

[mgthe3]

I am leasing for $420 15k miles, 48 mo. Full gold warranty.
But mine's not AWD.

 

[ScottyDont]

Loaded 2003 SL (everything but NAV)

Sticker price $35,200
$3000 out of pocket
$398/mo
15K/year
39 mo

Sounds to me like your price is a bit high, honestly.

 

[galexa]

Thanks for the info...

ScottyDont, do you remember what interest rate or money factor you got?

 

[jimb]

I have leased three vehicles in my lifetime. You know what they say, "third time is a charmer."

In short -- never again.

ok -- let me edit this, because what I originally posted (above) is going to leave questions.

The word "lease" somehow still causes panic among people. I remember I leased an Accord wagon, was getting tranferred to Japan, and had to get rid of it. The lease has a "payoff," just like a loan. I contacted the lease company, found out what that amount was and proceeded to put the car on the market. The first person who test-drove it loved it and made me an offer. I said, "fine - make out a check for $X and I'll forward it to the lease company, get the title to you soonest." Lease? This car is leased?!?!! My God, I had to spend the next hour explaining the process.

Anyhow, you didn't say how long the lease was. Let's say it's 36 months - you're pouring $17,940 into something you have to turn in at the end of the contract. Then, you can walk away with or nothing, you're locked into specific choices, i.e. buy it, trade for another Nissan, re-lease (yes, this could go on forever), make a baloon payment, pay the residual (this gets complicated) etc. I don't know what your contract says, but suffice it to say - you have limited options in a lease when it's over, or you walk away, following their "inspection" of "normal wear and tear." If you choose to walk away, the car better be pristine, as it's heading to an auction.

Also the mileage. Unless you and your husband plan on using the car for trips to and from the grocery store, you're more than likely going to exceed 12K a year. Then, you'll find yourself renting cars to take long trips becuase you're over and don't want to pay over-mileage charges. What's the over-mileage charge in your case? The one thing I hated about a lease is you're constantly watching the odometer.

Also, the lease company may require you to have maximum coverage, which will add to the expenses, and may require you to do other "stuff." There is a ton of fine print - I advise you to read it all.

Sure, the payment is lower in a lease, but at the end of the 3-4 years, you have nothing. My advise, look into purchase opportunities more.

 

[SugarRushMurano]

I completely agree with JIMB...

There are pro and cons in LEASING.
You should lease if:

1. You want to buy a car that is so-so in reliability and it will cost a ton just to maintain the car after your warranty expired. Most Europeans luxury brand cars fall into this category and therefore it is always wiser to lease such vehicle. In the end of the lease-period you dont have to worry about to whom i should sell it. Just return it to your dealer. Pronto!

2. Vehicle in the category above usually does not retain its resale value very well. You will loose 50 - 60% of the purchase value , so either you lease or buy, you will loose the same amount of money any way. Not that many people want to buy second or third hand euro car unless they are certified pre-owned. Maintenance of euro cars are expensinve, so keeping them after warranty expires will sometimes cost more than the remaining worth of the car.

3. American (domestic) cars usually have much more attractive lease rates and they will give you more incentive. Thus, it is more logical to lease domestics brands. Off course, the ride quality and less blink-blink effetc of domestic vehicles maybe be not as attractive.

4. You dont do roadtrips. If you do, the milage cap in a leasing will cost problem. You end uo with rental vehicles mostly, fun? :4:

5. If you dont like to acessorize (personalize) the vehicle, like soundsystems, navigation unit, tow-hitch, bike-rack, tinting, wind defelector, bras etc, then leasing is for you.

Now, murano is :
- reliable
- good looking (nice to be kept for more than 2 years or 3)
- priced comonly below invoice
- very nice ride, especially for long trips..
"... Why lease it?.." (this is my personal statement)

 

[SugarRushMurano]

A good article about leasing.. must read for leaser-wanna-do...

ARTICLE, CLICK HERE