Figuring out how leases are calculated. Nissan is royally screwing anyone who pays the advertised rates. Even the rates I'm being quoted are bad. So far the best they have told me is $270 per month. I should be able to get one in the $210-220 range.
Here's some calculations to show my interpretation of how it is supposed to work:
Leaf S w/ Charge Package
MSRP 30950
Invoice 29244
Invoice - Tax credit = 21744
21744 is 74.35% of 29244
Residual is 59% so 74.35 - 59 = 16.35% (this is the part of the car I am actually paying for)
16.35% of 29244 = 4781.39 (this is the part of the car I am actually paying for)
Then the taxes and fees... $850 TTL, $199 Document, $595 Acquisition, Financing (.00145 (3.48%) money factor, basing on 4781.39) $166.39
Total to 6141.78 or 255.91 x 24
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At this point, the dealer had said 274.69 x 24 was the best they could do. Here's how the Nissan contract works:
Invoice + Doc, Acq, TTL = $30888
Minus Tax credit = 23388
Residual of 59% based on MSRP (30950) = 18260.50
Calculating the money factor is 23388 + 18260.50 = 41648.50 x .00145 = 60.39 Rent charge per month or a total rent of $1449.37
23388 - 18260.50 = 5127.50 (my total depreciation)
5127.50 + 1449.37 = 6576.87 or 274.03 x 24
I'm being overcharged by $435.09, most of which is from the different ways of determining the residual, based on agreed price (invoice) in my version, and based on MSRP in their version. I don't see how they could determine residuals by MSRP, which is some price they WISH they could get.
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So I leave, thinking I'm just not going to have a new/different car. Their best price is wildly higher than I expected. I recall some posts I saw on a Leaf forum, here are a couple of highlights:
I just signed a lease deal in Orlando (no down payment). I think I got a really good deal. It appears the MF was 0.00145 (I thought the lowest available was 0.00168).
This was an S model with the charger option, mats & mudguards, 2-year, 15k mile/year lease.
Gross Cap Cost $28,250
Adjusted Cap Cost $22,003
Residual $18,133.70
Depreciation $3869
Rent $1,396.78
Total Payments $5608.56 (w/ 6.5% tax)
They mistakenly computed 6.5% tax on lease when it is actually 6% (based on county I live in versus location of dealership). That's only an overcharge of $26.33 on my payments and $37.50 on the $7500 rebate. Is there some way to get this credited back that anyone knows of?
I checked the monthly gas cost based on today's premium (required) gas price $246.71 (19 mpg). While my home electrical cost for the leaf is $29.61. So moving from a 17 year old car that is barely running to a new leaf cost less than $20/month. Throw my current maintenance costs and I'm making money every month by driving a new car. I've never done a lease before but the numbers were irresistible.
Which comes out to $233 x 24
Then I remember this one:
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Thanks to all contributors on this forum. I was able to lease S+QC for ~186/month (Zero down, VPP discount). Includes all taxes and fees. The lease was done in Last week of April.
Two year cost 4278 (186 x 23) + 395 (Disposition Fee)
Selling Price ~27615 ( S+QC+Splash Guard+Mats)
Residual ~19351
Money Factor .00168
CA Tax rate 9%
Dealer information:
Boardwalk Nissan, Redwood City
Melina
Hristova
Internet Sales Manager
mhristova@bwalkauto.com
650-745-5226
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(for some reason my quote tags aren't working for the above section....??)
This has an extra VPP discount I don't qualify for, $1000 (which my dealer said is only $150, yeah.. right), so I add $1000 (probably not in the right place) and divide by 24 and get $219 per month. But wait, my money factor was lower, and my tax is lower, so I'm thinking $210-220 is where I should be. The deal posted above is not bad either at $233. My dealer says this selling price is impossible, then I say it's right in front of you. He hasn't replied yet.
The difference between $274 and $210 per month over 24 months is a not insignificant $1536.
