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Nissan Maxima, Car Leasing, Sedan
#322 of 1377 Short Credit History Problem - Trick or Fact?
Jan 21, 2009 (9:18 pm)
Invoice for the car is $34,739, then there's $750 dealer cash. Holdback is $600. Are Maximas selling out west? There are very few on the road around here. As a first time customer, I'd doubt the Dealer would give you their holdback. I'd say start at invoice offering $34,000, see what they say, if no, offer $34,250. I wouldn't go any higher than $500 over - you're only benefiting $250 of the $750 cash from Nissan.
You have to remember credit priced on risk. The less credit (and history) you have, the higher the risk, the less a finance company is willing to lend without making you PAY for their taking a risk.
My credit was in the crapper when I got my last lease, and then I went to a chain highway dealer who really put me through the ringer. The only reason I got approved (2 weeks later, after making me take the car & leave my trade-in , virtually as hostage), was that I was a prior Nissan customer. Had positive history on prior leases, only one was with Nissan-Inifniti (it was for an I-35 I had turned in early), plus I owned my home & had a perfect history with my monthly mtge payments.
In the past, a FICO of 650 would have easily opened doors for you, not today. Amex lowered my credit limit because I was at 640 or so & citing delinquencies. I pulled my own report and there were no delinquencies (which I knew), only negatives was that Infiniti was still showing the lease I paid off in 2003 as open, and an open balance of $100 with Lowes!. I had to get that corrected myself, and my score went to 750.
Remember that very few car companies are leasing because they're getting killed on both defaults and residual values. My current lease is with Nissan, so I was prequalified for $580/mo tier one, yet they still pulled credit! You have no history with Nissan, so they may NOT be willing to lease....if you notice their ads say "Tier 1," Others, Like Honda, are offering leases only to "well-qualified." In your case, you may have to pay higher money factor (again, cost of the risk), etc.
You also need to realize that taxes, fees, etc, will be come out of your down payment, so even tho' you may say $4K, you might only wind up putting $2500 as your cap cost. Your payment might be in the high $600's. Can you afford that? Again risk.....
Finally as far as inventory, go to Nissanusa.com, follow the steps to build your car and then you put in your zip code and you can check inventory of local dealers, so the fact that your dealer is being uncooperative is BS, you can find that out yourself online. This dealer doesn't want your business. Go somewhere else.
Just remember to not get caught up with emotion over the car, don't react positively or negatively, just take in what they say, think about what you're gonna say before you respond.
Jan 22, 2009 (3:35 am)
Hi lexi72. the best way to evaluate this deal is to take a look at this car's selling price in relation to its MSRP or its dealer invoice price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without knowing what these numbers are, it is difficult to tell how much of a dealer discount you are being given. Let us know what these numbers are and I am sure that either myself or another knowledgeable community member will gladly tell you what they think.
Prices Paid: Buying & Leasing Experiences Forum
#324 of 1377 Re: [Car_man]
Jan 22, 2009 (6:45 am)
Appreciate your response car man. As I noted in the reply above, I am not the most informed buyer out there, but I'm trying to be. The msrp is $35830, the invoice is $32,230. He claims he is giving me car at invoice just to make the sale. This would be the first car I have ever leased, and I am starting to feel pretty naive about the whole situation. In the past when I bought, it was all about dealer invoice and how close to, or how far under I could get them. But when I went into this lease deal all I felt mattered was how much do I have to put down at closing, what are my monthly payments and terms. I guess what I am saying is that as long as the options on the car are apple for apple, as say another guy in florida, I felt like I don't even care about invoice price, as long as my monthly payments were on par with his. This car would be for my wife and in tweleve years of marriage she has never put more than 10,000 miles a year on her vehicles. So in my mind I don't care if the buyout is $100,000, because I have no plans on going over mileage or buying vehicle at end of lease. I just want to try and get the best monthly payment possible with as little down as possible (which I'm sure is the objective of every car buyer). But anyway if the above numbers help you figure out if the offer sounds good,average, or bad, I would really appreciate advice.
#326 of 1377 Re: 2009 maxima lease [Car_man]
Jan 22, 2009 (10:46 am)
Thanks for the response Car_man. The MSRP is $39,205.
Jan 22, 2009 (5:10 pm)
finalized my deal tonight. Talked to 4 other dealers today via internet then phone. None of the other 4 were willing to beat oringinal dealers offer, except one and they wanted to give me silver but we had our heart set on black. Then original dealer called me later in the day and asked if I was finally ready to sign, I told him that I was talking to some other dealers. He called back later and lowered his offer to $470 per month. The guy seemed very sincere during all of our dealings and it is a very small dealership (which I like better) and from what I have seen on here, the deal seemed pretty good, so I took it. So to sum of the deal. maxima sv with sport package, $35,330 MSRP, $32,350 Invoice, $31, 850 selling price. 39 mos, $470 due at signing (tax, title, plates all included) $470 per month, 12,000 miles per year. satisfied!
#328 of 1377 Re: [lexi72]
Jan 23, 2009 (1:09 pm)
I am wondering if you could tell me what the states tax your lease includes. I got an offer today $0 down(tax,title,lic,1st payment all rolled in) for $519. 12k for 39months. Money factor was 0.00226 and residual 56%. Just trying to gage where my deal is in relation to yours and what others think of my deal. MSRP: $34605, sales price: $31995.
Thanks all for your input.
#329 of 1377 Re: [dae928]
Jan 23, 2009 (3:10 pm)
I am in michigan, 6% sales tax. I don't know what state you are in, but I will say here is southeast michigan is not like outwest or down south. Around here everyone has a brother, cousin, inlaw, or friend that works for the big three. So as you may imagine, 97% of the people here drive an american car. I don't think I got the deal of the century, but I do think that foreign dealers have a harder time selling cars around here and are more willing to deal. Most of ohio is pretty much the same also. Hope this helps.
#330 of 1377 Re: [lexi72]
Jan 24, 2009 (12:10 am)
I am in Chicago about 20 miles west. Sales tax is 8.25%. Just trying to see where my deal is in relation, i think it is awfully high so I am not going to act. Thanks again for responding.
Feb 12, 2009 (2:55 am)
No problem, lexi72. Dealer invoice is an excellent selling price for a leased Nissan Maxima. I doubt that the dealer is marking up your car's money factor, Nissan dealers rarely do, so you should be good to go.
Prices Paid: Buying & Leasing Experiences Forum