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Nissan Murano, Car Leasing, SUV
#1501 of 1618 Re: 2011 Nissan Murano SL AWD Lease [olimazi]
Aug 17, 2011 (4:26 am)
Hey John: I just turned in an 09 sl (leased a quest though). Some interesting points:
Call NMAC and ask what the early termination cost of your lease is. They will give you a number good for two weeks. Although conventional wisdom is that it is expensive to get out of a lease, I had 4 months left on mine and the buyout is $36.00 effectively waiving the payments. They have some formula where they take the wholesale value of the car and apply it to the lease buyout (payments left plus residual I think). If you chose this option then someone will come and inspect after you agree to the buyout and you'll be on the hook for any damage.
To lease a new murano they are currently offering the following: $2500 loyalty cash, 750 lease cash and $500 bonus if you lease one with Non-navigation. So that comes off whatever the selling price of the car is.
Go on here and get the invoice, there's about $225 in marketing added to the invoice not showing up on here and work on the price from there with the dealer.
I did a calculation as follows.
SL, no nav, 12k year:
Selling price 36400 ( i usually get invoice at my dealer as i've leased 8-9 cars from them)
Acquisiton fee: $595
Reductions : $3750 (nissan incentives, take out $500 for nav)
Resid 50% (49% if 15k) carman can confirm.
Monthly base plus finance= payment of about $368/month
You will still have taxes and fees to deal with either inside the lease or up front.
General thoughts on what you were quoted is that the dealer called nissan to get the buyout on this car (which you should do) and found it to be low in comparison to the fair market value of the car. He's going to buy it out, and stick it on the lot and make a killing. You don't qualify for the pull ahead because you are too far out and he's saying that to make you think it's a special one time offer. He's making you think he's taking a hit on your payments, but he's plowing that number right back into the S quote he gave you as the advertised price for that deal is much much lower and that has the car at msrp.
I doubt you will get your payment the same w/o money out of pocket because the MSRP on the sl is about 2-3k more now then in 09.
#1502 of 1618 Re: 2011 Nissan Murano SL AWD Lease [mdspinner]
Aug 17, 2011 (9:38 am)
I got the payoff quote for my 09 Murano, it's $19,709... and the certified used price for this vehicle is $24,995, so you're right, he's gonna put it on the lot and make over $5,200 on it.
Having a little trouble calculating lease prices here while using the edmunds lease calculating formula.
2011 SL AWD
$38,810 sticker x .50% = $19,405 residual
$33,205 my price - $19,405 res = $13,800 / 36 (term) = $383.33 payments
for the interest:
$33,205 my price + $19,405 res = $52,610 x .0041 = $215.70 interest
$383.33 payments + $215 interest = $599.03 (without taxes)
Did I get this right? Seems high even for no money down.
NJ taxes are 7%, so add $41.93 and it comes out to $640.96
What is the minimum I will have to pay out of pocket - 'drive off fees'
I take it this could be:
documentation, dmv, reg, title, license - do these usually add up to about $1,000? And the tax I can pay in the lease price or upfront I take it.
#1503 of 1618 Re: 2011 Nissan Murano SL AWD Lease [olimazi]
Aug 17, 2011 (12:00 pm)
There's calculator's on the internet.
your first problem is the money factor is .00041, not .0041--big difference.
your second problem is your adding the residual onto the cap cost of the car and figuring the interest on that. you only pay interest on what you use (cap- residual)
Fix those two things and see what you get.
#1504 of 1618 Re: 2011 Nissan Murano SL AWD Lease [mdspinner]
by kyfdx@Edmunds HOST
Aug 17, 2011 (1:06 pm)
You do add the residual to the cap, before applying the money factor.. The amount financed is an average of those two numbers, which is accounted for when the lender calculates the money factor...
But, yeah... the big mistake was the missing zero in the money factor... that will reduce the finance charge to about 10% of the amount calculated...
#1505 of 1618 Re: 2011 Nissan Murano SL AWD Lease [kyfdx]
Aug 17, 2011 (5:57 pm)
you're right, I've always just used the online calculators so never realized what exactly the MF is applied to, I guess that's why the MF is so critical.
going back to this deal, you should ask NMAC what your early termination quote number is in addition to the buyout.
#1506 of 1618 Re: 2011 Nissan Murano SL AWD Lease [mdspinner]
Aug 18, 2011 (4:37 am)
OK, called Nissan and got my early termination fee for our 2009 SL AWD Murano, it's $422.65.
Thoughts on my situation?
I take it it will be much less closer to the end of my lease.
One thing I am worried about is the mileage.
I did some calculations and at our current rate we will go over about 10,000 miles, and I take it they charge $0.15 per mile over so that's $1,500 for the extra miles, yikes.
What if I turn it in early, before I go over on the miles, and pay little in termination fee. I know I'll be on the hook for any damages, but the car is in good condition.
#1507 of 1618 Re: 2011 Nissan Murano SL AWD Lease [olimazi]
Sep 25, 2011 (3:55 pm)
For what it's worth; I just got out of a 39-month lease on my 2009 Murano LE and got into a new 39-month lease on a 2011 Murano LE. I really couldn't be happier with the deal. I was contacted by my local Nissan dealership last week and was told that because of the Nissan incentives on new Muranos I could get into a new Murano at the same monthly payment I was making on my 2009. I told him that the only way I would even consider that was NO out-of-pocket cost. He assured me that they could accommodate me.
Needless to say I was skeptical and really didn't want to go and waste an afternoon at a car dealership. After all, I still had a year left on the 2009 lease. Well, to my surprise, on Friday, I drove away in a brand new 2011 LE with Navigation (my 2009 was non-navigation) and my payments are the same as my current lease. And I paid nothing up front except the first month's lease payment. The new Murano listed for $43,415 and I leased it for $536/mo. at 12K miles/yr. It probably helped that my 2009 Murano had only 25K miles and was in perfect condition. Even though I lease cars, I am as meticulous with them as I would be if I owned them.
What made the deal sweeter was that I was probably going to buy a new set of tires for my 2009 before I went on a Christmas trip this December. The best out-the-door price I found on the 20-inchers was just under $1,400. Since they took my 2009 in on trade, nothing was said about my tires and no mention was made of any early out penalty. I guess Nissan has a lot of Muranos sitting on lots nowadays. So, if you are considering leasing or buying a new Murano, I think now is the time to do it.
#1508 of 1618 2011 Murano Lease terms
Oct 07, 2011 (9:01 am)
Can you tell me the NMAC money facors and residuals for a 39 month lease on a 2011 Murano SL AWD and also on an LE AWD.
Also do NMAC accept Multiple Security deposits to reduce the monbey factor hte same as Infinity do. If so how do they work.
#1509 of 1618 Nissan Murano Lease Incentives
Oct 07, 2011 (11:40 am)
What current incentives are being offered on leasing a 2011 Murano SL or LE?
Are the 2500 loyalty cash, 750 lease cash and 500 lease no Nav. still in effect?
#1510 of 1618 Re: 2011 Murano Lease terms [brit67]
Oct 09, 2011 (5:09 pm)
I certainly can, brit67. NMAC's October buy rate lease money factor and residua value for a 36-month lease of a 2011 Murano SL AWD with 15,000 miles per year are .00210 and 46%, respectively for consumers who qualify for its top credit tier.
The numbers for an otherwise identical lease of an '11 Murano LE AWD are .00210 and 44%.
I don't believe that NMAC accepts MSDs for Nissan division vehicles, but it wouldn't hurt to ask.
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