Situation concerning the lease of a 2010 Base w/ Sport (advice/input sought)

getawaydriver · 01-11-2010, 08:41 AM

This site has been extremely helpful in my search for acquiring a 2010 base w/sport (6MT) via a lease (36 mo).

I had a few questions however. I am budgeting myself to maintain a 8-10% "cushion" financially. It is tight but would work. My budgeting includes the insurance rate adjustment and putting away money towards savings and creditcard payments.

I have a 2005 Legacy GT 5MT which I owe 7600 on (being paid off after purchased out of lease). It is in great condition, well maintained and mechanically sound.

KBB lists the car being worth about 11,050 in excellent. If I get this price, I will have 3450 to put down on the vehicle. This 3450 is what I would use as a down payment.

For the following calculations, I used a lease calculator on Car Lease Guide - Free Guide to Smart Car Leasing - LeaseGuide.com. I used a finance rate of 3% (middle ground between 0 and 6 percent), and, last I checked, a VA sales tax rate on an automobile of 3%.

With an invoice price w/ the sport ($30701), I can get my monthly payment down to 350 (leaving me a 6% cushion; very tight and financially irresponsible if you ask me).

With an invoice price minus 2K (28701), I can get the monthly payment down to about 254. This leaves me with a 9% cushion. Doable with that added room.

Likewise, with an invoice price minus 1.5K (29201), I can get a monthly payment down to 274. The remainder is an 8% cushion and slightly pushing it but I would take it.

My question to those who have recently purchased/leased, are these sort of "deals" doable or am I just setting myself up to not be able to do this?

I know that these guys are in their business to make a profit, but I don't want to go in asking the impossible. Also, I am not going to commit financial suicide over a car and am prepared to shelve this if it doesn't work.

Thanks again and I am hoping this works. Going to the dealer where I test drove the car to sit down tomorrow.

FuszNissan · 01-11-2010, 09:11 AM

You are setting yourself up to be disappointed.
First, you will never get Excellent on your trade unless they are over allowing, which mean your discount off the Z will be less. ( 5% of trades in the U.S. will qualify for Excellent.)

Second, 1,500-2,000 behind invoice on a 2010 will never happened. And if anybody on here says it has, please post a pic of a Bill of Sale proving it without a trade!

Now for 2009 you may find 2k behind invoice no problem.

The other issue is leasing a Z is not the best plan. They have a money factor of .00350 may have gone done in Jan.

You are better off going 72 months and purchase, these cars will hold there value if you want to sell it in 3 years.

You are getting to your payment figures using money down that you probably won't get.

I would first go in an negotiate a price on the Z first. And tell them you don't have a trade in. Work them for an hour on price and see where you land. Then make them commit to that price. Then come back the next day and say you have a trade you want them to look at, this is where you will now really see the numbers and how they will play out for you. Just do this and you will see where you stand.
Lou

getawaydriver · 01-11-2010, 09:19 AM

Lou, appreciate that advice. I have already test driven the vehicle and they know I have a trade in, so I don't know if I can really play that card anymore.

I guess I can take the different avenue of purchasing as you had suggested. Do you know off hand what financing rates are if you go through Nissan?

I am beginning to think that this just isn't doable anymore.

FuszNissan · 01-11-2010, 09:26 AM

You can always tell them you have found a private buyer(cousin) and then say he backed out later. That one always works...lol

Nissan does have 3.99 if you are at 80% LTV. But I know other banks have great rates. BOA I think has like 3.79 or something like that. Just do some calling around.

Lease isn't the way to go unless you can write it off in your business. Or your company will pay for it.
Lou

getawaydriver · 01-11-2010, 09:49 AM

HA! Yeh, my distant cousin in some place like Iowa...

Can you fill me in on what LTV is?

Off of BOA's website, they list 4.19 which is better than my credit union. It lists the dealership I am going to today as a participant in the BOA program. Next question is if I have to hold an account at BOA?

Does anyone have a reliable autoloan rate website to see rates nationwide?

This boils down to the fact that my downpayment is completely dependant on a trade-in.

Maybe I should just shoot for a 2009 with a sports package...

FuszNissan · 01-11-2010, 11:27 AM

1. LTV is Loan to value.
2. No you don't have need an account with BOA
3. I am not sure of one for customers
4. 09 Will be a better deal for you.

elmz · 01-11-2010, 05:46 PM

I agree with Fusz your numbers are not realistic. If you go to a dealer expecting your monthly to be 250-270 a month on a 36m lease...you are going to be very disappointed. I'm going to guesstimate double that when you really get serious in the negotiations.

getawaydriver · 01-13-2010, 08:36 AM

Quote:

Originally Posted by elmz

I agree with Fusz your numbers are not realistic. If you go to a dealer expecting your monthly to be 250-270 a month on a 36m lease...you are going to be very disappointed. I'm going to guesstimate double that when you really get serious in the negotiations.

Just to clarify, the max I can probably go, as of right now with the cash on hand, is 360.00 w/ the tax. I got a ballpark on a lease from a local dealer and they gave me 460.00, and that was with a high finance rate.

My credit is excellent and very solid so that will be adjusted.

Thanks again for the input! Might have to save a little more but if that's what it takes...

FuszNissan · 01-13-2010, 10:13 AM

Is 460.00 with tax, title, and license? Some dealers will quote lease payments without TT&L to make it look like you are getting a better deal. Then when you show up they tell you with TT&L it's going to be another $50 a month. Just making sure they quoted you with TT&L

getawaydriver · 01-13-2010, 10:59 AM

Excellent point. I am not sure but will check the breakdown in the estimate he sent me.

Going in this weekend to meet and see what, if anything, can be done.

I think this is going to boil down to me saving more money, which I am willing to do.

FuszNissan · 01-13-2010, 02:07 PM

Good Luck! I hope you get to drive away in a new Z!

getawaydriver · 01-15-2010, 08:15 AM

We will see. Just have to sit down and figure it out.

Thanks for the encouragement though!

getawaydriver · 01-16-2010, 05:01 PM

I visited another area dealership today and had a much better and comfortable experience.

They had a silver 2009 base w/ sport on the lot, new with 117 on the odometer. They were willing to lease it to me for 30900K total cost (Invoice I had was 30701). With a total of 5K down including TTL, they had my lease payments to about 340.00 with is within my budget.

The lease was for 39 mo with 10K per month. I use public trans for work and am going back into the military so is real world feasible.

This, to me, seems like a pretty good deal. I am comtemplating pulling the trigger on it.

Any input or guidence?

FuszNissan · 01-16-2010, 05:14 PM

Looks good! Safety off!

getawaydriver · 01-18-2010, 11:51 AM

Well, I hit a snag, and to me, this seems a little bit much.

They want the stock springs back on my car (only major mod and it was a comfort/performance thing).

I have the stock springs at the ready and told them I would turn them over.

Come today, they now want me to put them back on and pay for it. I was told that, in shop, it would be a serious charge. If I had the resources I used to, 10 hours of elbow grease would be fine.

I don't have the money to pay someone for this sort of jwork.

This seems to me like I am getting taken advantage of. I have the springs and I don't see why they just can't do it themselves. They even have a Subaru dealership in their family if they really want to get it done right.

I understand the need to get the original ride height back but this seems excessive.

We will see. I have them reworking on the price. For some reason over night, my down payment went up as did the monthly payments.

For me, this might be a deal breaker.

01-11-2010, 08:41 AM	#1 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	Situation concerning the lease of a 2010 Base w/ Sport (advice/input sought) This site has been extremely helpful in my search for acquiring a 2010 base w/sport (6MT) via a lease (36 mo). I had a few questions however. I am budgeting myself to maintain a 8-10% "cushion" financially. It is tight but would work. My budgeting includes the insurance rate adjustment and putting away money towards savings and creditcard payments. I have a 2005 Legacy GT 5MT which I owe 7600 on (being paid off after purchased out of lease). It is in great condition, well maintained and mechanically sound. KBB lists the car being worth about 11,050 in excellent. If I get this price, I will have 3450 to put down on the vehicle. This 3450 is what I would use as a down payment. For the following calculations, I used a lease calculator on Car Lease Guide - Free Guide to Smart Car Leasing - LeaseGuide.com. I used a finance rate of 3% (middle ground between 0 and 6 percent), and, last I checked, a VA sales tax rate on an automobile of 3%. With an invoice price w/ the sport ($30701), I can get my monthly payment down to 350 (leaving me a 6% cushion; very tight and financially irresponsible if you ask me). With an invoice price minus 2K (28701), I can get the monthly payment down to about 254. This leaves me with a 9% cushion. Doable with that added room. Likewise, with an invoice price minus 1.5K (29201), I can get a monthly payment down to 274. The remainder is an 8% cushion and slightly pushing it but I would take it. My question to those who have recently purchased/leased, are these sort of "deals" doable or am I just setting myself up to not be able to do this? I know that these guys are in their business to make a profit, but I don't want to go in asking the impossible. Also, I am not going to commit financial suicide over a car and am prepared to shelve this if it doesn't work. Thanks again and I am hoping this works. Going to the dealer where I test drove the car to sit down tomorrow.

01-11-2010, 09:11 AM	#2 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	You are setting yourself up to be disappointed. First, you will never get Excellent on your trade unless they are over allowing, which mean your discount off the Z will be less. ( 5% of trades in the U.S. will qualify for Excellent.) Second, 1,500-2,000 behind invoice on a 2010 will never happened. And if anybody on here says it has, please post a pic of a Bill of Sale proving it without a trade! Now for 2009 you may find 2k behind invoice no problem. The other issue is leasing a Z is not the best plan. They have a money factor of .00350 may have gone done in Jan. You are better off going 72 months and purchase, these cars will hold there value if you want to sell it in 3 years. You are getting to your payment figures using money down that you probably won't get. I would first go in an negotiate a price on the Z first. And tell them you don't have a trade in. Work them for an hour on price and see where you land. Then make them commit to that price. Then come back the next day and say you have a trade you want them to look at, this is where you will now really see the numbers and how they will play out for you. Just do this and you will see where you stand. Lou __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-11-2010, 09:26 AM	#4 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	You can always tell them you have found a private buyer(cousin) and then say he backed out later. That one always works...lol Nissan does have 3.99 if you are at 80% LTV. But I know other banks have great rates. BOA I think has like 3.79 or something like that. Just do some calling around. Lease isn't the way to go unless you can write it off in your business. Or your company will pay for it. Lou __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-11-2010, 09:49 AM	#5 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	HA! Yeh, my distant cousin in some place like Iowa... Can you fill me in on what LTV is? Off of BOA's website, they list 4.19 which is better than my credit union. It lists the dealership I am going to today as a participant in the BOA program. Next question is if I have to hold an account at BOA? Does anyone have a reliable autoloan rate website to see rates nationwide? This boils down to the fact that my downpayment is completely dependant on a trade-in. Maybe I should just shoot for a 2009 with a sports package... Last edited by getawaydriver; 01-11-2010 at 10:04 AM.

01-11-2010, 11:27 AM	#6 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	1. LTV is Loan to value. 2. No you don't have need an account with BOA 3. I am not sure of one for customers 4. 09 Will be a better deal for you. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-11-2010, 09:19 AM	#3 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	Lou, appreciate that advice. I have already test driven the vehicle and they know I have a trade in, so I don't know if I can really play that card anymore. I guess I can take the different avenue of purchasing as you had suggested. Do you know off hand what financing rates are if you go through Nissan? I am beginning to think that this just isn't doable anymore.

01-11-2010, 05:46 PM	#7 (permalink)
elmz Track Member Join Date: Feb 2009 Location: San Diego, CA Posts: 674 Drives: 2014 Porsche Boxster Rep Power: 17	I agree with Fusz your numbers are not realistic. If you go to a dealer expecting your monthly to be 250-270 a month on a 36m lease...you are going to be very disappointed. I'm going to guesstimate double that when you really get serious in the negotiations.

01-13-2010, 10:13 AM	#9 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	Is 460.00 with tax, title, and license? Some dealers will quote lease payments without TT&L to make it look like you are getting a better deal. Then when you show up they tell you with TT&L it's going to be another $50 a month. Just making sure they quoted you with TT&L __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-13-2010, 10:59 AM	#10 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	Excellent point. I am not sure but will check the breakdown in the estimate he sent me. Going in this weekend to meet and see what, if anything, can be done. I think this is going to boil down to me saving more money, which I am willing to do.

01-13-2010, 02:07 PM	#11 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	Good Luck! I hope you get to drive away in a new Z! __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-15-2010, 08:15 AM	#12 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	We will see. Just have to sit down and figure it out. Thanks for the encouragement though!

01-16-2010, 05:01 PM	#13 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	I visited another area dealership today and had a much better and comfortable experience. They had a silver 2009 base w/ sport on the lot, new with 117 on the odometer. They were willing to lease it to me for 30900K total cost (Invoice I had was 30701). With a total of 5K down including TTL, they had my lease payments to about 340.00 with is within my budget. The lease was for 39 mo with 10K per month. I use public trans for work and am going back into the military so is real world feasible. This, to me, seems like a pretty good deal. I am comtemplating pulling the trigger on it. Any input or guidence? Last edited by getawaydriver; 01-16-2010 at 05:03 PM.

01-16-2010, 05:14 PM	#14 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 541	Looks good! Safety off! __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

01-18-2010, 11:51 AM	#15 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	Well, I hit a snag, and to me, this seems a little bit much. They want the stock springs back on my car (only major mod and it was a comfort/performance thing). I have the stock springs at the ready and told them I would turn them over. Come today, they now want me to put them back on and pay for it. I was told that, in shop, it would be a serious charge. If I had the resources I used to, 10 hours of elbow grease would be fine. I don't have the money to pay someone for this sort of jwork. This seems to me like I am getting taken advantage of. I have the springs and I don't see why they just can't do it themselves. They even have a Subaru dealership in their family if they really want to get it done right. I understand the need to get the original ride height back but this seems excessive. We will see. I have them reworking on the price. For some reason over night, my down payment went up as did the monthly payments. For me, this might be a deal breaker.