I went to the dealer the other day and worked some of a deal. I am thinking about leasing to help keep the monthly payment down. The truck I looked at was 32,000 sticker. The lease I worked was 1500+tax down 48 month 15000 miles a year and my payments would be 432.00 a month. What do you all think about that? Is it a good deal bad deal or just ok. Do you think I can do better? What are some of your lease deals you got? Plz help.
Leaseing a new Titan
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I find leasing to be a little intimidating, as I'm sure a lot of people do. Dealers know this, so it is easier for a dishonest one to take advantage of a customer. I would recommend researching how leases work first. The book I would recommend is called What Car Dealers Don't Want You to Know by Mark Eskeldson. I picked up my copy at a place called Newsland, but I've seen it at Barnes and Noble as well. It is $12.95 and is a very quick read.
Keep us posted on what kind of lease you can work out. These are negotiable, just like purchasing.
Keep us posted on what kind of lease you can work out. These are negotiable, just like purchasing.
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2,340 Posts
Leasing can be a double edged sword so I would caution you against doing so. Do an internet search for leasing vs buying and read the articles if you have never leased before. The bottom line is this truck will cost you more in the long run if you decide to keep it or if you drive a lot (And this truck makes you want to drive a lot).
Chris
Chris
Leasing
I am leasing my Titan but it might be different up here in canada.
we negotiate the price of buying the vehicle first and then run the lease numbers with the two variables being interest rate and residual. The interest rate should be close to the rate in you borrowed and the residual is pretty fixed. The higher the residual, the lower your monthly payments but you might end up paying more interest.
I leased because I am putting the titan through my fathers company. In Canada, you can only deduct a vehicle for tax purposes up to around $35000. If you lease, it is somewhere around $750 per month. Since the titan I am getting is $47g much of it is not tax deductable if I purchased. The lease is only $682 per month which makes it fully dedectable. My tax benefit only ends up being $150 bucks per month which makes it even better to lease.
I will purchase the Titan at the end of the lease for $21,300 and the tax situation will be better then.
Don't know if this helps, but take it for what it is worth.
I am leasing my Titan but it might be different up here in canada.
we negotiate the price of buying the vehicle first and then run the lease numbers with the two variables being interest rate and residual. The interest rate should be close to the rate in you borrowed and the residual is pretty fixed. The higher the residual, the lower your monthly payments but you might end up paying more interest.
I leased because I am putting the titan through my fathers company. In Canada, you can only deduct a vehicle for tax purposes up to around $35000. If you lease, it is somewhere around $750 per month. Since the titan I am getting is $47g much of it is not tax deductable if I purchased. The lease is only $682 per month which makes it fully dedectable. My tax benefit only ends up being $150 bucks per month which makes it even better to lease.
I will purchase the Titan at the end of the lease for $21,300 and the tax situation will be better then.
Don't know if this helps, but take it for what it is worth.
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JCraw059
Thought I would throw my .02 in but in the end I guess you're going to have to go with what you perceive as your best deal to get the greatest truck out there. I have leased the past couple vehicles I owned for the same reason as why you looking at it, you can get a better vehicle for the money you can afford. Not that I regret it all now, but they do get a little picky when you turn it back in. Things that you may think are normal wear and tear, they want to charge you for. I have Maxima now that goes back next month and need to schedule an inspection, so not sure how Nissan will be yet. But I will say this, I am purchasing my new Titan rather then leasing because interest rates are so low. You may want to look at a 6 year loan versus leasing. If the Titan you want is MSRP of 32k, you should be able to get it for around 29k, you'll have to check actual invoice price. But assuming you can get it for 30k, with 1500 down that should put your payment around 456 a month to own. That being said, what's the residual value after your 4 years of leasing? By purchasing, after four years you would only owe 10,400 and I'm sure the truck will be worth every penny of that and more. The one draw back is you will also have to come up with taxes for the full 30k up front. The rate I used was from Capital One at 4.79 for 72 months, but you maybe able to do better. If you do decide to lease, do your homework as everyone says, and question every little thing the dealer is telling you. It can be confusing but if you know what the terms are they're using, you'll be fine. In addition to the book ChuhBaca recommend, take a look at http://www.leasesource.com/. Wouldn't buy the program but in the workshop you can run the numbers to see how they are coming up with your final payment. Find out what your Money Factor is and convert it an APR, how high is it? Again, can't stress it enough, do your homework before signing a lease...
Good luck and enjoy your new Titan :cheers:
Thought I would throw my .02 in but in the end I guess you're going to have to go with what you perceive as your best deal to get the greatest truck out there. I have leased the past couple vehicles I owned for the same reason as why you looking at it, you can get a better vehicle for the money you can afford. Not that I regret it all now, but they do get a little picky when you turn it back in. Things that you may think are normal wear and tear, they want to charge you for. I have Maxima now that goes back next month and need to schedule an inspection, so not sure how Nissan will be yet. But I will say this, I am purchasing my new Titan rather then leasing because interest rates are so low. You may want to look at a 6 year loan versus leasing. If the Titan you want is MSRP of 32k, you should be able to get it for around 29k, you'll have to check actual invoice price. But assuming you can get it for 30k, with 1500 down that should put your payment around 456 a month to own. That being said, what's the residual value after your 4 years of leasing? By purchasing, after four years you would only owe 10,400 and I'm sure the truck will be worth every penny of that and more. The one draw back is you will also have to come up with taxes for the full 30k up front. The rate I used was from Capital One at 4.79 for 72 months, but you maybe able to do better. If you do decide to lease, do your homework as everyone says, and question every little thing the dealer is telling you. It can be confusing but if you know what the terms are they're using, you'll be fine. In addition to the book ChuhBaca recommend, take a look at http://www.leasesource.com/. Wouldn't buy the program but in the workshop you can run the numbers to see how they are coming up with your final payment. Find out what your Money Factor is and convert it an APR, how high is it? Again, can't stress it enough, do your homework before signing a lease...
Good luck and enjoy your new Titan :cheers:
Ive leased my last 4 vechicles including my Titan. Leasing certainly is not for everyone. I'd encourage you to do your home work before you lease. You mentioned your payment, was that all the dealer wanted to talk about? Ive noticed that when a dealer learns you want to lease they will shift discussion to monthly payment and avoid the "cap cost" which is equivalent to the purchase price of the truck. They get you excited about a low payment but what you dont realize is they are jacking the cap cost up and selling that $30,000 truck for 34k or 35k to the bank and making a killing. Do you drive alot? If you go over your mileage there are pretty stiff penalties. Also, how are you going to feel at the end of 4 years when you have to walk away from the truck. Making payments for 4 years and walking away with nothing does not sit well with many people. Check this web site out. Lots of great tips here. Anyway, thats my .02 cents.
http://www.carbuyingtips.com/lease.htm
http://www.carbuyingtips.com/lease.htm
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4,086 Posts
I agree with all of the previous posts, especially about doing your homework. Here are some things to think about when you lease:
1) leases often dictate what and how much insurance coverage you have to have which may cost you lots more $$$.
2) when you turn your car/truck in after the lease it has to be in pristine condition. No scratches, soiled upholstery, dents, etc. You will have to pay lots of $$$ to get it in pristine condition. They expect a 4 or 5 year old vehicle to look like a 1 year old vehicle when it is turned in
3) Most leases charge penalties for excessive mileage. Sometimes only 12,000-15,000 miles is considered excessive! Penalties are sometimes 15-25 cents a mile. This can add up.
4) Leases can sometimes limit the modifications that you do.
5) Basically, IMHO you have an 8 or 9 year note when you lease. You have your regular 3 or 4 year lease agreement note then after the lease is up you have to finance the residual amount for four years.
1) leases often dictate what and how much insurance coverage you have to have which may cost you lots more $$$.
2) when you turn your car/truck in after the lease it has to be in pristine condition. No scratches, soiled upholstery, dents, etc. You will have to pay lots of $$$ to get it in pristine condition. They expect a 4 or 5 year old vehicle to look like a 1 year old vehicle when it is turned in
3) Most leases charge penalties for excessive mileage. Sometimes only 12,000-15,000 miles is considered excessive! Penalties are sometimes 15-25 cents a mile. This can add up.
4) Leases can sometimes limit the modifications that you do.
5) Basically, IMHO you have an 8 or 9 year note when you lease. You have your regular 3 or 4 year lease agreement note then after the lease is up you have to finance the residual amount for four years.
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