zincobro wrote:Hey all, I read this forum before heading to the dealership but got sucked into a lease deal because at the time (Feb 28 2010) I felt that the deal was pretty good, due to the snowstorms on the EAST coast this past month...but now that I'm thinking about it I wanted to see what kind of opinions you guys have about the lease deal.
G37 Convertible base with (Nav, Prem, Tire package, Wood, Wind Deflector, wheel locks); white on wheat color optionMSRP: 52,000Invoice: not too sureActual purchase price: ~43k w/o taxes, sorry numbers not in front of me
Trade in value: $6000 (or I could've put down 6k, so for simplicity we can assume that the actual trade in value is $6000)Security Deposit: $0Sales Tax: $1386.00 calculated at 3.15% on entire purchase price
Basically I paid $6000 upfront the form of my trade-in (this includes first month's payment, $0 security deposit, and $1386.00 in sales tax here in VA).Money Factor .00257Residual: 60%Lease term: 39 months12k miles/yearmonthly payment: $425/month
Sorry some numbers are approximate but still pretty close. All I really focused on during negotiations was how much I was paying upfront, miles/year, and monthly payment.
Any analysis would be appreciated. Hopefully future G37 Vert buyers can learn from this.
A couple of comments:
1. For the person who asked about additional $1k off, go to Edmunds.com and check out incentives for your 'vert. They have accurate, up to date info, and if they say the incentive exists AND you qualify (e.g. $1k off purchase only and you are buying) then you are entitled to it. VPP gets all incentives for which you qualify & qualify means whatever is posted with the incentive on Edmunds.
2. Lease deal--NEVER NEVER NEVER put money down on a lease. The reason for this, for future reference, is if you drive off the dealer's lot and have an accident that down payment is gone forever! Your insurance and gap insurance will pay off the balance of the lease, whatever it is, with or without a down payment. If you want to lower your payments, then use MSDs instead (multiple security deposits) or put the $$ in a special bank acct and make your payments from that acct--each month add the "reduced" payment from your regular acct to the special acct and you have accomplished the same thing.
3. MSDs -you can make up to 9 of them--each is the amnt of one month's payment. Like an apartment security deposit, Infiniti holds them and returns them without interest at the end of your lease, less any damage assessments. Each one drops your money factor .0001, which can make a substantial difference in your payment. If you get in an accident, it DOES NOT AFFECT your MSDs. Search this forum for MSD for further info.
4. Re don't put any $$ down--if you do a trade-in, rather than using that for cap cost, instead have the dealership cut you a check for the trade in. No reason they can't do this. Put that check into your special bank acct and proceed as per #2.