Top Product Ratings:  Tires  |  Sedans  |  SUVs  |  Small Cars  |  GPS
| More
Nissan Leaf lease details revealed
Sep 8, 2010 2:25 PM
2011-Nissan-Leaf-leasing
Last week, we published some of the surprisingly high expenses facing early buyers of the Nissan Leaf. For example, people are finding that having a charging dock installed could be more expensive than they bargained for. (Read: "Nissan Leaf electric-car charger installation cost proves shocking.") Now those buyers are also learning the details of Nissan's advertised $349-a-month lease deal.

That price sounded too good to be true, especially for a $33,000 car. Digging a little deeper, we found that to get down to that $349-a-month, three-year deal requires the $7,500 income tax rebate and a $1,999 capital cost reduction, the leasing equivalent of a down payment. Other extra costs include a $595 acquisition fee and a $395 disposition fee. That adds up to a total out-of-pocket cost of  $15,553. Aside from the tax rebate, the deal is structured like a traditional lease.
Consumers with good credit (Tier 1, or a FICO score of 700 or above), will see a money factor of .00224, or the equivalent of an interest rate of about 5.4 percent. With less than optimum credit, the monthly rate would increase. (Learn about lease rates.)

Although the Leaf can only go about 100 miles before needing an overnight (or longer) recharge, the lease comes with a generous 15,000 mile-per-year allowance. As with all leases, additional miles will cost extra.

The residual after three years on a base SL model will be 45 percent, or $14,423.20, based on the Leaf's MSRP of $32,780. (That doesn't include the destination charge of $820.)

The advertised deal is for three years. Longer and shorter terms are available for different rates, with different residuals. And, of course, your credit will vary. (Learn about buying vs leasing.)

For more details on other lease terms, check out the mynissanleaf.com user forum, which breaks down the factors behind other lease terms.

Also read: Nissan announces roll-out plan for electric Leaf

Eric Evarts

See our guide to fuel economy for advice on saving gasoline. Learn about future technologies in our guide to alternative fuels.

Post a comment

Comments:

3
Expand All
Collapse All