Hi! Thanks in advance for your help.
I have a lease on a 2016 Nissan Rogue SL. My lease is up in early December, but I’m just trying to plan ahead.
My current dealer payoff quote is $14,902.91
The car has only 16,000 miles on it.
My big issue is that the car has some pretty bad bumper damage. I took it to the auto body shop this week, and they said I’d need to have the whole bumper replaced - and quoted me $1200.
I really don’t know if I want to turn in the lease and get a different lease or buy out the car. Would it be possible to buy it out and then resell it for a similar price, since it has such low miles?
I want to do whatever will make the most sense financially, and I want to avoid having to pay for getting the bumper fixed if possible.
What would you do in this situation? Thanks!
Me? I’d fix the bumper (nearer turn-in time and after getting a couple of other quotes first) and I’d chuck it back to Nissan when the time comes.
I personally wouldn’t want to deal with owning a Nissan and their ‘lovely’ CVT long term/at all. Plus I’m super fickle and would want a different car.
With the bumper in that condition the cars trade in value is about $11k ($12 with the bumper fixed)
So payoff is a no go.
Typically when you get your car inspected in October (3 months before) they will give you a cost to repair the bumper, if it is less than $1200, then well pay it.
That’s about it, put aside $1500 (Because of your Disposition fee) and if they ask for less, well celebrate.
With the low miles, you should be able to get $14,900+ private party since it is an SL if you repaired the bumper. However, You would also have to pay the sales tax to buy it, so that’s probably enough of a margin not to make it worth it.
Unless you love the car and want to keep it, I would follow Bjam and forbs’ advice and see what it’ll cost to get it fixed vs what they’ll ding you for it and get it done and back to NMAC one way or another. Not worth buying it out and trying to flip it.
Thanks, all! I appreciate the feedback, and I agree. Now I just have to start saving up some money and figuring out which compact SUV I’d like to get next. 