Need some help trying to figure out my options as a first time leasee that ends in Sept 2022. Original plan was to just turn the vehicle in and re-lease something new, likely another QX60 as the wife liked the vehicle so long as the payment/deal were similar to last time, but clearly the crazy prices ( or lack of discounts ) on new vehicles makes this more complicated
Leasing in Long Island NY a 2019 QX60 Luxe 39/10k and will likely be right at or slightly under mileage come lease end in Sept.
Sticker was $49,900, Discounted price was $41,000, Residual is $26,400 and the contract states that there is a $300 fee to buy out the vehicle at lease end.
If we decide to buy it out, and hang on to if for another year or two, what is the process? I assume by looking at the contract, that we would just pay the $26,400 +$300 and applicable sales tax? Who are we buying it from, the dealer or the bank ( IFS )?
As of today, vroom offered me $33,800 for the vehicle. I know I cant sell it to them with the dealers/manufacturers not allowing 3rd party lease buy outs, but I have seen others talking about selling it to the infiniti or nissan dealer. Iām lost on this one. I thought i had to give it back at lease end if it wasnāt bought out by a 3rd party? My original plan back in 2019 was to either just give it back and re-lease the same model ( assuming a similar deal / monthly payment )ā¦or sell it to a 3rd party a few months early if we had positive equity and if we snatched up a different brand or model leaseā¦but again, with vehicle prices so high right now, i dont quite know what to do.
If we decide to buy it out at or near lease end, are there any other surprises we should be aware of? Can a infiniti dealer try and screw us here and add on hundreds or thousands in BS fees? Iām afraid they might just to try and get us to not do the buy out.
Log into your IFS account. It should have buyout options. If you only see dealer assisted then you will need to go through a dealer and there will likely be fees. If you see customer direct or financial institution then no need to go through dealer, you would pay IFS directly which is the way to go if you wish to purchase.
You can try to sell to an Infiniti or Nissan dealer but the longer you wait the less you will likely be offered as a lot of QX60s are coming off lease.
Selling it to a Nissan or Infiniti dealer is your best course of action.
Infiniti Financial Services aka NMAC is the owner of the vehicle and they allow their own franchise dealers to buy their leases. They are not ā3rd partyā in the eyes of NMAC.
Amazingā¦logged in like you said and it only says ādealer assistedā. I know for a fact that about a year or so ago i logged in and it had both options available to me.
Welcome to āAfter June 2021ā (I think it was June). Thatās when Nissan realized they didnāt need to hire more Lease Buyout staff and made their dealers do all the work.
guess iāll contact the dealer closer to lease end and see how bad they attempt to rape me if we decide to keep it.
Lets say the dealer i leased from really tries to rape me with buy out feesā¦does anybody know if I can call multiple dealerships in the area or even around the country to facilitate a buy out? Do i even really need to bring the vehicle in to a dealer? I have to assume I could get one on the phone for cheap or next to nothing that would facilitate a buy out if i tell them my local dealer is trying to rape me.
forbs, do you know if this only applies to third parties?
Iāve never bought out a lease from NMAC, but I have returned an infiniti lease 2 years ago.
Iām curious for example, if someone gets a lease with NMAC (they are the lessee), and thereās a buyout price written on the lease document, then thatās it, I would think you can just do the payoff at the lease end (or before) and itās over, no need to go a dealer or anything for the title. You should just be dealing directly with NMAC. If itās the case that the actual lessee canāt buy out the car without a dealer, who may want to charge ridiculous fees that they can theoretically make up, I would have thought this is illegal. Basically, it means the buyout figure canāt even be relied upon at lease end.
If thatās the case with NMAC, then I would think people would think twice about leasing Nissan, no ?
1 3rd parties are barred from buying a Nissan / INFINITI. Itās not your car, itās theirs and they can ban whomever they wantā¦or sorry, not ābanā they jack up the buyout until no one wants it.
Nissan in most states require you to go to a dealer, who then adds junk fees. Thereās a large CPFB complaint going on right now about it.
No, because most people donāt remember that when leasing a car or CARE as that is down the road and not in front of them. If that rule worked, the only car company that would be leasing is FCA as they are pretty much the only one who still allows 3rd party buy outs.
forbs, thanks for replying, this is an eye-opener for me, I thought NMAC was going after third party buyouts only, I saw one of your other threads that lessees themselves canāt buyout the car for THEMSELVES without going into a dealer and dealing with $1495 fees and such. Really unfair.
I donāt think carmax is able to buy the car. Autonation has Nissan and infiniti dealers that are part of their network. In the NY metro area the only dealer is in white plains.
Thanks, but even if I buy my lease and sell to Carmax I still have over $3,000 equity. Wondering how autonation payment compared to other offers. No Infiniti dealers can come close to what Carmax and Vroom are offering me.
