My first post. I’m currently on my 5th lease and after finding LH I know I probably haven’t gotten great deals.
I’m posting my odd question in hopes that I’ll understand why I received money after my last lease turn in, so I can learn something from it for future leasing.
Quick background, leased a 14 Pathfinder SL, 36/15k, zero drive offs, $535/month (I now know this is high). I turned the Pathfinder in 11 months early in Jan of 16. I was on track for miles and was probably under, but wanted some of the Platinum options. Leased a 15 Platinum Pathfinder, 36/15k, zero drive offs and same payment.
In Nov of 16, I received a check from Nissan for $4k+. Not knowing why, I called Nissan Finance. They said that the dealer had paid off the remaining payments and that NF didn’t require all 11 of the remaining payments. Never had that happen before, but deposited the check and went on my way.
Was the $4k equity in the 14 Pathfinder for a RV that was better than figured on the lease? Just wanted to understand as I’m guessing this isn’t common.
From my discussion with Infinti previously, if you turn the car in early it goes to auction (or dealer buys it) if it turns out there is positive equity you actually get a check for it. I think this may only apply in California (however I am not sure)
That should apply anywhere. I had a Trailblazer years ago that I dumped early due to divorce. Got a check back for the equity after it sold at auction over buyout.
Pretty rare occurrence though, I would think.
Yeah strange that there was so much positive equity.
Wow that’s surprising. Would think they’d keep that for themselves. Otherwise they’re never ending up on the high side of the residual and only ever losing money vs. residual at auctions it sounds like.
Maybe you had a 6 month pull ahead? That plus your security deposit or one extra payment before the dealer submitted it would be about 4k at that payment.
Maybe. Not sure as they never said anything to me about it. I looked back and apparently I’ve turned in all 3 of my previous Nissan leases 11 to 12 months early, two on my own and one because of an offer from them. This was the only one I’ve ever gotten money back on. Obviously if it happened frequently I’d always turn them in early.
I didn’t buy a new one, so pull ahead wouldn’t apply. I dropped it off 17 months early.
I’ve never had/been required to place a security deposit on a lease.
Nevermind…you intended to reply to OP and not me.
