I’ve thought about doing this too but I guess it’s a bit risky. If you miss the 10 day window, if you do anything wrong, etc. you’ll get killed on sales tax. I want to get out of this lease badly, but I just don’t know if it’s worth the risk if the Infiniti dealer isn’t able to complete the purchase. Also risky if I start the buyout process and the Carvana valuation changes by the time I get the title (currently $1500 over dealership and $1k over CarMax). So many moving parts.
Yea I agree. Definitely more risky option. I don’t think Florida has a 10 day window anyways, would need to pay the sales tax when buying out from Nissan. But in my specific case. Buyout of 15k plus sales tax would still leave me getting possibly 2-3k out of it. As long as Carmax offer doesn’t change substantially. Right now their offer was 19k.
Only California
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True. Thanks
Just as an update. Nissan requires you to go to a dealer for assistance in any payoff. All docs and payment is facilitated through the dealer.
One week too late for this. Could have sold it to carmax before 5/10 with no issue!
What about ALGo? Has anyone tried selling to them? I got a pretty good offer from them and they said they work with Infiniti but I haven’t gone through the process yet…
With that said, I can’t imagine Algo has the magical bullet that will change NMAC’s policy regarding selling to 3rd party dealers.
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Probably means they haven’t heard the news that’s 2 weeks old at this point.
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I just got off the phone with IFS and they told me I can’t even trade in the car for another one! Also I can’t use a Nissan dealership… it has to be an Infiniti…
The Trade in thing has got to be against the law!
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It’s a joke. I found a Nissan dealer that’ll take my lease but offer is basically the buyout. Lost out on 3-4K thanks to their new policy
Also if you want to buy it out personally. You have to do it through a dealership.
That’s a state/specific thing to Florida and one other state AFAIK.
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Same in CA. Not sure about other states.
CA does not require that. Nissan may push for it, but it isn’t a state requirement.
The payoff letter specifically states that as a captive company, it can only be done at the dealership.
Made multiple calls to IFS and they would not let me purchase directly and said I had to go to the dealership to buy it out myself.
The dealership confirmed the same.
Maybe there’s some way around it, but I was told at least by all sources that it’s not possible.
At least you are being offered the buyout price. Mine was to make me pay $3000 to turn it in, when Carvana priced it $100 over and Vroom $800.
I just want out of my lease without having to pay these extortion prices.
My other concern is how would a trade in for a car from another company work? They’d be doing the exact same thing. So will that not be allowed either??
What did you agree to when you signed the lease agreement?
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Reading over the contract the only things that pertain to the payout are the taxes and disposition fees. Nothing specifically about who can pay for it.
It’s the payoff letter that states you have to do it at one of their dealerships.
Does anyone happen to have a copy of their payoff letter from before they started doing this? I’d like to see if this is a new clause they’ve added because obviously this wasn’t the case before.
It clearly states a 3rd party cannot purchase the lease so they have to have added this recently otherwise how were people able to do this before?
My BMW contract specifies my lease-end obligations and options.
Nowhere does it say that I may sell the lessor’s property to a third party of my choosing.
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Right, nothing in the contract… but the payoff quote letter from IFS has this, I am assuming new paragraph about having to go to a dealership.
Your complaint was about extortion. How is this extortion?
Because the dealership is suddenly the only place I am allowed to turn in my lease, and they say I have 4k negative equity in it, which is BS… especially since all these online purchasers are willing to purchase the car for at least the payout price and some were offering more.
By forcing us to do this at the dealership they are getting more for the car than they would if it were just payed off.