I just returned my leased Ariya 2 weeks ago, 1 month earlier than the schedule and today I just received a certified letter from Nissan. The letter is Early Termination of Lease. Notice of Intent to sell vehicle. It states that the car will be auctioned and the gross early termination I will be responsible for will be the difference between the gross termination amount( 37K) an the RV( I guess about 24k when the car gets sold). That means I have to pay 13K out of the pocket? Is that true?
Also, there is another section in the letter states that Please note that if the sum of your monthly lease payment not yet due plus any excess wear and use and mileage is LESS THAN your adjusted lease balance minus the realized value of the vehicle, we will accept this lesser amount.
So which one will be applicable to me? This letter scares the sh** out of me.
I need input from you guys. Please help me with this. I really appreciate it.
Not familiar with NMAC but there are some banks that will ding you for the difference between lease balance and auction value if you turn it in early, even if you’ve made all remaining payments. Need to check your contract. When you say “1 month earlier”, was it exactly 30 days before your lease end date? The exact date is going to matter.
Your monthly lease payment not yet due would be $0, so this makes it seem like you would just owe any wear and tear and mileage charges like any other lease.
Did you return the car with the last payment outstanding or did you make the last payment for returning the car?
If you returned it before making the final payment, you’re still liable for it and must pay the remaining balance of payments. If you don’t pay the remaining payments, they can bill you for the “loss” they realize when they have to sell the car “early” due to you returning it.
Also, no chance your Ariya is getting $24k at auction, but just pay the remaining balance on your lease and you shouldn’t have to worry about it.
You did this in the wrong order which gets NMAC confused. When you get to the first level at the NMAC hotline, immediately ask to speak to a manager. You should also be talking with the dealer who took your early return. Sometimes the dealer will need to unwind the return and redo it after the payment has been made. Sometimes a NMAC manager can correct it for you.
Did you complete a pre-return inspection? Did you get the result of the post-return inspection from NMAC? This can also generate additional charges which need to be settled.
According to the contract, the statement after the OR will be applied to me which means I only have to pay deposition fee + remaining payment($0) + tax? Am I correct?
If they are sending you notice of intent to sell, the vehicle was not grounded properly. Should be able to fix with the right phone call. I would suggest correcting before they potentially mark your credit.
If I had to guess the lease was grounded properly at the dealer but it’s just the timing causing the issue.
At the time the OP grounded the car there were still technically payments outstanding on the lease, so that most likely triggered the whole early turn-in process with NMAC and sending the intent to sell letter, etc.
By the time the OP made the last payment hours later, everything was already in motion.
