Good morning,
I’m seeking help to see if my first lease was actually a good investment/move on my part. My lease is ending in a few days and need to make a decision on whether or not to re-lease or buy out the car.
2017 Nissan Maxima SL
21,882 miles
PAID FOR: 36,000 miles
MSRP: $38,575
L.E.V %: 45.00%
Lease-end Value(Residual): 17,358.75
Lease Term: 36 months
Selling Price: $36,873.10
Cash Cap Reduction: $5,141.11
Rebate Amount: $6,650.00
Service Contract: $499.00
Acq/Cap Adds (W): $1,190.00
Adjusted Cap Cost: $28,253.23
Lease Factor: .00003
Total Tax Window: $1,482.24
Base Monthly Rental: $303.99
Total Monthly Payment: $303.99
Mot Veh Fees: $229.50
Online Filing Fee: $8.90
NJ Tire Fee: $7.50
DLR Doc Fee: $309.00
Customer Cash Down: $6000.00
Total Working Cash: $6000.00
Amount Due at Start: $6000.00
There is minor wear and tear on the car.
This is literally all the information that I have about my current lease.
Our current offers are as follows:
A. 60 month term, $400/month, no money down
B. 72 month term, $346/month, no money down
C. 48 month term, $370/month, $5000 down
I’m aware the shorter the term, the less I pay due to interest. I just feel like by the time I have paid this car off, I will have paid full sticker price. Long story short, I really like the car and would like to purchase it. Did I receive a good deal and do I move forward in purchasing it? Thank you for all your help! I love what this community is offering to people like me. I look forward to hearing from everyone!
I’d check Carvana, Vroom etc before I made any decisions on anything. It sounds like they might come in above your payoff amount, and maybe you could get back some of that 6 grand you went out of pocket leasing this.
Is there a way you could explain how you came up with this conclusion? I’m just generally curious and would like to learn to try to avoid the same mistakes in the future. Thank you! (
Are you set on getting another Maxima? There are plenty of other brands you can get for a 400-500 payment and would be a major upgrade in terms of comfort/style/driving/brand (such as a 2020 IS350 F Sport in the 400’s) btw, plenty of tri-state brokers on this forum to get you a much better deal
Oh, my bad. In that case, it’s too much, because you’ve been paying almost $500/mo for a maxima. I suppose that’s less bad than $500/mo for an altima at least.
Was your original deal a good deal?
Is it worth buying this out?
Are the terms on your buy out a good deal?
Your original deal doesn’t appear to have been a great deal, but what’s done is done. The RV is what the RV is, so good deal or bad deal, you’d be in the same place right now.
Is this worth buying out? All opinions of Nissan’s products aside, you need to compare the current market value to your purchase option to evaluate if you’re just immediately taking on negative equity or not. There’s no reason to pay more for this than it’s worth. That requires finding out what it’s actually worth.
You don’t really have any say here in what the selling price is if you decide to purchase it. Your only knob really is the quality of the financing. What APR are these options? How many banks have you shopped and compared those terms with?
i’ve been paying 303.99/month currently for my lease. @mllcb42
and honestly, i’m enjoying the maxima, however, the leasing process has been pretty horrid as I had planned to buy it out thinking that the money I’ve invested into it would go towards the payment. Boy was I wrong. @dloco
If you go through with buying this, you will have essentially paid a little more than the full MSRP of the car over a 7 year duration (Assuming you take the 48 month option). I assume that essentially 0% financing for 84 months doesn’t sound like the worst thing in the world, but at the end of the day you are going to be left with an “asset” that will be worth much, much less than what you put into it. What do you think the Maxima will be worth 4 years from now? What about next year even, after the used market (presumably) goes back to normal? And do you plan to drive this until the wheels fall off? Given Nissan’s predicaments in the US I’m not sure I’d want to take those risks. Selling it now on the other hand could get you some of the cash you put down back, making this lease a little better than it was at inception.
Not with $6k up front you haven’t. You front loaded your costs, but your total monthly cost is about $500 once you amortize it out. People very often get hyper-focused on the monthly payment and fail to see the forest through the trees.
Honestly, budget doesn’t seem like the issue here for you. I think its more a combination of you not understanding how to get a strong lease and you are aiming too low which is polar opposite to the issues people have here hah.
Again, reach out to one of the many tri-state brokers and they will set you up.
On your 2017, just post it on a 3rd party site (algo, carvana, vroom) and sell it since you have a lot of miles equity that may translate to additional positive equity vs. your payoff amount. This will help recoup some of the downpayment you had on this car.
