Hi all. Hoping someone can give their opinion on this. Leased a 2023 Frontier over the weekend. Feel like I got a fair deal compared to what others posted. I received a called from the finance manager yesterday stating that the leasing company is not taking in the contract. Something about them giving us a great deal and there was an issue with the cap cost (really didn’t get into details with me). Bottom line is that I would need to come back in and resign the paperwork. They will give me back $100 from our money due at signing and they would recontract the lease with a higher payment of $5 per month. Essentially a wash over the 18 month lease. Has anyone else heard of anything like this? Just seems odd.
it’s normal, it happens. NMAC is a stupid bank.
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It’s why the contract you signed has a specific clause in it, it basically says that should the numbers not completely line up & the lessor rejects the contract, that you agree to come in and re-sign a new contract. Typically you also have a right to return the truck & walk away. It’s very rarely a hill worth dying on.
If the issue is that the net cap cost is below RV, we’ve seen that with other banks previously (Loberant’s MINIs anyone?)
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Thanks all. Appreciate the input!
Like the COVID blowout tacos or am I misremembering.
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Yes there is a 14 day rule , if financing falls through you can return the car, resign the contract or the dealer calls the police for stolen goods.
Looks like it’s really a $10 Difference, you pay $5x18 more = 90 and get back $100. Go now and sign the better deal.
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18x$5 = $90 .
Go back and resign. Like max said, prob cap cost was below residual .
What was your deal? Post details and congrats
just be careful. when they call you back, some dealers try to do some shitty things.
having said that… the new FTC rules will kill this practice.
This is related to the original deal, those crappy things are thrown in.
On a resign the main points is the payment and down, if those change you need to scrutinize it greatly. A Dealer cannot just call you back on a resign unless Financing falls through, if you signed a crappy deal and they are asking for a resign with similar terms, you still resigned a crappy deal. (But the bank likes it now)
They can’t ask for a resign and add options , it doesn’t really work that way.
Of course I haven’t read mine, but isn’t the clause something along the lines of ‘if the deal is rejected, new deal terms will be offered, substantively similar terms to what was originally agreed’ type thing?
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