You can forget this ever happened. Carvana stopped buying NMAC leases and then NMAC stopped selling their leases to anyone except their own dealers.
Hard to make any recommendations without knowing exactly what features you are looking for
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So wait… Carvana will not buy out Nissan leases?? Shoot this is news to me… That’s not good. What option do I have then??
And in terms of what she wants, she really prefers a three row suv, 4x4 or AWD, equipped similar to what she has now. Leather, heated seats, stuff like that. Nothing crazy, but also not bare bones either. Her current Pathfinder even has the 360 camera and heated rear seats. We have one 7 year old, but my wife is a teacher, so we have used all that space before to haul her classroom stuff around. So we have never actually used the third row of seats, but we use the space. So we are willing to downsize a bit to a two-row, but it needs to be big for cargo. No compacts. She is partial to Nissan so I was kind of thinking of the Murano, but we would lose a lot of cargo space and we would also lose one feature that is kind of important to us…the Pathfinder has a household outlet in the second row. Our son is diabetic, so we have used this before to plug in a mini car refrigerator to store insulin. That’s been a huge help. And like I said, she’s not willing to pay more than around $400. I could MAYBE get her to go up to like $430 tops, but up to $500 is absolutely out of the question.
You can buy your car, look around for something and then either sell to Carvana (you can’t sell directly, like Max said) or keep it. Even if you have to paid sales tax, you can still pocket nice equity.
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So I did just check and yea, Carvana won’t buyout Nissan leases. Ugh! Does anyone know if CarMax will?
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Nobody can buy a car the owner won’t sell.
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You missed the window by a couple weeks:
TL;DR Only you, or a Nissan dealer, can buy-out a Nissan lease. Only an Infiniti dealer or you may buy-out an Infiniti lease.
If you’re happy with it, just buy it out yourself. That way you’re not cornered/rushed into a bad deal or a vehicle you don’t like.
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Use the equity towards a new Nissan lease.
But if I can’t get anyone like Carvana or CarMax to buy it out, how can I get the positive equity? Because if I turn it back into Nissan they just simply take it back. It’s not like they will give us a check for $6k…
Buy it out from Nissan, turn around and sell it to CarMax, you still come out ahead after paying taxes.
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If you find the right Nissan dealership they will buy the car from you. Sell it at a profit and would use some of that towards your lease. It just happened to me at Infiniti.
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You have to call multiple Nissan dealers and find someone to pay you the highest bid among Nissan dealers.
I apologize for sounding so ignorant here, but we have never been in a positive lease equity situation before…so what everyone is saying is that instead of just “turning in” the lease as normal, I can just trade it in like any financed car at a Nissan dealer and use that positive equity? But I can only do that at a Nissan dealer?? So what do I do if we want something other than a Nissan for example? Let’s say for arguments sake a Toyota dealer. So if I went there, they cannot do a “trade in” because Nissan won’t allow that?
Correct.
But don’t let the Nissan dealer ‘steal’ the equity, work em to get the money.
Or buy it yourself and sell it to whomever you want.
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No need. These are strange times.
Whatever equity your car has can only be unlocked in you buy it, or a Nissan dealer kindly offers it to you. If you don’t take their offer, your only option is to ground the lease anyway (return to a Nissan deal by disposition date).
I’m not saying this fictional Toyota dealer can’t ever trade in a Nissan (depending on your state, if they own a nissan store too, whether the can facilitate a third party buyout on your behalf). but yeah: If you leased a Toyota, they would either ground the Nissan for you or have you ground it yourself. They can’t buy it for their used car inventory.
If you can’t bring cash to dance, your only recourse is to give the car back, which is what nmac wants you to do.
Thank you for the help and forgiving my ignorance. Not new to leasing, but for sure new to this weird market right now. I just want to be able to find something for my wife and keep her happy. She may be in a minority here but she has REALLY loved her two Pathfinders, as dull as their characteristics may be. Leasing a new one is out of the question and also buying and keeping hers now would just be stupid, so I’m frantically trying to find another option for her…but nothing is leasing well. It’s frustrating.
Hardly any one can replicate a good deal from 2018 now, let alone a great deal. So the goal of keeping your payment the same with the same features is probably fantasy.
Either payments go up or features go down.
But pick your battles. Finding an extended warranty and keeping/financing the existing Pathfinder might be the best way to wash your hands off this to-do list… it sounds like a pitch for the least interesting Mission:Impossible sequel
Okay, I apologize for being difficult, but this situation is weird and my wife and I are just so confused and not fully understanding this. So, we potentially have $6k in equity in our Pathfinder lease. How exactly do we get this or use it? Because according to what you’re saying, we cannot trade this Nissan in to ANYONE else besides a Nissan dealer now?? I checked KBB and they also say our Pathfinder is worth $29 to $30k. Our buyout amount is $23,870. So can someone explain to me like I’m a child, lol, exactly what we do to be able to get that equity and use it for a new car. What do I say to a dealer??
Buy out the vehicle and then turn around and sell it.
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Correct:
- buy the lease out or get a ligthtstream loan, BUT pay sales tax before you sell the car, or
- a Nissan dealer can buy it out, or
- you can ground the lease by the disposition date