My 3 year lease is coming to an end. 1 more payment to make. I’m in Pennsylvania.
2020 Nissan Rogue, 11k miles, payoff is $14k
Edmunds, CarMax quoting at about $21k
Unfortunately I can’t go to CarMax because my finance company (Nissan Motor Acceptance Corp) doesn’t allow 3rd party buyers.
Dealer I purchased from is quoting me a new lease on a 2023 Nissan Rogue at $334/mo. Plus tax. No money down. 36 months 12k miles/yr. MSRP 30,790. Less dealer discount for $1k.
I’ve only been emailing back and forth with them. I asked them “aren’t you going to buy my car and sell for a significant profit?” … they don’t answer.
They said “I could probably do a little better if I saw your car”. I said it’s in perfect condition. They said they can go down to $310/mo.
How do I use this equity?
I can’t really go to a Nissan dealer and say I have $7k to put down right? Because I don’t own it.
I can’t ask if they want to buy it from me because I don’t own it.
I’m just not sure how to use this to my advantage.
I am quite sure they will buyout my lease for $14k and probably resell it for $25k.
I do know I could buy it myself and finance it for 4 years for around the same amount as a new lease if I could get a decent apr. But then I would need to add an extended warranty also.
This is what I would do. And what I have done with my Tiguan & LEAF. Warranty is a personal call. I didn’t go that route but do have some remainder of factory warranty.
You could pay $11k + tax + equity to lease a new one or pay $14k + tax + interest and keep what you have. Unless you hate the car, financially seems like the smarter move to just keep it.
Keep the 2 transactions separate if you can. Any Nissan dealer can buy out your lease and cut you a check for the equity, albeit, it may be less than the Carmax offer. Keep your “trade in” or equity out of the numbers for the new offer you are trying to get. Then either try to do a one pay, or deposit the equity in a bank account and draw your monthly payment from that. Or, you can purchase your lease directly from Nissan now and don’t need a dealer involved at all, just need to find your own financing.
I think the choices are either to buy out the 2020 or trade-in on purchase of a new one (sales tax credit in PA, right?) — the lease doesn’t make sense.
I stopped following the Nissan palace intrigue after Carlos abandoned his job in a piano crate. Are the engines/CVT in these mostly problem free, or does OP need an extended warranty?
I’d also compare new/used financing rates and line that up first
So are you payment shopping or car shopping? Most of the time it’s “either or”
Either you payment shop for any car in your payment range or specific car but pay whatever the market asks.
So in your particular case here are the steps to take
Get online appraisal at Autonation. You are in PA and they have few dealerships there. Don’t mind they aren’t Nissan. Autonation has Nissan in their brand so they will be able to buy it from you. I did that with my Infinity through Autonation Land Rover dealership and walked out with a check for equity.
If you are running short on time - try to extent the lease by calling Nissan Financial. you can extend by up to 6 months but most likely 3 months and it will give you time to get your affairs in order.
Get your credit report to understand if you can get top tier rate that are being advertized.
Figure out if you are payment shopping or not.
If you are payment shopping - look for other Nissan cars like Murano, Altima, Frontier - they had decent leases.
If you are after Rouge specifically - see ads from brokers on this forum and compare their deals with what you are seeing. If you aren’t getting clear answers from your delaership - move on to the next dealserhip and save yourself time. You won;t be able to change their mind. Expand your search area. For a brand new car you can got as far as Florida or anywhere else to get the car if even with shipping you still get a better deals than locally. Many have done one way flights to pick up cars and some did shipping for $1k or less.
Now - let us know your thinking after read the above.
Lvs23. Thank you. That was very helpful information.
I am payment shopping.
I don’t really care what I drive and I’m not set on a Rogue. I do prefer an SUV but don’t really need one. I’ve had an Altima and 4 Sentras so the sedans are fine too.
The Murano start at $45k! I suppose the apr and residual are better?
I think the Frontier may be a little to big for me.
I suppose I will contact another nissan dealer and get an appointment for them to buy my car and go from there.
I may have approached this current dealer the wrong way.
DO NOT STEP INSIDE dealership before you get a quote from Automation!
They will get you all mixed up and you will be back here crying how they did you dirty!!!
