Hey everyone!
Really enjoying the great info I’m finding on this site so far and I appreciate being here.
I’m wondering what is the expert opinion on getting out of a lease early.
Here’s my situation -
2015 Infiniti Q50 lux leased March 2016 for 39 months
Payment is $388/mo with tax included
Registration is due March 12 and is $366
Disposition fee is $395
3 more payments after this month’s goes through on 2/22
I only have 27k miles on the car and am allowed 46k
The car may have some wear and tear fees since I didn’t put on new tires and there are a few scratches etc.
Would you guys try to get out of the car early to not pay the registration (for 3 months) and get in to something new?
Do I have to go to another Infiniti to get out OK?
Went to Carmax to see if I could sell them the car for around my payoff and they didn’t even appraise my car when they learned how much my payoff would be (~24k)
I want to get something different and ideally I don’t want to pay for a year of registration and then have the car for 3 months.
Trade it in for your next lease. Depending on the payoff and how much they value the Q50 at the time of trade-in it can be positive or negative. Get an estimated quote from Vroom/Carvana as mentioned and that should give you an idea. The dealers wants your business for the next 36 months so you can always negotiate with them on the trade-in value as well if you are good.
Another option is to sell the car yourself before the registration deadline. If you have + equity then you pocket the cash but if you have - equity then you have to pay out of pocket to make the difference.
I’m assuming you meant you leased it March 2016, right?
Unfortunately, it is worth WAY below your residual. 2015s with low miles are trading at dealer auction for $15k-$16k.
I would suggest you get a turn-in appraisal done and see how much damage/maintenance you are going to be on the hook for. That plus your remaining payments plus the disposal fee could be tough to swallow.
Get an inspection done and see what they want to ding you for. Might just make sense to turn it in early, eat the last couple of payments and avoid renewing the registration. Used tires are cheap. Sounds like trading it is a waste of time. Nice ones are retailing under $20k. Oh and don’t do a 39 month lease again if you don’t want to renew the reg for that last three months.
Trading the car in or selling it outright to a dealership is going to cost you a lot of money. Q50’s tend to not carry any positive equity.
As others have said, your best bet is to probably just turn it in early and pay the fees. Would probably cost less than covering the negative equity on trade.
Do you know what you want to get? That may impact your decision. If you get a strong deal it’s easier to justify eating the payments. Jan/Feb haven’t been great but March should get better with a bunch of fiscal year ends coming up including Infiniti but seems like you want something different.
If you rolling the payments into the new lease keep in mind you are then paying sales tax on that amount and spreading payments over 3 years, which could be close to 10% or higher depending on the MF.
Nice thing is if you aren’t happy with what you can get, you can always just stick with Infiniti and roll the dice with expired registration for a little bit until you find something. Possible ticket has to be similar to the annual cost.
same issue here as OP
I’m $5,000 upside down from payout/residual. I got 2 months left so I am going to turn it in and just pay 2 payments and avoid some of the wear/tear maintence, fees I would have to pay if I waited longer.
Why are you letting something so small cloud your judgement? You are going to pay reg either way, on this car or a newer one… 3/4 of $366 might get wasted but that’s better than jumping into a bad lease
You raise an excellent point here. I can’t let the principal of paying the reg and only using it for 3 months upset me enough to make a poor choice for many more months.
Does anyone know if the inspection can be scheduled sooner than the 60 days they told me when I called Infiniti Financial Services?
Also thank you to all for the insight so far.
My biggest concern is not going in to a new lease with any negative equity. Been there, done that, and don’t want to have it happen again. I had a 2013 GTI with a higher lease payment than this Q50 which is crazy to me.
Going to start test driving things and not rush in to the next one so I can get a great deal
Nissan’s fiscal year end is at the end of March. You might find better deals next month and pair it up with some sort of pull-ahead program if you are willing to go with another Infiniti.
I would hold off on paying that registration fee (do it at AAA last minute if needed) Like others have said. Don’t do 39 month lease again. I don’t see CA’s registration fees going down ever with the current administration.
