Currently looking at my online portal - I had a 39 month lease and made 2 extension payments (41 total). Went to see what my new payoff was and it is the same as the end of month 39 and what’s listed on my sales contract.
Called IFS and they are escalating to a supervisor to get me more information.
That should be in the extension contract you signed. I just signed one with an Ally lease and it spelled out clearly payments didn’t lower the payoff amount.
There was no contract - it was done over the phone and they just sent a letter with a new date and same payment schedule.
It should. I extended and mine went down with each payment.
done as of 10/25
Are you saying they don’t Lower payoff anymore if you extend as 10/25?
On the phone with support rep and this is 100% true. If your extension was granted after 10/25 - your residual will not change anymore due to extra payments. If the extension was granted before 10/25 your payments will apply against the balance and it will be manually calculated by the rep when you or the dealer calls in for detailed balance.
If you re-extend past 10/25, new policy applies retroactively to payments.
She is sending me a payoff statement with added payments and MSDs backed out. Buying the car out tomorrow.
Effective October 25, payoff quotes generated for leases that have gone beyond their original
maturity date will now be the Original Contracted Residual + Fees Accrued (i.e. Property Tax,
Late Charges). Payments will be considered “rent.” The rent does not lower the purchase price.
Payoff is based on the original contracted residual amount.
I’d encourage anyone that extended their lease and got a payoff shortly before these changes to buy it out ASAP, take advantage of the extra equity payments you put towards the car while you still can.
Or sue NMAC/IFS for blatant violation of contractual rights.
Yeah - I wanted more time to think but IFS just keeps getting shadier and shadier. Although, the rep who called me from NMAC/IFS was the nicest, most knowledgeable lady who got everything straightened out and coordinated with the dealer too.
What contractual rights? Extensions aren’t part of the contract.
every payment has rent charge and depreciation. the problem with these leases is that almost the entire payment is depreciation - they were all 00003 MFs. So, in essence, you’re making depreciation payments on an asset that you’re not paying down because theyre telling you so. that’s screaming for a lawsuit.
This is correct, of course I understand why people would be upset about this, technically you’re at Infiniti’s mercy if you request an extension. It’s on their terms.
It really isn’t, when you request an extension from IFS, they really don’t have to do anything for you if they don’t want to. If they do allow you to extend it, it’s an entirely different agreement.
Another question for you two that I don’t think warrants it’s own topic - my lease contract says it’s a $300 lease buy-out fee. My dealer is saying that the fee has gone up to $375.
Can dealers change it after the fact?
No they can’t change that fee, but I’m not familiar with the west coast and how they do business. My dealer for example charges another $165 or so on top of the $300 for a safety inspection, but that’s it.
this is actually how it goes:
Is it common for other brand dealers to charge BS fees on top of a standard disposition fee?
I wonder if Infiniti is being cheap and not sharing this disposition fee for dealer’s work…
Thanks for the update. That’s pretty shady of them to do. That’s was me default route for my leased end in March 2022.
It may be within their rights, but seems Infiniti (of all brands) shouldn’t be nickel and diming their existing and contracted lease customers. Greed over Goodwill…
