Hi everyone. I was under the impression that as long as your leased vehicle account was closed accordingly and appropriately (either sold/paid off, or returned), you get your MSDs back.
I recently sold a leased 2016 Lexus RX350 thinking I would get the MSDs back. A dealer offered me a little more than my payoff, so I took it because we needed a car with different features.
I recently picked up an Infiniti QX60 and applied MSDs, thinking I would get the Lexus MSDs back next month and “apply it” towards the Infiniti MSDs (mental accounting, kinda making it an even swap).
However, I recently logged into my Infiniti account and saw that the new payoff amount of the QX60 had my MSD payment applied into it ($2800 applied towards payoff amount), so I’m thinking MSDs would not be returned by Infiniti if I were to sell the vehicle or buy it out.
However, on my Lexus buyout and statements, nothing mentioned any MSDs being applied to the payoff price. So, would I still be getting the Lexus MSDs back?
It’s after hours, so I’ll have to call tomorrow, but is there anyone out there with experience with such a thing? Did I just lose my MSDs by selling the Lexus instead of taking it to the lease’s end?
I had almost a similar experience with Mercedes. We have a GLC and I saw that in our online portal the buyout was $28k. Carmax appraised it as 30k so I thought we will make some easy money and sell. Then I spoke to a Mercedes dealer and he pulled up our account and the payout was 32k on his computer. We had 4k in MSDs.
Turns out that the buyout amount a customer sees in the Mercedes portal already includes the MSDs. So if I want to buy out the car I would only pay 28k instead of 32k. However when a dealer pulls up the buyout it excludes the MSDs. So you probably have something similar.
Hi folks. So I called Lexus Financial and they confirmed that the MSDs are not applied into he payoff quote (as may be he case with some manufacturers).
So in my case the MSD check is being mailed out today because the account has been closed cleanly without issue.
This will vary based on the leasing source. Ally Financial allows the security deposit to be applied to the quote when a dealership requests it, but in order for the security deposit to be applied to the buyout the dealer must executive an assignment of credits letter so that the customer knows what is happening.
