Honda, although that may be due to my lease originating out of state
Nissan , and Infiniti require it everywhere.
Ford requires it in CA. (Maybe everywhere?)
Everyone requires it in FL. (With some loophole exceptions)
I really doubt any counsel worth their salt would sign off on that. They must have the dealer license and physical location or whatever the state laws require.
I was thinking more along the lines of the web portal may not update correctly with the change of address. I havenât actually tried to execute the buy out, just walked through the steps to do so.
There are two issues with the captives
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Changing rules mid-contract on access to early third party buyouts and vehicle loss verbiage. This one is debatable, but clearly rules are being changed in the middle of the current supply/demand shortage game.
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Excessive dealer and other paperwork fees not included or implied in signed contracts. For example, this is the purchase option section for my QX60 lease in Florida. I have no intention to purchase. But a $300 acquisition cost plus âofficial feesâ and inspection costs (gray area) are only noted in the contract. Double charged dealer fees and bogus electronic registration fees on the same vehicle are in no way âofficialâ in the state of Florida.
They didnât change the rules mid contract, they are just now enforcing what they allowed to slide.
Thatâs exactly how a gray area works, either side (You trying to sell their property) and they trying to make money, is how it works. If one side can exploit it the other can too, unless you figure out how to shut them down like they figured out how to shut you (the lessee) down.
I disagree. The rules arenât being changed at all, the execution is just no longer favorable to the lessee. Nothing has changed about the framework.
Is the originating dealer or a dealer specified by the bank charging those additional fees or is this a case of someone going to a dealer that is not dictated in the contract to be limited to those fees charging extra for processing a transaction they have no obligation to process?
In Florida, my understanding is that you have to go to a Nissan or Infiniti dealer to process a lease buy out. With ânon-officialâ fees being added.
So you canât process a lease buy out without going to a dealer, but they have no obligation to process the paperwork per the stated $300 acquisition adder + official fees. Ummmm ok.
The contract specifically states that those fees apply when you do the buy out through âthe originating dealer or other location (the bank) specifiesâ.
If one goes to a dealer that is neither the originating dealer nor a location specified by the bank, one could make the argument that youâre requesting a dealer that is not bound by the limits of the contract to process the transaction and that may be subject to extra fees.
Itâs the same concept as when one goes to a dealer in a state that doesnât require the buy out to be handled by a dealer and is then surprised that the dealer that isnât required to be party to the transaction charges extra fees.
Were it me, I would either go to the originating dealer or if I couldnât, call up NMAC and say âI want to buy out the vehicle per the terms of my contract, which requires it to be done as a location you specify. Where would you like me to go?â and then Iâd have grounds to push back on any extra fees that they were trying to charge that arenât listed in the contract.
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Agree, but the contract reads to me that only the agreed upon $300 fee plus any âofficial feesâ apply at either the originating dealer or other location(s) that IFS specifies.
Heaven forbid that consumers could be allowed to avoid troubling all of these poor busy, overwhelmed, charitable dealers from the scourge of âunnecessary transaction paperworkâ and people walking into showrooms.
Win/win/win. The Poor dealer loses the chance to upsell petty, smelly peasants with a new vehicle pitch and avoids charitable transaction paperwork, the consumer gets the buyout either online or done via their chosen banking institution and the captive gets their $300 end of term fee and a capital asset off their booksâŚ
Whether or not itâs the âbestâ strategy for handling things is a different debate. I just look at it as if youâre trying to minimize the costs to what youâre contractually obligated to pay, asking a third party to be involved that isnât contractually bound to a certain cost always opens the door to more fees.
Yep, I havenât (yet) seen a poster on leasehackr purchase or be quoted on a Nissan/Infiniti at lease end acquisition from a Florida dealer without being quoted additional non-contracted âunofficialâ fees.
We need a list of Florida dealers/networks by brand that wonât mark-up end of lease acquisitions and are willing to follow the contract language. Hopefully some exist.
I know this thread is older but I was under the impression that Carmax and the like can send the payoff to the bank and give you the rest.
They can for some banks. Nissan no longer allows that.
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Thatâs unfortunate. My lease is up soon and I got equity. Im over my miles so giving it back makes no sense when it can be sold.
You can try to sell it to a Nissan/Infiniti dealer or you can buy it out and sell it to whomever you want. Also give equityhackr on here a try; they may have a Nissan dealer they can process the buy out through.
Then you have less limitations
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Take out CarMax and vroom but most others can buy it
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You can also try autonation for an online quote