@bigpav7 Did they provide a breakdown of the $1,500 fee, and what are they calling it? I’m curious as NY state sets a cap of $75 for doc fees. What is the fee for – are they certifying the vehicle as a CPO and offering an extended warranty?
Interesting to hear NMAC doesn’t allow a lessee to purchase directly from them. Numerous other captives don’t require lessees to go through a dealer (e.g., Toyota Financial Services).
Ny Doc fee went up to $175 on August 18, 2021.
$1500 just sounds like greed and easy profit to me…
NMAC/IFS charges $300 to buy out your lease, you can find this in your contract.
If you’re open to coming in to NJ, my dealer charges $180 for Nissan/Infiniti lease buyouts plus $599 doc, tax & dmv.
It’s a shitty place to be but don’t kick the can down the road and end up in a shittier place.
Not including taxes (which would apply to any purchase), what are the costs specific to your lease buyout from NMAC?
You’re looking at RV + NMAC purchase option fee + whatever BS fees the Dealer feels like charging + buying an extended warranty + anything else I’m missing.
The warranty is almost as binary as a coin toss: either the warranty is a total waste of money or you don’t get it and the CVT shuts the bed.
So while a brand low 30s Highlander, Pilot, Telluride, etc might seem way more at first glance than a $19k Pathfinder, the Pathfinder is more like mid 20s after adding all the other stuff. So over the same time frame a used Pathfinder might be 10k TCO while a brand new CUV might be 10-12.
If monthly payments are a budgetary issue then look at saver auto loans if you have the discipline to pay off or refi (with the necessary down payment) the balloon payment at the end.
Some have the option to turn the car in but likely the RV is very conservative so there might be equity. It’s not directly an alternative to a lease; it’s an alternative to a traditional auto loan.
Nope, $1500 is just “their fee to facilitate the transaction”, no further details. I reached out to a couple of dealers in CT, the fee is much lower at $599. So we may just end up going that route. The wife really likes the car but the CVT really does scare me.
@NYNJAudi i may just take you up on that. This is significantly more reasonable.
Have you reached out to the originating dealer or nmac and asked where they would like you to go to process the buyout in line with the terms stated in your contract?
Spoke to the originating dealer and they could not care less - the fee stays. I haven’t called NMAC yet. Will give that a shot this week.
That’s absolute BS. My dealer told me it’s the $300 buyout fee then about $1000 in taxes and tags (the DMV website calculates $1073 when I put in the info for 3 year registration). That’s it, nothing more. Maybe they’ll try to throw some additional fees on me if I come in for the transaction, but I don’t think so.
They were extremely straightforward and not at all pushy when I got the car. I guess I got lucky to do business with an actual honest dealership. They are one of only 2 in the immediate area, and the other one is shady as shit.
@BradHP Let me know please if it all works out, Im willing to drive if you are in one of the neighboring states. Thank you
I’ve been looking into these a bit since you mentioned them, but out of all the credit unions I’ve found that offer them, the one I would have to go with (Penfed, since that’s seems like the only one I would qualify to join) doesn’t have the calculator on their website. It seems like all of them are using Auto Financial Group, so would the RV be the same on any of the calculators even in the CU’s have different interest rates?
IDK the answer to that question but I’d say:
The RV is going to be very low. That’s kinda guaranteed. They are a traditional-type lender that wants to be repaid and manage risk. They are not a OEM-owned captive whose main goal is to move metal and take some back-end inflated RV risk as a cost of doing so.
So whatever the RV is, whether it’s 40% or 30% or 20%, this type of loan requires the borrower to have the discipline to pay it off or refi or smartly trade it… basically any of the ending options except return it and walk away without all of the potential equity.