Hello,
My mom’s Nisan Murano lease is up next month, I am looking to see what the best options are for her. Due to the current market conditions she probably has equity to sell the car to either Carvana or Carmax. Also, due to the current market conditions new leases are also extremely high. Would you guys recommend to extend the lease or finance the car till the market stabilizes and she can get a new car? Are there any mid-size SUV’s that are leasing well right now? Thanks.
Yes.
No.*
*unless she wants a Wrangler 4xe and can order it and wait 7-12 weeks.
If not longer. There are many of us who have October/November orders that haven’t even started production.
Dont forget that Florida allows dealers to charge junk fees at the end of a lease.
Find an out of state broker or dealer to process the buyout without junk fees. Post in wanted in marketplace
So many threads like this that it finally needs to be called out. You’ve left yourself with no good options.
If you had acted earlier you could have ordered another car… something easily a better vehicle than a used Nissan from the era of Carlos Ghosn, beancounter extraordinaire, and at arguably a similar TCO (total cost of ownership).
All the other lurkers out there: Don’t procrastinate.
I have a little different opinion on this than most here. The equity in the car would not be there if these market conditions didn’t exist, so if you extend the lease till the market calms down you can get a better lease but will have no equity. To me this isn’t much different than rolling the equity into a new lease. You run the risk of wrecking the car and losing the equity you rolled. I am in a similar situation with my wife’s CX-9. We can extend the lease, purchase it or trade it in. Most other brands were insane with ADMs and rates. Mazda offered us tax relief, MSRP, and a decent trade in price. We can get a new cx9 with updates such as ventilated seats, rear captain seats, wireless charging, AWD, etc. and our monthly payment goes down about $25/month. Sure the effective payment isn’t great but that’s because we are using equity we shouldn’t have to drive a price down from where it shouldn’t be.
Again most people don’t seem to agree with this method and my understanding is that it has to do with the risk of totaling out the vehicle and losing the down payment.
Is it true that Nissan no longer allows you to sell the car to Carvana or Carmax to cash out the equity?
That’s not the problem. The problem is the mental gymnastics.
Aside from a few brands like Volvo, which really offer no way to simply cash out the equity, this was cash-like equity. The lessee could have sold the car without anything bought or leased in the same transaction. They could have walked away with a check, no strings attached.
Instead, simply because they skipped a step and didn’t deposit that check into their bank account, they pretend like that cash never existed in the first place.
Correct, this has been true for 6+ months now.
You can only sell to Nisan or Infiniti dealers
Or anyone else such as Rodo or Autonation who has a Nissan or Infiniti dealer in their network to process the payoff to NMAC.
I’m not sure where you are located but I had a broker in the Northeast give me $2k more than any dealer (even on a trade) to buy out my ‘19 Maxima and it went insanely smooth. Stellar Auto it was
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.