We have a Nissan Rogue Sport 2018.5 SV lease that ends in December.
Payoff is about 14.8k
Carmax offer is 25k, Carvana is 24.1k.
Since Nissan doesn’t allow lease buyout, I tried contacting three dealers around the town to see if they’d ground the lease and cut a check.
All of them responded back saying that I return the car and walk-out, I’d not get anything back.
So, is my only option to payoff the car, get the title and then sell it to Carvana/max?
Please advise.
If you ground the lease, they will not cut you a check.
You should be asking them if they will buy out your lease.
Thank you, they wanted me to stop by and talk.
I’ll try asking that when I go meet them.
You are about to get the old bait and switch. Be prepared. Keep your numbers on top of your head as they will try to get your car for free.
I don’t know where you’re based / your tax rate, but I’m guessing the amount you may need to pay in sales tax is probably less than what the dealer will plan to eat into your profits based on what they’d offer.
Don’t forget to factor in the $300 buyout and ambiguous amount that the dealer will charge for inspecyion/facilitating the buyout since it is through nmac.
Ahh, of course. All said and done, probably going to be out $2k easily between tax and dealer nonsense fees. Yet I think knowing this, the dealer will still lowball the offer by more. In all fairness, Carvana/Carmax offers are sometimes erratically high.
For example, the Carvana offer on our 2019 Tiguan is higher than the purchase price of a low mile 2021 on a local dealer’s website. Not much to arbitrage after paying tax and such, but still an interesting data point.
Thank you mllbc42, typesh, forbs for the insights, very helpful.
Before confirming the appointment for tomorrow, i asked the dealer about lease payoff.
They replied
“Oh okay. So with leases, if you have us buy out your lease, you do not get whatever equity there is back. We’d be helping out by taking the vehicle off of your hands.”
Sales tax is 5.5% in our area. I tried getting the payoff from NissanFinance website, it gave me a letter for the bank to send them a check for the pay off.
Also mentions that they would send the title.
So, with this route, is the dealer out of the transaction?.
Please let me know if anyone had to deal with NMAC directly.
Thank you.
If nmac gives you a path forward, by all means, go that way.
Based on what I read on the NissanFinance.com portal for my LEAF, while they will provide you the payoff letter and amount they still require you to go through a dealer. CA is not a state that requires this (like say FL), so this is a Nissan / NMAC policy, which I assume is nationwide unless specifically prohibited by state law.
But like I said, sales tax, dealer fees, $300 to NMAC and you’ll still have plenty of equity with Carvana/Carmax.
Just tell the dealer you want to buy the car out (let them assume you’re keeping it). Call all the dealers in the area and see who will charge the least to facilitate this.
Interesting, so if you get your bank to arrange financing, they will let you do it through your bank. Never seen that option before. Maybe it varies by state.
Yeah, must depend on state. I’m in WI and only have the option for Dealer Assisted.
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