Also, you could try doing an AutoNation instant offer. If the number comes back somewhat decent, try to see if there’s a Nissan autonation dealer near you who could buy out the lease.
Or I think an edmunds instant offer also gives you a list of dealerships who are interested. Maybe one of them might be a Nissan dealer.
Responsive Dealership GM said
“If I did it, you would not have to pay taxes. I would ground the lease and do a dealership purchase… you would not have to do a thing. I would be able to give you a check for $1000 and you would be done. Please let me know.”
Now, that being said, if this Carmax thing had worked out I’d walk away with about $2300 so this is $1300 less. That being said, it’s still money in my pocket which is more than I get if I keep the lease to term and turn it in. It also prevents me from having to make my last few payments (which would happen either way I guess.)
I would jump on that 1k in a heartbeat. Any equity at this point is money in your pocket and unfortunately Carmax and NMAC can’t seem to get their information to each other straight. Just my 2 cents. It would cost you your remaining monthly payments and $395 just to turn it in and walk away assuming the car is in showroom condition and it doesn’t need tires, brakes, you name it.
Yeah you’re probably right. I still have 5 payments left too. And I don’t have to go back to work until the second week of June and my wife and I can easily survive with just her car until then. This gives me time to shop around and look for a less expensive option for my next vehicle. Otherwise I’m paying $425 a month five more times plus the $395 turn in fee. Also the dealership is a few minutes away so I can literally walk home if I need to, haha
Update. I took the $1,000 deal. I drove to the dealership, talked to the GM, signed a form, got my check, and was home and depositing the check in my bank account via mobile deposit… all within 15 minutes. That was the literal easiest car transaction I’ve ever done. (The GM is probably selling it to CarMax right now - LOL.)
There is a rental car shortage - between putting 580 credit scores in cars and filling up the Hertz lot with mediocre products they’ve got a busy few years ahead!
you wont get anywhere with NMAC so just give it up. It took me months to get my account closed after payoff by those idiots and i was given the run around from CSR to higher up’s every single time. It took me visiting my local dealership and talking with the GM to have her reach out personally to “her people” at NMAC to get my account closed. I was about to lawyer up after month 3. They still owe me a payment i have sent in as good faith while my account was closed, but after 2 months i was done. They put a negative remark on my credit score, but finally reversed it after it was said and done. If you think its bad getting them to take the payoff…GL getting ur account closed.
I fed up with hearing different thing from different agent, seems every time I call I got different answer, I just opened a complaint against them with CFPB (Consumer Financial protection Bureau).
Just sold a leased Infiniti QX60 to Algo that was picked up a week and a half ago and the payoff check was sent to IFS and based on UPS tracking received on Monday this week. The payoff still hasn’t reflected in my transaction history after logging into IFS and reading these posts am starting to get nervous about games being played with marking the payoff successfully and closing the account. Thought I was done with everything when the car was picked up!
Hopefully all goes well, Monday was only a few days ago. I would give it a week or 2 and hopefully by then they close the account out. My account was closed over a month ago and Nissan still hasn’t reported it closed on my credit report.
The more stories I hear like this, the happier I am I just went over to the dealership and sold it to them.
Now the fun part - finding a new car without being stuck in an NMAC lease. I’m going to take my time because I’ve been working from home for the last 14 months and have at least one more month of working from home before I have to start going back to the office. Also, my wife works from home but is starting law school in August. So we can survive on one car for at least 1, 2, maybe 3 months, which will allow me to hopefully save some money and take the time to get what I want.
Did my virtual FaceTime ALGo quote yesterday and he called bull with NMAC he said that he hasn’t had issues recently, They’d definitely put up a fight if Nissan wouldn’t allow it
I hear you! Regarding the new car what I did is bit on the leasing the Audi etron last week with the Costco deal that expired and all the incentives, I probably have at least several thousand dollars in equity right away on the car. Also intentionally wanted only a EV just in case I have to personally buy it out to sell to a third party its the only way to avoid paying sales tax since NJ exempts it for electric vehicles!
Hi there has been rounds of news that NMAC did stop accepting third party purchases over the past few days.
I contact ALGo and the rep mentioned that they also heard similar around the NMAC ending third party buyout. He said that because we started the process before that date, the bill of sale and other documents will serve that the bank will honor the payout. He said they have to contact the bank first for permission to buy out the car and if they bank had denied it they would’ve not proceeded with the purchase. I’ll keep you posted.
I’ll continue to monitor the process and hope for the best.
I finally had the nerves to call Nissan. Didn’t want to spoil my day. My payoff check arrived 5/7 instead of 5/10 she notated the account with the tracking and stated that I’ll need to wait a few days for it to clear.
After all went fine I asked about third pArty buyouts and she said that ends on Monday 5/10. Earlier ALGo said 5/11 so seems as though there are floating days.
She said the fact that it was received before, my account would not be impacted and they’ll accept the pay off.
Once the account is closed, I’ll sleep better at night.
I sold a Infiniti to carmax a week ago, before any of this third party news came out. I called 3 different representatives at Infiniti who all said policy starts on 5/10 and deals done prior to that will be honored.
if you are in the tristate and are trying to get out of a NMAC lease early, please PM me. i can try to help.
My pick up is from ALGO is for Monday 5/10, documents signed on 5/4 will let you know how it plays out. As someone mentioned before im not worried since if they couldn’t buy out the car from the beginning i would’ve been denied off the bat.
You definitely made the right choice. I had exact same experience like you. Last Friday I was at CarMax and NMAC didn’t share the pay off amount with CarMax then I called NMAC. They hold me on the phone for 15 mins and then hung up. I called back and the call center is closed.
I talked to NMAC today and they told me that starting from today they no longer sell cars to 3rd party dealers. So frustrating. I was thinking buying my self and selling to CarMax but maybe I can try to sell to Nissan dealers if they agree.
I currently have Nissan Rouge SV (hybrid, awd) with lease ending in end june. I shopped around a bit and saw that CARMAX is offering me a 3.2K higher value than the lease buyout price. Talking to NMAC they were adamant that only a Nissan dealership or a bank can facilitate a buyout and no other dealerships can.
I have only 14.9K miles on the car and the inspection report came back with no damage cost at lease return.
Is this true? Also what are my other options as I do not want to buyout the car and have to pay sales tax first and then sell it.