Yay, today I login to Infiniti financial services and finally see “account closed”!!! Sold a QX60 to Algo that was picked up on 4/24 and the payoff check was received by IFS on 5/3. It kept showing it was open with payments due until yesterday. Finally have that stress off my back, but it sucks that going forward doing this wont be allowed!
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Any idea what date Algo sent the check and when infiniti said that they received it ? Carmax sent my check on 5/7 to Infiniti. Thanks !
Algo notified me by email on 4/28 that the payoff check was sent by UPS and based on the UPS tracking information it was received by IFS on 5/3.
I never heard from IFS that they actually received the check but only today the account is showing up as closed and was still active until yesterday.
Thanks, you’re one of the first positive words on here of a deal actually closing haha. I feel much better now.
I found a dealer willing to buy at KBB offer price and finally I was able to sold the car to them. Their offer was $750 below CarMax but all process took like less than 15mins.
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So this just happened to me too. Got Carmax offer for $5k over payoff on 5/9. Went to Carmax on 5/11 and they couldn’t reach NMAC due to it being late on the west coast. Then today they tell me they wont let Carmax buy out the lease. I don’t understand how they can change the rules after you sign a lease. I always use the potential for positive equity as a calculation for how good a deal it is.
Anyone think this thing is worth fighting?
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You can fight all you want but there no prizes at the end. Apparently the bank has the power to limit how you sell the car that they own. I’m not sure how many people would not lease a car if they heard this rule would be changing. Lots of banks have starting restricting third party buyouts or gave a higher buyout for these type of buyouts.
You have two options:
- Try to get a dealer to match or come close to the buyout
- Buy but it out If you have free cash, pay the taxes then sell to carmax since you’ll have the title. If your positive equity is still huge, it’s worth it.
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Not worth fighting. No where in the lease terms to does it say anything about allowing third party buyouts, the lease only covers the agreement between you and the lender. They used to offer the third party buyout option basically as a courtesy because it benefitted them too. It’s not benefitting them anymore, so they’ve decided not to. It’s frustrating AF, but we don’t have any ground to stand on because they’re not required to let someone else out our lease per the contract. As stated above, your best option is to try to find a local in brand dealership thats willing to offer you more for it and let them do the buyout, or you could buy it and then sell it to carmax once you have the title, but this option is considerably more effort, you’ll have to pay taxes, etc, and it’s a gamble on if the offer will be the same by the time you get the title
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After the sale with carmax fell through I contacted approx. a dozen Nissan dealerships this past week regarding what they would offer me for a buyout. Some of them tried to bullshit me or give me the runaround about getting into a new car, but I wasn’t having it. Most of my offers were $500-$1000 over the residual, but I found a big Nissan dealership the next state over (about an hour away) who’s online appraisal offered me $2,400 over the residual. Drove there yesterday, they confirmed the amount once they appraised the car in person, so I immediately signed the bill of sale, odometer statement and title transfer. Their dealership does have a policy that they don’t cut the check until the title comes in (they estimated 7-10 days) but otherwise the process at the dealership was quick and painless. Hey, it wasn’t the 5k carmax offered me, but I’m happy with the 2.5k and not being on the hook for any disposition or wear and tear fees from Nissan. I’m glad that I took the time to research and reach out to so many dealerships to get the best deal possible. Thanks to those on this thread for sharing your experiences as well, it was definitely helpful! Phew! Now to figure out my next vehicle. Haha
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That’s great to hear. Hopefully you get your check without issue. I’m also in the “now to figure out my next vehicle” situation. This whole process has changed the way I view leases so I’m trying to find a good deal on something used…but of course, used vehicles are more in demand right now, so round and round I go, lol.
Haha yeah. My fingers are crossed. The bill of sale seems pretty clear that they owe me $2,400 so hopefully that will be without hitch. And yeah, honestly the deals are pretty crappy right now to buy or lease, new or used, but hopefully we’ll find the right fit. Good luck 
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Nissan responded back to my complain with CFPB, they accepted the check and i can see the account is closed, one of their supervisor called me to confirm that and she also told me to discard any other statements. but as far as she said , they Honor all the deal prior 5/10.
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Well done to you and GMTV. Shitty thing Nissan’s pulling, you handled that like a pro.
I’m Glad everything is resolved. I tried finding tour post with the original issue. If you have not shed light, what exactly was your issue with them?
Great workout, i am in MA can you tell me what nissan dealer you were able sell the car?
So I had gotten quotes from a handful of dealerships for between $500-$1000 over the residual but I ended up stumbling upon Boch (N. Attleboro) accidentally because I did an online appraisal on truecar.com which was much higher than KBB or tradepending. At the end of the online appraisal it gives your info to a local dealership that’s interested in buying your car, so Boch Toyota texted me shortly after. I disappointedly explained to them via text that unfortunately only a Nissan dealership can buy the car. They told me that their Nissan dealership is next door and the used car sales Manager is the same for both brands so it didn’t matter, I could come to their Toyota store where his office is and they’d just process the buyout through the Nissan side. I was a little wary because on their website they had a widget for a tradepending appraisal so I thought when I got there they might use that lower appraisal number instead, but they made it super easy and hassle free. When I got there, I expressed my concern and how I had felt low-balled at the other dealership so he just asked point blank “how much do you want for it?” I said I wanted the appraisal amount that truecar had given me (the $2,400 over residual). He looked the car over and agreed to the amount without any need to negotiate further. He let me know they’d put my check in the mail for the difference as soon as they got the title. They called me on Thursday to confirm my address to mail the check, so I assume I’ll get it in the next couple days.
I do think having done multiple different online appraisals, most importantly the truecar one which had connected me to their dealership made the difference in how much I got for it. They might have used the lower kbb or tradepending estimates if I had not sought out a better offer.
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So I’m trying to sell my husbands Q50 lease that is due in December. Caravana is offering me 28,000
8,000 more than I owe at the moment. I can’t sell it anywhere tho! infinity is low balling us at 24,000. Wtf! So frustrating… Algo just offered 29,000… ugh
You can purchase it yourself and then resell it
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Wow getting 4k in cash is lowballing? 20k is lowballing. 24k is good play money
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Like Matt said, buy it out yourself. 8/9K is a lot of play room for taxes and such.