Thanks for the input everyone. I am seriously considering the reliability issues that you point out, I wasn’t aware of them until you brought it to my attention.
Either way Step 1 is the same for both approaches. I need to purchase it before I can cash out the supposed equity or take ownership for the long term. I am working with the local credit union to get the ball rolling, and a check cut to NMAC. With about two months to spare that will hopefully give me some buffer if NMAC refuses to cash the check, and pushes back on their CS reps agreement that I didn’t have to go to a dealer.
Again, Powertrain is covered with a 5/60K warranty. So no risk to the OP if he keeps the Rogue another 12-18 months assuming no new vehicle/price meets his needs.
Not sure the tone of why so confrontational, But whatever…
Of course. But having engine/transmission components covered under warranty is the biggest risk on any vehicle.
Back to the original premise. If the OP really does have 8K of equity (after Nissan BS dealer fees, lease end fees, and other creative dealer fee adders, FUD and misdirections), and can find a suitable replacement at a reasonable deal (CX5/base CX-9, Rav4?) then he will be in a strong position. I’d personally take the cash out and go buy a new Mazda SUV which seem to be one of the few reasonable deals out there. If the OP is more comfortable to buy out the Rogue and keep for 12-18 months until the market rebalances, that’s an option too as long as the risks are understood. Lexus NX?
Another welcoming reply, but the OP has to line up his numbers on all fronts to make the best decision for his needs. Whether it be to buy out and keep for a short period of time (with a full powertrain warranty in tact) through some or all of the current market or to cash out whatever maximum “lease equity” can be attained - while finding an acceptable replacement vehicle.
Assume a misunderstanding, but $8K references the perceived lease equity the OP believes they have in the Rogue - which may or may not be real after all the NMAC and Nissan gymnastics.
I am simply saying do your homework to maximize the current equity and to check numbers with NMAC and factor in possible state sales tax issues first if buying out the lease and driving the Rogue for a TBD period of time or just immediately flipping to a third party like Carvana. Whether it be 8K, 6K or whatever don’t let your guard down on the buy out portion of the transaction.
Avoid any Nissan dealer like the plague if they can entirely be cut out of the lessee buy-out transaction. Lucky dog, if that is possible, since that isn’t the case here in Florida.
This all assumes the OP can find and negotiate an acceptable deal on an acceptable replacement vehicle that meets his needs and timeline. Plenty of advice on this thread on possible solutions. Fortunately no one (has yet) tried to put the OP into a minivan
@Freefall_Doug, did you have any success with buying out your leased Rogue without involving the dealer? We’ve been hearing differing experiences on whether NMAC requires consumers to do a dealer-assisted buyout, rather than a direct purchase. Curious to hear what your experience has been like!
I was able to successfully close the purchase with the help of my local credit union. No dealer involvement, as far as I am concerned the dealers in the area can pound sand, and I wouldn’t purchase free money from them in the future.
NMAC customer service was able to get me a scan of the title, and their website generated a purchase letter.
That was ultimately all I needed to complete the purchase in MA. NMAC accepted the check, I see it on my account, and the account is now showing as closed. Now I am waiting for the title to get sent to the credit union so I can finish the registration and sales tax side of the equation.
