Does anyone know if this only applies to 3rd party buyers or if you can still trade them in at a competing dealership?
This applies to third party buyouts. Otherwise you can trade to manufacturer dealerships.
My QX60 terminates the end of August. Got quotes from all of the normal players. My payoff amount is 35k, highest was from vroom at 30… looks like I’ll be riding out or even extending.
I was just on the phone with IFS and was told I couldn’t even go to a Nissan dealership. Had to be Infiniti. Wouldn’t trading in a car be the same exact thing? Are they gonna stop that next?
So now the only way to get the equity based on a 3rd party offer is to go to an infiniti dealer, buy out the lease then sell it to a 3rd party, right?
I had very similar thing happen. I leased an Infiniti in 2019, I was sick of the high payment and a local Mazda dealer was able to give me very very close to what I owed. I got an online payoff, called Infiniti, as well as the dealer called all confirming the payoff amount no where did they tell me third party payoffs were not allowed. This was back around April 23. Infiniti said they never received the check (I waited two weeks to call) and the day I called was the day their policy changed to no longer accepting third party payoffs. I said well I no longer own the vehicle what can I do. I received different answers from the 5 people I called into. I asked to speak to a manager and was told there wasn’t one there and they’d have to return my call in 3-5 business days. Long story short that Mazda dealer was able to convince the local Infiniti dealer here to send a check on their behalf, Mazda sent the money to them first then they sent it off. I filed a complaint with the CFPB because they changed the terms on me and we should not have gone through those hoops. I paid off what I was contractually liable for. Life changes for people and as long as the person is doing the right thing and paying off what is owed that should be all that matters. Anyway, I submitted a complaint with the CFPB. I encourage anyone else to do the same thing. They should trust their brand and not force us into these no third party payoffs. Here is the link if anyone else wants to file a complaint too. https://www.consumerfinance.gov/complaint/
Effective May 10th, Nissan/Infiniti will not allow 3rd Party Buyouts
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I sold my Infiniti to carmax on May 4th, They sent out a check on May 7th, Infiniti received the check on May 12, and my account was closed on May 21st. If you had a signed paper that you sold the car prior to May 10th you should not have had any issues.
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Hi, I have a quick question. Did you have MSDs on your Infiniti Q50 lease? I have an offer from Carmax for more than the residual value. I was thinking of selling to them. But I have $3k refundable MSDs. Did you get yours back? Any experience with same? Do we get it back?
Thanks
Infiniti won’t sell to carmax (or anyone else) anymore, so your option is to buy out your lease yourself, in which case your MSDs will be applied to your pay out (or you’ll pay out more and then get them returned separately).
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I did not have MSDs, but it’s too late now. After May 10th Infiniti will not sell to anyone other than a Infiniti dealer unfortunately.
Thank you @Ilya_Kipnis @mllcb42
That helps clears the confusion. Now to think if I should buy it out or return. It only has like 22k miles on odo. So that’s a plus and with cars prices very high, it makes sense to just keep it. Thoughts?
Thank you
Mike
Is there anything that would prevent buying out the lease yourself and then selling to any 3rd party of your choice?
Sales Tax would be the hinderance in a lot of cases
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And the time it takes to get the title.
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Isn’t sales tax included in each lease payment that is made? so should be a wash…
When you buy it out, you’re paying sales tax on the entire purchase price of the vehicle.
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Apples and oranges, In a lot of states you are paying sales tax on the lease payment. So if your lease payment is $100 and sales tax is 9% your total payment is $109. When you go to buy the lease at the end (or during I guess) you have to pay sales tax. So if your buyout is $30k and you have to pay sales tax of 9% your purchase is actually $32,700 (plus any dealer/lender fees). So if the offer is $32k and you have to pay $32,700 it doesn’t quite work out.
In states where you have to pay tax on the value of the vehicle up front then that is entirely different.
The general idea that most seem to miss here is that you do not own the car, you are renting the car. The lender owns the car and you have to purchase it from them, hence the sales tax. It is not your asset to dispose of until you purchase it. Some lessors, as a courtesy, allow you to sell the vehicle early.
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So does the Infiniti finance website payoff amt include the tax? For my '19 QX60 it’s showing a payoff amt of $31,0444. I would think this would be the total of what they want…
Carvana offered $30,148 so a difference of around $900 which would be cut in half though because the disposition fee is waived in a buyout… so for around $400 I could get out of the lease early…
forgot to mention that I’m in IL and sales tax was included in each monthly pmt…