DaveinOlyWA
Posts: 13841
Joined: Sat Apr 24, 2010 7:43 pm
Delivery Date: 16 Feb 2018
Leaf Number: 314199
Location: Olympia, WA
Contact: Website

Sat Apr 27, 2019 10:38 am

jjgilham wrote:I was curious about the strategy you mention. If I overpaid, would they just credit it to my account and lower the payoff value? I asked two different people on the Leaf-line (800 854 3310) and they both said that NMC would not accept over payment which is a shame.

Why they don't have it setup so you can just send them the balance owed to execute a buyout? It does appear that banks can do that and the best "buyout" option may be buying the car out through a bank or credit union. My credit union sets up a loan for the balance, there are no fees, they become the lien holder and it does not appear there are dealer fees involved. The credit union charges no fee for early payoff so I could just settle with them at my leisure. Has anyone tried this?

When I was investigating buyout my local dealer (Eastside Nissan, Redmond WA) wants to cut themselves in for $1500 for handling the buyout. I told them no-thank you. When I later told them that another dealer (Younker Nissan, Renton WA) would do it for $300 they said they would as well. This is Just disgusting in my opinion. I've got no problem with them making a little bit on the transaction as it is some paperwork etc. but I think a few hundred is more than plenty.


SHOP AROUND!!

You can purchase your lease from any Nissan dealership in the country. I would pay no more than the stated $300 (or whatever it is) Realize its costing the dealership a fraction of that cost to process your paperwork AND they still get a cut from NMAC for handling the transaction.

Check with Ray at Everett Nissan. He may not be able to give you the best deal but he will be honest about what your options are.
2011 SL; 44,598 miles. 2013 S; 44,840 miles.2016 S30 deceased. 29,413 miles. 2018 S40; 15,000 miles, 478 GIDs, 37.0 kwh 109.81 Ahr , SOH 94.61, Hx 120.15
My Blog; http://daveinolywa.blogspot.com" onclick="window.open(this.href);return false;

LeftieBiker
Moderator
Posts: 12016
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 30 Apr 2018
Location: Upstate New York, US

Re: End of Lease Strategies?

Sat Apr 27, 2019 2:06 pm

Nope. Its a contract that means payment balance is run to zero. Residual value is the terms of a new contract; used car purchase. He would simply be refunded the difference.


Our mortgage was also a legal contract. We made modest over-payments for about 10 years and were able to pay off the house about 3 years early, saving thousands of dollars. It all depends on the wording.
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

DaveinOlyWA
Posts: 13841
Joined: Sat Apr 24, 2010 7:43 pm
Delivery Date: 16 Feb 2018
Leaf Number: 314199
Location: Olympia, WA
Contact: Website

Re: End of Lease Strategies?

Sat Apr 27, 2019 5:12 pm

LeftieBiker wrote:
Nope. Its a contract that means payment balance is run to zero. Residual value is the terms of a new contract; used car purchase. He would simply be refunded the difference.


Our mortgage was also a legal contract. We made modest over-payments for about 10 years and were able to pay off the house about 3 years early, saving thousands of dollars. It all depends on the wording.


As different as you can get. A lease has specific payment, length, etc. You can pay lease off earlier and save a few dimes on rent charge but that won't change the residual unless you change the term of the contract. Get an extension. That would do it.
2011 SL; 44,598 miles. 2013 S; 44,840 miles.2016 S30 deceased. 29,413 miles. 2018 S40; 15,000 miles, 478 GIDs, 37.0 kwh 109.81 Ahr , SOH 94.61, Hx 120.15
My Blog; http://daveinolywa.blogspot.com" onclick="window.open(this.href);return false;

LeftieBiker
Moderator
Posts: 12016
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 30 Apr 2018
Location: Upstate New York, US

Re: End of Lease Strategies?

Sat Apr 27, 2019 5:17 pm

How about you just admit that "Nope. Its a contract that means payment balance is run to zero." was a little too general?
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

72andsunny
Posts: 16
Joined: Fri Apr 14, 2017 9:53 pm
Delivery Date: 23 Oct 2015

Re:

Sat Jun 01, 2019 10:51 am

DaveinOlyWA wrote:
jjgilham wrote:I was curious about the strategy you mention. If I overpaid, would they just credit it to my account and lower the payoff value? I asked two different people on the Leaf-line (800 854 3310) and they both said that NMC would not accept over payment which is a shame.

Why they don't have it setup so you can just send them the balance owed to execute a buyout? It does appear that banks can do that and the best "buyout" option may be buying the car out through a bank or credit union. My credit union sets up a loan for the balance, there are no fees, they become the lien holder and it does not appear there are dealer fees involved. The credit union charges no fee for early payoff so I could just settle with them at my leisure. Has anyone tried this?

When I was investigating buyout my local dealer (Eastside Nissan, Redmond WA) wants to cut themselves in for $1500 for handling the buyout. I told them no-thank you. When I later told them that another dealer (Younker Nissan, Renton WA) would do it for $300 they said they would as well. This is Just disgusting in my opinion. I've got no problem with them making a little bit on the transaction as it is some paperwork etc. but I think a few hundred is more than plenty.


SHOP AROUND!!

You can purchase your lease from any Nissan dealership in the country. I would pay no more than the stated $300 (or whatever it is) Realize its costing the dealership a fraction of that cost to process your paperwork AND they still get a cut from NMAC for handling the transaction.

Check with Ray at Everett Nissan. He may not be able to give you the best deal but he will be honest about what your options are.


My local dealer wanted the $300 transfer fee, $340 doc fee, $20 license fee, and sales tax. I kept trying to find a more reasonable offer (and I had several without the $340 fee), but they all wanted me to bring the car in. I’m in Hawaii, which I didn’t keep a secret. They all said they couldn’t do the sale (even the people recommended on this thread). Finally, a salesman in Washington said any financial institution could take care of this for me. So I called USAA, my payoff amount was the actual number provided by Nissan Finance. No fees at all (even the $300 specified in the lease contract). I’ll have to pay $10 when I take the title to the DMV and I assume sales tax. I’ll update as soon as I get the title.

DaveinOlyWA
Posts: 13841
Joined: Sat Apr 24, 2010 7:43 pm
Delivery Date: 16 Feb 2018
Leaf Number: 314199
Location: Olympia, WA
Contact: Website

Re: Re:

Wed Jun 05, 2019 6:38 am

72andsunny wrote:
DaveinOlyWA wrote:
jjgilham wrote:I was curious about the strategy you mention. If I overpaid, would they just credit it to my account and lower the payoff value? I asked two different people on the Leaf-line (800 854 3310) and they both said that NMC would not accept over payment which is a shame.

Why they don't have it setup so you can just send them the balance owed to execute a buyout? It does appear that banks can do that and the best "buyout" option may be buying the car out through a bank or credit union. My credit union sets up a loan for the balance, there are no fees, they become the lien holder and it does not appear there are dealer fees involved. The credit union charges no fee for early payoff so I could just settle with them at my leisure. Has anyone tried this?

When I was investigating buyout my local dealer (Eastside Nissan, Redmond WA) wants to cut themselves in for $1500 for handling the buyout. I told them no-thank you. When I later told them that another dealer (Younker Nissan, Renton WA) would do it for $300 they said they would as well. This is Just disgusting in my opinion. I've got no problem with them making a little bit on the transaction as it is some paperwork etc. but I think a few hundred is more than plenty.


SHOP AROUND!!

You can purchase your lease from any Nissan dealership in the country. I would pay no more than the stated $300 (or whatever it is) Realize its costing the dealership a fraction of that cost to process your paperwork AND they still get a cut from NMAC for handling the transaction.

Check with Ray at Everett Nissan. He may not be able to give you the best deal but he will be honest about what your options are.


My local dealer wanted the $300 transfer fee, $340 doc fee, $20 license fee, and sales tax. I kept trying to find a more reasonable offer (and I had several without the $340 fee), but they all wanted me to bring the car in. I’m in Hawaii, which I didn’t keep a secret. They all said they couldn’t do the sale (even the people recommended on this thread). Finally, a salesman in Washington said any financial institution could take care of this for me. So I called USAA, my payoff amount was the actual number provided by Nissan Finance. No fees at all (even the $300 specified in the lease contract). I’ll have to pay $10 when I take the title to the DMV and I assume sales tax. I’ll update as soon as I get the title.



GREAT NEWS!!

You wouldn't by chance have the name and location of that salesman?
2011 SL; 44,598 miles. 2013 S; 44,840 miles.2016 S30 deceased. 29,413 miles. 2018 S40; 15,000 miles, 478 GIDs, 37.0 kwh 109.81 Ahr , SOH 94.61, Hx 120.15
My Blog; http://daveinolywa.blogspot.com" onclick="window.open(this.href);return false;

72andsunny
Posts: 16
Joined: Fri Apr 14, 2017 9:53 pm
Delivery Date: 23 Oct 2015

Re: End of Lease Strategies?

Fri Jun 14, 2019 3:56 pm

It was your guy in Everett.

In other news: Nissan Finance has screwed me. They cashed the check from my bank and after I called twice asking where my title is, have told me that only a dealership in Hawaii can handle the transaction. Thanks for telling me before I took out an auto loan that I only took out because you told me to. Anyway, they’re checking to see if they can keep my check and I can just show up at a dealership to sign paperwork.

DaveinOlyWA
Posts: 13841
Joined: Sat Apr 24, 2010 7:43 pm
Delivery Date: 16 Feb 2018
Leaf Number: 314199
Location: Olympia, WA
Contact: Website

Re: End of Lease Strategies?

Fri Jun 14, 2019 5:06 pm

72andsunny wrote:It was your guy in Everett.

In other news: Nissan Finance has screwed me. They cashed the check from my bank and after I called twice asking where my title is, have told me that only a dealership in Hawaii can handle the transaction. Thanks for telling me before I took out an auto loan that I only took out because you told me to. Anyway, they’re checking to see if they can keep my check and I can just show up at a dealership to sign paperwork.


Ray is DA MAN!!

As far as NMAC; why does it seem like there is never an easy answer when they are involved?
2011 SL; 44,598 miles. 2013 S; 44,840 miles.2016 S30 deceased. 29,413 miles. 2018 S40; 15,000 miles, 478 GIDs, 37.0 kwh 109.81 Ahr , SOH 94.61, Hx 120.15
My Blog; http://daveinolywa.blogspot.com" onclick="window.open(this.href);return false;

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