ljwobker
Posts: 68
Joined: Sun Sep 16, 2012 12:28 pm
Delivery Date: 10 Aug 2012
Leaf Number: 025408
Location: Raleigh, NC

Lease buyout fees

So I've never bought out a lease before, but the current value of my 2019 is about 6-7k higher than the purchase option price, so it's financially insane not to extract that equity. I got a payoff quote from NMAC, but evidently the buyout *has* to be done through a dealer, and they're adding on all sorts of shit to the purchase. Is this normal? The quote I got was:
- the purchase price from the lease contract
- $350 added to that for the lease termination fee
- $700 added to that for doc fees (lord, deliver me from doc fees, right?)
- another $330 for "Accessories" -- what the hell is this?

is this normal? I realize most of the time that the value of the car is either less than the residual or close enough that none of this matters, but with the significant equity here I'm playing in a new sandbox, and so far it's full of shit.
my LEAF history... red 2012 S, gray 2015 SV, silver 2019 SV
LeftieBiker
Moderator
Posts: 18707
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 30 Apr 2018
Location: Upstate New York, US

Re: Lease buyout fees

You owe ONLY those fees that were listed in the lease documents, and ONLY those amounts. You should be able to take the car to a place like Carmax, and offer it to them to buy out the lease. Finally, you should be able to offer it to multiple Nissan dealers to buy. I "sold" my leased 2018 SL back to the dealer I leased it from for about $1500 in credits toward my next lease.
Brilliant Silver 2021 Leaf SV40 W/ Pro Pilot & Protection
2009 Vectrix VX-1 W/18 Leaf modules, & 2 lithium E-bicycles.
BAFX OBDII Dongle
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.
CJBROWN
Posts: 25
Joined: Sat Nov 01, 2014 5:26 am
Delivery Date: 01 Nov 2014

Re: Lease buyout fees

I can't say for sure, but Carmax has a list of manufacturers that they cannot buy out leased cars from. Nissan may be one of them.
They are getting crafty about wording and want the cars turned back in, or try to force you to lease another one from them.

I was surprised, I was going to sell them my leased car through Chrysler Capital, and they were fine with that. Ended up selling it to another car broker for $1500 more, so Carmax isn't the end-all do-all. But Carmax did have an extensive list of 'no-go' car financing companies.

The only way around this is to buy the car out directly from your lease source. If your state charges sales tax you'll owe that. In many cases, with today's used car values you'll likely still come out ahead. But the assumption that you can just sell the car to a third part is no longer true or valid.
SageBrush
Posts: 7236
Joined: Sun Mar 06, 2011 2:28 am
Delivery Date: 13 Feb 2017
Location: NM

Re: Lease buyout fees

CJBROWN wrote: Fri May 13, 2022 8:43 am I can't say for sure, but Carmax has a list of manufacturers that they cannot buy out leased cars from. Nissan may be one of them.
Nissan is on this list from 2021
https://cars.usnews.com/cars-trucks/lea ... strictions

Buy the lease, and then sell the car.
2013 LEAF 'S' Model with QC & rear-view camera
Bought Jan 2017 from N. Cal
Two years in Colorado, now in NM
03/18: 58 Ahr @28k miles. 10/21: 53.4 Ahr @ 40k miles
-----
2018 Tesla Model 3 LR, Delivered 6/2018. Sold 11/2021, awaiting Tesla Model Y
LeftieBiker
Moderator
Posts: 18707
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 30 Apr 2018
Location: Upstate New York, US

Re: Lease buyout fees

Or, if you would like to lease again, negotiate as if you are getting X amount of cash back, to be applied to the new lease. I got the Protection Package for my '21, and got the 3 year lease extended to 4 years, when I turned in my '18 SL. And that was with the dealer knowing that it had been hit and repaired.

I'm also considering an offer my housemate made me: I buy my '21 off lease, resell it, and she gives me the lease on her loaded '20 SV+, provided she gets to keep using it when I don't need or want to. I could then use whatever I got above the lease buyout towards buying the SV+ when the lease ends.
Brilliant Silver 2021 Leaf SV40 W/ Pro Pilot & Protection
2009 Vectrix VX-1 W/18 Leaf modules, & 2 lithium E-bicycles.
BAFX OBDII Dongle
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

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