kubel
Well-known member
You can do it by mail (write a check to NMAC) or you can do it via the dealership (who can provide you with financing if needed).
morlglums said:Do you know if you have to go through the dealer you leased the car from or can you go to another dealership? There are several in my area. The lease itself is through NMAC so it seems like you should be able to do it without a dealership at all.
TimLee said:Apparently the residual reduction varies.
Is it based on location where the leasee lives?
Is there a list of what is offered where?
Roadburner440 said:My dealer had a hard time getting the information in January, but it was on NMAC's side. As they really wanted to help me buy out the car, but whenever the finance guy called NMAC to figure out how to do the residual reduction so I could buy my car (as the dealers system still showed my higher payoff) they kept giving them the run around. All he told me was after a week of trying he had to call a special number to get the authorization to do the residual reduction. Once they got that thought it was a cake walk. Signed the papers, did the DMV forms, and I walked out within the span of about 30ish minutes.. So if they are having difficulty with it try calling NMAC on your end too, and getting an email/confirmation number or something of that nature. It sucks but is worth it in the end.
For the documentation fee the ONLY fee that you are obligated to pay is the one on your lease contract. Ironically my dealer was the one that points it out to me. I guess now it is $400-$500 now, but when my contract was written in 2012 it was for $300. So they had to honor that amount as that is what was agreed upon when the lease was written whether I bought the car or turned it in. So if you look on the front of your contract you can see what the fee is. If they try pulling some hokey stuff refuse, and kindly point to them that they are obligated to honor the leasing contract when it comes to the buyout fee. I will say though that the contracts may have changed since 2012 too, so they might be able to stack on their own fee's which would be cruddy.
gsleaf said:Bazooka, thanks for sharing. I'm considering buying out my lease as well. I didn't think it would be all that difficult.
Bazooka said:gsleaf said:Bazooka, thanks for sharing. I'm considering buying out my lease as well. I didn't think it would be all that difficult.
Yeah, I didn't think it would be either. After all, these guys are in the business of selling cars, so why should it be such a hassle to, you know, buy a car from them???
One other detail: In chatting with the finance guy, he confirmed that the "doc fee" would be $75, which happens to be the max. allowed in my state (NY).
Frankly, I still expect there to be at least one moderately nasty problem or surprise between now and this little adventure being over, but it's looking more and more like there won't be any showstoppers.
woodyas said:Just got the new contract from Nissan for the extended lease...and NOTHING in the contract about month-to-month. Verbiage about giving you 2 free months--but leery about signing this with nothing in writing saying I can turn it in any month after the initial term of lease ends.
Did anybody else do the extended lease? And if so, any more info on this month-to-month?
Thanks.
martyv said:Yep, I signed the same extension, was surprised to be given the two months free right after signing the lease. I was leary about the month to month, so I got it in writing from NMAC that the vehicle could be returned at any time... they're don't seem to be any gotcha's!
JeremyW said:martyv said:Yep, I signed the same extension, was surprised to be given the two months free right after signing the lease. I was leary about the month to month, so I got it in writing from NMAC that the vehicle could be returned at any time... they're don't seem to be any gotcha's!
You can turn it in at any time and not have to pay any remaining payments from the extension?
JeremyW said:Well that sounds awesome, and that they really really don't want the cars back. One more question, what about milage? Do you get any more miles or is it just what is allocated in the lease contract?
martyv said:Yep, I signed the same extension, was surprised to be given the two months free right after signing the lease. I was leary about the month to month, so I got it in writing from NMAC that the vehicle could be returned at any time... they're don't seem to be any gotcha's!
woodyas said:Just got the new contract from Nissan for the extended lease...and NOTHING in the contract about month-to-month. Verbiage about giving you 2 free months--but leery about signing this with nothing in writing saying I can turn it in any month after the initial term of lease ends.
Did anybody else do the extended lease? And if so, any more info on this month-to-month?
Thanks.
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