First of all welcome to TT!!!! 2nd call NMAC get payoff and get it faxed to you, then i would go to my own personal bank give them the payoff info let them refinance it and screw the dealer and there middle man fees.

 

Although I can't give you any advice in this, I do know from experience that Nissan sends reimbursement checks quickly after payoff.
Talk to an attorney and make sure the dealer knows you are/did.
Good luck.

Clint

 

bthelton, the quote from NMAC also has the $85 tacked on and I hope they make a correction and get the funds back to me. I tried to work around the dealer on the financing but unfortunately, I have to let a dealer buy the truck from NMAC and then I buy it from them. So I have to go through the unpleasant process of sitting there and trying to catch all of their dirty tactics. Again, I don't see anything in the contract that says I have to pay an admin fee to a dealer (it looks like a generic contract used nationwide, where in some cases it appears you could buy direct from NMAC) and this is what I'm ticked about (besides the fact they wouldn't send a payoff quote to the lender after I did the legwork).

 

i know sometimes the lease co. will call you and offer to finance the balance. Good luck with it and keep us informed

 

I leased my truck, made 3 payments then paid it off.

I went into the dealer to pay it off and they were giving me the run around big time saying I couldnt and all this jazz.

Called Wells Fargo, got the pay off and paid it off just like that. Got he pink slip a few weeks later.

Dont go to the dealer just go through the lease company.

 

Good point about the current lien holder (who has the lease loan) possibly working with you to allow you to continue financing with them. It is in their interest to do so as they could continue to make money off you that way (from interest payments). The "doc fee" or admin fee is a total BS charge. I worked in the biz for a few years as sales and a little in the finance dept. and can tell you it is a total scam to make more money, like a rust and dust fee or undercoating charge. I wouldn't pay it either; however, the dealer can charge whatever they would like. The admin fee is part of the negotiation process. Secondly, I don't know about the dealer saying he already bought back the truck. I would talk to the OG lender on this as far as how the buy backs work. Remember that you are in the power position here with NMAC, they would much prefer you to conntinue with them as a customer rather than go get another lender. Also, inform the dealer you have many options for a replacement vehicle, it is in their best interest to keep a customer rather than chase one away.

 

Maybe it's just due to state regulations, but I called NMAC about financing it a few weeks ago and they said I'd have to work through the dealer. I had intended on buying the truck at lease expiration from the beginning and am way over on mileage. Also, I just pumped some cash into it for the leaking transmission coolant lines and radiator, so I'm not in the mood to pay/walk away and start with a new vehicle. The thing I'm trying to lean on is that my lease contract specifies the purchase option/residual price and nowhere do I see language allowing a dealer to tack on an admin fee for facilitating the transfer from NMAC to me.

 

Well, the problem there is that the dealership has to be involved with the purchase price of the car. They can technically tack on any "charge" they want to, just like when new models come out, they can charge full price or actually a couple thousand dollars over if it is a hot car (people first paid a couple grand over sticker when the Z's first came out). You don't have to buy the car from them if you don't like the price.
In your situation though, you are gonna get penalized big for miles it sounds like. THe rhetorical question is why did you not do a traditional 5 year loan rather than a lease when you originally bought it if you knew you would keep the car? That really doesn't matter at this point, something to remember "next time."
I guess one of the last negotiating powers you have is to let them do the financing. They get paid by the bank for every car they finance. Propose that they can have the financing if they drop the admin fee. Last option is to ask a lawyer what they think can be done, but I'm afraid you don't have many options at this point, especially if you are over on miles and they know that you are gonna get a sizeable fee for it.

EDIT: Can you potentially take it to another Nissan dealership? Ask NMAC or what does the contract say about that.

 

I did have the option of going to another dealer, but I called the next closest and they gave me a line of crap about how they were having problems being double billed by NMAC for lease buyouts so they couldn't accomodate me. Truth be told, I'd imagine it's a lack of profit incentive for buying/selling the truck at residual.

The friendly finance department guy tried to warn me against spending 3-5 months dealing with attorneys over $299 out of principle; but that's exactly the reason I'm fired up over this.

 

When I do lease buyouts, there is a $150 fee which is tacked on to the price of the car which is outlined in the standard NMAC contract. This is called a "Disposition Fee." Usually, on top of that I charge sales tax, a documentation fee of $55.00 and any applicable DMV/registration fees.

That's it.

If the dealer won't work with you on the "administrative fee" then go elsewhere. Also, remember that Infiniti dealers can process the purchase paperwork for you.

Regarding the guy who said to call your bank and get a check for the payoff, it wouldnt quite work that way. The vehicle needs to be re-registered since it needs to be registered in your name with the bank as leinholder, as opposed to your name and the leasing co plus the leinholder. Also, there's sales tax to consider. I'd recommend going through a franchised Nissan or Infiniti dealer to eliminate confusion.

 

1st off the Admin Fee is BS, just their way to make a small profit...2nd as far as I know you dont' have to return a lease to the same dealer that you originally leased it from. If they're giving you a hard time take it to another dealer if there's one nearby. NMAC owns the truck, not that specific dealer.

 

Without the actual specifics, I'm kind of inclined to think that the residual may be more than what the vehicle is actually worth.

http://detnews.com/apps/pbcs.dll/article?AID=/20080429/AUTO01/804290318/1148

 

Without the actual specifics, I'm kind of inclined to think that the residual may be more than what the vehicle is actually worth.

http://detnews.com/apps/pbcs.dll/article?AID=/20080429/AUTO01/804290318/1148

This is precisely why it always makes better financial sense to turn it in and get a new truck. Otherwise you end up paying for the vehicle twice, in effect. Take for example the customer I leased a new Armada to yesterday. The total of the payments they have made so far equal about $30,000. For them to re-finance it and make 48 more payments, it tacks on another $23,088.00. For them, they will have paid $53,000 for that Armada at the end of their refinance contract, and it originally stickered for $40,000. Make sense?

 

This is precisely why it always makes better financial sense to turn it in and get a new truck. Otherwise you end up paying for the vehicle twice, in effect. Take for example the customer I leased a new Armada to yesterday. The total of the payments they have made so far equal about $30,000. For them to re-finance it and make 48 more payments, it tacks on another $23,088.00. For them, they will have paid $53,000 for that Armada at the end of their refinance contract, and it originally stickered for $40,000. Make sense?

Awesome advise! Just what I was looking for. I leased a "06 350Z that is up this fall. I love the car and would love to keep it (only 9000 miles) but at 50% residual, 30,000 sticker.....buy at 15,000? I dont think so, I can lease a new '09, and pay less over the long run. Down side is I dont have MY car that I fell in love with, but hey, still have my "07 KC off road" Which I bought, not leased.

 

I've never leased a car/ truck. But my advice be to first check if the pay off is less then Blue Book value. If pay off is more then the kbb then there is no use of buying it off.

 

Residual pay-off on a lease and KBB aren't the same. KBB is what it's worth now, Residual is what's left after all the payments you've made are subtracted from the price when the vehicle was leased. So if the vehicle was $40k when new, and you've paid $25k over 3 years, the residual SHOULD be around $15k. And it used to be that you could negotiate the end of lease buyout but now they're insured to any loses so...either "buy it or drop it off" is the attitude.

 

The other thing to remember is his mileage allowance. If you only have a lease allowing 15,000 miles a year and you average 20,000, they are going to charge you a fee per mile and pay a hefty amount for the extra miles (usually around $.25 per mile). That can add up quick. Honestly, unless you have a problem where you like to have a new car every three years and you enjoy making payments for life (essentially because you never own a vehicle and keep buying new ones), a lease doesn't make much sense for the average buyer, especially if you are going to buy it in the end. Best option is to buy a car outright and drive it till the wheels come off.

 

The other thing to remember is his mileage allowance. If you only have a lease allowing 15,000 miles a year and you average 20,000, they are going to charge you a fee per mile and pay a hefty amount for the extra miles (usually around $.25 per mile). That can add up quick. Honestly, unless you have a problem where you like to have a new car every three years and you enjoy making payments for life (essentially because you never own a vehicle and keep buying new ones), a lease doesn't make much sense for the average buyer, especially if you are going to buy it in the end. Best option is to buy a car outright and drive it till the wheels come off.

If you buy it at leases end, mileage doesn't matter. Some people lease because the monthy payment is cheaper. They don't care that it's more costly in the long run.

 

I think my mileage penalty is $0.15 per mile and it would cost a few grand. I chose to lease with the intent to buy now because I wanted to keep the payments low. I'd rather make a longer string of lower payments if it frees up cash to put more towards other goals. My lease rate was under 4% if I recall correctly and the buyout financing will be around 5%. My long term investments return more than that and my marginal tax rate (fed/state/city combined) is around 33%, so I'd rather tuck away additional funds instead of making truck payments at $800+ per month or whatever just to get it paid off as quick as possible. That's just my perspective and others may have different priorities.

 

I was talking about over mileage fees if you decide to turn it in. I know you don't get them if you keep the car.
That is also very true about lease payments being lower... sometimes. I guess that is all gonna depend on credit score and negotiating power and what the dealer's specials (financing) are when you buy.

 

As a follow-up to where this went, McCarthy Nissan held fast that they were entitled to rape me for an extra fee since they were arranging the financing (though they wouldn't release my payoff quote to the financing I had arranged, thereby holding me hostage). NMAC kept pushing it back, saying McCarthy wouldn't return their call and assuring me there would be no penalties since the dealer wouldn't close the deal. Then, after a month, a closer dealership (to my home) opened up and agreed to facilitate the lease buyout. I thought NMAC made good, but had more to follow.

Per my first post, I was told my $400 security deposit from the lease inception couldn't be applied towards payoff and would be refunded. So I wait a few weeks and it wasn't returned. I placed a call to the guy who had been my contact and left a VM, but didn't get a reply from him. A few weeks later, O called the toll free line and (after the customary wait-out period) got a front line CS rep on the phone, who informed me my $400 deposit had been sent to the dealer as part of the payoff. I called Lee's Summit Nissan, where the finance manager (who I had worked with) acted like he didn't know what happened to my deposit but after I went off "discovered" they had received a check for $313 and change and the receptioness "had applied it as a payment." So the dealer cut me a check for the money they had received and to date I haven't been able to get a reply from NMAC on my missing $86 and change. I know it isn't a lot of money but I feel like they are stealing what's mine. I have to call the 800-NISSAN1 re: my leaking exhaust manifold/federal emissions warranty coverage anyway, so I'll address this again with them.

And the funny thing is, today I get a call from the McCarthy Nissan dealership asking me to trade in on a new Titan with $1,500 loyalty refund.