This is to anyone who has leased, and chose to buyout.

Was there any issues with this when you chose to purchase the Z instead of give it back?

Was there any extra fees?

Catches?

Thanks,
Sully

 

If you decide to buy it out... from my understanding. Its just that.... There shouldnt be any extra fee's. Just whatever you have left

 

No extra fees or catches here. Buyout price plus sales tax.

 

No catches. Just remember you will have to pay sales tax and tag/titles fees. Also make sure the dealership quotes you the correct buyout price (which you can get by calling NMAC).

Sean

 

I am in the same boat and am wanting to buy out my Z. If you are thinking of buying it our prior to lease end, then I would strongly urge you to reconsider.

Leases are structured so that it makes more sense and you would be losing less $ if the buyouy was performed at the end of the lease term.

I too have to wait now to buy the Z out as it doesn't make economical sense to buy it out now before my lease is up.

 

Thanks for all the responces..

i wasnt planning on buying out before lease expiration (just in case something goes wrong muaha) but was considering it afterwards.. I told myself, i wasnt going to put any work into this car, or mod it.. Well that lasted a month.

Well thats is good to know, i had heard issues of buy-out penalties and what-not.. but i guess its just talk..

Thx
Sully ~ more opinions are welcomed..

 

For people with craptacular credit, lease buy outs are sometimes, sadly, the only way to get yourself in to your favorite vehicle; right away.

You will pay more in the end, even beyond what your crappy interest rate may have been too.

But if you want the "car of your dreams", it is a way to do it. It helps spread the "monthly" cost out over a long period. You just have to not think about the "end costs", heh.

Otherwise you'd have to try and find a bank that would do a 10 year loan with a decent rate. And with bad credit, it's near impossible.

It's better to secure a 4 year lease, with a decent rate, considering your terrible credit, and then in the last year, call the bank and convert to a buy. You'll end up owing less per month usually $100 or more. And of course now you have another 5 years to pay on the car. But what you do is keep paying what you were paying on the lease, the higher price. That way you pay it off much sooner and avoid further interest. Lessoning the blow an din the end you OWN your car.

You should NEVER have to go to the dealer to do this. Doing that you might risk getting slapped with bogus fees that all go in to the dealers pocket.

Again, this is only for people with terrible credit that still want $32,000+ cars. This is a way to do it.

 

^^ Awesome post, i have beyond perfect credit, so i dont believe the the i would have issues... but are u saying to consult the bank about taking a loan for the end buy-out cost, before consulting the dealer with your plans on puchasing?

Sully

 

Most defintely, reduce the middle men. The bank already has you as a customer and usually will give you a good deal to stay with them. All the dealer would do is negotiate with the same bank and others to try and maximize the money in their pockets.

Just do it yourself over the phone. If the bank you are currently with doesn't give you good terms for the conversion, then look for another bank.

 

Well i havent gone through a bank for the leasing, im leasing through Nissan, so i havent consulted a bank yet in terms on the Z.

Sully

 

Nissan is a Bank, Nissan's.

You can deal direct with them.

 

If your buy out price is higher than what they could sell the car for you may want to make them an offer. I have heard of people taking off a few thousand from the nego'ed buy out price after their lease was up....

I doubt it will work on the Z since the value has stayed relativily high but if your see cars like yours for sale less than the price of the buy out you may want to see if you can get ahold of someone who can deal.

As far as getting the best rate for the buy out? I would call your current bank... check with capital one and maybe a few others before you get a rate from the dealer. You can nego two ways... let them know up front what your rate is and watch them come back with a rate .1 % lower (b/c they will buy it down to beat what you have from the other guys) or see what they offer you then let them know you got a better deal else where. My finance guy was such a jerk he quoted me about 1.3% higher than what my bank quoted me... I was fighting for ever and he finally agreed to drop that down by .5% (still higher than what my bank was offering) I finally said F it and told him I wanted to go to with my bank and told him what the rate was. He was willing to "buy down" my rate from his bank to match it but why would I want to give that jerk commission and go with a bank I have never heard of instead of going with the bank that gave me the best rate from the get go?

 

I'm sorry ... why is it better to wait until the end of the lease to buy it?

I can get a loan from a credit union at a decent rate and buy the car, but the price including taxes is a bit steep. I haven't decided, but I don't see how waiting makes things any better.
The sooner I take out a loan, the sooner I own the car outright.

 

If your not 100% sure about the car and the lease restrictions aren't too restrictive for you and if the car has a good resale value leasing can be a good deal.

if you do a lease for 3 years then buy out the car after the 3 years on a 4 year loan you basicly just took out a 7 year loan but with the option to dump the car after 3 years (i.e. after the warranty was up and you have a good feel if the car is junk or not).

normally when you start talking 6+ years on your loan you get into high high interest rates while leasing kind of avoids this problem.

Leasing isn't for everyone.. but its not as stupid as some people think it is. If you don't mind mileage limits and not being able to mod as much leasing a car that hold value well isn't a bad idea.