Turning a lease in early?

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Jul 12, 2010 | 09:57 PM

#16

volnedan

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Joined: Jul 2005

Posts: 384

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From: Metro Detroit, MI

Quote:

Originally Posted by Clutchr6

option 2 sounds great but he is already 12k over. someone else would have to take a big hit in order for him to get out of the lease.

12k miles over is a lot, but it depends on his annual mileage. I was 9k miles over when I swapped my lease, but since I had 15k mi/yr annual mileage there was still 21,000 miles left until lease end. The guy who took over was retired and didn't drive more than 10k mi/yr, so it worked out. Maybe this fella can have the same luck.

Jul 13, 2010 | 09:08 AM

#17

JaxG

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Joined: Oct 2002

Posts: 259

Likes: 3

From: Jacksonville, FL

Quote:

Originally Posted by G_Thang

You have to buy the car from IFS first to sell it. You pay the outstanding balance off (residual + balance left of lease) at a Nissan or Infinit dealer. This is because IFS cant accept loan payoffs, only monthly payments. The Nissan dealer takes your money and pays off the loan (dont forget to pay uncle Sam his sales tax on top of the payoff amount too). At that point, the title is put onto your name, and you can resell the car. Trust me on this one, I just found all this out this week as I've been trying to sell my leased G for months. IFS forgot to tell me about the sales tax deal over the phone. I found out from the Nissan dealer Tuesday when I found a buyer and we were ready to begin the process. GL

Someones trying to screw you. I took a buyer into the infiniti dealer, told them he is buying my car for the payoff and im getting a new one. He paid for the car, payoff and taxes, and I jumped into a new one. It was very quick and simple.

Jul 13, 2010 | 06:07 PM

#18

G_Thang

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Joined: Dec 2008

Posts: 344

Likes: 2

From: the Big KY

Quote:

Originally Posted by JaxG

I dont know why. I talked to 2 different dealers and IFS. All three had the exact same story.

Jul 19, 2010 | 06:18 PM

#19

Beer Magazine

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Joined: Jan 2010

Posts: 706

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From: Riverside, CA

The car always has a payoff amount and at anytime you can buy it out. It does't matter who ends up with the car. You can sign it over to anybody after.