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Do you recommend buying out a lease? I have 2012 Nissan Quest minivan, and the lease is up in March 2015. I am over the miles (have 51,800 miles on it). And it's not a vehicle I want to keep for the long haul. I am ready to down size some to a midsized SUV.
That said, we are trying to pay off student loans and some other debt. We are thinking about buying out the remainder of the lease (~$20k or so) and just keep the minivan for a couple of more years, and focusing on other debts. Then in a couple of years, getting what I really want (currently an Acura MDX or Infinity QX60).
I believe nissan charges .15 cents per mile over the limit. You're currently just shy of 52,000miles. Calculate the mileage you may have come time to turn it in. If you're looking at a few thousand dollars, then check to see what your residual buy out price is vs the current market value for your vehicle. Only then will you know if it makes sense to pay the penalties to turn it in or keep and finance the balance.
I believe nissan charges .15 cents per mile over the limit. You're currently just shy of 52,000miles. Calculate the mileage you may have come time to turn it in. If you're looking at a few thousand dollars, then check to see what your residual buy out price is vs the current market value for your vehicle. Only then will you know if it makes sense to pay the penalties to turn it in or keep and finance the balance.
This is correct.
Hopefully the OP is on a 15,000 per year lease. Just a guess but I bet she is going to be over. Start saving now because I am guessing you will want to dump your van which means you are going to have to pay somewhere around 2000 to walk away.
Hopefully the OP is on a 15,000 per year lease. Just a guess but I bet she is going to be over. Start saving now because I am guessing you will want to dump your van which means you are going to have to pay somewhere around 2000 to walk away.
I know there's around a $350 turn in fee + extra mileage + excess damage. This can add up depending on the factors.
Also, if you re-lease with them, you can get them to wave some of the mileage overage and damage ( in the event there is some damage). Not to mention it saves you from having to pay a turn in fee.
I'm on a 15,000 mile lease. And we negotiated the over miles charge down to 10cents or lower (It be as low as 8 cents). The only "damage" I have is where a rock bounced up and chipped the paint on my hood, then Bounced up and put a tiny chip in the windshield (you can see the trajectory). I'm trying to figure out how to fix my hood without it costing major money. The chip is about the size of my pinky nail, but it's right in the middle of my hood, and my car is white, so you see it. No other scratches or damage to the vehicle. Oh, i do have a small year that has started on the arm rest, about 1/2" long where I out my elbow when driving. I just put new tires on it as well (others were dangerously worn down).
The only vehicle I would be interested in getting from Nissan now is the new Pathfinder. And I won't re-lease, I would purchase it. I know they are known for transmission issues, so not sure I want to go that route.
The hood is likely to have to be repaint ;the windshield replaced and the tear recovered. insurance should have covered the hood and windshield under damage other than collision with deductible in policy. Likely would have been cheaper than otherwise in paying full cost to repair. The tear is out of pocket likely on that new a vehicle.Remember the repairs have to be according to a standard. of industry.
I'm on a 15,000 mile lease. And we negotiated the over miles charge down to 10cents or lower (It be as low as 8 cents). The only "damage" I have is where a rock bounced up and chipped the paint on my hood, then Bounced up and put a tiny chip in the windshield (you can see the trajectory). I'm trying to figure out how to fix my hood without it costing major money. The chip is about the size of my pinky nail, but it's right in the middle of my hood, and my car is white, so you see it. No other scratches or damage to the vehicle. Oh, i do have a small year that has started on the arm rest, about 1/2" long where I out my elbow when driving. I just put new tires on it as well (others were dangerously worn down).
Check the guidline for vehicle damage on lease returns. You are allowed some damage. I believe it has to be larger than the size of a golfball per panel before you have to pay out of pocket.
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