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Purchasing at the End of Your Lease

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  • jagyossarianjagyossarian Member Posts: 13
    Hi all,

    I hope someone might have some input. I'm coming off a lease on a Nissan Altima. I've decided to purchase the vehicle given the residual is competitive and the car has relatively low mileage. I called NMAC as I've previously done this over the phone with other leases but their rather unhelpful phone system suggested I needed to visit a dealer. Do I need to actually visit the dealer to complete the transaction? I wanted to hear what NMAC was offering in terms of rates before pursuing financing through my own bank. I'd rather not set foot in a dealership since this is a rather simple transaction and I assume the dealer will try to push through paperwork/'admin' fees since there is no other profit in it for them. Has anyone had success doing the transaction over the phone or obtaining financing through another financial institution and simply having NMAC mail the paperwork? When I requested a payoff quote, NMAC offered quotes for purchasing through a dealership and a quote for purchasing through a financial institution. The quote for purchasing through the financial institution was much higher so they're clearly trying to provide an incentive for me to go to the dealership. Has anyone gone through this with NMAC before? Can you comment on the experience and possible suggestions for getting this done quick and without headaches?

    Thanks,
    John
  • kristinaelaynekristinaelayne Member Posts: 11
    I have a 2018 Volvo XC90 T5 FWD with Advanced package. It is is perfect condition. My lease is up in May (39mo). I'm not sure if I should turn it in for another lease or buy it. I love the car and think I made a good deal at the start. MSRP 52k Purchase price 47k 2200 down. The current payoff is 31k
  • MichaellMichaell Moderator Posts: 239,519

    I have a 2018 Volvo XC90 T5 FWD with Advanced package. It is is perfect condition. My lease is up in May (39mo). I'm not sure if I should turn it in for another lease or buy it. I love the car and think I made a good deal at the start. MSRP 52k Purchase price 47k 2200 down. The current payoff is 31k

    Take a look at ads for cars similar to yours, and compare the selling price to your buyout price. If the market is asking for prices that are lower, why would you spend more to buy your car at the end of the lease?

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  • kyfdxkyfdx Moderator Posts: 234,725

    I have a 2018 Volvo XC90 T5 FWD with Advanced package. It is is perfect condition. My lease is up in May (39mo). I'm not sure if I should turn it in for another lease or buy it. I love the car and think I made a good deal at the start. MSRP 52k Purchase price 47k 2200 down. The current payoff is 31k

    In any case, no point in making that decision now, if you have five months left on the lease.

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  • buckey1948buckey1948 Member Posts: 23
    I have a 2020 cx5 touring awd on lease. I am thinking about buying it at end of lease. $17800 res.
    Wondering what terms Mazda has if I buy this CX5
    Traded my 2017 cx5 to dealer. They paid the last 3 payments on lease and the early termination fee.
    They bought the 2017 for $20000 and discounted the 2020 by about $2000. I also got $1500 owner loyalty
  • kyfdxkyfdx Moderator Posts: 234,725

    I have a 2020 cx5 touring awd on lease. I am thinking about buying it at end of lease. $17800 res.
    Wondering what terms Mazda has if I buy this CX5
    Traded my 2017 cx5 to dealer. They paid the last 3 payments on lease and the early termination fee.
    They bought the 2017 for $20000 and discounted the 2020 by about $2000. I also got $1500 owner loyalty

    The only way to know is to contact Mazda credit.
    Your lease is likely through Chase Bank, where the Mazda leases are now run through Toyota Financial.
    They aren't going to have any incentive to give you a good finance deal, and may not offer you financing.
    If this is your plan, you should shop for financing elsewhere.

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