2015 Rogue Lease Question

halpie97

First, I am a novice. I have a 2015 Rogue SL lease with 18k a year. Lease originated in Aug 2015 and driving pattern changed so now (25 months in) only have 25k miles versus 36k+ under lease. Likely not going to get above 30k before the lease expires. Given that NMAC priced this for 54k miles and I will be no where near that why wouldn’t my lease have equity value for a buyout now versus a dealer telling me that I have 2k of negative equity. Thanks in advance.

kyfdx

halpie97 said:

First, I am a novice.

I have a 2015 Rogue SL lease with 18k a year. Lease originated in Aug 2015 and driving pattern changed so now (25 months in) only have 25k miles versus 36k+ under lease. Likely not going to get above 30k before the lease expires.

Given that NMAC priced this for 54k miles and I will be no where near that why wouldn’t my lease have equity value for a buyout now versus a dealer telling me that I have 2k of negative equity.

Thanks in advance.

A few possible reasons:

1) You are only two years in.. Even though your payoff amount is dropping in a straight line, actual depreciation on a new car is steepest at the beginning.

2) Lease residual amounts do not always sync up with the real-world. Some makes use unrealistically high residuals as an incentive to lower the payment.

3) That's just one dealer, bargaining on a new car. Another dealer or an independent like Carmax might put a different value on it. (though, doubtful it would be enough to make up for $2K negative equity)

It's rare to have equity in a lease. Of course, if you are way under on mileage, you have a better chance, but that's no guarantee.