I know this is very off topic. Its totally irrelevant and has nothing to do with our TLs. Friend of mine just leased a 2009 nissan altima (base model with no options) for 39month. I thought all leases were increments of 12 month. Anyhow shes paying $369/month. I think she totally got ripped off. Anyhow, what would the best way to cancel the lease and how to go about doing so? Has anyone leased their TL and canceled the lease? What are the penalties for canceling a lease.

 

moved to CarTalk.

 

Yah ur friend got ripped off pretty good. Altima with 39 month lease should be no more than $300 with 0 down (1st month payment + license drive off) with tax included.

But it has a lot to do with her/his credit though. If you friend has mid to low 600 credit scores, then $369 sounds about right.

39 month lease is very common but imo it is stupid. You will be paying for the registeration at 36th month and you only get to use it for 3 month.

There are a few ways that she can get rid of a leased car.
1. Trade it in just like a financed car. There will be a "Buy it Now" price from Nissan Financial Services. BUt there will be a huge upside down added to the new car.

2. Swaplease.com. ask someone to take over the lease. However, at $369 month, i doubt anyone would take it though.

3. this is the best way, tell ur friend to SUCK IT UP and drive it for 39 month and DO more research Next time!

 

Read the Lease contract and see what it says about early termination.


Also, did she have a trade in - upside down and rolled in?

Or spectacularly bad credit jacking up the "interest" rate (money factor .... whatever)?

 

369/month???? Damn she got ripped off...those cars are in the low 200 range +tax for 39 months......Daaaaaaamn

 

Some states might have a grace period where you have a right to recind the contract but he/she would have to check the particuar state. The dealer might also have a recind policy but they're not going to be too willing to let them out of it unless it's a darn good reason. (Person was not legal age to sign a contract, etc.)

More than likely they'll just have to drive it for a year or so and go trade it in at that dealership or another Nissan/Infiniti dealer and try not to get ripped off again. They should disolve the contract without hassle if you buy another car from them, and the car doesn't have to be as expensive or could probably be even be a used one, but the trick here to is to avoid the early termination penalty by buying another car from a Nissan/Infiniti dealer if you want out of a bad lease without a ton of drama.

 

http://www.nissanusa.com/salesevent/...A.Altima_Offer


She either was upside down on a trade or she got rolled.

 

She's not getting out of an NMAC lease unless she buys the car outright in some form (be it via Swapalease or some other payoff/resale method). Either way, the rape took place the moment she signed lease agreement.

 

2008 TL leases are going for $349/mo., IIRC.

 

Walk away from it? Why not people walk from homes, condos left and right these days.

 

thanks for your feedback.

 

There are certain federal and state laws in place to protect consumers from being taken advantage of when purchasing a vehicle. How old is your friend? If she is a senior citizen, she can definitely fight the contract. If she is not a senior citizen and the contract was signed over 48 hours ago, she's pretty much out of luck. You can't just return the vehicle. Like everyone else said, your only option would be to trade in the vehicle for the buy out and rolling over the difference to your next vehicle purchase. Depending on what bank she is leasing through, even if she was to use Swapalease, she can still get screwed. Even if the bank allows you to flip the vehicle to a different owner, if the new owner misses a payment, it will affect both the new and previous leasee.

Also, a $369 payment might not be a bad payment. I can't really say without more information. I'm actually a Finance Manager at a dealership so I do have some experience. How's her credit? Did she put any money down? Yeah, she could have got the $199 a month deal, but what about the $2,759 initial payment that doesn't even include taxes, title, license, $595 bank fee, dealer fees and other aftermarket purchases made. If you can give some more information about the whole deal I can give you a better answer to how good or bad the deal was. Hope I was of some help to you and good luck.

 

Based on the information we were given, they is no way to determine whether she was ripped or not. We don't know ...
1)How much she put down at inception.
2)How many miles per year her lease is for.
3)If she rolled any negative equity into the lease.
4)What her credit score looks like.

Lets say she rolled $2000 of negative equity into the lease and is doing a 39month 20K miles per year lease with Zero money at inception. If that is the case she probably got a really good deal.

If she put $3000 into the lease at inception and is doing a 39 month 10K miles per year lease with no negative equity being rolled in, well, then she got screwed.

I don't think we've ever had a "did I get screwed in this lease" thread where the OP gives us anywhere near enough info to actually determine wheteher they got screwed or not.

 

Her credit scores 685. No down, 12,ooo miles/yr for 39 month. I think she got screwed pretty bad. Shes asking me to go to the dealer with her. My guess is, going to the dealer wont do any good.

 

I wouldn't be so sure that she got screwed. 685 most likely will not get you the best rate (usually have to be 710+). The ad lease posted above is on the most base of base models and is most likely 10K miles per year. It is also based on roughly $3000 at inception. If you add in the extra miles, teir 2 credit, no money down and the fact that the car she got isn't a complete stripped down model, it wouldn't surprise me that she is where she is in payment. You also have to factor in that the ad lease won't include sales tax as not all states have it and the sales tax rate varies from state to state. In MA, that $199 payment instantly becomes $208.95 due to the 5% sales tax.

I agree that going back to the dealer won't get you anywhere

 

Its a base model. No options what so ever. Thanks for the input though.

 

Sounds like she just wanted that new car smell. Leasing a base model Altima with no options? That alone doesn't make sense. That's like people who lease Civics.

 

The learning experience is to do your homework prior to signing a legal document, not after. I hope you friend enjoys the car for the next 36 months as I suspect she will have it that long.

All research except a test drive can be done without setting one foot on the dealers property.

 

take it to the local hood run in the store leave the keys in it and....:thief:

 

Get gap insurance first.

 

^

 

Holy crap, i thought the $369 was for a TL since i didnt read the thread closely.

Dang, your friend might as well become easy and get a sugar daddy to help pay that raping.

 

And it's a base Altima...I can't get over that. Why would anyone lease THAT?! might as well just finance it and you'll probably pay less.

 

It's an important lesson about life and money. I'd be lying if I said I'd never gotten hosed on a car deal, but it's hardly a life ruiner. Supposing the payment was $100/month higher than it ought to be, oh well, it sucks but it's not something theyll have to live with forever anyway.

 

indeed, agree with everyone here. I stopped by the dealer with my friend today and as you all suspected, shes pretty much stuck with it for 39 month. The only way of getting out of the contract is to transfer the lease over.

 

Poor girl, she got ripped.

 

I think almost *everybody* has got hosed at a dealership once.

The trick is to not get hosed a second, third or fourth time.

 

I really don't think it's as bad as you guys are making it out ot be. She waived the $2759 initial payment which doesn't include any dealer fee's (doc fee) or registration costs. I'm not sure what it costs to register a car in NY but between that reg fees and the dealers fees the $2759 probably becomes $3100 that's added into the Cap cost. She's doing 12K per year, Ad leases are 10K or less. She doesn't have top teir credit so she most likely isn't getting the money factor that was used in the Ad lease. There is most likely sales tax rolled into the payment that is never included in an Ad lease.

She probably could have got a better deal, but she was never going to walk out of the dealership with the $199 ad payment with a 685 score 12k per year and no money down.

from a guy who does this for a living

 

Gave her credit for doing one thing right and that is a golden rule. Put as little money down on a lease as possible.

 

Lets assume she were to finance this car.

$19k is invoice price for a base altima. Figure $1700 in TTL.

4.9% for 60 months = $390 a month

Her lease for 39 month = $369 a month

Thats why i personally think in this case she got ripped off by leasing it instead of financing. Ok so maybe its not THAT bad but it sure wasnt a good deal.

 

Not sure what the big question is? She didn't put any money down, it should be pretty easy to see why her payment is so high. Didn't she know this before she signed anything anyways? No use crying over spilt milk especially when the milk was bad to begin with..

 

I lease these cars all day long....I have an Altima deal posted on my business website... http://www.autofestleasing.com/CarDetails.aspx?CarID=70

The leases for this car are in the low $200 range with no money down paying the taxes and inception fees upfront. At the monthly payment I have advertised on my site, it's paying the taxes upfront. The TOTAL out of pocket even with paying the tax upfront is probably around $2k total, give or take...

Trust me, she got RIPPED OFF...So she might not have gotten approved at the best rate (with a credit score in the upper 6's), but the difference definately is NOT over $100 more per month based on whatever lease rate they got her approved at.

 

^ thank you.

 

I still don't think there is a definitive answer yet...did she roll any negative equity into it? The OP still hasn't answered that question yet and that is the determining factor at this point whether she got hosed or not.

 

Did she have anything out of pocket is the question. When the OP says nothing down, do they mean no cap cost reduction or no money out of pocket at all.

I'm not saying she got a good deal, but it's not like they ran the lease at $3000 over MSRP either.

 

If the OP doesn't answer, than he either is hiding something or he gets banned, what do you think?

 

I lack the powers of the ban hammer so I'll have to leave the final solution up to you. One thing is for sure, no one who has ever started a "did I get ripped off on this deal" thread gave us enough information regarding the deal for us to really be able to answer them.

 

"LOSE IT"

 

yah it is true but you will be paying $8000 more for the additional 21 month and that is how much a base altima worth anyways after 5 years. It might not even be worth $8000.

How many of us keep the car for more than 5 years? or 3 Years for you and me?

bottom line is You save $8000 by leasing for 39 month vs Finance it for 5 years. Yes the car is yours after it is paid for, which is worth the same as how much you would have saved if you leased it. In most leasing cases you would save more $ by leasing it than pay for it for 5 years and sell it. But it all depends on the depreciation rate.

Finance makes sense if you planning to keep the car for more than 5 years. Otherwise you will be either losing $ at the end or break even by selling the car.

 

Great deal.