Getting yourself out of a lease with Nissan can be tricky unless your willing to pay the lease in full or pay for the whole vehicle. However there are options available for you to get yourself out of your lease and say goodbye to your old Nissan.
Contact your financial institution and ask them how many months you have left on your lease and what your payoff is. You'll need both of these numbers to see what will work better for you to get out of your lease.
Check the current market value on your vehicle with it's mileage and options on it. You might be able to sell it and actually make money depending on what your payoff is on the vehicle. Check local market value (what others are selling similar cars for) against your payoff and see if this is a viable option.
Try listing your vehicle on websites such as Swapalease.com (see Resources) to have someone take over your remaining lease payments. They will need to qualify with the bank in order to take over your lease. Your potential buyer should deal directly with the bank to get credit approval before taking over your lease.
Buying your vehicle out right is also always an option. Using your payoff amount, you can simply buy your car outright with cash or get financing to end your lease and start a finance plan. Sometimes this can lower your monthly payments if you extend your finance for around a 60-month term.
If you are selling your car or buying your car yourself always make sure to get the payoff "good through date". After this date extra interest rates and fees may be added on by the bank.
If you are trying to break your lease to get into another car see if the bank will cover your remaining payments to get your into your new lease.
Always check to see if any liability will stay with you if the lease is transferred into someone else's name.
Never give out your own personal information such as Social Security number and other sensitive information when selling your car to a private party.
- Edmunds.com: Home Page
- Swapalease.com: Home Page
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- Merriam-Webster. "Lease." Accessed April 12, 2020.
- AARP. "To Buy or Not To Buy." Accessed April 12, 2020.
- Consumer Financial Protection Bureau. "What is a Manufacturer Suggested Retail Price (MSRP)?" Accessed April 12, 2020.
- LeaseGuide.com. "Capitalized Cost – Cap Cost." Accessed April 12, 2020.
- Autotrader. "Leasing a Car: Can You Negotiate the Price?" Accessed April 12, 2020.
- Edmunds. "The 'Residual Value' of Leasing." Accessed April 12, 2020.
- Federal Reserve. "Keys to Vehicle Leasing: Future Value." Accessed April 12, 2020.
- LeaseGuide.com. "Money Factor—Explained." Accessed April 12, 2020.
- Federal Trade Commission. "Financing or Leasing a Car." April 12, 2020.
- Federal Reserve. "Keys to Vehicle Leasing: End-of-Lease Costs: Closed-End Leases." Accessed April 12, 2020.
Mark Ivanko is an experienced automotive and technical writer. He has been working in the automotive industry since 2005. He specializes in European automakers, but keeps his ear to the ground on anything and everything automotive. Ivanko attended New York University, where he got a bachelor's degree in mathematics.