Did I get ripped off?

[NC84]

I just traded in a 2015 Nissan Rogue for a 39 month lease on a 2022 Highlander and got 8k on the Nissan trade in and $1500 down and my payment is $335 a month. The msrp on the highlander was $40,800. I asked the finance guy to show me in the final paper work where the 8k was rolled in but he said he couldn't because of the way they do it. Do these numbers sound right for a 700 credit score?

[Mjhall85]

Need some more details, what trim of the rogue,mileage etc. how long is the lease ? I personally would of walked if they wouldn't show me final numbers before signing. But 335 a month doesn't seem like a bad price

[NC84]

It was a Nissan Rogue SV with 67k miles. I know exactly what you mean but I was just exhausted from the process all day long and sorta lost my head at the end. It's a 39 month lease for the Highlander LE.

[Kforce]

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@NC84 wrote:

I just traded in a 2015 Nissan Rogue for a 39 month lease on a 2022 Highlander and got 8k on the Nissan trade in and $1500 down and my payment is $335 a month. The msrp on the highlander was $40,800. I asked the finance guy to show me in the final paper work where the 8k was rolled in but he said he couldn't because of the way they do it. Do these numbers sound right for a 700 credit score?

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Not an expert on this, and also been drinking (Rum & OJ) so this might not be of much value, but here it goes.  Most cars have a loss of about 50% of value over 3-4 years. Leases are based on loss of value(41k*0.040)=~16,400   (335*39=13,100 in payments)+8000 trade in = 21.1 k invested, value 16.4  = Loss of $4,700.  New car for 3+ years for 120/mo.  Par for the course ! 

[micvite]

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@NC84 wrote:

It was a Nissan Rogue SV with 67k miles. I know exactly what you mean but I was just exhausted from the process all day long and sorta lost my head at the end. It's a 39 month lease for the Highlander LE.

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to put it politely they stole the nissan from you first of all lol that car is worth 15k EASY, I would demand they give you the car back go sell it to someone lol. Secondly you need to ask them to show you paperwork, there's no such thing as we can't show you the paperwork lol, if they rolled the car in they did 1 of 2 things: lower the sale price of the highlander or use it as a downpayment. If that's not showing i'd get a lawyer involved. But anyway other than that the numbers do add up https://www.toyota.com/payment-estimator/?series=highlander&year=2022&trim=6948&offer=highlander_lea... you can play with your mileage down payment etc here (i put 8k down paymetn and 1500 cash out of pocket for 10k miles a year 36 mo and it came out to 316)

[disdreamin]

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@NC84 wrote:

I just traded in a 2015 Nissan Rogue for a 39 month lease on a 2022 Highlander and got 8k on the Nissan trade in and $1500 down and my payment is $335 a month. The msrp on the highlander was $40,800. I asked the finance guy to show me in the final paper work where the 8k was rolled in but he said he couldn't because of the way they do it. Do these numbers sound right for a 700 credit score?

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Did you owe anything on the Rogue? kbb currently shows that vehicle (with usual options since I don't know the specifics of yours) as being $13.5-15.4k as a trade in, so if you got $8k for it and didn't owe anything, assuming it was in good condition that's a loss of somewhere between $5.5k and $7.4k. Being that used cars are incredibly hot right now, I also think that estimate from kbb might be on the low side - if it were my vehicle I'd have shopped it around and possibly have sold it outright since I believe it's risky putting money down on a lease - my understanding is that it might be lost money if the car is in an accident and totaled.

The part about not being able to show you the paperwork is ridiculous, in my opinion. Frankly, I'd be back in there pronto asking for all the details to be provided. It does not sound like that dealership treated you fairly, but on the upside hopefully you like the Highlander. The Highlander was my first choice when I purchased my current vehicle, but it was above the price range I was comfortable with. MSRP for the trim level I wanted was ~44k back in 2017 so I went with a Mazda CX-5 - hopefully the Highlander will be in my budget when the CX-5 eventually needs replaced.

[Jnbmom]

I am no car expert by any means but I was offered 8500 for my 2015 Hyundai eltranta with 65K miles on it. Due to some changes we decided not to get a new car at this time .

And not showing you the paperwork before the deal was done sounds very shady 😞

[micvite]

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@Jnbmom wrote:

I am no car expert by any means but I was offered 8500 for my 2015 Hyundai eltranta with 65K miles on it. Due to some changes we decided not to get a new car at this time .

And not showing you the paperwork before the deal was done sounds very shady 😞

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Thats baaad... kbb puts you around 12k for the hyundai lol and thats for the cheapest se trim with no options.

[disdreamin]

If you're concerned about cost - and who isn't - and considering trading in a vehicle, I think it's wise to do your due diligence using kbb, edmunds, carvana, etc, before setting foot in a dealership. Last summer, offers for my trade-in ranged from about $13.5k to $21k depending on the dealership. And no, they weren't just fudging the numbers - the price of the new vehicle was a separate issue, with the two dealerships that offered $21k being around invoice and the one offering $13.5 being at MSRP. Overall, the offers ranged by well over $8k from worst to best.

It's easy to get taken advantage of, and once I'm in the door the desire to leave with a new vehicle is strong. That's why doing the legwork in advance to know what you should be getting and/or paying is so important.

[00028ECB]

Ignoring the value of your trade in as it is too subjective to speculate.  What condition it is, the market where you are located etc.

The numbers all make sense.  Using a middle of the road money factor for the 39 mo lease, and the trade value plus cash, I get 360/mo.

Ripped off?  No.  Was there maybe a little better deal there?  Perhaps.