URGENT - Infiniti telling me lease I signed isn't valid!!!
12-02-2010, 04:05 PM
#16
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12-03-2010, 05:41 PM
#18
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I too leased my car in Massachusetts. The dealer also messed up and over charged me for the security deposit. One month later, IFS voided the contract and I had to go back to the dealership to sign a new contract. Basically the finance manager at the dealership had to fudge the number so that my monthly payment stayed the same and cut me a check for the overcharge.
Though, your case is much more complicated. I would imagine that the dealer will have a huge loss if they just take back the car. Most likely they will ask you to sign a new contract. Worst case, you get the MSD back and you will have the monthly payment recalculated based on the original money factor. Your best scenario is that they refund you all the security deposit and keep the monthly payment the same, basically you get around $2000 saving for free. Unlikely to happen, but the dealer messed all this up and you have all the leverage. Just negotiate with them firmly, and you may get somewhat of a reduced monthly payment without any security deposit.
On a side note, IFS is really inefficient regarding lease. I got my car almost for two months now, but they still haven't set up my payment in the system. So yeah, I am riding the car for free now.
Though, your case is much more complicated. I would imagine that the dealer will have a huge loss if they just take back the car. Most likely they will ask you to sign a new contract. Worst case, you get the MSD back and you will have the monthly payment recalculated based on the original money factor. Your best scenario is that they refund you all the security deposit and keep the monthly payment the same, basically you get around $2000 saving for free. Unlikely to happen, but the dealer messed all this up and you have all the leverage. Just negotiate with them firmly, and you may get somewhat of a reduced monthly payment without any security deposit.
On a side note, IFS is really inefficient regarding lease. I got my car almost for two months now, but they still haven't set up my payment in the system. So yeah, I am riding the car for free now.
Maybe this is why mine was rejected as well. How much is each MSD supposed to cost?
12-03-2010, 07:02 PM
#20
That being said I'm not sold on MSDs either. Something just seems fishy about them. I have leased enough at this point that Infiniti gives me great deals so I don't need to haggle too much to get to a comfortable point.
12-06-2010, 10:41 AM
#22
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I believe the price is relative to the cost of the car? or the bank. its not a set price
12-06-2010, 11:46 AM
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The total loss will be covered by the insurance company and GAP insurance. The fine print in the lease agreement pretty much states that security deposit will only be used to offset past due payment in the event of damage and loss. I am sure there were some abuses of the security deposit policy before and there maybe some lawsuits tossed around. So now IFS is really stringent regarding the MSD now. The intent of the NY state law is probably to protect consumers from the abuse of security deposit. But in the meantime, it also deprive consumers the opportunity to utilize the great saving of MSD.
12-06-2010, 01:17 PM
#24
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Each MSD should be the monthly payment with the original money factor plus tax and round it even to the next $50. However, your case is totally different as NY state does not even allow MSD.
The total loss will be covered by the insurance company and GAP insurance. The fine print in the lease agreement pretty much states that security deposit will only be used to offset past due payment in the event of damage and loss. I am sure there were some abuses of the security deposit policy before and there maybe some lawsuits tossed around. So now IFS is really stringent regarding the MSD now. The intent of the NY state law is probably to protect consumers from the abuse of security deposit. But in the meantime, it also deprive consumers the opportunity to utilize the great saving of MSD.
The total loss will be covered by the insurance company and GAP insurance. The fine print in the lease agreement pretty much states that security deposit will only be used to offset past due payment in the event of damage and loss. I am sure there were some abuses of the security deposit policy before and there maybe some lawsuits tossed around. So now IFS is really stringent regarding the MSD now. The intent of the NY state law is probably to protect consumers from the abuse of security deposit. But in the meantime, it also deprive consumers the opportunity to utilize the great saving of MSD.
If they want to offer a low APR they can do it. I don't see giving Infiniti a loan for 3 years, but it does lower actual money spent on the term.
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