BEWARE OF NISSAN LEASES!!!

Last Saturday I was in a car accident and totaled my 2004 Nissan Murano. My insurance company is paying 26k for the car and payoff is 22k. Today I find out that Nissan is taking the WHOLE amount and all I am to be reimbursement for original TT&L which is $1,700.00, even though I traded in a car and put $3,500.00 of equity into the car. According to Nissan Motor Corp, what I am considering to be equity was merely a negotiation tool to get the payment where I needed it to be, not equity. Anyhow, I am now left with only $1,700 as a down payment for another vehicle.

If something happens to your car and it is totaled, don’t expect to get any money back except what you paid on your TT&L, Nissan pockets the rest, in my case they made $2,300.00 off of my car accident and I am left with peanuts.

Oh, I wanted to add that my miles were extremely low which is why the amount paid was more than expected. I think I should be the one rewarded (if you will) the additional dollar amount because I was cautious with my mileage.

I am so distraught over the whole ordeal, just basically screwed in the a@@.

Nissan should only receive the payoff and any proceeds should go to you.

I would call your state's Attorney General's office for clarification.

srlaries,

Send me a private e-mail. Perhaps I can intercede and, hopefully, remedy the matter to your satisfaction. The issue about the equity being a negotiating tool to get a desired payment sounds like double talk and doesn't have anything to do with anything other than a down payment (i.e., cap reduction) or trade credit will always reduce the payment.

The adjusted capitalized cost amortized at the internal rate of return (i.e, actuarial rate or constant yield rate) determines the lease balance for most captive lease contracts. I'll need to see the lease agreement to assess how the lease is supposed to be amortized. One thing is certain... Nissan isn't going to BS me.