End of Lease Strategies?

[martyv]

A year extension is not month-to-month.

I received the two months free, even though I had not asked for it or even heard about it, it was just on my paperwork for the extension. I suspect that it is indeed the last two months that will be free, otherwise everyone who had a lease would extend for a year and then return it after getting two free months!

Have to correct myself here! Just got my NMAC statement, and it shows the 2-months credit effective immediately. So, I can skip my next two lease payments, and still turn the car back in after my original lease end date. Great deal!

 

[LeftieBiker]

Ok, so I got the email from NMAC saying that it's time to schedule my end of lease inspection (and then buy a new Nissan). I want to extend my lease either one or two years, and, hopefully, get the two free months' payment credit. Do I call the regular NMAC number and just press 0 for a live person, or is there a better way to go about this? Is there a Secret Word I need to know, or what...?

 

[Kenric]

No secret word, just ask to extend your lease. I didn't do it the short way, by pressing 0 first, I entered my account and navigated the menu to look for the option, then pressed zero and waited on hold (a long time) before talking to someone. Still waiting for the paperwork in the mail.

Good news is my inspection went well, $95 of "normal non chargeable wear and tear".

 

[LeftieBiker]

The tip I'm looking for is how to get the two months' worth of skipped payments. Also how to get a two year extension instead of one for my $149 lease.

 

[morlglums]

I just called NMAC and asked for an extension. They said they would give me 2 months free, and then go "month-to-month" after that with no commitment. I don't know if you can get 2 years, or just keep paying. I didn't have to ask for the 2 months they just gave it to me. I have not gotten the paperwork yet though...

 

[LeftieBiker]

Great, thanks. Did they say it was a limited promotion?

 

[Kenric]

I got my paperwork today, says payment stays the same, $0 due at lease extension signing an $395 disposition fee (if I don't purchase the vehicle). Depreciation over the next year is only $305.16, making my 2013 S go from 19384.30 to 19079.14 :lol: . It also says "we have also agreed to credit your account the equvalent of two (2) monthly payments for the extension period."

Really only two confusing things to me. The "Total of Payments" box is $0.00. And there is a box 6 with "Estimated Fees and Taxes" that lists $465.22 that is "included with your monthly payments or assessed otherwise". I don't think that $465 is added to my payments, maybe it was always part of it.

Nothing about month to month in the paperwork I got.

I already negotiated a price on a 2015 SV I thought was pretty good, but think I have to keep the 2013 S at this price.

 

[LeftieBiker]

I get the feeling I'm going to be told that they've "never heard of" the lease promotions, but I'll try it on Monday. Maybe they target certain areas with this...?

 

[morlglums]

Got my paperwork today also. It promises a credit equivalent to 2 months. The way it is worded it does not look like "month-to-month", but a commitment for another full year. This is not what they described to me on the phone, but in my case it is fine since I hoped to keep the car a full additional year anyway. It looks like they reduced the residual value $1185, putting it at $16,500 (2013 S Model). It is unclear to me if that would be my buyout price at the end of the additional year. I would not purchase it at that price, but would consider it for $12k at the end of next year if they offered something like that...

 

[dhanson865]

I do wonder sometimes what happened to my old Leaf. We should start some sort of registry.

If anyone listening here got 2012 white SV VIN JN1AZ0CP5CT015926 speak up.

The registry is the bar loss database in my sig.

Just make an entry and every used car buyer will look it up and some may even take the time to post a "hey I got your Leaf" thread when they get it.

I know I'll be posting my used Leaf purchases in the coming months.

 

[LeftieBiker]

I called today, and NMAC will be sending me a 12 month, month to month lease extension, with the first two payments forgiven - except for sales tax in NY. So I'll be paying about $126 a month for the next year.

 

[jhm614]

I called today, and NMAC will be sending me a 12 month, month to month lease extension, with the first two payments forgiven - except for sales tax in NY. So I'll be paying about $126 a month for the next year.

Nice job! Congrats!

For what it's worth, today I called 888-813-1727 to discuss discounted residuals. The current program is valid until April 30, 2015 and offers:

2011 - $2,000 discount
2012 - $5,000 discount

He also mentioned that the 2013 is eligible for a $5,000 discount but didn't have the program details.

 

[caffeinekid]

For what it's worth, today I called 888-813-1727 to discuss discounted residuals. The current program is valid until April 30, 2015 and offers:

2011 - $2,000 discount
2012 - $5,000 discount

He also mentioned that the 2013 is eligible for a $5,000 discount but didn't have the program details.

Awe. Isn't that cute. A tiny token gesture. Thanks so much Nissan. I'll be thinking of that as I move along.

 

[LeftieBiker]

I forgot to mention a couple of things in my previous post: this lease extension will be month-to-month, supposedly, and I was also told that I can extend it again next year. That would make a total of four years.

 

[Pholz]

Nice job! Congrats!

For what it's worth, today I called 888-813-1727 to discuss discounted residuals. The current program is valid until April 30, 2015 and offers:

2011 - $2,000 discount
2012 - $5,000 discount

He also mentioned that the 2013 is eligible for a $5,000 discount but didn't have the program details.

I just got an offer in the mail today for my 2013 (Lease end late July 2015). They are offering $5000 off the lease payoff amount. Offer March 1. 2015 - March 31, 2015. Incentive offers beyond March 31 subject to change.

 

[kubel]

I just got an offer in the mail today for my 2013 (Lease end late July 2015). They are offering $5000 off the lease payoff amount. Offer March 1. 2015 - March 31, 2015. Incentive offers beyond March 31 subject to change.

Same here for my 2012. Excludes 2011.

 

[DaveK]

I received the same offer in the mail.

 

[Leafdom]

Question for you all. I have a 2013 Leaf and we love it, but I do hate paying lease payments. I'm about 16 mos in to a 36 mos lease. I don't end until Nov. 2016. :shock: So, if I wanted to just buy the car today, would Nissan give me the 5,000 off the residual? I would get the Colorado incentive (about 2,500 off taxes next year). My residual is 12,000, so take 5,000 off and then another 2,500 that brings it down to 4,500 plus the rest of my lease payments. Thats a pretty darn good deal. Yes/no?

 

[LeftieBiker]

I assume that residual is after 36 months? Ask them what it would be right now. You probably won't like it.

 

[kubel]

Question for you all. I have a 2013 Leaf and we love it, but I do hate paying lease payments. I'm about 16 mos in to a 36 mos lease. I don't end until Nov. 2016. :shock: So, if I wanted to just buy the car today, would Nissan give me the 5,000 off the residual? I would get the Colorado incentive (about 2,500 off taxes next year). My residual is 12,000, so take 5,000 off and then another 2,500 that brings it down to 4,500 plus the rest of my lease payments. Thats a pretty darn good deal. Yes/no?

The offer for the 2013 model year is sweeter than the offer for the 2012 because of the price drop that the 2013 saw. However, remember that the battery represents a future $5200 repair bill (if you drive 15,000 miles per year, the warranty will only last you 4 years). Most of us will be getting replacement batteries in 5 or 6 years. That's like having to get a transmission and engine rebuild every 5 or 6 years. It's not economical to hold onto a vehicle with such a reputation. With gas as cheap as it is, and the life of the battery as lousy as it's been, and future advancements in technology coming rapidly around the corner, the current generation LEAF makes an absolutely TERRIBLE choice for long term ownership.

To put another way, the inevitable battery replacement represents a hidden $90/mo expense that started the day you took delivery of your car, and will continue on perpetually for as long as you own the car if you decide to buy out the lease. Let's say you have a $15,000 buy out price and stretch that over 9 additional years of ownership-- you're looking at over $130/mo. Add that $90/mo battery replacement, and you're at $220/mo. That's pretty close to a lease payment.

Don't think Nissan is doing us any favors with the $5,000 offer. The way I see it, they are only righting a wrong- mostly covering the cost of one new battery replacement- and that's all.

So a good deal? No. I advise you keep making payments on your lease and then turn it in at the end and then lease another car. For as long as the tax credit is available, keep leasing- then once it dries up, buy out the car you're in. It's really not worth the risk to buy a LEAF for long term ownership right now.