End of Lease Strategies?

[carolle]

-deleted as I misunderstood something.

 

[carolle]

Huh? 2-year lease was ineligible for CVRP. It needed to be 36+ months (later changed to 30).

As for tax credit, that's the Federal tax credit and has nothing to do w/(California) CVRP. Nissan/NMAC received that $7500 Federal tax credit and passed it on customers, in the form of a cheaper lease (IIRC, looks like a big down payment, much bigger that you actually put down).

Thanks for the correction. My original lease was 2-year, and I will extend a year. Was your original lease 36 months?

 

[cwerdna]

Thanks for the correction. My original lease was 2-year, and I will extend a year. Was your original lease 36 months?

My original (current) lease is a 2 year. And, yes, I will probably extend it for a year, due to the 2 pieces of good news.

 

[rsyto]

I have a 2013 Leaf with a lease ending this June. I was offered a 12 month extension with two payments credit. The Nissan finance person told me over the phone that I could return the Leaf at any time. I received the paperwork, but I did not find any indication of a month to month "return at anytime" clause. I live in Ohio.

Did anyone receive the same offer with specific language in the extension contract indicating "month-to-month"?

thanks!

 

[carolle]

My original lease is also 2-year. From your statement, I will be eligible to get CVRP $2500 if I'm extending 1-year, because the total lease would be 36 months.

^^^
Some people got very low monthly payments because they put a huge amount down (not a good idea). I recall seeing ads every now and then for $99/mo before tax, title and license Leaf S leases, due to a huge down payment.

No, paying huge down payment is very good for this 1-year extension. This 1-year lease extension offer is simply you pay the same monthly payment. So, having lower monthly payment with big down payment is obviously a win.

IMHO, I don't this extension deal is good for you as you are paying $300+ per month, while I'm paying only $170 (my initial down was $2000). So, for those who are paying $99/mo, this extension deal is almost a steal. (Please correct me if I'm missing something.)

Regarding CVRP, it does make a sense, but it's very funny that I would earn $800 ($170*10 - $2500) by leasing this car one more year. Still confused.

But, anyway, this extension is a very good deal for me. I will extend even if CVRP is rejected.

 

[carolle]

I have a 2013 Leaf with a lease ending this June. I was offered a 12 month extension with two payments credit. The Nissan finance person told me over the phone that I could return the Leaf at any time. I received the paperwork, but I did not find any indication of a month to month "return at anytime" clause. I live in Ohio.

Did anyone receive the same offer with specific language in the extension contract indicating "month-to-month"?

thanks!

The same case for me. The paper form doesn't indicate this extension is m-to-m. This is my term (I think everyone should have the same text.)

Pursuant to your request, Nissan-Infiniti LT "NILT" is agreeable to extending your Closed End Motor Vehicle Lease Agreement ("Lease') dated 04/XX/2013, an additional twelve (12) months, beyond your originally scheduled maturity. By taking advantage of this extension offer, we have also agreed to credit your account the equivalent of two (2) monthly payments for the extension period. Since the total months of extension on your Lease exceed six (6) months, we include with this letter consumer leasing disclosures for the additional twelve (12) month extension ("Lease Extension") as follows:

 

[LeftieBiker]

There was nothing after "as follows:"??? I got the consumer lease info, so I think it depends on the state in which you live. I'll post it tonight.

 

[rsyto]

I have a 2013 Leaf with a lease ending this June. I was offered a 12 month extension with two payments credit. The Nissan finance person told me over the phone that I could return the Leaf at any time. I received the paperwork, but I did not find any indication of a month to month "return at anytime" clause. I live in Ohio.

Did anyone receive the same offer with specific language in the extension contract indicating "month-to-month"?

thanks!

The same case for me. The paper form doesn't indicate this extension is m-to-m. This is my term (I think everyone should have the same text.)

Pursuant to your request, Nissan-Infiniti LT "NILT" is agreeable to extending your Closed End Motor Vehicle Lease Agreement ("Lease') dated 04/XX/2013, an additional twelve (12) months, beyond your originally scheduled maturity. By taking advantage of this extension offer, we have also agreed to credit your account the equivalent of two (2) monthly payments for the extension period. Since the total months of extension on your Lease exceed six (6) months, we include with this letter consumer leasing disclosures for the additional twelve (12) month extension ("Lease Extension") as follows:

I have the same paperwork. I called them today. I asked if she could direct me to the section of the contract that states that there would be no penalty for returning the car prior to 12 months. I gave her the scenario, "If I return the car in three months, I would NOT receive any penalty. Is this correct?" She stated, "yes" and explained that they prefer for people to keep the car longer, but will not broadcast that they will not penalize if it was turned in early.

This is the second time I've heard this plan, but I am wary to trust these arrangements without it being in written form.

I saw that someone on the forum mentioned that there was not a month-to-month program. Does anyone have any insight into this issue?

Thanks!

 

[rsyto]

I keep waiting for the most important detail!!! What does the one year extension do to the RESIDUAL?

I had a 2 year lease. After 2 years, my residual is $22,080.75. After extending another year, the residual is $18,580.95.

 

[cwerdna]

^^^
Some people got very low monthly payments because they put a huge amount down (not a good idea). I recall seeing ads every now and then for $99/mo before tax, title and license Leaf S leases, due to a huge down payment.

No, paying huge down payment is very good for this 1-year extension. This 1-year lease extension offer is simply you pay the same monthly payment. So, having lower monthly payment with big down payment is obviously a win.

IMHO, I don't this extension deal is good for you as you are paying $300+ per month, while I'm paying only $170 (my initial down was $2000). So, for those who are paying $99/mo, this extension deal is almost a steal. (Please correct me if I'm missing something.)

The reason why big lease down payments aren't a good idea (in general, independent of this extension offer, CVRP, etc.) is that if you total the car, you get none of your down payment and payments back. It's big unnecessary risk.

But yes, having lower monthly payments at this point makes the extension offer better.

 

[Kenric]

Last follow up on my end of lease; my "two free months" were credited to my account a few days ago, and show up in my "payment history" online. For reference, my 12 month extension will "start" in about two weeks. I am still waiting to see if I get any paperwork back from the extension, but online shows both a "maturity date" and an "adjusted maturity date".

 

[MrIanB]

Just set up return inspection for this Thursday.

Ian B

 

[rsyto]

Last follow up on my end of lease; my "two free months" were credited to my account a few days ago, and show up in my "payment history" online. For reference, my 12 month extension will "start" in about two weeks. I am still waiting to see if I get any paperwork back from the extension, but online shows both a "maturity date" and an "adjusted maturity date".

Thanks for the info. What was the estimated time between sending in the 12 month extension paperwork to seeing the two months credit?

Thanks again.

 

[LeftieBiker]

OK, I looked at my lease extension form again, and the additional consumer info on it is for New York leases only, so it apparently only comes with lease forms here. It doesn't say the lease is month to month, just that you have the right to terminate it any time, as long as you are current on payments. It also says there may be a substantial financial penalty for doing so. So NMAC is telling us on the phone that it's "month to month" but they aren't willing, as noted above, to put it in writing, probably to avoid people using the two free months and then terminating...

 

[Kenric]

Last follow up on my end of lease; my "two free months" were credited to my account a few days ago, and show up in my "payment history" online. For reference, my 12 month extension will "start" in about two weeks. I am still waiting to see if I get any paperwork back from the extension, but online shows both a "maturity date" and an "adjusted maturity date".

Thanks for the info. What was the estimated time between sending in the 12 month extension paperwork to seeing the two months credit?

Thanks again.

For me, it was 9 days.

 

[manitou820]

Does anyone know if you can claim more of the Colorado Tax credit if you buy the car at the end of your lease? The lease on my 2013 will be ending late this year and the residual is $14,580. If Nissan is still offering an additional $5000 off of the residual, and I can get part of the remaining $6000 Colorado EV tax credit (I was able to claim about $2500 originally because it was leased), I might be able to buy mine out for $7k-$8k. I've only put 12,000 miles on my car and I'll probably only have around 16-18k by the end of the lease. Not a bad deal.

 

[pkulak]

It also says there may be a substantial financial penalty for doing so.

Then who cares what they tell you over the phone? It's in writing that they can charge you whatever they want if you turn it in early. Writing is all that matters.

 

[MrIanB]

Inspection done today, total $430. $55 for curb rash on a rim and $375 for spider chip on windshield. I have 2 months to fix before returning in June.

Ian B

 

[LTLFTcomposite]

Inspection done today, total $430. $55 for curb rash on a rim and $375 for spider chip on windshield. I have 2 months to fix before returning in June.

Ian B

Don't forget the $500 of forgiveness if you buy or lease another Nissan, in addition to waiving the disposition fee.

 

[LeftieBiker]

It also says there may be a substantial financial penalty for doing so.

Then who cares what they tell you over the phone? It's in writing that they can charge you whatever they want if you turn it in early. Writing is all that matters.

That is generic, New York State language. The Nissan-written part of it says nothing about penalties.