End of Lease Strategies?

[temjinhao]

17.5k seems a little on the high side IMHO. Used Leafs (2011/2012) are selling for around 10k in Portland, OR.

http://portland.craigslist.org/clc/ctd/5090518969.html" onclick="window.open(this.href);return false;
http://portland.craigslist.org/mlt/cto/5087583367.html" onclick="window.open(this.href);return false;
http://portland.craigslist.org/mlt/cto/5075553907.html" onclick="window.open(this.href);return false;

Oops, sorry for the typo. It's a MY 2012 LEAF.

Thanks for the reply. Still I may call back to ask for $6500 off. Seems that quite a few people here got the offer.

 

[Bazooka]

I just completed the purchase of my leased 2013 Leaf S, and wanted to pass along a couple of points:

1. Dealing with my local dealer and NMAC was frustrating, to say the least. It felt like the car buying equivalent of the classic "Who's on First" comedy routine. My advice: Be persistent and get information from NMAC that you can pass along to the dealer to help educate them. As I mentioned earlier, if your dealer hasn't heard of the lease buyout, tell them to see bulletin 15-1-2064v3. In my case, that seemed to be the magic incantation.

2. Don't assume that the buyout price NMAC quotes is accurate. In my case, I got a pre-tax, pre-fee quote from NMAC of $X. I never mentioned this number to the dealer, as I assumed they'd get the same figure from NMAC that I did. Well, the number I got from the dealer was about $1,450 less than the NMAC number(!?), so adding sales tax and fees it came out to a couple of hundred less than the pre-tax, pre-fees $X. Why the difference? I have no idea, and I was too busy closing the sale and dashing out of the dealership to ask. I was happy to buy at the higher price NMAC quoted, and they simply gave away over $1,500, including sales tax. :roll:

 

[Weatherman]

I found my LEAF, I turned in a couple of months ago. It didn't get too far away from home:

http://www.nprnissan.com/inventory/2012-nissan-leaf-sv-front-wheel-drive-hatchback-jn1az0cp0ct020922

It was well taken care of, but the battery is badly degraded (two-bar loser). The picture showing a 47-mile range on an 11-bar charge is about right. I don't think I'd be willing to pay $14K for it. NMAC was willing to let me buy it for about $12K. Might qualify for a new battery if someone buys it before this summer is out and rides it hard for the remainder of this summer and next summer.

 

[cwerdna]

I found my LEAF, I turned in a couple of months ago. It didn't get too far away from home:

http://www.nprnissan.com/inventory/2012-nissan-leaf-sv-front-wheel-drive-hatchback-jn1az0cp0ct020922

It was well taken care of, but the battery is badly degraded (two-bar loser). The picture showing a 47-mile range on an 11-bar charge is about right. I don't think I'd be willing to pay $14K for it. NMAC was willing to let me buy it for about $12K. Might qualify for a new battery if someone buys it before this summer is out and rides it hard for the remainder of this summer and next summer.

Crazy! That's way too much.

I'm not willing to even buy my 23K mile '13 SV w/QC + LED and premium packages and no capacity bars lost for ~$14.K (after $6500 discount) + taxes. It's too high vs. used market prices.

With any luck, I will soon have a used '13 SV w/premium package for $10K + tax, title and fees and turn in my current Leaf at end of month.

 

[Canes4life88]

Just got the new contract from Nissan for the extended lease...and NOTHING in the contract about month-to-month. Verbiage about giving you 2 free months--but leery about signing this with nothing in writing saying I can turn it in any month after the initial term of lease ends.

Did anybody else do the extended lease? And if so, any more info on this month-to-month?

Thanks.

I am turning in my 2013 SL this week after extending my 2 year lease (and taking advantage of just the 2 months free credit). I never received anything in writing about the month to month option (I saw it discussed on this site and did confirm with NMAC prior to my extension) , but just called NMAC on Friday and stated I wanted to turn in my vehicle and they happily helped arrange the inspection and where I planned on turning in the vehicle (not with the dealership I leased from).

Hope this helps

 

[overfedexed]

Just got the new contract from Nissan for the extended lease...and NOTHING in the contract about month-to-month. Verbiage about giving you 2 free months--but leery about signing this with nothing in writing saying I can turn it in any month after the initial term of lease ends.

Did anybody else do the extended lease? And if so, any more info on this month-to-month?

Thanks.

I am turning in my 2013 SL this week after extending my 2 year lease (and taking advantage of just the 2 months free credit). I never received anything in writing about the month to month option (I saw it discussed on this site and did confirm with NMAC prior to my extension) , but just called NMAC on Friday and stated I wanted to turn in my vehicle and they happily helped arrange the inspection and where I planned on turning in the vehicle (not with the dealership I leased from).

Hope this helps

Thanks for posting this great info. I was thinking of doing the same thing.

How did they do your mileage, or are you still under the 24.000 miles?

 

[Poopiehead]

I just called NMAC today, and they offered me $17 off of my buyout (which would bring it to 12,876.63 for a 2012 SL on a month-to-month lease which matured in November of 2014). She noted that the offer is good until August 31st, but that I could call on the last business day of the month (also the 31st) to see if it will be extended (and possibly raised to even more than $7k). It's approaching the level that I may just bite and buy it out if it gets bumped up a bit.

 

[HIOJim]

Just got the new contract from Nissan for the extended lease...and NOTHING in the contract about month-to-month. Verbiage about giving you 2 free months--but leery about signing this with nothing in writing saying I can turn it in any month after the initial term of lease ends.

Did anybody else do the extended lease? And if so, any more info on this month-to-month?

Thanks.

I am turning in my 2013 SL this week after extending my 2 year lease (and taking advantage of just the 2 months free credit). I never received anything in writing about the month to month option (I saw it discussed on this site and did confirm with NMAC prior to my extension) , but just called NMAC on Friday and stated I wanted to turn in my vehicle and they happily helped arrange the inspection and where I planned on turning in the vehicle (not with the dealership I leased from).

Hope this helps

I too spoke with a NMAC representative and she also stated that the lease extension could be terminated early with no penalties. When the paperwork arrived it also has NOTHING in writing confirming the ability to terminate early. I have to wonder why NMAC would let you, especially after giving you the two months free. Sounds too good to be true, but your experience seems to indicate that it is legit.

Not sure what I will do at this point. I doubt I will be able to get a 2016 SV for anything near my existing $184/mo lease on my S. Even with a 30KwH battery I'm not sure I want to double my payments.

 

[TomT]

I hand wrote and initialed the particulars about it being month to month, no turn in penalty, two months credit, etc. on the lease extension before I sent it in. NMAC had no issues with it.

When the paperwork arrived it also has NOTHING in writing confirming the ability to terminate early. I have to wonder why NMAC would let you, especially after giving you the two months free. Sounds too good to be true, but your experience seems to indicate that it is legit.

 

[pkulak]

Anyone know what the current deal is? I'm strongly considering buying out if it's still $6,500 or more. $11,500 is just a darn good deal for my car, even though the capacity has faded a bit more than I'd like (88% SOH) and it doesn't have the premium package. Either way, though, I'm not making a decision until the last moment. I'm still pretty interested in what the 2016 is going to be, exactly, and how Nissan is going to price it.

 

[Nolansdad]

I called today and was offered $5,000. I wasn't really interested in purchasing so took them up on the 12 month extension.

I am going to wait and see what the nex 6-12 months brings with new models bringing increased competition.

 

[kubel]

I was fully planning on turning in my LEAF on Friday, but I got a call from NMAC today as I was driving home, and I decided to take them up on the 12 month extension. She explained to me that it's actually month-to-month, there's no obligation, and the 2 month credit is applied to my account immediately. She suggested using the two month credit immediately, that way if another Nissan comes out, I won't miss out on the credit if I decide to turn it in.

Translation, I sign a paper and I get 2 months free, no obligation. My payment is $325/mo with tax, so I don't plan on keeping the car much further beyond the first two months.

PS: Can someone PM me the return email address for the contract extension? I seem to have misplaced it.

 

[HIOJim]

PS: Can someone PM me the return email address for the contract extension? I seem to have misplaced it.

Nissan Motor Acceptance Corporation
PO Box 660368
Dallas TX 75266-0368

 

[kubel]

Do you know the email address by any chance?

Edit: I found it. If anyone needs it pm me.

 

[HIOJim]

I hand wrote and initialed the particulars about it being month to month, no turn in penalty, two months credit, etc. on the lease extension before I sent it in. NMAC had no issues with it.

When the paperwork arrived it also has NOTHING in writing confirming the ability to terminate early. I have to wonder why NMAC would let you, especially after giving you the two months free. Sounds too good to be true, but your experience seems to indicate that it is legit.

Tom, I did as you suggested and added a line saying that it was month-to-month with no early termination penalties. On the day I mailed it it, I got a call from NMAC asking if I had completed the extension paperwork. I told them that I had and mentioned the addendum I added. They said that this would not be accepted and that I should resend a unaltered version of the contract immediately as the month-to-month feature was a given in all extensions.

I don't like making assumptions in binding contracts and now might not take advantage of the extension.

Update: I never sent in the unaltered contract, pretty much daring NMAC to call me on it. They never did, and a few days ago I received notice that my first 'free' month was credited to my account. I have the monthly payment auto-deducted and had been told that you first had to stop that and specifically request that the free months be credited. That was not the case, at least with me.

Nissan *really* doesn't want my car back, and I'm cool with that

 

[TimLee]

Just more bad business practices by Nissan :shock: :roll:

 

[overfedexed]

I was fully planning on turning in my LEAF on Friday, but I got a call from NMAC today as I was driving home, and I decided to take them up on the 12 month extension. She explained to me that it's actually month-to-month, there's no obligation, and the 2 month credit is applied to my account immediately. She suggested using the two month credit immediately, that way if another Nissan comes out, I won't miss out on the credit if I decide to turn it in.

Translation, I sign a paper and I get 2 months free, no obligation. My payment is $325/mo with tax, so I don't plan on keeping the car much further beyond the first two months.

PS: Can someone PM me the return email address for the contract extension? I seem to have misplaced it.

Can somebody please tell me how the mileage would work with this extension?
Say, if I extend 12 months I would get 12,000 more miles, but if I took the two free months first, then turned it in, would I get 2000 more miles to cover me for those two months? I'll have my 24,000 allowed miles burned up by Dec. 24th, when I'm supposed to turn it in.

I know that this should be common sense, but leasing is new to me so....

Thanks

 

[maclean525]

Can someone explain the "2 months free"? I've seen some references to this but this is a LONG thread and I wasn't able to find the definition. I have a Leaf due off-lease soon and I'd definitely extend it if the terms were right.

 

[TimLee]

Can someone explain the "2 months free"? I've seen some references to this but this is a LONG thread and I wasn't able to find the definition. I have a Leaf due off-lease soon and I'd definitely extend it if the terms were right.

What is there to explain?
It is clearly stated in the previous post.
"She explained to me that it's actually month-to-month, there's no obligation, and the 2 month credit is applied to my account immediately."

 

[overfedexed]

Can someone explain the "2 months free"? I've seen some references to this but this is a LONG thread and I wasn't able to find the definition. I have a Leaf due off-lease soon and I'd definitely extend it if the terms were right.

What is there to explain?
It is clearly stated in the previous post.
"She explained to me that it's actually month-to-month, there's no obligation, and the 2 month credit is applied to my account immediately."

Tim, what about the mileage? I know that I asked this earlier, but when you extend 12 months, you get 12,000 more miles, then just turn it in after two months with no ten cents a mile penalty?

I'm cutting it pretty close on my miles now, so I'll be out when my 24 month lease is up on Dec 24th so....