extend lease

[kubel]

Will NMAC allow an early turn in (penalty free)?

 

[TomT]

Normally, no.

Will NMAC allow an early turn in (penalty free)?

 

[LTLFTcomposite]

Normally, no.

Will NMAC allow an early turn in (penalty free)?

Define early. I turned mine in three weeks early, having paid for the last month.

 

[penorman]

Just a current data point -- called Nissan to extend our lease for another 12 months after already extending for six. They send the extension agreement, you sign it and mall it back and that's it. We have a very low monthly payment so it is a great deal for us. And you can bail out of the lease at any time in that 12 month extension if something better comes along. The only difficulty was getting past the automated menu to talk with a human.

 

[Publius]

Does anyone know how extending a lease works with excessive wear and tear insurance? I pay a few dollars extra in my monthly payment, which was a set amount when I signed the deal. Would I continue paying what I'm paying now (and keep the insurance) or what? I'm also interested in the prospect of buying the car at the end of the lease for less than the residual, but I wonder if that is a sign that they expect these car to drop considerably in value/demand when Nissan release the updated Leaf with a better battery, etc.

 

[Weatherman]

Normally, no.

Will NMAC allow an early turn in (penalty free)?

Define early. I turned mine in three weeks early, having paid for the last month.

According to the person I called to handle the final inspection, the earliest I could turn the car in, without penalty, is 60 days prior to the maturity date on the lease.

 

[cgaydos]

So a bit of news on the lease extension - and sorry if this has already been posted in another thread.

I called today to extend the lease for a second time on my 2012 LEAF and was given the option of extending for 12 more months and, included with the offer, was credit for two months payment. Basically, extend for 12 months for the price of 10 months. The operator told me that the intent is that we lease for the whole 12 months, but the credit is up front and we have the option to turn in at any time.

Previously we were told we were allowed 2 6-month extensions - this offer allows a total of 18 months of extensions and a price discount. This is quite a good deal IF (and only if) your lease payment is low, as it was for a lot of us who leased near the end of 2012.

I don't know how universal this is. It may be limited to certain model years or certain areas of the country or certain ranges of lease payments. They are still offering $5k off the residual if I buy the LEAF, but as my residual is nearly $22k there is no way I'd do that.

 

[LeftieBiker]

Does anyone know how extending a lease works with excessive wear and tear insurance? I pay a few dollars extra in my monthly payment, which was a set amount when I signed the deal. Would I continue paying what I'm paying now (and keep the insurance) or what? I'm also interested in the prospect of buying the car at the end of the lease for less than the residual, but I wonder if that is a sign that they expect these car to drop considerably in value/demand when Nissan release the updated Leaf with a better battery, etc.

Since you are extending your current payment, and that includes the W&T insurance, that should be extended as well. If you aren't sure, ask them.

 

[AlanSqB]

I've never quite figured out why our lease payment is $405 when I hear about others at less than $200.

My monthly on our 2015 SV is the same. I was upset when I first came here and saw what others were paying, but we put $0 down so it works out somewhat. I'm also getting about $1700 back from the state of CO soon which isn't bad.

However I can't imagine any circumstances under which I will extend. I could see a buyout offer if they get it down around $10-10k, which I think may be very possible once the next gen Leaf is out. That would mean a reduction of 6-7k which doesn't seem unreasonable.

 

[cgaydos]

I called today to extend the lease for a second time on my 2012 LEAF and was given the option of extending for 12 more months and, included with the offer, was credit for two months payment. Basically, extend for 12 months for the price of 10 months. The operator told me that the intent is that we lease for the whole 12 months, but the credit is up front and we have the option to turn in at any time.

Previously we were told we were allowed 2 6-month extensions - this offer allows a total of 18 months of extensions and a price discount. This is quite a good deal IF (and only if) your lease payment is low, as it was for a lot of us who leased near the end of 2012.

So I got the lease extension paperwork and here are some items of note:

• 1) Unlike the previous lease extension, which was a short contract amendment, this fully states the new lease terms. In other words, it looks like a full lease contract, although it refers back to the original for any missing terms.
  2) Although NMAC said on the phone they'd extend for another 12 months, the contract terms indicate that this replaces my last lease extension. So the total length of the extension is 12 months. In short, I get a 6 month additional lease extension with 2 of those 6 months free.
  3) Unlike before the contract gives the revised residual. Instead of almost $22k it will now be $19k. Still too much, even after the $5k residual reduction being offered, but nice to know that this has been changed. (The previous lease extension did not change the residual.)

 

[epic]

I'm 6 months into the first 12 month extension,At the time of extension the nice lady said at that time a second 12 month extension was available later.So,come January does anyone know if the extension can truly be extended?At $139 per mo. the car is hard to beat.In addition for my a/c company I buy 1-2 vehicles per year.Ford gives a competitive lease rebate of 500-1k .the leaf pays for it self EVERYDAY just with this rebate alone.

 

[LeftieBiker]

At the time of extension the nice lady said at that time a second 12 month extension was available later.

This may be the key. Nissan goes back and forth on lease extensions, but I think that when they actually promise you one on the phone, they will honor it even if that offer isn't currently available in general. At the very least, call now and ask. If it isn't an option now, it may be when the lease actually ends. I almost bought a 2015 SV last December because I was told "No more lease extensions." (That car turned out to be damaged, so I didn't buy it.) Then, in February, IIRC, the extensions came back, and I got one last one. I was also able to extend the warranty for this last year, for $350.

My payment, BTW, is $159. $149 was the original payment, but we have sales tax on leases here, so I have to pay $10 a month tax on the extension.

 

[Kilograham]

Please let me know what you find it out. I'd like to extend my lease again. I got a 12-month extension in October 2015.