extending a lease more than once?

[dndrich]

OK, just got off the phone with NMAC. They are sending me an agreement for a 12 month extension with the same terms. My terms are very good. My original maturity date is 5/27/15. So, that gets me an additional year. Furthermore, the lease at that point is month to month, so I can cancel at any time. Now, 5/27/16 probably will not get me to the longer range EV's, so I would want additional time. The rep told me that I can extend at that time also, and to just ask for more time then. So that is a winner. My car is low mileage, and is terrific. I only have 16000 miles. Tires perfect, 12 bars for now. I just drove to San Francisco 56 miles with a full car of folks and did not even hit low battery warning. Should be good for a while!

 

[ALF]

I leased a Leaf in October 2012, for what what seemed to be (and still seems to be) a great deal: $5K down, $70/month. I asked for an extension and they gave me a 6-month extension, through April 2015. At the time, I was amazed that the extension included the same monthly payment! I was also told (in October 2014) that I could ask for another 6 months at the end of the first extension. That would take me out to October 2015, a total of 3 years.

I would love to be offered a 1-year extension, as has been mentioned by others in this thread. If I could get a lease that would take me into 2016, then I could consider a 2016 Leaf, which is rumored to have greater range for a similar price. Has anyone actually received an extension that took them beyond 3 years?

Also, I imagine that as the next-gen Leaf becomes more of a reality, the price for used Leafs should fall. Does Nissan then adjust downward their offer to sell me my leased Leaf? If so, it might be an attractive offer, even though a longer-range Leaf will (soon?) be available.

I'm a leasing Newbie, so all these permutations are a little puzzling to me. Thanks for answering my questions.

 

[dndrich]

Another question for this thread...

Now that I am going to extend to 3 years from my 2 years, will I now qualify for the California $2500 rebate? If so, that is amazing, since my original lease was less than the 3 year lease with the rebate making it close to break even between the two. If I now qualify for the $2500 rebate too, then my lease becomes ridiculously cheap. Wow.

 

[ljwobker]

I would love to be offered a 1-year extension, as has been mentioned by others in this thread. If I could get a lease that would take me into 2016, then I could consider a 2016 Leaf, which is rumored to have greater range for a similar price. Has anyone actually received an extension that took them beyond 3 years?

Yes. My initial lease was 24 months starting 10/2012. Extended six months when that one was up thru 03/2015. Just called this week and had it extended another 12 months, so the new maturity date is 03/2016, for a total term of 42 months. In my case the last year is actually month to month so I have even more flexibility than normal, which is great.

 

[ALF]

Thanks for the info! My current 6-month extension is up in April, and I will try to get the same 1-year extension that you received.

 

[TomT]

No, unfortunately it does not work that way...

Now that I am going to extend to 3 years from my 2 years, will I now qualify for the California $2500 rebate? If so, that is amazing, since my original lease was less than the 3 year lease with the rebate making it close to break even between the two. If I now qualify for the $2500 rebate too, then my lease becomes ridiculously cheap. Wow.

 

[kubel]

I wonder how aggressive Nissan will be pushing these extensions.

I just got my "courtesy call" from NMAC. It wasn't that aggressive. They asked if I was interested in keeping the car for 12 more months, getting a new Nissan, or buying out my current lease. She seemed to be as equally interested in getting me to extend my lease as she was seeing me get back into the dealership and into a new car. She wasn't very familiar with the current $5,000 offer (she suggested it ended at the end of 2014, but it's good through 2015).

 

[mn4az]

This is pretty encouraging. I have a 2 year 2013 lease that is up at the end of April. My total 2 year out of pocket cost if I turn it in would be ~6k (I put zero down even). If I could extend the lease two years at my current payment I would be all over it. #CrossesFingers

Side question: How far in advance of your lease ending is NMAC calling you to discuss options? Since I am ~2.5 months out should I give them a pre-emptive call or wait it out?

 

[LeftieBiker]

I got a call at least six months before my lease ends - probably more. I don't know if they were going to offer me a buyout discount - I just said I'd be extending the lease. The call may not actually have been from NMAC, though...

 

[freeewilly]

Another question for this thread...

Now that I am going to extend to 3 years from my 2 years, will I now qualify for the California $2500 rebate? If so, that is amazing, since my original lease was less than the 3 year lease with the rebate making it close to break even between the two. If I now qualify for the $2500 rebate too, then my lease becomes ridiculously cheap. Wow.

Depends. Did you lease the Leaf within 18 months?

https://energycenter.org/clean-vehicle-rebate-project" onclick="window.open(this.href);return false;
When can I apply for a rebate?

Within 18 months of the vehicle purchase or lease date.
After taking possession of the vehicle.
Before exhaustion of available rebate funds.

 

[ljwobker]

I leased a Leaf in October 2012, for what what seemed to be (and still seems to be) a great deal: $5K down, $70/month. I asked for an extension and they gave me a 6-month extension, through April 2015. At the time, I was amazed that the extension included the same monthly payment! I was also told (in October 2014) that I could ask for another 6 months at the end of the first extension. That would take me out to October 2015, a total of 3 years.

My god... If I could extend a lease on a LEAF for $70/month, I'd do that forever!

 

[ALF]

Me too! I was sure that they were going to quote me a higher monthly rate. If I do get another 6- or 12-month extension, it will be interesting to see what happens. As of right now, that large initial payment is looking pretty good.

 

[LeftieBiker]

Lease extensions are just that: extensions of an existing contract. So if you got screwed on the lease you get screwed for longer on the extension. If you did well on the lease ($149 a month, for a Gen II SV!) you will welcome the extension.

 

[martyv]

Was reviewing the paperwork on a 24-month lease extension from NMAC, and wasn't absolutely sure that I wanted to keep it that long (would extend from July 2015 to July 2017 at $198 per month...) So, I called in and asked if I could look at a 12-month extension instead - the helpful young lady let me know that since the 24-month agreement is just an extension, I could return the vehicle at any time! That is pretty cool, I could sign the 24-month agreement, but be able to return it earlier if a next generation BEV is available before then, or if the range becomes unusable... I've asked for something in writing that would show that this is indeed "month to month;" will share it if/when I get it!

 

[martyv]

Was reviewing the paperwork on a 24-month lease extension from NMAC, and wasn't absolutely sure that I wanted to keep it that long (would extend from July 2015 to July 2017 at $198 per month...) So, I called in and asked if I could look at a 12-month extension instead - the helpful young lady let me know that since the 24-month agreement is just an extension, I could return the vehicle at any time! That is pretty cool, I could sign the 24-month agreement, but be able to return it earlier if a next generation BEV is available before then, or if the range becomes unusable... I've asked for something in writing that would show that this is indeed "month to month;" will share it if/when I get it!

Update - I did get this all in writing - the letter states

"If you choose to extend your vehicle lease, please be assured that you may return
your vehicle at any time during the lease extension period. Your account must be
current at the time of the lease extension..."

Based on this, I plan to sign the 24-month extension, and keep my options totally open through July 2017!

 

[dndrich]

OK, so my paperwork came from NMAC to extend my lease for a year, and I signed it. Interestingly, in the first paragraph they claim they will credit me 2 payments if I sign the extension. We will see how that gets applied.

 

[ObjetDart]

Was reviewing the paperwork on a 24-month lease extension from NMAC, and wasn't absolutely sure that I wanted to keep it that long (would extend from July 2015 to July 2017 at $198 per month...) So, I called in and asked if I could look at a 12-month extension instead - the helpful young lady let me know that since the 24-month agreement is just an extension, I could return the vehicle at any time! That is pretty cool, I could sign the 24-month agreement, but be able to return it earlier if a next generation BEV is available before then, or if the range becomes unusable... I've asked for something in writing that would show that this is indeed "month to month;" will share it if/when I get it!

Update - I did get this all in writing - the letter states

"If you choose to extend your vehicle lease, please be assured that you may return
your vehicle at any time during the lease extension period. Your account must be
current at the time of the lease extension..."

Based on this, I plan to sign the 24-month extension, and keep my options totally open through July 2017!

I wish I knew how you got this offer. My lease expires a couple of days before yours. I got a card in the mail a while ago from Nissan with a number to call to extend the lease. 1-800-778-4211 (warning: don't enter your account number after the prompt, it will dump you into a useless automated option tree, where there is no option anywhere to extend your lease. Just press 0. Argh!) Anyway I spoke to a nice lady, but not only had she never heard of this 24 month option, she said I could not even renew my lease yet because the end date is still too far away. She said call back in April. According to her the only option I will have at that point is a 12 month extension.

 

[mn4az]

Don't know whom you spoke with but I would call in and try again... I posted this in another thread as well:

"Several weeks back I got my email informing me of my end of lease. Talked to NMAC via phone and here's the information they gave me.

Option #1: Extend lease 12 or 24 months with two payments waived - no end date - and is month to month.
Option #2: $4k off residual - offer ends 2/28/15

Additionally for all you '12 folks... I was told that the current offer is $6k off residual - offer ends 2/28/15

The 24 month extension is awfully tempting given that the next gen EVs (Nissan, Chevy, Tesla M3) *should* be available in spring 2017."

 

[mn4az]

Was reviewing the paperwork on a 24-month lease extension from NMAC, and wasn't absolutely sure that I wanted to keep it that long (would extend from July 2015 to July 2017 at $198 per month...) So, I called in and asked if I could look at a 12-month extension instead - the helpful young lady let me know that since the 24-month agreement is just an extension, I could return the vehicle at any time! That is pretty cool, I could sign the 24-month agreement, but be able to return it earlier if a next generation BEV is available before then, or if the range becomes unusable... I've asked for something in writing that would show that this is indeed "month to month;" will share it if/when I get it!

@martyv - did you put money down or did you score that $198 w/o money down? Also... what model is your Leaf (S, SV or SL). Thanks!

 

[martyv]

Was reviewing the paperwork on a 24-month lease extension from NMAC, and wasn't absolutely sure that I wanted to keep it that long (would extend from July 2015 to July 2017 at $198 per month...) So, I called in and asked if I could look at a 12-month extension instead - the helpful young lady let me know that since the 24-month agreement is just an extension, I could return the vehicle at any time! That is pretty cool, I could sign the 24-month agreement, but be able to return it earlier if a next generation BEV is available before then, or if the range becomes unusable... I've asked for something in writing that would show that this is indeed "month to month;" will share it if/when I get it!

@martyv - did you put money down or did you score that $198 w/o money down? Also... what model is your Leaf (S, SV or SL). Thanks!

$500 down, it's an SV with LED & QC...