extending a lease more than once?

[LeftieBiker]

Down payments are a kind of medium-stakes gambling: if you get through the lease period without totaling the car, you have usually saved money as opposed to a zero down lease. You also get to extend that low payment. If you do total the car, the House wins, in that you have to start from scratch and lease a new car, with no credit from the crashed one.

 

[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!

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

Wow... I thought I did well. #TimeToRaiseMyGame

 

[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.

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

I got a letter in the mail today from NMAC: "Your Nissan LEAF expiration is approaching. Purchase your current Nissan LEAF for $6,000 off your lease payoff or you can extend your current LEAF lease by 12 months."

I'm calling NMAC tomorrow to extend my lease, and it would appear that the terms would remain the same. If so, I will be paying $70/month and, as noted above, I would indeed do that forever too!

$6,000 off the residual value of $21,814 would be a purchase price of $15,814. While not bad, that is about $2,000 more than I see used 2012 LEAFs for sale around here (Seattle).

Unfortunately, my lease will expire in April 2016, which is no doubt too soon to lease/buy a Gen2 LEAF.

Oh, but by then the $35K 200-mile GM EV will be on the market. There is also a bridge for sale in Brooklyn.

 

[Turnover]

I got the lease extension letter today and called NMAC. I had already extended 6 months 11/2014 to 5/2015.

When I spoke to the agent about this being a 2nd extension and I wanted 12 more months on top of my current extension, he stopped to consult someone. It was approved so once I sign and return the emailed paperwork the $99/month lease will go to May 2016. Again this will be a month to month lease.

I wasn't interested in the $6K buyout offer. I am very interested in a higher range Leaf.

 

[ALF]

I got the lease extension letter today and called NMAC. I had already extended 6 months 11/2014 to 5/2015.

When I spoke to the agent about this being a 2nd extension and I wanted 12 more months on top of my current extension, he stopped to consult someone. It was approved so once I sign and return the emailed paperwork the $99/month lease will go to May 2016.

When I FINALLY got through to an agent (the worst automated attendant system I've ever encountered!), they told me that the lease extension offer was for 12 months beyond the end of the original lease, so I was entitled to only 6 months more. However, he also told me of special offer that would credit me with two months of lease payments. So, there's that.

 

[Turnover]

Look like there is no one set of answers from customer service ...

When you get to the 1-5 choice routine hit "0." Other board members told me about this and it works. On my last calls, the first was dropped just after the representative answered (after 7+ minutes of waiting and listening to crackles - almost as crackly as QRN in SE Asia during the monsoon season!)

 

[ALF]

Turnover, thanks for the tip on dealing with the NMAC auto attendant!

In the end, NMAC did send me a 12-month extension lease contract, which, on top of the first 6-month extension yields me a 3.5-year lease. It DOES seem that it just depends on who you talk to.

 

[Turnover]

Glad that worked for you. After the email contract extension didn't show up, I got the snail mailed contract today and signed and returned it. The residual remains almost $22K which brings up a question. Is the contact agreed residual valid for insurance purposes? It would seem that it wouldn't be; that the insurance value would be based on retail market value. Would this create a major financial issue should one of these lease extended Leafs were to be totaled. Have we been missing a major pitfall in all of this?

 

[LeftieBiker]

Nissan self-insures against totaled vehicles, so it shouldn't be a problem...

 

[Turnover]

Thanks. Any details on that self-insurance? Sounds like the "cost" would be a liability to their business and shareholders.

 

[Woosie]

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.

While I agree with Tom, because one of the conditions is turning in the required paperwork within 18 months of lease commencement, I did it anyway by showing the additional one year lease agreement before the original two year lease agreement. It cost me $1.91 for scanning a few pages at Office Depot.

I figured nothing ventured, nothing gained...

 

[Woosie]

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.

I called NMAC about that very thing today and the person (a young woman) said once the paperwork is completed they'll credit two months of payments, in my case $214.98. So if the paperwork is complete by the end of the month, chances are I'll pay the early April payment but will be credited for May and June.

 

[TomT]

I was told that the two months comes at the end of the extension, not the beginning, which makes perfect sense...

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.

I called NMAC about that very thing today and the person (a young woman) said once the paperwork is completed they'll credit two months of payments, in my case $214.98. So if the paperwork is complete by the end of the month, chances are I'll pay the early April payment but will be credited for May and June.

 

[martyv]

I was told that the two months comes at the end of the extension, not the beginning, which makes perfect sense...

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.

I called NMAC about that very thing today and the person (a young woman) said once the paperwork is completed they'll credit two months of payments, in my case $214.98. So if the paperwork is complete by the end of the month, chances are I'll pay the early April payment but will be credited for May and June.

Nope! The two months were immediately credited towards my account, giving me April and May this year for free - nice!

 

[TomT]

So, out of curiosity, I called Nissan and they confirmed that it is, in fact, applied immediately to the account. Apparently the first gal I talked to was misinformed... They also said that it is a limited time program that they are testing on some Nissan Vehicles and that they didn't know how long it would remain in effect...

Interesting, though I would not have kept it regardless. I'm glad to be done with Nissan's nonsense, lies, and disregard for their customers!

Nope! The two months were immediately credited towards my account, giving me April and May this year for free - nice!

 

[Woosie]

So, out of curiosity, I called Nissan and they confirmed that it is, in fact, applied immediately to the account. Apparently the first gal I talked to was misinformed... They also said that it is a limited time program that they are testing on some Nissan Vehicles and that they didn't know how long it would remain in effect...

Interesting, though I would not have kept it regardless. I'm glad to be done with Nissan's nonsense, lies, and disregard for their customers!

Nope! The two months were immediately credited towards my account, giving me April and May this year for free - nice!

Tom, what do you drive now? While I'm not satisfied with battery degradation, the rest of tune car and the customer service I've received have been top-notch! I fully plan to turn in the 2013 and get a 2016 for a 3 year lease, then purchase. Leaf, Bolt or Model E in 2019. By then, the dust will have settled with respect to new car intro problems.

I've prowled around the Bolt and oh boy it was much nicer than the Leaf, for a big guy like me.

 

[ALF]

Turnover, thanks for the tip on dealing with the NMAC auto attendant!

In the end, NMAC did send me a 12-month extension lease contract, which, on top of the first 6-month extension yields me a 3.5-year lease. It DOES seem that it just depends on who you talk to.

Well, it DID get stickier than originally reported, as NMAC just informed me that my lease was ending in October 2015, when I had previously received paperwork showing that my lease was ending in April 2016. Although I have confirmation numbers and emails attesting to the fact that I first obtained a 6-month extension and then was offered a 12-month extension at a later date, they show me as only having a 12-month extension. Heated words were exchanged, and they are now sending me an 18-month extension contract from the date of the original lease expiration. Sigh.

Turning back my 2012 Leaf in the Spring of 2016 is still clearly going to be too soon to get a Leaf2, or pretty much any of the other over-hyped and still-mythical $35K 200-mile-range cars (Tesla, Chevy, Ford, VW, etc.)

 

[evnow]

Turning back my 2012 Leaf in the Spring of 2016 is still clearly going to be too soon to get a Leaf2, or pretty much any of the other over-hyped and still-mythical $35K 200-mile-range cars (Tesla, Chevy, Ford, VW, etc.)

This is exactly the problem all of us are going to have.

So, I plan to take 2 year lease of My16 when it comes out.

That will be out of lease in Sep/Oct 2017. By then surely Bolt & Leaf 2 would have come out. But not Model 3.

But, I'll know better when the Model 3 is expected to appear. I can always extend the 2 year lease out until Model 3 comes out.

Only issue is - I won't be able to get Leaf 2 when it comes out. But, if I did, I won't get Model 3 when it comes out. Sigh - first world problem.