Is there something I'm missing here?

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Czilla9000

New member
Joined
Sep 29, 2014
Messages
3
Long time reader, first time poster....

So my 2012 Nissan LEAF SL has it's two year lease up at year end. I've only put about 8500 miles on the car. (I have a short commute but with a lot of traffic. I'm in Texas.) It's rather distressing as I don't really feel the need to buy/lease a new car at this point, and I'd rather not get locked into another 2 year lease in case my situation changes (i.e., I move out of state, get a new job, etc.) Also they are some neat cars coming out in 2015 or are debuting.

I received a flyer in the mail from Nissan about lease turn in....and one of the options (which I had never heard of) was called a "Lease Extension".

I called NMAC to ask them about it. Basically, I'd continue what I was paying now (unless there's a tax change) for up to 12 additional months....BUT I'd only pay "for the months I used". i.e., I could turn it in in March and only pay for the 3 extra months. This seems like a huge feature.

I like the lack of commitment versus a 2 year lease, but is there something I'm missing here? Is there some hideous maintenance I'd need to do in year 3 that I don't know about - thus far I've just done a battery check and tire rotation. This was my first time leasing.
 
Czilla9000 said:
Long time reader, first time poster....

So my 2012 Nissan LEAF SL has it's two year lease up at year end. I've only put about 8500 miles on the car. (I have a short commute but with a lot of traffic. I'm in Texas.) It's rather distressing as I don't really feel the need to buy/lease a new car at this point, and I'd rather not get locked into another 2 year lease in case my situation changes (i.e., I move out of state, get a new job, etc.) Also they are some neat cars coming out in 2015 or are debuting.

I received a flyer in the mail from Nissan about lease turn in....and one of the options (which I had never heard of) was called a "Lease Extension".

I called NMAC to ask them about it. Basically, I'd continue what I was paying now (unless there's a tax change) for up to 12 additional months....BUT I'd only pay "for the months I used". i.e., I could turn it in in March and only pay for the 3 extra months. This seems like a huge feature.

I like the lack of commitment versus a 2 year lease, but is there something I'm missing here? Is there some hideous maintenance I'd need to do in year 3 that I don't know about - thus far I've just done a battery check and tire rotation. This was my first time leasing.
on the surface it appears to be a good deal, my lease is up 4/15 and I am thinking of extending it until either the tesla model x is available or something else pops up.
 
Lease extension is the great upside to the several downsides (loss of downpayment if the car is totaled, strict standards for judging turn-ins, end of lease fee, etc) of leasing a Leaf. I'm paying $149 a month for a two year lease on my 2013 SV, and plan to keep doing so as long as possible. I also put many less miles than allowed on the car (now at 9200 after 15 months) and while I'm sure I'll lose one capacity bar before too long, I think I can avoid losing another, in which case I'll still have enough range for 90% of the trips I take now. Since leases seem to have gone higher since their low in 2013, I can't afford to lease another Leaf, unless may it's a 2015 (2014?) S model they will be trying to dump in 2016.
 
I don't see a downside, and this is something I was aware of when I initially leased my Leaf. Ironically, the monthly payment was lower for the two year lease than the three year lease, but I can extend to a third year at the two year price. That seems pretty good! As far as lease turn in costs, that is there at the end no matter what (unless you buy the car or purchase or lease another Nissan). I want to get a 2016 Miata next, so leasing "month to month" until it comes out is a great option.
 
Steve - I thought I'd get ridiculed here, but actually the 2016 Miata was the exact car I was thinking of. Just hoping they'll be available at reasonable cost by end of year 2015.
 
As far as lease turn in costs, that is there at the end no matter what (unless you buy the car or purchase or lease another Nissan).

If I can't lease another Leaf (or BLadeGlider!) I may try to find someone to buy the right to purchase the car, probably for little more than the end of lease costs, but that would be a double savings as I wouldn't have to pay them.
 
Cars depreciate more slowly as the months go on. Your original lease was the total depreciation over X months divided by X for the per month rent

By continuing your lease after X months at the original rate you're doing NMAC a favor, as the car is no longer depreciating at the original rate yet you're paying just that.
 
shikataganai said:
Cars depreciate more slowly as the months go on. Your original lease was the total depreciation over X months divided by X for the per month rent

By continuing your lease after X months at the original rate you're doing NMAC a favor, as the car is no longer depreciating at the original rate yet you're paying just that.

I'm quite happy to help NMAC out by paying $149 a month for another year or two. Or three..
 
shikataganai said:
Cars depreciate more slowly as the months go on. Your original lease was the total depreciation over X months divided by X for the per month rent
By continuing your lease after X months at the original rate you're doing NMAC a favor, as the car is no longer depreciating at the original rate yet you're paying just that.
Your not taking into account the down payment that was made.
 
The OP did not mention how much he/she was paying but if it's $250/month or less, and the OP is still happy with the car, I say go for it. Since the OP is in Texas I would be worried about battery degradation, but apparently that is not an issue for him/her.

Because it was only a 2 year lease and the OP drives it relatively little, the car will be under full warranty for another year after the initial lease is up. The most expensive service need between now and the end of year 3 is the recommended brake fluid flush at the 2 year mark. The next battery check is still free.
 
DanCar said:
shikataganai said:
Cars depreciate more slowly as the months go on. Your original lease was the total depreciation over X months divided by X for the per month rent
By continuing your lease after X months at the original rate you're doing NMAC a favor, as the car is no longer depreciating at the original rate yet you're paying just that.
Your not taking into account the down payment that was made.
Good point. I took advantage of the decent money factor and put nothing down, but with enough down then the lease continuance deal could be good. If it were that good, though, NMAC wouldn't offer it.
 
I did a quick calculation, and if I turn my car in at my 24 month lease's end I'll have paid $274, total, per month, counting downpayment and even tax. Well, plus the end of lease fee, but that's fixed so let's ignore it so I don't have to reopen Windows Calculator ;-) . If I drive the car for three years, though, my cost per month drops to $232. Given the gas and maintenance savings and not having to make another downpayment to get a good deal on the next lease for an extra year, that seems like a very good deal.
 
I just extended my 2013 S for 6 months at $125/month.

Is there any cut-off here? When I get my new lease, what if I do a single pay and have $0 monthly? Do I get my car free for 6 months more?

Has anyone been turned down for this?
 
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