New MY18 Leaf Lease Extension program

My Nissan Leaf Forum

Help Support My Nissan Leaf Forum:

This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.

mcnizzel

Member
Joined
Mar 27, 2014
Messages
14
***PLEASE READ***

I'm not sure where to post the following info. but I figure those that need it most are likely watching this thread carefully.

Nissan is starting a new program as of 3/9/17 where by they will extend seemingly any current leaf lease until such time as the 2018 leaf is available. The program is very new and should be announced via email and physical mailings in the coming days. I was offered this extension, despite the fact that my lease had already been extended a year.

Here is what I know for sure:
1. The program phone number is 1 800 854 3310 There are only 8 employees working this program, please be patient.
2. The extension offer behaves like all of the other year long extensions that have been previously granted, meaning you'll continue the payments regularly, you can turn in/buy out the vehicle at any time, and your milage allowance is pro rated by month as long as you keep the car.
3. I seriously doubt you'll ever be able to extend it beyond this year, or more than once going forward.
4. the program's official name is MY18 Leaf Extension
5. Documentation must be completed by mail only, it takes 7-10 business days for documents to arrive, plus you must mail them back and wait for processing. IF you are very near the end of your lease please keep this in mind, they will not fax or email any extension documents.
6. The offer they mail you is good for 30 days from the day you receive it.
7. The best part....They'll waive 3 payments during your extension, so you get 3 free months to drive the car essentially for free. It was heavily implied the three payments following your successful lease extension would be waived.

I have requested the paperwork be sent out to me, so I'll report on anything interesting when I receive it.

I have some questions that so far I have not been able to get answers on, namely:
1. Does taking this extension effect your buy out incentives in any way?
I know the buy out amounts seem to change monthly, and vary based on your original lease length, model and year of your car, and current market conditions. I am hoping that doing this extension does not reduce or eliminate access to buyout incentives.

2. What will happen if you can not get a 2018 leaf leased or purchased before your extension is up?
Depending on how many people take Nissan up on this offer, you're potentially looking at a ton of nissan leaf fans looking to lease 2018s at essentially the same time, since we'll all be waiting for the release date. It is not crazy to think that the demand may not be met until after some of the extensions expire, especially considering we still have no release date whatsoever, and Nissan hasn't been forthcoming about the redesign in general.

3. Would it be best to take the extension now, and then buy out the lease later?
I'm guessing it would make sense for Nissan to continue buyout incentives, I don't think they want lots stuffed full of older leafs, demonstrating the steep depreciation curve to future buyers. If they're going to take a loss on them, they'd rather do it quietly with a buyout and keep a leaf owner, a leaf owner. When the 2018 comes out ( presumably, finally, a redesign with 200 miles plus) I imagine it will further depreciate the value of older model leafs even faster. That would lead me to believe Nissan would be even more motivated to have leases bought out. A lower market price and higher motivation from Nissan could translate into even higher incentives to buy out than we currently have seen. I wonder if it would be a good idea to take the lease extension, drive it for three months free, and just call in each month to see if the incentives get even better. I've already seen a ton of deals on buy outs in this thread recently that are much lower than I would have guessed before I started researching, wouldn't that trend continue? I remember people being excited about a $5k incentive, and now that seems fairly mediocre.
 
LeftieBiker said:
How were you offered the extension?

I extended my two year lease originally through NMAC as usual. At that time I was told that in the future I could extend it for a second year, which I was planning on doing. However, when I called in this month to extend it again, NMAC refused and that spurred a solid week of hounding 2 dozen dealerships for the best possible buy out. Finally a GM at a high volume leaf dealer told me about this program before it was announced. I called the number I provided there and got answers to my questions for the most part, as well as lease extension paperwork headed my way in the mail supposedly.
 
Thanks OP. I just called and the phone was answered within a minute. It was a smooth process to request the paperwork and it will be arriving via mail as you mentioned.

They did say that the 3 months are free with the one year extension. But if we don't keep the vehicle for full one year (of extension) they have a right to ask for the payments of 3 months as well.
 
Just called. Getting a message saying because of some technical difficulty they aren't taking calls. mcnizzel broke their system. Sad.
 
My only real concern is that I don't want an early production leaf - I'd rather wait until they build at least a few hundred. I also don't want to pay full MSRP unless it's competitively priced from day one.
 
LeftieBiker said:
My only real concern is that I don't want an early production leaf - I'd rather wait until they build at least a few hundred. I also don't want to pay full MSRP unless it's competitively priced from day one.
Fairly sure the first few hundred won't be sold in upstate NY ;)

Competitive pricing is indeed a problem.
 
I received my paperwork today for the extension today. Regarding Nissan asking for their 3 months of courtesy payments back if you terminate too soon, the paperwork for the extension specifies the following:

Early Termination Charge: If you terminate this lease extension more than six months prior to its maturity date, you will be responsible for paying an early termination charge comprising an amount that is three times the monthly lease payment amount, plus any applicable taxes.
I need to call because the paperwork doesn't take into account that I had already extended my original lease six months from September 2016 to March 2017. Instead of extending until March 2018, it says it matures in September 2017. Which obviously doesn't get me to the 2018 Leaf, so we need to get that straightened out.
 
The 3 free months sound too good to be true so I had to call and talk to couple of reps (including one from the leasing department) to be sure. I pretty much double-checked the following info w/ the reps and they all agreed w/ me. Hope this info helps you w/ similar situation.

1. Your 3 months credit will be applied right away - first 3 months after the original lease expiration date
2. If you terminate your lease extension before the 6 months period, you'll have to pay the 3 months credit back. This doesn't apply if you terminate your lease to get the new 2018 LEAF lease. If you terminate your lease to get a new leaf lease, you don't have to pay back the 3 months credit even if you haven't keep your extension lease for 6 or more months.

Concrete example:
A. My 2015 LEAF lease ends July 2017
B. My lease allowable millage is 18k miles / year
C. My lease payment is $370/month

With the lease extension offer, the following can happen:
i. My August, September, and October payments are $0
ii. I can pre-lease the 2018 LEAF in September 2017, vehicle will be delivered in March 2018.
iii. I am allowed 1500 miles per month (because of my 18k/year original lease)
iv. If I don't like the new 2018 LEAF pricing or for whatever reason, I can return the vehicle in January 2018 "no questions asked". This implies that I only need to pay for 3 months: Nov, Dec, and Jan and got Aug, Sep, and Oct for free (a $1110 saving)
 
"Delivery in March 2018"? Don't know if I can wait that long, only to pay full MSRP when the Bolt will probably be heavily discounted by fall the way it's trending. Leaf 2 will have to be worth it.
 
Yeah, I have no intention of driving another whole Winter with my car's reduced range and no warranty left. Nissan seems to have done too little, and far too late, here.
 
My situation is very similar.

My Leaf lease ends June 27, 2017. I had put down a deposit for a Tesla 3. I don't know when I'll get that.... best case is fall 2017.

I called yesterday and they said I can extend the lease until March 2018 and I get 3 months free. That would mean I extend my lease by 9 months. A couple of questions...

- To get the 3 months free, you have to extend it by a minimum of 6 months? So instead of extending it by 9 months, I can extend it by only 6 and get 3 months free?
- Let's say extend it by 6 months and get 3 months free. The Tesla 3 doesn't come out in time. Could I do month to month after that until I get the Tesla 3?

Of course, if the Leaf 2018 is better than the Model 3, than I would strongly consider the Leaf.

Thanks all!
 
OrientExpress said:
I suspect that lease extenders will get first priorty for a new LEAF with deliveries starting by December.

The difference between March 2018 and December 2017 is the difference between me leasing a Bolt, and leasing a Leaf with intent to eventually purchase. I am definitely NOT going to just hope for a December delivery, so I suggest that Nissan release info on the Leaf 2? well before September. Otherwise, when the Bolt gets reasonable to lease, I lease a Bolt. I'm sure there are many like me.
 
swhang said:
My situation is very similar.

My Leaf lease ends June 27, 2017. I had put down a deposit for a Tesla 3. I don't know when I'll get that.... best case is fall 2017.

I called yesterday and they said I can extend the lease until March 2018 and I get 3 months free. That would mean I extend my lease by 9 months. A couple of questions...

- To get the 3 months free, you have to extend it by a minimum of 6 months? So instead of extending it by 9 months, I can extend it by only 6 and get 3 months free?
- Let's say extend it by 6 months and get 3 months free. The Tesla 3 doesn't come out in time. Could I do month to month after that until I get the Tesla 3?

Of course, if the Leaf 2018 is better than the Model 3, than I would strongly consider the Leaf.

Thanks all!
My understanding is that you can just extend the lease for 6 months and get 3 months free. I'm not sure why on the extension contact, it said 12 months though. I would call them (800-854-3310) and ask to make sure.
 
I just called that number again and confirmed what I stated above is correct. This is the 3rd time (w/ 3 different rep) that I verified that info - it's too good to be true which is why I was skeptical :)
 
tommy382 said:
I just called that number again and confirmed what I stated above is correct. This is the 3rd time (w/ 3 different rep) that I verified that info - it's too good to be true which is why I was skeptical :)

If that's true, then it is INCREDIBLE.

3 months free for a 6 month extension. Hopefully, my Model 3 will be here by then. If not, then I hope I can do month to month until it comes out.
 
Back
Top