End of Lease Strategies?
- Thread starter sonnylax
- Start date
Help Support My Nissan Leaf Forum:
I am about a month out from the end of my 12 month extension. I called for the buyout $ and they offered an incentive greater than any offer I have seen in this thread. Off to complete the purchase today. :mrgreen:
Edit: 3 dealers later, learned that the deal cannot be completed during the weekend, NMAC needs to be available to confirm the incentive amount. Will see how it goes on Monday... :roll:
Edit: 3 dealers later, learned that the deal cannot be completed during the weekend, NMAC needs to be available to confirm the incentive amount. Will see how it goes on Monday... :roll:
Please post the details when you get back.
LeafMuranoDriver
Well-known member
And it was what...? :?jswinner said:
I have a 2015 Leaf S, with the 2 year lease running out on Dec 31. I got
the same $3K discount offer for purchase in a NMAC mailing that others
have mentioned. That would put buyout for me at $12.5K, which is what
Kelly Blue Book says is the private sale price. So not a real tempting
offer, especially since mine is very low mileage.
My real goal is to upgrade to newer EV technology. It's possible that
the Chevy Bolt might be available by lease end. However, thats unclear
and until there are more details I don't really know if the Bolt is what
I want. Not enough smarts, bad aero stats.
For fun I put a thousand dollar refundable deposit on a Tesla 3, but the
reality is that its probably almost 2 years out, will exhaust the tax
incentive before my chance, and the base price may not be indicative of
the desirable configuration.
As far as NIssan, the rumors are either they are replacing the Leaf with
a Volt type model or are just boosting the battery up to 140 miles on
Leaf or both in 2017. Neither seems exciting.
I do have two specific questions that I can use some advice on, somewhat
relevant to action at lease end.
1) I did get a scrape which just touches the back passenger door and
the panel to the rear. If I kept the car its minor enough that I would
do nothing. It's minor, but beyond being buffed out. A standard body
shop did an estimate of $1K. If I do turn the car in at end of lease,
am I better off taking whatever Nissan penalizes me, or get it repaired
in advance?
2) As I understand it I can extend my lease for a year, and cancel
without penalty within the year. That means continuing to pay $250/month
which seems high, given the reduced value of the car and the fact that
$250 included paying the one time GA Title tax of $1600. Is there any
record of negotiating a reduced monthly?
the same $3K discount offer for purchase in a NMAC mailing that others
have mentioned. That would put buyout for me at $12.5K, which is what
Kelly Blue Book says is the private sale price. So not a real tempting
offer, especially since mine is very low mileage.
My real goal is to upgrade to newer EV technology. It's possible that
the Chevy Bolt might be available by lease end. However, thats unclear
and until there are more details I don't really know if the Bolt is what
I want. Not enough smarts, bad aero stats.
For fun I put a thousand dollar refundable deposit on a Tesla 3, but the
reality is that its probably almost 2 years out, will exhaust the tax
incentive before my chance, and the base price may not be indicative of
the desirable configuration.
As far as NIssan, the rumors are either they are replacing the Leaf with
a Volt type model or are just boosting the battery up to 140 miles on
Leaf or both in 2017. Neither seems exciting.
I do have two specific questions that I can use some advice on, somewhat
relevant to action at lease end.
1) I did get a scrape which just touches the back passenger door and
the panel to the rear. If I kept the car its minor enough that I would
do nothing. It's minor, but beyond being buffed out. A standard body
shop did an estimate of $1K. If I do turn the car in at end of lease,
am I better off taking whatever Nissan penalizes me, or get it repaired
in advance?
2) As I understand it I can extend my lease for a year, and cancel
without penalty within the year. That means continuing to pay $250/month
which seems high, given the reduced value of the car and the fact that
$250 included paying the one time GA Title tax of $1600. Is there any
record of negotiating a reduced monthly?
There is no negotiating with NMAC. Recently there has been talk of people negotiating with their local *dealers*, so that the dealer will buy the turned-in car from NMAC, then sell it to the customer at a slight markup. We don't know yet of that being successfully done. As for the scrape, you'd want to have the end of lease inspection done a little early, so you can see what NMAC would charge you for the damage. If you lease or buy another Nissan, they forgive $500 of damage. If not, I'd find a cheaper bodyshop.
Graffi
Well-known member
jswinner said:
What has happened? My Lease is up on Sept 6 for a 2013SL. I really want to keep it, but with the current discount it is still a couple thousand greater than current retail price.
LeafMuranoDriver
Well-known member
I'm really curious how deep the discount will get on a '15 when my lease is up in May of '18.
My residual is $10,280.
My residual is $10,280.
jswinner said:
Sorry for the delay, busy week.
My lease was originally 2 years for a 2013 Leaf S/wQC . I extended it for the 12 month to month period with 2 free months. I was in the last month of the extension when I called ( 800-854-3310) for the latest incentive offer. My original residual was about $15k. The residual at the end of the extension was about 13.5k. NMAC's incentive was $8,000. So the for purchase was just over 6k with the $300 purchase fee and all of the DMV fees.
Here are some tips to help folks that might want to purchase there:
1. When you call NMAC they will confirm the latest offer. If you agree to purchase (it is non-binding), they will email you a password protected PDF letter with your purchase price good for a certain time period. It is handy to have access to your email when talking to NMAC to confirm you can open it, and it is what you agreed to. If you call on a Friday like I did, make sure the deadline gives you enough time to complete the deal.
2. You need to find who in the dealership completes theses transactions. Forget the sales staff and even the general manager. The sales manager and the finance manager were the folks I found to be knowledgeable. You can complete the transaction at any Nissan dealer, it does not need to be the original dealer.
3. There are 2 transactions occurring, The dealer is grounding the lease and buying the vehicle from NMAC, And you are buying a used car from the dealer. NMAC does not enter the incentive price in the computer system for the dealer to purchase the car. That is why NMAC must open to complete these. The dealer calls and requests the price to purchase the vehicle in order to sell it to the customer at the price with the incentive. The dealer enters the vehicle into their inventory system and you buy it from them. The letter says to take a cashiers check, but my dealer accepted a personal check
4. You are buying a used car from a dealer. Some may try shenanigans. One implied I would need to schedule and pay for their 120 point inspection. Others may try to snag you with extended warranties and such. I had none of that happen at the dealer I ultimately chose to work with. You do fill out typical forms from a dealer when buying a used car. They do ask for credit info to confirm you are not a bad person, and they may run credit check even if you are not financing.
5. YMMV Read through this thread and you will find the incentives all over the board. The NMAC offers appear to be based on individual circumstances. When my original lease expired, I almost turned it and was looking to purchase a used unit because the incentive did not drop the price low enough. I was hoping we would know more about Leaf 2.0 by now, but figured between volt, bolt and Tesla, the price had nowhere to go but down during my extension period.
I see the reference to two free months on 1 year lease extension, but also that its
actually month to month and can be canceled during the year .
How does that work with the free months? Is it that after 10 months the last 2
are free, only if you stick out the year?
actually month to month and can be canceled during the year .
How does that work with the free months? Is it that after 10 months the last 2
are free, only if you stick out the year?
DNAinaGoodWay
Well-known member
Previous posts have indicated that you can use the two free months right away.
DNAinaGoodWay
Well-known member
And cancel after the second free month and pay nothing, if I read it right.
kmand said:
I got credits on my statement the 2 months after I agreed to the extension. It takes a couple weeks for them to get it set up, so you might need to make the first payment depending on you due date. They sent me a PDF to sign electronically with the terms. Before I agreed to the extension, I asked the csr a boat load of questions about the length, credit and terms.
iluvmacs
Well-known member
Impressive! I just called and got the same $8K offer on my '13 SV (currently in its 4th year of a 2 year leasejswinner said:
). Contemplating...iluvmacs said:Impressive! I just called and got the same $8K offer on my '13 SV (currently in its 4th year of a 2 year leasejswinner said:
I called NMAC, here is what I got from them:
1. The $8k offer is for these 2013 cars with 2-year lease. For 3 years lease contract, the discount is still $4500
2. I was told that NMAC doesn't negotiate case by case. So don't waste time to confirm you deserved a better deal.
Strange enough, I did not even start the negotiation yet, guess there were some guys with 3-year lease already tried to squeeze 8k deal from them.
I should be tempted, as my lease was originally 2 years, but I now have my heart set on at least 140 miles range, and while I like my car, the prospect of much less range with a warranty that ends next Spring is not appealing.
Just called NMAC on my 2014 Leaf S w/ QC. Lease ends 2/17
No monies off offer. Only two options were:
1) Extend 12 months
2) Extend 6 months
She recommended calling back as the offers change monthly depending on the original lease deal. I'm in no rush so hopefully I will get one of those $8K offers closer to my lease end or maybe i'll extend. I enjoy my Leaf commutes better since I replaced the lousy S radio with a full AD2P touchscreen Pioneer unit and larger wheels/tires.
No monies off offer. Only two options were:
1) Extend 12 months
2) Extend 6 months
She recommended calling back as the offers change monthly depending on the original lease deal. I'm in no rush so hopefully I will get one of those $8K offers closer to my lease end or maybe i'll extend. I enjoy my Leaf commutes better since I replaced the lousy S radio with a full AD2P touchscreen Pioneer unit and larger wheels/tires.
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