End of Lease Strategies?

[LeftieBiker]

Dear Michael,

Thank you so much for getting back to me! We have contacted Nissan regarding the adjusted residual for your Leaf and we can in fact sell it to you for $5000. Your dedicated sales representative for the buyout will be Bill Jones our leaf specialist. Please let me know if you're looking to move forward on the buyout as it is valid for the month only.

Thanks again,

Suzanne
xxx-xxx-xxxx

Brittany Bonesteel
Destination Nissan
770 Central Avenue
Albany, NY 12206
xxx-xxx-xxxx
Leftie Biker <[email protected]>

Mar 7 (1 day ago)

to destinationnis.
Sorry for the late reply, but I was waiting for another two dealerships to reply. One did, one didn't. The one who did doesn't have a figure yet. Does the $5000 include all fees (except sales tax)?
Destination Nissan

Mar 7 (1 day ago)

to me
Images are not displayed. Display images below - Always display images from [email protected]
No, but our fees are minimal, only $100, plus dmv fees (if necessary since it's your own vehicle) and sales tax (based on your registration zip code).

Please let me know if you're looking to move forward with us as we'd love the opportunity to earn your business.

Thanks again,

Suzanne


Suzanne Bisson
Internet Sales Manager
Destination Auto Plaza
760 & 770 Central Avenue
Albany, NY 12206

Leftie Biker <[email protected]>

12:16 AM (19 hours ago)

to destinationnis.
I'm going to wait a week or so to get other replies, but $5100 is acceptable to me, absent a better offer. Would I have to drive to Albany, or can this be handled via Priority Mail? If I have to drive there, maybe I'll get the 2G to 3G telematics upgrade done by you at the same time. Thanks for the prompt responses!
Destination Nissan

9:54 AM (10 hours ago)

to me
I
You're most welcome. I look forward to your reply.
Destination Nissan

4:59 PM (3 hours ago)

to me

Michael,

I wanted to touch base as quickly as I could. We just got word from Nissan that your vehicle will actually cost $6225 to buy out. I know you were excited about the $5100 and I wanted to be as straightforward and honest as I can be in all my dealings. I know you wanted to wait for the other dealerships to get back to you, so I wanted to address this as soon as possible.

Hopefully we will still have the opportunity to earn your business.

Sincerely,
Leftie Biker <[email protected]>

5:33 PM (2 hours ago)

to destinationnis.
I don't think I can buy it at that price. Why did you quote me $5000?

It looks to me like the dealership decided they have to get a cut of the discount, even after a firm price quote to me. My only real question is whether or not this was the plan all along...

 

[DuncanCunningham]

Lefty, have you tried calling the dealer I worked with? Todd Grace? Another gentleman also put his name forward.. I think it was in this thread.. I'm using my phone right now otherwise I'd look it up .

 

[LeftieBiker]

Lefty, have you tried calling the dealer I worked with? Todd Grace? Another gentleman also put his name forward.. I think it was in this thread.. I'm using my phone right now otherwise I'd look it up .

I really try to avoid phone calls with dealerships, but if he has an email contact address, I'll happily try that. My emotions are mixed, here, though. There are several advantages to buying my car for $5k, but also a few risks. Since it seems that maybe Hyundai will start selling the Ioniq EV here in March or April, that may be my best bet anyway. I'm pretty tired of Nissan's vaporware-or-facelifted (or both) Leaf 2, and very tired of Nissan dealerships.

 

[mcnizzel]

***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.

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.

 

[kawan999]

Hello,
I have a 2014 S w/o QC. 36 months lease with no down and $230 a month. Residual value at 12100. Lease up end of June 2017. I am in TX.

31500 miles
12 bars
lost 1 key fob
missing 3 hubcaps
some scratches.

Haven't been contacted by NMAC. Consider to buy out or lease a new one with better range. The dealer where I leased from offer me a NEW 2015 SL, yes 2015, the only one left in their lot that they are trying to get rid of. They stated it is with 30kwh battery! However, I don't believe any 2015 models equip with 30kwh battery. If it is true then I may try to bargain a lease deal. Does anyone know if 2015 SL comes with 30kwh pack?

What is the buyout incentive offer right now for my leaf S? I like the bolt range but too expensive and not available at all. Any recommendation ? Strategies? or anyone in TX that able to get any lease deal at all?

03/06/17
I called NMAC today at 800-854-3310, Spoke to someone regarding my options and asked about the buy out incentives but was told to contact the dealer, he recommend I go back to the dealership where I leased my leaf S. Can someone tell me how does this thing works, how do I find out the incentives ? Someone on this thread said we can go to any Nissan dealership, any recommendation? Thanks.

The dealer can be economical with the truth behind the discount. You'll be lucky to be given a totally transparent answer. They might give you $5000 or $8000 and I don't know if the difference goes to the dealer or Nissan. Some will tell you it can't be done and another will say yes. Maybe dealers have flexibility or rigid rules or numbers they must reach? I don't know. I shared my experience from page 82 in this thread.

03/08/17
I got contacted again by the dealer where I leased my 2014 S. Now they offer me 2017 S w QC for $200, 36 months lease, 0 down. Didn't mention mileage allowance yet. I will insist on 45000 miles if I take it. Also, found a new thread here called MY18 program. Offering extension of lease to the end of this year until 2018 model come out, and waive 3 months payments too. I am more confused than before, do not know what to decide. Should I lease a 2017 S w QC for $200 for 3 years than buy out, or buy out my current 2014 now :? :? :? ?

 

[LeftieBiker]

They are almost certainly offering you a 24kwh Leaf. Is that ok with you?

 

[mcnizzel]

They are almost certainly offering you a 24kwh Leaf. Is that ok with you?

I'm pretty sure every 2017 leaf is a 30 Kwh now. basically the only change for 2017

 

[mcnizzel]

03/08/17
I got contacted again by the dealer where I leased my 2014 S. Now they offer me 2017 S w QC for $200, 36 months lease, 0 down. Didn't mention mileage allowance yet. I will insist on 45000 miles if I take it. Also, found a new thread here called MY18 program. Offering extension of lease to the end of this year until 2018 model come out, and waive 3 months payments too. I am more confused than before, do not know what to decide. Should I lease a 2017 S w QC for $200 for 3 years than buy out, or buy out my current 2014 now :? :? :? ?

I am in a similar boat to you it sounds like. As far as I know there is no down side to signing the extension. You get 3 payments waived, so the worst case scenario seems to be that you get 3 months to think about what you want to do. In the mean time incentives could go up, they could go away ( less likely) but who knows.

If I were you, I'm not so sure I'd take the new lease. I would think we're on the cusp of a big leap forward for the leaf and 3 years is a long time to be tied up so close to several new options hitting the market ( leaf MY18, bolt, model 3 etc. ) But if the payments are low and that range gets it done for you, then maybe it makes sense.

I imagine your buy out offer is pretty decent, and I feel like the Leaf will have sort of a bottoming out in the market in the not so distant future. I feel like a safe, low maintenance car, with no gas costs makes the perfect city car, or first car for a teen, even a great second car to someone who dries a crazy off road rig, or sports car some days. So I have a hard time believing these 24 Kwh are going to be down under $3k anytime soon. If I figure I can get $3k out of my car for the foreseeable future, than $3k plus a year of lease extension payments is likely higher than my buyout amount anyway.

Also, if you do hold out for a 2018, I don't expect prices to be very competitive on those especially when they launch. These crazy lease rates and purchase offers stem 100% from the fact that the leaf is lagging behind and just not competitive in the current market, which kills the value and interest in the car. IF 2018 comes out and it has some of the rumored features plus a range near the bolt, I'd much rather have a leaf, and you're much likely to get a new leaf faster than a model 3. I doubt very much that we'll see lease payments at 0 down $200 a month for any 2018 with any options.

 

[sonnylax]

***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.

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.

Thanks for posting this!

I just called in and got the same offer (12-month extension with 3 free monthly payments). Paperwork is enroute (7-10 days).

The Nissan rep couldn't really explain how the residual would be impacted. I'm assuming there is a new lower residual amount at the end of the 12-month extension. But have questions on how it drops month over month, during this 12-month extension.

Definitely something to consider...
Purchase Leaf with approx. $9k deduction from Nissan Finance.
Renew lease for 12-month extension with 3 waived monthly payments.

 

[mcnizzel]

Thanks for posting this!

I just called in and got the same offer (12-month extension with 3 free monthly payments). Paperwork is enroute (7-10 days).

The Nissan rep couldn't really explain how the residual would be impacted. I'm assuming there is a new lower residual amount at the end of the 12-month extension. But have questions on how it drops month over month, during this 12-month extension.

Definitely something to consider...
Purchase Leaf with approx. $9k deduction from Nissan Finance.
Renew lease for 12-month extension with 3 waived monthly payments.[/quote]


Glad someone found the info. useful. I have gotten a lot of good tips from these boards over the years, but haven't posted much, so I'm just trying to pay it forward a bit.

I have the same questions you have, but honestly I feel like the residual amount doesn't matter anyway. If it goes down a little, but there are no incentives anymore then who cars, it'll be $8k overpriced, if the residual stays the same it still doesn't matter because ultimately the only way to get a realistic buy out offer is with incentives, and we have no way of guaranteeing what incentives will be available when it comes time to buy.

out of curiosity, are you planning on just using this extension to get yourself some breathing room before you buy? or are you actually thinking about buying leasing a 2018?

 

[LeftieBiker]

The Nissan dealer rep emailed me back, replying that the "confusion" was because Nissan had a higher discount in February, and lowered it in March - according to her. That is utter BS, correct?

Thanks VERY MUCH to Mcnizzel!

 

[DCEVGirl]

Having done both (lease extension and buyout), I honestly don't think the buyout offer is based on residual amount. When I did the lease extentsion, my residual didn't change. My payoff changed of course. Like I said I bought my 2013 for $3600. At the time, my residual was $19k and payoff amount was $16k and change. So my "incentive" was either $15.5k or $12.5k. My contract just says $3600.

 

[DCEVGirl]

The Nissan dealer rep emailed me back, replying that the "confusion" was because Nissan had a higher discount in February, and lowered it in March - according to her. That is utter BS, correct?

Thanks VERY MUCH to Mcnizzel!

When I was dealing with dealer, they did say the "grid" changed from Feb to March. Unfavorable for many. Based on year, original lease term and expiration date I believe. My part of the grid actually got better by $400!!

 

[DuncanCunningham]

Having done both (lease extension and buyout), I honestly don't think the buyout offer is based on residual amount. When I did the lease extentsion, my residual didn't change. My payoff changed of course. Like I said I bought my 2013 for $3600. At the time, my residual was $19k and payoff amount was $16k and change. So my "incentive" was either $15.5k or $12.5k. My contract just says $3600.

The residual is what you have at the end of the lease. The balance is price the car was leased at minus payments.

The discount that Nissan offer is off the balance, which is the same as the residual if you process the buyout at the end of the agreement.

If you buyout before the end of the lease the balance is higher, if you extended the lease the balance is continuously going down and is lower than the residual.

The discount is off balance. Not residual.

 

[LeftieBiker]

I realize that the offers change monthly, believe me. What I find hard to swallow is that a change that raised the discount for some people would lower it a lot for me. I smell a rat. Absent hard evidence, though, I'll just tell her that, happily, I can now just extend my lease. It will be hard deciding, though, which crooked local dealer to lease that new Leaf from. Maybe I'll have one shipped from a reputable out of state dealer...

 

[DuncanCunningham]

I realize that the offers change monthly, believe me. What I find hard to swallow is that a change that raised the discount for some people would lower it a lot for me. I smell a rat. Absent hard evidence, though, I'll just tell her that, happily, I can now just extend my lease. It will be hard deciding, though, which crooked local dealer to lease that new Leaf from. Maybe I'll have one shipped from a reputable out of state dealer...

You've extended your lease right, at least once? What is the balance on the lease showing on the website that you can login to? You might have paid in so much that the balance remaining is much lower than everyone else's and remember when the dealer says "the discount from Nissan is ...." they can take the discount of, whatever it is, and take a slice fro themselves without telling you.

 

[DCEVGirl]

Having done both (lease extension and buyout), I honestly don't think the buyout offer is based on residual amount. When I did the lease extentsion, my residual didn't change. My payoff changed of course. Like I said I bought my 2013 for $3600. At the time, my residual was $19k and payoff amount was $16k and change. So my "incentive" was either $15.5k or $12.5k. My contract just says $3600.

The residual is what you have at the end of the lease. The balance is price the car was leased at minus payments.

The discount that Nissan offer is off the balance, which is the same as the residual if you process the buyout at the end of the agreement.

If you buyout before the end of the lease the balance is higher, if you extended the lease the balance is continuously going down and is lower than the residual.

The discount is off balance. Not residual.

Thanks! I understand why my balance is lower than residual (because I extended). What I don't understand is the buyout. To my knowledge, I am the only person that got almost $13k off balance. Believe me, I'm not complaining, I just don't know the logic as to why some 2013s are only getting $7-$8k off.

 

[DuncanCunningham]

Having done both (lease extension and buyout), I honestly don't think the buyout offer is based on residual amount. When I did the lease extentsion, my residual didn't change. My payoff changed of course. Like I said I bought my 2013 for $3600. At the time, my residual was $19k and payoff amount was $16k and change. So my "incentive" was either $15.5k or $12.5k. My contract just says $3600.

The residual is what you have at the end of the lease. The balance is price the car was leased at minus payments.

The discount that Nissan offer is off the balance, which is the same as the residual if you process the buyout at the end of the agreement.

If you buyout before the end of the lease the balance is higher, if you extended the lease the balance is continuously going down and is lower than the residual.

The discount is off balance. Not residual.

Thanks! I understand why my balance is lower than residual (because I extended). What I don't understand is the buyout. To my knowledge, I am the only person that got almost $13k off balance. Believe me, I'm not complaining, I just don't know the logic as to why some 2013s are only getting $7-$8k off.

dealers are either taking more than their fair share or Nissan is telling them not to.. maybe they are trying to manage the stock better this time but if their goal is to devalue the leaf as much as possible, it's working.

 

[DaveinOlyWA]

i guess I never uploaded it to share.. here we go. Our lease was a 2015 S with a 36 Month lease, 15,000 miles per yr. if we had gone all the way to the end our residual would have been $11,800 or something like that. As it was we were offered a buyout with 14 months still left to go on it. Balance was $16,426. We bought it for $8,426.00 and the rest was removed from the balance on the website a few days later.



at the time the lowest priced 2015 S was at $9800 in the Utah area. I now see some offered for sale for about $9000 to $11,000 and the lowest SV at $11,450.

what was your total out of pocket expense on the LEAF including all payments, down, etc. ?

 

[DaveinOlyWA]

They are almost certainly offering you a 24kwh Leaf. Is that ok with you?

impossible