End of Lease Strategies?

[DeanW]

Thanks for the update. My lease ends in Oct'16 and haven't started talking to dealers. If it is ok, could you paste the dealer info? It would be useful for us.

Bought at Nissan of Sacramento

Original Lease Dealership - Hanlees Davis Nissan

Also contacted Nissan of Elk Grove

I'm also in the Sacramento area and in the same situation. I'm curious as to your reasons for purchasing rather than leasing again? I'm concerned with my 2013 that it will quickly drop in value since there seem to be EVs with a much greater range (along with the current 2016 Leaf). Future Nissan of Folsom told me that for $2500 down I could lease an SV for $241/mo. + tax. With the CA rebate of $2500, that means I wouldn't have to put anything down.

I just don't know since on occassion I don't want to worry about range, but with the 100+ mile range of the SV it might be worth it and less of an issue.

 

[Tuba]

I'm also in the Sacramento area and in the same situation. I'm curious as to your reasons for purchasing rather than leasing again? I'm concerned with my 2013 that it will quickly drop in value since there seem to be EVs with a much greater range (along with the current 2016 Leaf). Future Nissan of Folsom told me that for $2500 down I could lease an SV for $241/mo. + tax. With the CA rebate of $2500, that means I wouldn't have to put anything down.

To be honest - I did not seriously look at a new lease. I had always planned to turn in the vehicle at the end of lease and go in a different direction. But, with $8k off the residual, it made sense to drive the car for three more years at a cost of approximately $3350 per year.

To lease another SL with premium for three years would cost approximately $16K+, with $3k out of pocket up front (I don't remember getting rebates back directly but the dealership using them to lower the lease rate - but I could be mistaken)(again, did not accurately price new lease)
Would owe $500+ in overage mileage at end of current lease (don't know if that could be waived for new lease)
Would owe $395 end of lease return (waived with new lease)
Current SL with premium is costing approximately $10k with financing for three years to buy with no out of pocket
Not worried about increased range as daily commute is about 40 miles round with an average of about 60 miles per day M-F
$3350 per year to buy vs approximately $5350 per year to lease

Hope this helps

 

[DeanW]

I'm also in the Sacramento area and in the same situation. I'm curious as to your reasons for purchasing rather than leasing again? I'm concerned with my 2013 that it will quickly drop in value since there seem to be EVs with a much greater range (along with the current 2016 Leaf). Future Nissan of Folsom told me that for $2500 down I could lease an SV for $241/mo. + tax. With the CA rebate of $2500, that means I wouldn't have to put anything down.

To be honest - I did not seriously look at a new lease. I had always planned to turn in the vehicle at the end of lease and go in a different direction. But, with $8k off the residual, it made sense to drive the car for three more years at a cost of approximately $3350 per year.

To lease another SL with premium for three years would cost approximately $16K+, with $3k out of pocket up front (I don't remember getting rebates back directly but the dealership using them to lower the lease rate - but I could be mistaken)(again, did not accurately price new lease)
Would owe $500+ in overage mileage at end of current lease (don't know if that could be waived for new lease)
Would owe $395 end of lease return (waived with new lease)
Current SL with premium is costing approximately $10k with financing for three years to buy with no out of pocket
Not worried about increased range as daily commute is about 40 miles round with an average of about 60 miles per day M-F
$3350 per year to buy vs approximately $5350 per year to lease

Hope this helps

This is helpful since it adds up to my analysis when considering a purchase. I'm curious if you financed through NMAC or did you find your own financing for the purchase? If it was through NMAC, did they have competitive rates?

 

[Tuba]

This is helpful since it adds up to my analysis when considering a purchase. I'm curious if you financed through NMAC or did you find your own financing for the purchase? If it was through NMAC, did they have competitive rates?

Best rate available for a 36 month loan was through The Golden One at 2.74%.

 

[DeanW]

This is helpful since it adds up to my analysis when considering a purchase. I'm curious if you financed through NMAC or did you find your own financing for the purchase? If it was through NMAC, did they have competitive rates?

Best rate available for a 36 month loan was through The Golden One at 2.74%.

That's great to know since I am a customer. Did you set up the loan approval before going to the dealership?

 

[Tuba]

This is helpful since it adds up to my analysis when considering a purchase. I'm curious if you financed through NMAC or did you find your own financing for the purchase? If it was through NMAC, did they have competitive rates?

Best rate available for a 36 month loan was through The Golden One at 2.74%.

That's great to know since I am a customer. Did you set up the loan approval before going to the dealership?

I did have a pre-approved loan ready at 2.79%. The dealer checked credit unions for the best rates. At first they said Union Credit had the best rates but came back with an application to the Golden One, to which I said I was already a member and had a pre-approved loan ready. The final rate came back at 2.74%.

 

[raghu2016]

Today, the credit is reduced to $3,000 for 2013 Leaf with 3 year lease agreement. $6,500 for 2 years lease.

 

[raghu2016]

In bay area, dealers are not encouraging (Giving lower credit than Nissan is giving and charging excessive cost for safety check) to lease buyout. Instead, they want to lease 2016 Leaf for same monthly payment with $2,500 down. They are ready to early termination (8 months) of old lease and excessive wear and tear of the car.

 

[mihird]

In bay area, dealers are not encouraging (Giving lower credit than Nissan is giving and charging excessive cost for safety check) to lease buyout. Instead, they want to lease 2016 Leaf for same monthly payment with $2,500 down. They are ready to early termination (8 months) of old lease and excessive wear and tear of the car.

That is exactly how I got into a 2016 Leaf SV at Nissan of Burlingame...they made me do a $2500 drive off and matched my monthly payment dollar to dollar to my ending 2013 SV lease.

I thought, that was a fair deal...especially, since the 2013 SV was anyways a little range deficient for my commuting needs of 86 miles/day. The 2016 SV is able to handle the 86 mile commute perfectly.....

 

[raghu2016]

Since my residual value for my car is $12,450 and going down to $4,950, I am thinking of going with buyout option. Since I have NMAC extension to honor to give $7,500 deal until my monthly payment due date (May 17th), I am still exploring my options at local dealer. If doesn't work, I am planing to buy directly from NMAC,. With this option, i need to go to DMV and do registration and pay tax my self. And also I can't take finance from Nissan.

 

[cml190]

I have a 2015 Leaf and my lease is up in Aug 2016. Has anyone had luck with lease buyout incentives for 2015 Leafs?

 

[jjj240]

What does it mean? NMAC buy out discount offer is reduced from $7500 to $3000?

Today, the credit is reduced to $3,000 for 2013 Leaf with 3 year lease agreement. $6,500 for 2 years lease.

 

[jjj240]

which state are you in?
When i spoke with NMAC, i need to visit a local dealer to complete the buy out procedure.

BTW, the email offer from NMAC does not specify the expiration of the $7500 offer. Where did you hear about the offer expiration for your case?

Since my residual value for my car is $12,450 and going down to $4,950, I am thinking of going with buyout option. Since I have NMAC extension to honor to give $7,500 deal until my monthly payment due date (May 17th), I am still exploring my options at local dealer. If doesn't work, I am planing to buy directly from NMAC,. With this option, i need to go to DMV and do registration and pay tax my self. And also I can't take finance from Nissan.

 

[ngnphoto]

I have a 2015 Leaf and my lease is up in Aug 2016. Has anyone had luck with lease buyout incentives for 2015 Leafs?

When I called at the end of last month I was told there were no buyout incentives at that time for 2015s. Call them up and see what they may have this month. Good luck!

 

[lleardmann]

Confirmed that the 2013 buyout has been reduced from $7500 last month to $3000 in May, I called this morning. They change it month to month. We came very close to taking the buyout on our 2013 Leaf (lease ends in December) on Sunday but I started playing dealers off each other trying to get the best deal, and at the 11th hour the dealer backed out of their offer (additional $750 off) and we were too busy to try any more. Now the incentive has changed. Hopefully we won't regret it. We will keep checking each month and see if it becomes favorable again.

 

[erichz]

Wow, big difference in amounts there. Wonder if they changed due to a big response from Leaf lessees in April?

Just to add a little data, I financed my lease buyout through the dealer. Was going to get a loan from my credit union, but decided to see what the dealer offered in financing. They were able to get me a 1.9% 60 month (!) loan on the balance. That's pretty much free money, I'll take the amount I was going to spend and invest it instead.

Including all taxes, fees, title, down payment, monthly lease payments, and the final buyout, I have paid a total of $16,843 for my 2013 SV. That's a steal.

 

[raghu2016]

I am from CA. NMAC always recommend to go to dealer because they can finance the car and dealer will take care of DMV and tax paper work. But they can directly sell to you. But you need to deal with DMV.

which state are you in?
When i spoke with NMAC, i need to visit a local dealer to complete the buy out procedure.

BTW, the email offer from NMAC does not specify the expiration of the $7500 offer. Where did you hear about the offer expiration for your case?

Since my residual value for my car is $12,450 and going down to $4,950, I am thinking of going with buyout option. Since I have NMAC extension to honor to give $7,500 deal until my monthly payment due date (May 17th), I am still exploring my options at local dealer. If doesn't work, I am planing to buy directly from NMAC,. With this option, i need to go to DMV and do registration and pay tax my self. And also I can't take finance from Nissan.

 

[ngnphoto]

As an FYI, the number I used last week to discuss options is no longer valid (and it seems that a lot of people are calling that number as the guy asked me, "Who are you trying to reach, we have a lot of people looking for Nissan!"

Try this number, I just used it to confirm that my lease extension paperwork was processed successfully, including my 2 free months: 888-813-1727

 

[TheSplash]

Thank you for all the great suggestions and experiences in this thread! Thanks to y'all I got a great deal on my Leaf lease and it sounds like I got the $7500 credit just before it ended last month!

I started following djkjmuoh's advice and checking multiple dealers. The first dealer wanted the $1500 plus $300 dealer transfer. The second dealer was willing to waive the $300 but wouldn't budge on the $1500. For the third dealer I took LeftieBiker's advice and tried to negotiate just part of the $1500 and was able to make a deal. Not only that but he was able to get me 0% financing from NMAC! Bonus!

Here's what I ended up with:

2013 Leaf SL
Buyout from Nissan: $17,636.48
Credit: $(7,500.00)
Partial Dealer Credit: $(636.48)
This got me to $9,500.
Then with DMV Transaction Fee: $117
And Title transfer fee: $77
I end up owing $9,694

If anyone is interested, the dealer is Carr Nissan in Beaverton, Oregon. The salesman is Cameron Maclean.

 

[jjj240]

According to the pay-off letter printed from NMAC your account page, "As a captive finance company, Nissan-Infinity LT cannot sell the leased vehicle to you directly..."

just FYI... I don't know how you get around that.

I am from CA. NMAC always recommend to go to dealer because they can finance the car and dealer will take care of DMV and tax paper work. But they can directly sell to you. But you need to deal with DMV.

which state are you in?
When i spoke with NMAC, i need to visit a local dealer to complete the buy out procedure.

BTW, the email offer from NMAC does not specify the expiration of the $7500 offer. Where did you hear about the offer expiration for your case?

Since my residual value for my car is $12,450 and going down to $4,950, I am thinking of going with buyout option. Since I have NMAC extension to honor to give $7,500 deal until my monthly payment due date (May 17th), I am still exploring my options at local dealer. If doesn't work, I am planing to buy directly from NMAC,. With this option, i need to go to DMV and do registration and pay tax my self. And also I can't take finance from Nissan.