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.