mcnizzel
Posts: 14
Joined: Thu Mar 27, 2014 7:34 am
Delivery Date: 27 Mar 2014

New MY18 Leaf Lease Extension program

Wed Mar 08, 2017 10:50 pm

***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
Posts: 7127
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 31 May 2013
Location: Upstate New York, US

Re: New MY18 Leaf Lease Extension program

Wed Mar 08, 2017 11:58 pm

How were you offered the extension?
2013 "Brilliant Silver" SV with Premium Package and no QC, and 2009 Vectrix VX-1 with 18 Leaf cells.

The most offensive, tasteless phrase in use here is "Pulled the trigger." I no longer respond to posts that use it.

mcnizzel
Posts: 14
Joined: Thu Mar 27, 2014 7:34 am
Delivery Date: 27 Mar 2014

Re: New MY18 Leaf Lease Extension program

Thu Mar 09, 2017 6:36 am

LeftieBiker wrote: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.

inphoenix
Posts: 275
Joined: Sun Aug 30, 2015 8:54 am
Delivery Date: 30 Sep 2015
Location: Phoenix! AZ

Re: New MY18 Leaf Lease Extension program

Thu Mar 09, 2017 1:20 pm

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.
2014 S/QC - dropped first bar at 28K, second at 32.5K, Lease ended in April '17.
2015 Tesla MS
2017 S/QC - 2 year lease (going back in April '19)
JuiceBox Pro 40A EVSE

User avatar
evnow
Moderator
Posts: 11429
Joined: Thu Apr 22, 2010 11:41 am
Delivery Date: 25 Feb 2011
Leaf Number: 303
Location: Seattle, WA

Re: New MY18 Leaf Lease Extension program

Thu Mar 09, 2017 1:49 pm

Wonder whether I can get another extension - already extended twice, ending in May.
1st Leaf : 2/28/2011 to 5/6/2013
2nd Leaf : 5/4/2013 to 3/21/2017
Volt : 3/25/2017 to ?

User avatar
evnow
Moderator
Posts: 11429
Joined: Thu Apr 22, 2010 11:41 am
Delivery Date: 25 Feb 2011
Leaf Number: 303
Location: Seattle, WA

Re: New MY18 Leaf Lease Extension program

Thu Mar 09, 2017 1:55 pm

Just called. Getting a message saying because of some technical difficulty they aren't taking calls. mcnizzel broke their system. Sad.
1st Leaf : 2/28/2011 to 5/6/2013
2nd Leaf : 5/4/2013 to 3/21/2017
Volt : 3/25/2017 to ?

User avatar
DNAinaGoodWay
Posts: 2751
Joined: Mon Dec 17, 2012 1:43 am
Delivery Date: 03 Dec 2012
Leaf Number: 23156
Location: Central Massachusetts

Re: New MY18 Leaf Lease Extension program

Thu Mar 09, 2017 2:29 pm

Probably won't ask for the 3 free months back if you lease a gen 2.

How soon will orders open I wonder?
'12 SL last reading @ 2 yr, 22k, 260 GIDs, 62.35 Ahr

'15 SV w/QC, Mfd 5/14, Leased 8/14, 292 GIDs, 64.38 Ahr when new
@ 36 months, 34k, 270 GID, 57.49 Ahr

'17 Bolt LT



6.72 kW Array

LeftieBiker
Posts: 7127
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 31 May 2013
Location: Upstate New York, US

Re: New MY18 Leaf Lease Extension program

Thu Mar 09, 2017 2:33 pm

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.
2013 "Brilliant Silver" SV with Premium Package and no QC, and 2009 Vectrix VX-1 with 18 Leaf cells.

The most offensive, tasteless phrase in use here is "Pulled the trigger." I no longer respond to posts that use it.

User avatar
evnow
Moderator
Posts: 11429
Joined: Thu Apr 22, 2010 11:41 am
Delivery Date: 25 Feb 2011
Leaf Number: 303
Location: Seattle, WA

Re: New MY18 Leaf Lease Extension program

Thu Mar 09, 2017 2:40 pm

LeftieBiker wrote: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.
1st Leaf : 2/28/2011 to 5/6/2013
2nd Leaf : 5/4/2013 to 3/21/2017
Volt : 3/25/2017 to ?

Ladewig
Posts: 26
Joined: Fri Sep 07, 2012 12:27 am
Delivery Date: 03 Oct 2012
Leaf Number: 338810
Location: St. Louis, MO
Contact: Website

Re: New MY18 Leaf Lease Extension program

Fri Mar 17, 2017 10:56 pm

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.
- Scott
blog: http://www.ladewig.com |twitter: @Ladewig | about.me: http://about.me/ladewig

Return to “General / Main Owners Forum”