End of Lease Strategies?

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LeafyAustin said:
MY15 on 36-mo lease reduced to $4,700 in May. Lease extension anyone?

Could you help me out on this, this is my first lease. I have a MY15 with about $11k in residual. Is the $4700 reduction from the residual value? And what was it in April?
 
Two points:

* The "early termination fee" language has always been there, but it isn't used. The lease is month by month and the only penalty you pay is owing the free payments if you don't extend at least 6 months. It made some of us nervous at first, but there is no record of Nissan every imposing an early termination penalty other than invalidating the free months.

* Nobody lowers lease payments on an extension. That's because it isn't a new lease - it's an extension of the existing terms.

After I posted I reread and realized the language was for the recapture of the three months free payments if terminated early. It was just preceeded with the standard canned language that led me to read it in the wrong light. I extended today.

I wasn't expecting the payments to drop, I know the drill. It's just that it becomes less and less economically viable to just keep extending as you are making the same payments to cover the depreciation of a new car when actually it is now only depreciating as much as a several year old car. At least for normal cars that is, the Leaf's depreciation curve is not the norm with all the incentives dropping the effective purchase price and electric cars being somewhat akin to other tech devices in depreciating not only due to wear and tear but being becoming outdated. Which is too bad in a way as used Leafs are still a very usable car and dirt cheap to operate.
 
LeafyAustin said:
MY15 on 36-mo lease reduced to $4,700 in May. Lease extension anyone?

Well I guess Nissan is going to be getting my '15 back in two months. I'm not going to fall for the lease extension trap when my monthly payment is over $400 now.

Anybody know where I can get a set of lease-return compliant tires for this thing cheap? I'm debating whether I should replace them or just see what the penalty ends up being. I was planning to do that anyway, but found out that if the car has to be re-inspected for repairs prior to return that I have to pay for the repeat inspection.

At this point I just want to hand it back and walk away. It's a shame because I really like it and it's still got low mileage and is in great shape. It's just not worth the buyout without a much bigger incentive.
 
Yes, I'm assuming that Nissan is no longer concerned about a glut of used units sitting on dealer lots and therefore sweetening the incentive. They must be moving the metal. Good for them.
 
Anybody know where I can get a set of lease-return compliant tires for this thing cheap?

Ebay tire dealers. You can buy used brand-name tires, or new lesser brands. I actually got new brand-name (Goodyear Eagle L/S) tires for $275 shipped, IIRC. I'm still using them.
 
So, missing the $6700 buyout incentive last month and not wanting to bite on $4700, I decided to extend lease of MY15 from late September to late April '18. Lease is 171/mo so that factored in decision. Still, am having some remorse as I like the vehicle and it is working well for our needs, any chance incentives will come back up? Past history from this thread indicates not likely, but maybe with Leaf 2.0 there will be another round of better incentives? Any thoughts appreciated.
 
kiko said:
So, missing the $6700 buyout incentive last month and not wanting to bite on $4700, I decided to extend lease of MY15 from late September to late April '18. Lease is 171/mo so that factored in decision. Still, am having some remorse as I like the vehicle and it is working well for our needs, any chance incentives will come back up? Past history from this thread indicates not likely, but maybe with Leaf 2.0 there will be another round of better incentives? Any thoughts appreciated.
We are all just guessing about the future, but I would think the release of the new Leaf would put a major damper on the resale value of the 24kwh Leaf. I'd think that would be reflected in prices on the used market and in buyout incentives. We'll see.
 
Exactly what I am hoping for. I'm thinking that as soon as they start releasing photos and purchase details for the '18, the incentives could come back up. However, I've only got one more month that I can hold out. $7500 is still my magic number.
 
ishareit said:
Just fyi... Dont know if this is a great deal or not, but I bought back my car yesterday, 2014 Leaf S, 36 month lease for 6400$ + tax/registration/80$ dealer fee, total - $7274. The residual was 12092$.

no location makes an evaluation impossible. Would be a good deal here but...
 
AlanSqB said:
Yes, I'm assuming that Nissan is no longer concerned about a glut of used units sitting on dealer lots and therefore sweetening the incentive. They must be moving the metal. Good for them.

I think that might change. Right now they seem to be being dumped in selected areas of the country but because of some missteps, the populace is wising up to what to not buy. But inventories are low here and there which means prices are going up. Nissan will want to take advantage of that I think
 
kiko said:
So, missing the $6700 buyout incentive last month and not wanting to bite on $4700, I decided to extend lease of MY15 from late September to late April '18. Lease is 171/mo so that factored in decision. Still, am having some remorse as I like the vehicle and it is working well for our needs, any chance incentives will come back up? Past history from this thread indicates not likely, but maybe with Leaf 2.0 there will be another round of better incentives? Any thoughts appreciated.

1) there is always a chance

2) NO ONE can predict the future

3) incentives are based on the ever changing market conditions of supply and demand.

4) what you lost last month means NOTHING as to what you might gain next month
 
DaveinOlyWA said:
ishareit said:
Just fyi... Dont know if this is a great deal or not, but I bought back my car yesterday, 2014 Leaf S, 36 month lease for 6400$ + tax/registration/80$ dealer fee, total - $7274. The residual was 12092$.

no location makes an evaluation impossible. Would be a good deal here but...

California. Zip code: 94544
 
ishareit said:
DaveinOlyWA said:
ishareit said:
Just fyi... Dont know if this is a great deal or not, but I bought back my car yesterday, 2014 Leaf S, 36 month lease for 6400$ + tax/registration/80$ dealer fee, total - $7274. The residual was 12092$.

no location makes an evaluation impossible. Would be a good deal here but...

California. Zip code: 94544

prob a good deal. used LEAF prices have taken a bit of a jump around here. Hard to get a decent one for under $8500. A few months ago, they were all over the place.
 
AlanSqB said:
Exactly what I am hoping for. I'm thinking that as soon as they start releasing photos and purchase details for the '18, the incentives could come back up. However, I've only got one more month that I can hold out. $7500 is still my magic number.
Unfortunately that stuff is not supposed to happen until September, so I don't think the timeframes mesh for you.
 
I wouldn't be surprised that the supply of used Leaf's is tightening up. They are dirt cheap and fewer are probably being turned in as many including myself have taken advantage of extending their leases instead of rolling them over. Once the 2018 starts coming out there will be almost a year's worth of off-lease Leafs being turned in over 3-4 months. Prices will likely plunge then.

What is somewhat surprising are that people are still paying those prices for a used Leaf when for not much more they could get a new one with more range. When I was trying to decide what to do (buyout lease, buy new, buy used, or extend) initial offers up here in the Pacific NW were in the 17K range and that was initial offers. I'm sure there was a lot of room left as I've been keeping tabs on inventories and they are either holding steady or going up at the dealers I've been checking on. Heck some dealers still have a couple of new 2016's in their inventory!

So when the new Leaf comes out, we'll compare it to the Bolt (already test drove) and decide which to get and will likely also buy a 2017 or earlier one as they are still very useful (I can commute all week on one charge on our 2015 SV) and will be cheap at that time.
 
What is somewhat surprising are that people are still paying those prices for a used Leaf when for not much more they could get a new one with more range.

That's almost twice as much as used Leafs, and only if you qualify for the full tax credit. The market for $8k EVs has a lot more lower and middle income participants than does the market for $17-20k (with tax where it's charged) EVs.
 
I was looking to extend my lease (ending July 4th) and called the special number for the incentive.
Same deal, 3 months free, blah blah.

My problem was when I leased this car, I rolled negative equity into the lease, making my payments the last 3 years $679/mo.

All they would offer was to extend my lease with "the current terms."

Obviously I'm not going to keep paying that rate now that the negative equity has been paid off.
So this appears to be the end of the road with me and Nissan.

Is there such a thing as renegotiating a lease, or leasing a "used" car?

Nissan didn't really seem to want to do much for me.
 
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