No second lease extension? (Policy change?) (Interesting update!)

[JonMarbach]

Hi all. I just called NMAC today to try for another lease extension and was told that they've changed their policy and are no longer offering any lease extensions (to anyone on any vehicle.) Can anyone else confirm this?

 

[cwerdna]

No longer offering a second one or not even a first?

Would you really want a second one? You don't have a car at the end and you're going to be past the 3 year/36K basic warranty.

 

[LeftieBiker]

No longer offering a second one or not even a first?

Would you really want a second one? You don't have a car at the end and you're going to be past the 3 year/36K basic warranty.

I was - or thought I would be, anyway - facing that decision, and was likely going to chance it, after replacing the A/C hose that sometimes fails. The $149 ($159 with tax, now) a month I pay is a very reasonable rental price for a car I don't own. If I have to do something in April, they'd better have some great lease offers. If they think they can force us to pay a lot more with this, they will find more people buying the cars* or switching to another EV.

* Does this mean no more residual reductions...?

 

[LeftieBiker]

It seems like this is kind of a Big Deal. Isn't anyone checking into it?

 

[DaveinOlyWA]

well this seems new. I am pretty sure I know of someone who just extended his lease not less than a few weeks ago or less.

 

[kubel]

This must have been fairly recent. I'm on month 3 of my lease extension (42nd month total). I think this is indicative that 2016 will be available very soon, since the extension was only really designed to bridge the gap to the 2016. The person I spoke to also strongly recommended that I use up my 2 month free credit for the first two months. I interpreted this as there being 2016 LEAF availability sooner rather than later.

 

[LeftieBiker]

If a 2016 SV leases for double what I'm paying now, with a similar downpayment, I can't really afford one. And I'm not going to lease an S in this climate if I have any other choice.

 

[DaveinOlyWA]

I am beginning to think the OP needs to get their info from someone else. there is no evidence lease extensions are no longer available. The only thing that has expired was the 2 months free for a one year extension

 

[TurnedOveraANewLeaf]

I was originally offered the lease extension with the two month credit. When I called back in a couple of weeks ago to get the deal (after sitting on it for a month or so), they told me the offer had gone away.

My guess is that they may allow the extension though. I was pretty disappointed as I don't think I was ever told it was time sensitive.

Regardless, they now lost me as a customer as I just defected over to a new 2016 Volt instead.

 

[JonMarbach]

Here's an update that I think everyone will find interesting: Yesterday I received a letter in the mail with a $5000 payoff reduction offer or 12 month lease extension offer. So I called in today and was able to extend my lease for another year!

Here's what's interesting: I was told that the information regarding lease extensions generally not being offered is correct, however, some customers (such as myself) were sent out these mailers by accident, so if you receive one, they'll honor the extension.

I'm a happy camper now, and although I'm not looking forward to further degraded battery performance, this buys me time to see what deals on the 2016 models look like.

 

[DaveinOlyWA]

I was originally offered the lease extension with the two month credit. When I called back in a couple of weeks ago to get the deal (after sitting on it for a month or so), they told me the offer had gone away.

My guess is that they may allow the extension though. I was pretty disappointed as I don't think I was ever told it was time sensitive.

Regardless, they now lost me as a customer as I just defected over to a new 2016 Volt instead.

how could anyone think a special offer that includes two free months was not time sensitive?

 

[Deleted member 9549]

I was originally offered the lease extension with the two month credit. When I called back in a couple of weeks ago to get the deal (after sitting on it for a month or so), they told me the offer had gone away.

My guess is that they may allow the extension though. I was pretty disappointed as I don't think I was ever told it was time sensitive.

Regardless, they now lost me as a customer as I just defected over to a new 2016 Volt instead.

how could anyone think a special offer that includes two free months was not time sensitive?

I would never had imagined that its time sensitive. They've been running this deal for almost a year. Typically deals get better the closer you are to ending your lease. Doesn't make sense from a business practice to try to entice someone to stay in the lease but as you get closer to turning in, they suddenly stop enticing? Its the opposite of what you'd expect. I'm amazed at how poorly Nissan plans lease prices.

 

[DaveinOlyWA]

how could anyone think a special offer that includes two free months was not time sensitive?

I would never had imagined that its time sensitive. They've been running this deal for almost a year. Typically deals get better the closer you are to ending your lease. Doesn't make sense from a business practice to try to entice someone to stay in the lease but as you get closer to turning in, they suddenly stop enticing? Its the opposite of what you'd expect. I'm amazed at how poorly Nissan plans lease prices.

worked in the car industry and we never got notices when promos ended. Even Sales managers admitted that sometimes they were not advised until the day AFTER the promo had ended that is was no longer available. another of the many reasons why I left... Was impossible to work with integrity...

 

[TurnedOveraANewLeaf]

how could anyone think a special offer that includes two free months was not time sensitive?

Because I was still 5 months out from my lease end. What am I psychic or something?

In other news, they called me up and said that the $5K credit was still available.

 

[LeftieBiker]

Does the residual continue to decrease during lease extensions as well? (I hope so!) If I can buy my car next Spring for say $11k instead of $13k (including residual reduction of $5k), that will make a big difference.

 

[JonMarbach]

As far as I can tell, yes the residual continues to go down as your lease continues. Mine doesn't go down much, but my payment is also very low.

 

[TomT]

Many will say that you should put down as little as possible on a lease due to the loss you will incur should the car be totaled, but in this case, putting down a sizable amount as I did worked out very well, as my lease payments for the extension are very low. It is rather like found money...

As far as I can tell, yes the residual continues to go down as your lease continues. Mine doesn't go down much, but my payment is also very low.

 

[Poobah]

FWIW I have a 2012 LEAF that I leased in late December 2012. I've extended the lease twice for six months a piece (last time with two months gratis). I recently got a flyer in the mail offering me $5K cash on purchase (not interesting), or a lease extension. I called them up and there was no problem getting a 12-month lease extension, so my lease now officially will end in December 2016.

 

[Deleted member 9549]

FYI. I called to confirm that Nissan no longer has lease extensions and was told,
1) In general, Nissan is not offering lease extensions on any vehicle... except...
2) They are offering lease extensions on the LEAF, but only one 12 month extension.... except...
3) In some cases that they didn't explain, either year, time of year, they are allowing 24 month extension of a LEAF lease.

 

[Deleted member 9549]

Question about lease extensions beyond 3yr 36,000 miles.

What requirements are there regarding turning in the car if there was mechanical problems with the car now that its out of warranty? Are you required to pay to have it fixed or can you return the car assuming its drivable, and have Nissan fix it themselves.

To me thats the biggest drawback of extending the lease beyond 3 years. Sounds like you're now on the hook for what could be a big repair bill.