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Re: End of Lease Strategies?

Posted: Mon Apr 01, 2019 1:44 pm
by Nubo
iPlug wrote:
LeftieBiker wrote:
iPlug wrote:Anyone successful at negotiating with NMAC to let you buy out the lease for less than the residual?
You can't negotiate with NMAC - you never could. It's always the dealers you have to negotiate with. The good(ish) news is that it can be any USA Nissan dealership.
Ok, then lets rephrase:

Anyone successful at negotiating with a Nissan dealership to let you buy out your lease for less than the residual?
Yes, about a year ago. I tried numerous dealers; most wouldn't budge. Some were outright indignant that I would suggest a discount was even possible. One angrily demanded to know where I'd heard such a thing. But finally one dealer somehow "worked with Nissan" to get a lower price. I got the impression it was some kind of bargaining chip they had made available to this dealership that wasn't necessarily tied to LEAF. From the discussions here since then it seems they are becoming even more predisposed to insisting on the full residual. But when it comes to dealerships most things are negotiable, if you catch them at the right moment. From what I've heard the last day or two of the month is the time to haggle. Dealerships struggling to make a quota are more likely to be flexible.

Re: End of Lease Strategies?

Posted: Mon Apr 01, 2019 2:43 pm
by LeftieBiker
From what I've heard the last day or two of the month is the time to haggle. Dealerships struggling to make a quota are more likely to be flexible.
Yes indeed, and the incentives change every month, with dealerships being sent any info on about the 3rd.

Re: End of Lease Strategies?

Posted: Wed Apr 03, 2019 8:35 am
by iPlug
LeftieBiker wrote:Maybe that is how they get people on the fence to fall into Nissan's yard. ;)
I'd still try the line I gave above. You HAVE to say that you will be getting another Leaf.
Quite right. Thanks.

I just called them and now I have a 90 day lease extension, official documentation to be mailed to me in about 7 to 10 days.

Only major downside I can see is that we had to renew California vehicle registration for another full year. Would be nice if such things were prorated, but what state would want to do that?

Re: End of Lease Strategies?

Posted: Sat Apr 06, 2019 1:21 pm
by GlennD
I think the price depends on time, availability, and location. I paid list for my 2012 when they were in limited availability, I did get a pretty good discount on my 3013 Leaf.

II just purchased(leased) a IoniQ and I paid list. The car currently is in limited availability.. At least I did not pay over list, The car originaly had a ADM of over 5K.

Kinda like buying a Kona EV. The dealers are getting more than list currently.

Re: End of Lease Strategies?

Posted: Sun Apr 07, 2019 4:46 pm
by HornsKeith
iPlug wrote:Anyone successful at negotiating with NMAC to let you buy out the lease for less than the residual?
I posted about this a page or two ago, but this option only existed when Nissan offered Gross Payoff (GPO) discounts on Leaf's. That ended back in October 2018, so right now you either pay the full residual or you turn the car back in. Nothing in between.

Keith

Re: End of Lease Strategies?

Posted: Tue Apr 23, 2019 1:44 pm
by jjgilham
I'm at end of lease on my 2016 SV which I just extended for 3 months. I would have happily extended it for longer but that is the longest they would go, and better than they were telling me a couple months ago which was no extension at all.

I'll probably buy the car (residual is $11600) but I'm in an interesting situation. When I leased the car there was no sales tax on electric vehicles in Washington State, but now there is. So buying the car out I'd pay about 10% on the $11600. It appears the lease extension will knock that $11600 residual down to less than $11000 so I'll save a bit on tax when I purchase it, I'll also maintain some flexibility if I change my mind.

Re: End of Lease Strategies?

Posted: Tue Apr 23, 2019 3:29 pm
by LeftieBiker
jjgilham wrote:I'm at end of lease on my 2016 SV which I just extended for 3 months. I would have happily extended it for longer but that is the longest they would go, and better than they were telling me a couple months ago which was no extension at all.

I'll probably buy the car (residual is $11600) but I'm in an interesting situation. When I leased the car there was no sales tax on electric vehicles in Washington State, but now there is. So buying the car out I'd pay about 10% on the $11600. It appears the lease extension will knock that $11600 residual down to less than $11000 so I'll save a bit on tax when I purchase it, I'll also maintain some flexibility if I change my mind.
It may also be possible to make over-payments on the lease extension, and reduce the residual even more. Maybe.

Re: End of Lease Strategies?

Posted: Wed Apr 24, 2019 12:47 pm
by jjgilham
I was curious about the strategy you mention. If I overpaid, would they just credit it to my account and lower the payoff value? I asked two different people on the Leaf-line (800 854 3310) and they both said that NMC would not accept over payment which is a shame.

Why they don't have it setup so you can just send them the balance owed to execute a buyout? It does appear that banks can do that and the best "buyout" option may be buying the car out through a bank or credit union. My credit union sets up a loan for the balance, there are no fees, they become the lien holder and it does not appear there are dealer fees involved. The credit union charges no fee for early payoff so I could just settle with them at my leisure. Has anyone tried this?

When I was investigating buyout my local dealer (Eastside Nissan, Redmond WA) wants to cut themselves in for $1500 for handling the buyout. I told them no-thank you. When I later told them that another dealer (Younker Nissan, Renton WA) would do it for $300 they said they would as well. This is Just disgusting in my opinion. I've got no problem with them making a little bit on the transaction as it is some paperwork etc. but I think a few hundred is more than plenty.

Re: End of Lease Strategies?

Posted: Wed Apr 24, 2019 1:12 pm
by LeftieBiker
I've seen the bank/credit union buyout strategy before, and if no tax is owed that does make it the best strategy.

Car dealerships, sleazy??? I'm shocked - shocked, I say! When we leased my housemate's Prius PHEV, they made a "mistake on the paperwork", and tried to pocket an extra thousand dollars. Oddly, that kind of "mistake" never seems to benefit the customer in that way...

Re: End of Lease Strategies?

Posted: Sat Apr 27, 2019 10:35 am
by DaveinOlyWA
LeftieBiker wrote:
jjgilham wrote:I'm at end of lease on my 2016 SV which I just extended for 3 months. I would have happily extended it for longer but that is the longest they would go, and better than they were telling me a couple months ago which was no extension at all.

I'll probably buy the car (residual is $11600) but I'm in an interesting situation. When I leased the car there was no sales tax on electric vehicles in Washington State, but now there is. So buying the car out I'd pay about 10% on the $11600. It appears the lease extension will knock that $11600 residual down to less than $11000 so I'll save a bit on tax when I purchase it, I'll also maintain some flexibility if I change my mind.
It may also be possible to make over-payments on the lease extension, and reduce the residual even more. Maybe.
Nope. Its a contract that means payment balance is run to zero. Residual value is the terms of a new contract; used car purchase. He would simply be refunded the difference.