End of Lease Strategies?

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WHITELEAFLINY said:
are you concered about the warranty expirein g ,if you leased for 3 years,and extend for another year.
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You know, I was thinking about that... But I already have a 39 month lease. For me, it would be turning the car in early (maybe exercising the 3 payments waved deals). But it was/is an issue of mileage more than warranty. I was going to blow through my millage but I've stopped going on my "300 miles in a day" trips lately so I've started "recovering" my overage since my work commute is only ~12 miles round trip. I think I'm still over my miles relative to my lease date but it's getting closer.

I have to say: besides the battery, this car has been the most reliable I've ever owned. I'm quite proud of "the rest of the car" :roll:
 
Thanks to another poster on this thread, I called Nissan Finance and they said we will extend our lease for six months past the September termination date, at our current monthly rate ($120). We get a month-by-month option to terminate each month during the extension. It sounded like they would do further six-month extensions after this one. They are sending papers to sign. No dealer involvement. Absent some surprise in the paperwork, that works great for us. I don't know what this does to the residual value, and don't care because we are not interested in buying this car.
 
I haven't gotten any paperwork confirming my verbal (2X) 6 month lease extension so I tried calling them this morning. Well ... their automated system has automated out the opportunity to talk to a real person. In fact I asked, "Can I talk to an human being." My lease is up in mid November and I would like something in hand, even an adjustment on the NMAC website showing the extension. My nightmare is they will repo my Leaf and ruin our credit... despite me continuing payments. Has anyone received confirming lease extension paperwork? :?
 
penorman said:
Thanks to another poster on this thread, I called Nissan Finance and they said we will extend our lease for six months past the September termination date, at our current monthly rate ($120). We get a month-by-month option to terminate each month during the extension. It sounded like they would do further six-month extensions after this one. They are sending papers to sign. No dealer involvement. Absent some surprise in the paperwork, that works great for us. I don't know what this does to the residual value, and don't care because we are not interested in buying this car.
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Boy, I'd ride that pony till it died!
I wouldn't mind having my lease extended at $120/mo, not interested at my current payment 4X that.
 
Our lease extension did go through, continuing our current monthly payment for six months. I don't think we ever got a written confirmation from Nissan of the extension, but our monthly statement started showing the extended lease period.
 
Thanks, I'll keep my eye out for the extension and not worry too much about it. Our lease is $99/mo and we would like to keep some powder dry to buy/lease an extended range Leaf that operates on 3G.
 
JeremyW said:
...
You know, I was thinking about that... But I already have a 39 month lease. For me, it would be turning the car in early (maybe exercising the 3 payments waved deals). ...
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JeremyW said:
... Again my goal is to get this working in time for REfuel (electric car races) in June 2015. ...
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If you terminate early, isn't that before June 2015?
Are you removing Brusa before lease return?
Or do you have two LEAFs?
 
I will remove my Brusa before lease return. No I do not have two leafs. A lot of things could happen between now and June/September of next year.
 
Looks like there won't be a pullahead deal this fall. Of course a dealer can get me out of my current overpriced lease early but because the market value of the car is less than the residual all they would be doing is rolling the negative into the next lease or purchase.

I did confirm a couple of interesting things though talking to NMAC. if I purchase or lease another Nissan or infinity they will waive the termination fee and also allow me up to $500 of excess wear. We've kept the car in pristine condition but the tires are getting a little thin and that might be an issue so I'm hoping that $500 waiver would cover that.
But here's the interesting part: you don't need to buy or lease the new car at exactly the time you turn in the old one. You have about 60 days to buy or lease the new vehicle and still get those waivers credits. So we might try to limp along with one car for a few weeks until the North American Auto Show announcement where we see what the 2016 looks like, then decide where to go from there. Even though availability would still be several months away it would still be nice to make an informed decision.
 
LTLFTcomposite said:
Looks like there won't be a pullahead deal this fall. Of course a dealer can get me out of my current overpriced lease early but because the market value of the car is less than the residual all they would be doing is rolling the negative into the next lease or purchase.

I did confirm a couple of interesting things though talking to NMAC. if I purchase or lease another Nissan or infinity they will waive the termination fee and also allow me up to $500 of excess wear. We've kept the car in pristine condition but the tires are getting a little thin and that might be an issue so I'm hoping that $500 waiver would cover that.
But here's the interesting part: you don't need to buy or lease the new car at exactly the time you turn in the old one. You have about 60 days to buy or lease the new vehicle and still get those waivers credits. So we might try to limp along with one car for a few weeks until the North American Auto Show announcement where we see what the 2016 looks like, then decide where to go from there. Even though availability would still be several months away it would still be nice to make an informed decision.
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they waived $843 on mine
 
I"m going to be looking at either a base model Leaf - likely the previous model year - or something like a Smart or iMiev lease when mine ends. I can't afford to put another $3k down, but I can't afford more than $175 a month, either. If I'm lucky I'll find a Super-Black S with no QC in my budget and I'll be happy enough.
 
Has anyone near the end of their lease been contacted by NMAC and offered a deal to purchase their Leaf at a price below the residual?

it would seem like a good idea for NMAC if they know the car will bring a loss at auction.

has anyone asked?
 
Our lease ends in early march, we did get letter offering to extend lease. Car is running perfect, still have all bars (im sure there is some lost but have not purchased - scanning device) would love to buy it at a fair price, but residuel is way to high.

Paying $317 month, from zero down. If they offered reduced payment for another year i would extend lease.
 
kmp647 said:
Has anyone near the end of their lease been contacted by NMAC and offered a deal to purchase their Leaf at a price below the residual?

it would seem like a good idea for NMAC if they know the car will bring a loss at auction.

has anyone asked?
Click to expand...
From what I've heard NMAC won't do this. My theory is they don't care about the negative; they are part of Nissan and they want to move more cars. Having you buy your existing car at or below the residual is counterproductive, they and the dealer will make money on the next guy with your turnback as a CPO. It's another opportunity to collect a dealer fee, sell extended warranties, make money on financing, and other miscellaneous dealer tactics. ($399 nitrogen fill anyone?)

Apparently US Bank and Ally are a different story with Volt leases. They don't have the same affinity with Chevrolet and actually are interested in getting as much as possible out of the cars, which can be a number less than the residual but more than a dealer will give them.
 
There is some sort of program started in october that allows certain Leaf Leasers to buy their current car at a price way lower than the contracted residual.
Dealers just received the program info (most prob wont have read it yet) and NMAC has the info on who is eligible.
I received a call from NMAC and an offer to sell me my current Leaf at a large drop from the current payoff of $17,500

I dont really want to buy my Leaf , i'm turning it in end of December.

But I will try to get and post some of the programs details here.
 
Very interesting... I would want to consider that, but since I opted out of the class action it would be out of the question without some clarity on that matter, as we are 3 bar losers in a warm climate.

Perhaps NMAC is starting to sweat having a huge inventory of three year old Leafs they can't sell.

Kmp647, is there not a price at which you would want to buy your current car? For $17k I definitely don't want mine, for $7k I definitely do.
 
I would not buy if you opted out, no way.

My leaf 2 bars down at 46,000 miles and prob wont lose 2 more by 60k, not a bet I'm willing to take and the range is marginal right now.

so I just wouldnt by my Leaf at any price. to expensive to try to buy it then trade it because of the sales taxes and other fees reg etc.

not worth it, I will be having it inspected and dropping it at the nearest dealer by December 31st.
I have another car to drive and I am going to wait to see what the gen2 volt looks like in january and hopefully the gen 2 Leaf by fall 2015 or jan 2016 :)
 
Thanks for the reply. The reponse on the homefront here is no way unless they put a new battery in it, which looks doubtful having opted out. Even at that you aren't sure you're getting the lizard battery or even if you do is it any better. All this against the backdrop of gas under $3 and new sentras that can be had under $14k.

When you have people saying they wouldn't want an old leaf at any price, what does that say about resale values? At my local dealer they have had a couple low mile 2012s sitting on the lot for several months now.
I wonder what the relationship is between NMAC and dealers on lease turnbacks. Do dealers buy them, or is it like they consign them for NMAC. If its the former I can see dealers saying no way they're going to sink money into those turkeys to take up space on the lot.
 

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