Hello, my maturity date is coming soon. What would happen if I kept the car past the date? I have 3k more miles left on the lease. Would I just have to continue paying the same monthly rate, or are there substantial fees with doing this?
For reference, I just read the lease contract and I didn’t see any type of specific fee called out for this scenario. Just seems like I would only have to continue paying monthly fee (until I run over my mileage of course). This is with NMAC.
Thoughts, first hand experience? Thanks for the help.
Ultimately, the car will be repossessed by the lender and your credit will show a repossession.
Call and ask if NMAC offers lease extensions (I don’t know if they do.) Don’t keep the bank’s car beyond your agreement.
Interesting. Any idea on the general timeline of this? For example, if I kept it just an extra week, would you expect any negative impacts? Thanks.
The day you mature is the day you have to return the car. If you don’t expect your Credit Score to head downwards fast.
It’s easier to ask for an extension that this.
IIRC correctly Toyota has a 10 day grace period. Obv a call to NMAC is in order first to see if they have a 10 day waiver or if you can extend another month or two.
Agree with Forbs here, I wouldnt recommend just going past lease maturity date w/o a conversation with NMAC first.
Thanks everyone for the input.
I was able to get a hold of NMAC pretty quickly just now. They offered me another 3 months at my current rate, with more miles as well. Glad to take that offer. I’ll be a bit more proactive towards the next maturity date.
A good idea b/c, if you don’t ask the bank first about extending the lease, aren’t you kind of in possession of a stolen vehicle, at that point?
Probably best to be proactive 4-8 weeks before
As always keep checking the Marketplace. IIRC, NMAC lease extensions are month-to-month without a commitment so if you see something good you can jump on it.