get a new lease - April programs are as good as it gets + loyalty plays in your favor.
Mile overage is .25c a mile. But I read there is an option to buy miles as long as you have 30 days left in the lease for 10 cents. We are 7000 miles over lol, so I hope I can work that out!
My understanding is that that does not apply to the one pay leases we all signed for the frontiers. It has to be âsignature flexâ or something to get the 0.10 mileage. I hope Iâm wrong if someone knows better!
Interesting. Let me know if anyone gets clarity.
Log into your account, itâs pretty clear what the price is for extra miles.
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Oof. Thatâs good to know. I was planning on the extension as well.
This is what I found out after calling Nissan Financial as of today:
- If you are paying month-to-month lease you can extend your lease for 3 months. If you want to extend another 3 months you need to show proof of documentation you are getting another Nissan/Infiniti car.
- If you did a one-pay on the lease, there are no extensions.
Initially, the customer service rep will say you can extend your lease. But if you did a one-pay the code they use on the extension will not work on the system to grant the extension. I requested to talk to the supervisor and they said the same thing. The system does not allow for them to extend the lease on the one-pay.
I donât think you can extend the lease until 3 months of your lease ending date.
If you did a one-pay there are no extensions. The customer service rep would not know this until they pull up your account to put in the extension code in the system. The code cannot be completed for the extension on the one-pay lease.
While we may all question some of the things that Nissan does this honestly makes business sense to not extend one pays. While fully realizing thatâs not what most want to hear on here.
These leases IIRC correctly were forecasted out with high rvâs and moderately high mfâs which were very wisely brought down by the people that did one pays and / or MSDâs.
With the used car market indicating moderateky declining values from prior quarter or year, it makes sense Nissan is ready to ground the leases and either the dealers can throw it on the cpo / used lot or if not Nissan runs it thru at auction, gets what the market will allow for, and moves on.
Maybe it hooked a certain percentage of people into the Nissan / Infiniti ecosystem and they get a loyal customer, if not, they move some items off the balance sheet and move on the next thing.
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Or they just donât have the bandwidth to recalculate anything that changes (tax, reg, etc).
I dunno if itâs that. I had the same issue last fall. NMAC could/would not extend a 1-pay. They were able to give me a penny perfect payment amount but could not complete the extension as the system would not allow them to complete the process. Sounded like it was a recent change at that time.
I called in a few times. First rep said, I might be able to but need to contact the dealer to see about it. Second and third time I called they said while they could quote the payment, the policy was simply no monthly extensions for a 1-pay.
Iâm guessing the payment amount which was set using a low MF predicated on a 1-pay simply was too low for them to want to continue offering it as a monthly payment. Probably easier to just disallow the extensions vs trying to figure out how to make it pencil. Sucks but I canât say I donât understand.
You can buy miles with Nissan at any point before the lease is up at $0.10/ mile. Thatâs what I plan to do
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Not everyone is eligible for this.
Qualifying customers include customers who signed the FLEX Lease waiver at contract signing or all leases with a start date of February 1, 2023 or later.
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This is the exact scenario I encountered when I called to extend.
Captive finance companies lease cars for two main reasons: keep the new metal coming off the assembly line moving and generate a pipeline of late model used cars for the CPO program. One pay or not, extending leases doesnât serve those goals.
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I talked to a few reps as well and was denied an extension each time
Confirmed no extension as well. The agent looked at my notes from my previous call in April and said they misspoke. Neat.
What usually happens to all these leases with high RVs? Does Nissan just eat the loss in used sales?
No one seems to talk about the aftermath of these lease hacks.
Should be a bunch of Ariyas and Ioniqs hitting the used market in 18-24 months.
In a sense. Effectively the RV was subvented in lieu of MF subvention or lease cash. So what money they saved upfront, theyâll simply âpayâ in a post lease return accounting adjustment.
Note that some captives do keep money in reserve against RV subvention, but thatâs really a regulatory and/or risk management decision.
If a lessee buys out the car or the market swings irrationally high for used cars, it would be a bonanza for NMAC. In a sense thereâs more potential upside to RV subvention because literally no buyer will ever be able to sell it and pocket equity, any value increase vs the book RV (as opposed to subvented number), would go to the captive. Not where weâre at in the market but a lot of those decisions were probably made during the value run up in 2022.
Why would anyone care?