Might be a dumb question but, my Nissan Leaf lease is up this month. I’d like to keep the car for one more month, but I’ve already done a six month extension and NMAC says they can’t extend it any more or even give a 10 day grace period. So what happens if I simply don’t turn it in on time and do it a few weeks late? The best I can tell from the legalese on the contract is they keep charging the monthly payment and charge me 6% interest on any money owed at the end (plus they can repossess the car, but I’m sort of assuming that won’t happen within a month). Am I missing anything?
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Instead of stealing the banks car, return it as mutually agreed upon in your contract and rent a car as needed.
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Repossession. Even if recovery doesn’t grab it within the month, it can end up on your credit report.
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Thanks…what would go on the credit report if I still made the monthly payment? Or is that just if I kept the car and stopped paying.
I don’t think they would accept another payment, contractually they aren’t required if you don’t have an extension.
If you haven’t read through this yet, you should
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Do you like your credit rating? Because it will become 600 real fast
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I just went through this with Chase Auto for my Mazda 3 
, but I’m trying to purchase it. I sent a check for the first time in my life and I forgot to sign it so it got rejected. but I guess a different department didn’t know that so they sent me a letter that I am defaulting and they will repo my car in 10 days. Made me go to the post office real quick and send via priority and let them know
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I guess I’m trying to understand what specifically will drive down the credit rating
There would be a lean for the settlement amount on the car. You owe them the buyout if you don’t return it.
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Non return of property will do it nicely
AKA Sending you to collections
I love threads like this.
You would be in breach of the contract you signed. The lender would repossess the car. Your credit will crater and will spend years trying to salvage it, all because you wanted to hold onto a Nissan Leaf for an extra few weeks. Not a good idea.
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It very well may be a bad idea, but regarding the specifics you mention…breach of contract, so what? The contract appears to spell out what the damages are, which I would pay. The lender would repossess the car. Would the lender really go the expense and effort of repossessing three weeks after it’s due the car without contacting me to try and figure out what’s going on? The credit part may be accurate, if so definitely a reason to avoid!
Thanks for posting that, I took a read through it.
As far the payment, NMAC website will both accept a payment and shows an amount due for next month even though the lease is fully paid off and ends this month.
Try it and let us know how it goes. Be the data point. Do it.
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Considering the fact that they explicitly told you they wouldn’t even offer a 10 day grade period, would they repo it within three weeks after it’s due? It’s entirely possible. Whether you are willing to take a chance like that on your credit (assuming it’s currently decent) is your call. I think the consensus here is that it’s not something most people would do when renting a car for a few weeks is a much safer bet.
Most likely you are right. They will contact you before taking any action and ask you to return it etc. But the gain you are getting just doesn’t worth the risk and headache you would be taking.
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I think this is the right answer, most likely it wouldn’t be an issue, but reward not worth the risk in this case, particular the credit concerns pointed out, so I will most likely just return it on time.
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Do not You think that would be easier to rent something on Turo for that few weeks?
Especially for a f&%$ing Leaf lol…
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