What Happens When My Nissan Lease Is Over?

 

nissan lease

Very often at the dealership we have customers who are approaching the end of their lease and aren’t really sure what their options are, especially if it’s a new driver or if it’s the customer’s first time leasing a vehicle. We’re here to tell you that there are actually several options for Nissan customers approaching the end of their lease.

Option 1

Get a new Nissan. Current Nissan lease holders can opt to turn in the current vehicle and lease or buy a new Nissan. There are also incentives to do so. According to the Nissan website,

“Nissan Motor Acceptance Corporation wants to make it easy for you to buy or lease another Nissan. That’s why we reward our current customers with incentives to purchase or lease a new Nissan. We’ll waive wear and use charges. When you lease or purchase a new Nissan, we will waive up to $500 of excess wear-and-use liability on your current NMAC lease.”

In order to take advantage of these incentives, check out this form.

You should also know that before your lease expires, it will need to be inspected. But we’re not talking about the tear-your-hair-out DMV-type of inspection. Before your lease expires, contact the Nissan Lease Customer Network at (800) 778-4211 to set up a complimentary vehicle inspection. This inspection may help you avoid a wear-and-use charge for items that may be covered by your insurance policy (such as a damaged windshield). And it will help you decide what to do with your leased vehicle.

This inspection takes approximately 30 minutes, and can be done at your local Nissan dealership, your home, or your place of business. It will be performed using a laptop computer, and the results will be printed immediately after the inspection. The inspector will review the report with you and address your questions. You will be given a copy of the condition report. A second copy will be left in your vehicle, and should remain in the vehicle until the time of return.

We don’t advise to do this inspection too early out before your lease expires. This is because if the vehicle’s condition changes prior to its return due to repairs or additional damage, another inspection will be necessary. (source)

Option 2

Keep your Nissan. You can actually purchase the car you had leased instead of buying a new car or starting a new lease. If you suspect you will be charged for wear and tear, or additional mileage, you won’t be responsible for these charges if you decide to buy your car. In fact, you will not be responsible for any costs other than the predetermined purchase option price and the incidental charges stated in your Nissan lease contract or required by law. These may include sales tax, vehicle registration, a purchase option fee, etc. (Certain state and local laws may require you to pay a smog or safety inspection fee, etc.) (source)

One thing to keep in mind if you decide to buy your leased car is that the car’s interest rate could be higher than the interest rate of a new car. This is because your leased car is technically a used car and used cars generally have higher interest rates.

Here’s a tip: If you think at the end of your lease you might buy the car, before you sign a lease, you can always ask your salesperson what the estimated buyout price or resale value of the car might be to help you determine the best financial approach for you.

Option 3

Return your Nissan. At the end of your lease, you always have the option of returning the leased vehicle and taking no further action towards buying a car or leasing a car. This is very rarely the case, however, as in this day and age the majority of people need a car!

If for whatever reason you do decide you will not be getting a replacement car, there are a few things to wrap up.

  • You will need to have the car inspected (as per the explanation above)
  • You will need to schedule an appointment with you local dealership to come in and return the vehicle and fill out any exit paperwork Federal Odometer/Lease Termination Statement and the Vehicle Condition Report.
  • You will also want to call the Nissan Lease Customer Network to report the return of the vehicle.

Typically, before your lease is approaching its expiration, your local Nissan will contact you to remind you about the approaching end-of-lease date as well as to help you decide what your next move will be.

If you’ve never leased a car, we hope this post serves as a heads-up of what to expect in the end, but also, you can check out a previous blog post we’ve written on the benefits of leasing a vehicle. No matter if you buy or lease with us at Tischer Auto, we simply want to help our customers make the most informed decision as possible.

If you have other questions about leasing, feel free to leave a comment below or reach out to us on Facebook or Twitter.

*image: Thinkstock/Getty Images

New Car Opportunities for College Graduates: The Nissan College Grad Program

Nissan Collage Grad Program

Graduation is an exciting time of year, and we at Tischer Auto want to congratulate all the soon-to-be graduates. It’s also a perfect time for recent college graduates to consider taking advantage of Nissan’s College Grad Program. Not to rain on anyone’s parade, but it’s going to be quite difficult to start that new job without the wheels to get you there.

This time of year, we have many customers who are about to graduate or have recently graduated from college who think that the only set of wheels they could afford would have to be on a used car. Well, great news—we’re here to tell you that’s not necessarily the case! Nissan understands that most graduates are just starting to or are still paying for their educations through student loans and have little or no additional money to buy a car. In addition, we meet people at the dealership who are returning to graduate school later on in life. These individuals are already saddled with plenty of financial commitments, let alone the cost of re-entering the world as a student. Again, having the transportation to get there does not have to be a burden or extremely costly. With the College Grad Program, affording a car—and a new car at that—is not beyond reach.

Through the Nissan College Grad Program, recent grads simply go to their local Nissan dealer and work with a Nissan Sales Associates to select a new Nissan vehicle that will cost them less-than-typical prices. Customers could save up to $3,000 MSRP plus any savings being offered with the local dealer incentives. There is also a 90-day deferred payment option, credit options (You don’t even have to have good credit, or even any credit history), and a co-signer would be not be necessary. The College Grad Program is meant to get you standing on your own two feet and in a new car in a hassle-free way without relying on the down payment from Mom or Dad or anyone to co-sign for you. You don’t even have to be a first-time car buyer to take advantage of the program.

Here are some details you’ll want to know:

  • No credit history necessary
  • Must have graduated within the last two years, or will do so in the next six months, or be a current graduate student at a qualifying accredited two- or four-year university, college, graduate, or nursing school in the U.S.
  • Official copy of your transcript/diploma or proof of graduate school enrollment status must be given to your local dealer
  • Eligible vehicles include the Altima®, Altima Coupe®, Rogue®, Sentra®, Versa® Note®, Versa® Sedan (except S trim), JUKE®, Xterra®, Frontier®, and Cube®
  • Customers can go online and begin the process by filling out the College Grad Preferred Pricing Certificate

The Nissan College Grad Program is a reward—a reward for your hard work, for doing the right thing by getting an education, and for taking that next step toward responsibility and independence. We at Tischer want to be a part of that process with you. We want to help you on the next phase of your life—which you can enjoy from behind the wheel of a new Nissan! To get started, fill out the College Grad Preferred Pricing Certificate (see link above) or give us a call. We’re also happy to chat with you on Facebook or Twitter. In whatever way that’s convenient for you, let’s talk and get you started on your next new exciting chapter in life.

The Sportier Side of Nissan

Nissan Sports Cars

Nissan is known for a quality line of vehicles offering consumers just about everything they could possibly want. Many of Nissan’s vehicles have sporty looks and feels, but did you know that they actually offer a line of true sports cars geared toward making your heart race? In the second in our series of category-focused posts – we’re going to introduce you to the more road-holding sports cars available in the Nissan line.

Nissan Z Coupe & Roadster

Few Japanese sports cars produced for North America have earned the status of “Icon” like the Nissan Z. Currently in its sixth generation, the 370Z comes in both Coupe and Roaster models and features a 332-hp, 3.7-liter V6 engine along with a six-speed manual or seven-speed automatic transmission.  In addition three trim levels are offered: Base, Touring and Nismo. The Base model comes standard with 18-inch wheels, automatic climate control, keyless ignition/entry, a leather-wrapped steering wheel with steering wheel controls for the stereo. The Touring model adds leather and faux-suede upholstery, heated power seats, Bluetooth, and a Bose audio system with a six-disc CD/MP3 changer and satellite radio.

Finally, the track-focused Nismo edition includes a performance-tuned V6 (which kicks the engine up to 350 hp), 19-inch forged aluminum wheels and high-performance tires, a limited-slip rear differential, stiffer suspension tuning, upgraded brakes, unique front and rear fascias, a larger rear wing and custom Nismo interior trim.

Price points for the Coupe range from $33,120 – $37,820, while the Roaster ranges from $41,470 – $47,000.

Nissan GT-R

For those consumers craving the top-of-the-line in sports performance, look no further than the GT-R! According to Edmunds.com, “[no] car better embodies Nissan’s philosophy of building outstanding performance cars at earthly prices than the GT-R. It is, quite simply, the best performance car for the money.” I don’t think we could have said it better ourselves!

Powered by a twin-turbocharged, 545 hp, 3.8-liter V6 engine, the GT-R rockets from zero to 60 in only 3.1 seconds and the standard, rear-mounted transmission is a six-speed dual-clutch automated manual gearbox that can shift gears in just 0.2 of a second through the steering-column paddle shifters. In addition, the GT-R features a multilink system which has electronically adjustable dampers that can be set to Comfort-, Normal-/Sport- and R-modes. Standard interior features include leather upholstery, keyless ignition/entry, Bluetooth and iPod connectivity, an 11-speaker audio system with a 9.4GB hard drive for storing music files, navigation, and an in-depth vehicle system and performance display. It is available in three trim levels – Premium, Black and Track Edition.

Price points for this supercar range from $99,590 – $115,710.

These vehicles are some of the best, fastest, and more affordable sports cars available to consumers today. If you feel the need for some speed, schedule a test drive today and see just what these beauties can really do!

Do you own any of these models? If so, tell us about your experience in the comments section below! We value your feedback!

*image courtesy of Ed Callow on Flickr.com