At Milford Nisan we are able to take your Nissan lease return vehicle even if you leased it from another dealer! Our business managers are here to help you decide your next move as your lease comes to an end.
– OPTION 1 If you simply want to return your Nissan at the end of your lease we are an active drop location for NMAC leases. Your Nissan will be “grounded” the same day you return your vehicle by recording the current odometer, and signing a lease termination statement. On that day you will turn over physical possession of the car/keys to NMAC by leaving it at our dealership for them to pick up. NMAC will contact you in the weeks after your vehicle is returned and inspected to settle any end of lease fees, over mileage, or damage you may owe. In this scenario Milford Nissan is simply acting as a drop off location to facilitate the termination of your lease you will still need to communicate with NMAC regarding settling your lease turn in.
– OPTION 2 If you would like to purchase your leased Nissan at the end of your lease you have the right to purchase it at the contracted residual value that was calculated when you signed your lease. Residual values usually range between 40-60% of the original MSRP of the vehicle. This buyout price is contractually agreed to when you signed your lease and it is non negotiable. For many of our customers this is an attractive option. For example, if you have driven your car less miles than your lease allowed you to then there is most likely equity in that vehicle above and beyond the contracted residual value. In that case it would benefit a customer to buy the car at the end of a lease, and keep that extra equity. There are many other situations in which a customer may decide to buy out their lease. If that is the path you choose to take we are here to facilitate the sale transaction between you and NMAC, and get your vehicle registered in your name with new license plates. If you are buying your lease you cannot transfer your current license plates because NMAC is listed as the owner of the vehicle on your leased vehicles registration. You will receive new license plates through Milford Nissan with you listed as the owner. When choosing to purchase your vehicle when the lease term expires you will have to either pay cash or finance the balance. Many customers qualify for a similar monthly payment to their expiring lease when they finance their lease buyout. Buying out your lease ends the relationship with NMAC, and the car becomes entirely yours.
– OPTION 3 If you would like to lease or purchase a new Nissan at the end of your current lease term we are always here to assist you in making your decision. You can drive away in a new lease or purchase the same day! Have a few payments remaining? It is usually possible to upgrade your lease early. If you choose this path we will handle the lease return of your current vehicle and handle the purchase or lease of your new vehicle!
