Nissan Lease Returns
At Milford Nissan 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!
Lease Return Tips-
You are responsible for maintaining your vehicle while it is in your possession. If you choose to return your lease NMAC will inspect the vehicle itemize any damages or missing equipment, and settle the charges with you in the weeks after returning the vehicle. On the day you return your lease we recommend you make sure the owners manuals are present in the car, and you bring in both keys.
Damage and Over Mileage-
NMAC will charge you for any excessive damage done to the vehicle while in your possession. Reasonable wear and tear is acceptable. NMAC will waive the first $500 worth of notable damages, and excessive wear. If there is any left over above $500 you will be responsible for it. In terms of cosmetic damage if a scratch or flaw is smaller than a business card then it will not be assessed. If it is larger than a business card it will be added to the assessment as a rule of thumb. Keep in mind the $500 waiver not only applies to cosmetic damages, but also to worn tires and missing equipment. If you return your vehicle without owners manuals, or a second key those items will be added to the assessment by the inspector as well as any cosmetic damages. Keep in mind the $500 damage waiver cannot be applied to over mileage only damages. Over mileage will be charged at $0.15 per mile above the contracted mileage allowed by your lease.
If your vehicle has damage you should decide whether or not to repair the damage yourself before turning the vehicle in. You will like be able to repair these items cheaper than NMAC will charge you for them to repair once the car is turned in. Tires, Glass, and Bumpers are the three common items you are better off fixing yourself. If your tires do not have at least one eighth of an inch of tread left on them you will be charged for replacements. Windshields are also common damage items that go commonly go unrepaired. In most states your car insurance covers windshield replacements. It is much more efficient for you to pay your insurance a $100 deductible rather than pay $1,000 for a new windshield on a car that you no longer use.