What is the NMAC SignatureFLEX Lease?
This is a new offering from NMAC where, for the first time, we will allow customers to purchase additional miles, during their lease term, to match their driving needs. It is also the first time NMAC will use Connected Car data to deliver more personalized communications to customers alerting them to how usage relates to the original mileage term. All new leases that started on or after 2/1/23 will have the option to purchase miles during their lease at just $.10/mile.
How will the customer request additional miles and is there a limit?
The customer will be able to purchase miles digitally via the NMAC customer portal or mobile app, at their convenience. There is no limit to the amount of miles customers can purchase, although there is no refund for unused miles. On a daily basis, customers can purchase a minimum of $20 of additional mileage and mileage must be purchased in $5 increments up to $2000 per day. Eligible customers must have an account in good standing and purchase miles more than 30 days prior to the lease maturity date.
No, the mileage purchase will be considered a separate event and will be handled as a one-off transaction between NMAC and the customer. Purchasing additional miles is a separate transaction and the residual value will not change.
If the customer purchases miles under the terms of a SignatureFLEX lease, the cost is $.10 per additional mile, compared to an excess mileage charge of $0.15 – 0.25 per mile based on contracted terms.