Evaluating your End of Lease Options
With your lease coming to an end, there are three options to keep in mind as you prepare for what comes next. Nissan Canada Finance (NCF), a division of Nissan Canada Inc. has made embarking on a new lease or purchasing a Nissan (your current vehicle or a new one), easier than ever.
Your first option is to turn in your current vehicle in accordance with the terms of your lease agreement and lease or buy a new Nissan. NCF’s Preferred Customer Retention Program makes this a particularly attractive option!
As a current Nissan customer, you are eligible for up to $1,000 in Nissan Loyalty Dollars depending on your model and year. These Loyalty Dollars can be used in a number of ways including,
- To reduce the Annual Percentage Rate (“APR”) of an eligible new vehicle that is leased or financed through Nissan Canada Finance
- As an after-tax deduction from the final negotiated selling price of an eligible new vehicle.
- Towards the purchase of the Nissan Added Security Plan
- To off-set your lease/finance payments on your current Nissan vehicle or towards any penalties and/or other amounts associated with ending your current lease/finance contract
See here for more details on our Finance Loyalty Program.
This is an ideal option for customers who are looking for the latest safety features, better fuel economy (depending on model), enhanced performance, style, new warranty, incentives, and of course that new car smell!
If the dealer does not purchase your vehicle, an independent 3rd party inspector, AutoVIN, will complete a detailed condition report which may result in some excess wear and tear charges.
There’s no better used vehicle than the one you already know and drive! Of course, if you absolutely love your current Nissan you have the option to purchase your vehicle at the end of your lease.
If you purchase your leased vehicle, there will be no excess kilometre or excess wear & tear charges. You will not be responsible for any end of lease costs other than the predetermined purchase price (residual value) and the incidentals outlined in your Lease Agreement plus applicable taxes. Incidentals can include the cost of all governmental or other regulatory fees and taxes and all safety standards, emissions, and other required certifications incurred in connection with the purchase of your vehicle and the transfer of ownership of the vehicle to you.
Should you choose to purchase, and require a purchase loan, NCF may be able to assist you with your financing needs. Our financial team at Morningside Nissan can provide you with more details.
If you decide to return your Nissan, we will make the process as easy and seamless as possible with three easy steps;
- NCF’s Lease Customer Network department will contact you approximately 30 days prior to maturity to answer any questions that you may have.
- Prior to your maturity date, it is strongly recommended that you contact us to schedule an appointment to drop off your vehicle. You should give yourself ample time to investigate and explore all of your lease-end options to ensure that you make a knowledgeable, well-informed decision. Please remember to bring your two key fobs when turning in your vehicle.
- Morningside Nissan will ground your vehicle in your presence using an internal website. At the time of drop-off, we will print off an NCF grounding receipt to be signed by both you & Morningside Nissan. Please ensure you keep this form, as it is a receipt acknowledging the date that you returned the vehicle. This is not a vehicle inspection report.
If the dealer does not purchase your vehicle, AutoVIN will complete a detailed condition report. The condition report is then used by NCF to determine whether excess wear and tear charges are warranted, or if the vehicle has been driven beyond the allowable contract kilometres, which would then be charged to you.
We will be in touch as the end of your lease approaches. You will receive an email further outlining your lease-end options and the exciting offers available should you choose to lease or purchase another new Nissan.
Have other questions about your current lease? Connect with Financial Services.