End of Lease
What happens next?
With your lease coming to an end, there are a few things to keep in mind as you prepare for what's next. Nissan Canada Financial Services Inc. (NCFS), 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.
What Options are available?
We will be in touch as the end of your lease approaches. You will receive a letter outlining your lease end options and the exciting offers available should you choose to lease or purchase a new Nissan again as well as a wear and tear guidebook to help you measure the condition of your vehicle and prepare you for any additional financial responsibilities that may arise from excessive wear and tear.
LEASE OR PURCHASE A NEW NISSAN VEHICLE
Turn in your current vehicle in accordance with the terms of your lease agreement and lease or buy a new Nissan. NCFS's Preferred Customer Retention Program (see below) makes this a particularly attractive option!
PURCHASE YOUR CURRENT LEASED VEHICLE
There's no better used vehicle than the one you already know and drive! 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 include the cost of all governmental or other regulatory fees and taxes and all safety standards, emissions and other required certification 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, NCFS may be able assist you with your financing needs. Please contact the dealership for more details.
RETURN YOUR NISSAN
If you decide to return your Nissan, we will make the process as easy and seamless as possible.
- NCFS's Customer Remarketing Department will contact you via telephone 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 South London Nissan in order 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.
- South London Nissan will ground your vehicle in your presence using an internal website. At time of drop off, we will print off an NCFS Grounding Receipt to be signed by both you & the dealership. This form is a receipt acknowledging the date that you returned the vehicle. The grounding receipt is not a vehicle inspection report. An independent 3rd party inspector will complete a detailed condition report within 48 hours of grounding. The condition report is then used by NCFS to determine whether the vehicle has suffered excess wear and tear charges or has been driven beyond the allowable kilometres which would then be charged to you.
- To avoid any unpleasant surprises or excess wear and tear charges, it is highly recommended that any potential excess wear & tear issues be remedied by you prior to grounding the vehicle.
Preferred Customer Retention Program
NCFS's goal is to demonstrate a sincere appreciation for you, our valued customer. The transition into your next Nissan should be simple and hassle-free. The following are the benefits that you will enjoy as a loyal NCFS customer:
PRE-APPROVAL
You may be pre-approved for another lease or loan with NCFS. If you are pre-approved, NCFS will communicate your pre-approval to you in a letter that you will receive 5 months prior to the lease end date.
EXCLUSIVE RATE REDUCTION
As a loyal customer in good standing with approved credit, you will be entitled to receive an automatic 0.25% reduction off of the advertised lease or finance rate.
WAIVER OF SECURITY DEPOSIT
As a loyal customer in good standing with approved credit, a security deposit will not be required on your next lease.
Vehicle Inspection
To ensure the process runs smoothly and fairly, NCFS has selected an independent 3rd party company, AutoVIN, to complete all vehicle condition and inspection reports on behalf of NCFS. All of their Field Inspectors receive continuous training on NCFS's standards and procedures.
To alleviate any concern and anxiety over this process, NCFS provides a detailed wear & tear guide in the 6 month mailing that you will receive. This guidebook outlines exactly what NCFS considers excess wear and tear and also provides a Driveway Check-up tool which will assist you in performing your own self-assessment. It is recommended that you schedule an appointment with South London Nissan to rectify potential excess wear and tear problem areas before grounding your leased vehicle.
Click Here to access an electronic copy of our standards.
For more information about the end of your lease, visit the Frequently Asked Questions section on the Nissan Canada website.