Extending lease 5 months

[JoshG]

As has been posted elsewhere here, you can request an extension of your lease for up to 5 months.

I just successfully went through the process and can clarify some points and give an important piece of advice that I wish someone had told me.

1. Call Lucid Financial and request the lease extension. Do this AT LEAST a week, preferably 2, before your lease end date, as there is paperwork involved and they insist on US Mail both directions for the documentation. (bizarre in this age of PDFs and Docusign, but that's how they do it.)
2. You will be asked how many months you want to extend. They said something to the effect of "it's month-to-month, but the form here I'm filling out makes me fill in a number of months, so how many months should i put here?" I kinda picked a middle number of 3 months since I heard "month to month" and "5 months max" figuring I could change it later up to 5, and this was a mistake. It turns out that if you say a number less than 5, then that is your maximum lease extension and it can never be extended back to the originial offer of 5 months. Yet it's 100% true that the extension is month-to-month. You can terminate any time by just calling for your inspection and turn-in a week or so before you next payment is due and then just not make any more payments.
   • So the right answer to their question is always 5 months. That gives you total flexibility - lets you terminate it any time you want UP TO 5 months. Again, saying a number less than 5 sets forever your maximum leased months on this vehicle and you will not get another offer.
   • your payment stays exactly the same dollar amount.
   • your allowable mileage is extended by the same monthly amount you previously had. My original lease was for 7500 mi/year (625mi/month), so in my lease extension paperwork it shows that number exactly in my new allowable mileage: an additional 625 miles per month is now permitted with each successful lease extension payment.

 

[marsarbu]

Thank you, this makes sense.