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I leased a car 2 and a half years ago, and I guess i was dumb and it was a 3 year, 30,000 mile lease. I am almost over the miles and i still have the car for a few more months, then it is 15 cents per mile over 30,000. Is there anything I can do, can I call the dealer and ask for more miles at some kind of reduced price or something ? Or am i just screwed
I think you can only purchase additional mileage when you sign the lease.
Usually they forgive the mileage if you lease/finance another car.
Other than that, I think you might have to just pay whatever mileage you go over.
bring the car in early if you plan to purchase or lease another car from the same dealership. I believe most dearlerships accept lease cars up to 6 months early.
you can also see if another dealership will take your lease and not charge you for any of the miles or months remaining.
I leased a car 2 and a half years ago, and I guess i was dumb and it was a 3 year, 30,000 mile lease. I am almost over the miles and i still have the car for a few more months, then it is 15 cents per mile over 30,000. Is there anything I can do, can I call the dealer and ask for more miles at some kind of reduced price or something ? Or am i just screwed
You are talking about $150 for every 1000 miles over 30K you go...big deal. Even if you got the miles up front they would still be factored into the lease, probably like .08/mile or something close.
You would have had to pay for it up front, now you're just going to pay for it on the back end.
Quote:
Originally Posted by neneloco
bring the car in early if you plan to purchase or lease another car from the same dealership. I believe most dearlerships accept lease cars up to 6 months early.
One of these days, people will finally realize that all the dealership does is sell the car. They have no control over lease turn-ins or anything like that. The dealership cannot accept your car 6 months early unless the bank that financed the lease is running some sort of special.
Extra miles, any damage, early turn-ins, etc....those are all between the lessee (the customer) and the lessor (the bank). The dealership is simply a drop-off point.
correct, sometimes the manufacturer will allow early drop-offs of leased vehicles if you lease/purchase a new one thru them.
Yes, you will have to pay for the extra miles, just part of a lease deal that one has to work with.
One option that at times can work--if you are planning on buying/leasing another car when this one is up, have it appraised for trade value first. Normally with the way the lease programs are implemented, one doesnt have equity at it's end. but it can and does happen.
A few months ago my 4-runner lease was expiring, and while it's actual book value was around 20500, the lease buyout was only 17800 ( and no I did not put any money into my previous lease ). So I came out 2700 ahead of the game, which put some cash in hand plus allowed me to cover the vehicle prop tax that they have here in SC. Another benefit to trading in instead of dropping off--no worries about those extra miles and their fees.
Don't turn in your leased car early and roll it into a new lease or loan unless you go back to the same bank your current lease is with.
I worked for a Chrysler dealership years ago that was owned by a guy who had a business in Chicago that specialized in getting people out of their leases early. He would set them up with a new lease with outrageous terms that had enough extra built in to pay off the old lease. He liked to live large so he would usually wait to pay the car off until the last minute, which was usually a couple of deals down the road. This worked well for him for awhile until he got spread too thin and none of the banks would do business with him. So a lot of folks who dealt with him wound up on the hook for both their new lease and their old lease.
My dealership wasn't directly involved beyond supplying some of the cars he sold or leased (he eventually got shut down by Chrysler Financial because he was selling cars from the floor plan and not paying for them), but some of the folks he screwed found out about the dealership and started calling us looking for help when the phones got shut off at his office. I used to listen to Dave Ramsey a lot, and I have never heard anyone on his show sound as desparate as some of these people did. I've often wondered how many suicides, divorces, and bankruptcies that guy caused.
Anyway, as a result of that experience I'm pretty leery about leases or loans that come anywhere near the value of a car anyway, and especially any kind of rollover. But as I said before, if you think you have to do it stay with the same lender so this doesn't happen to you.
Or just go to a reputable dealer. It you are close to even on a lease, then most dealers can get you out of it. It's patently ridiculous to say "never do xyz" because someone somewhere once tried to screw people doing it. If everyone followed that advice, nohing would ever get done anywhere. There's this invention called "the Internet" which allows you to up businesses and see what their customers think about them and see if they are doing shady things.
It never ceases to amaze me how people live in fear of something because they once heard about some guy somewhere who had a cousin who was told about this awful thing that happened.
Or just go to a reputable dealer. It you are close to even on a lease, then most dealers can get you out of it. It's patently ridiculous to say "never do xyz" because someone somewhere once tried to screw people doing it. If everyone followed that advice, nohing would ever get done anywhere. There's this invention called "the Internet" which allows you to up businesses and see what their customers think about them and see if they are doing shady things.
It never ceases to amaze me how people live in fear of something because they once heard about some guy somewhere who had a cousin who was told about this awful thing that happened.
Excellent points.
I know little about leases, but isn't a dealer, when trading in a leased car, and paying the lessor for mileage overages, damage, etc., the same as a dealer paying off the bank for a trade in that still has a balance owed on it? Consequently, can't those monies owed by a lessee be negotiated into a new car's financing, just like rolling over the amount still owed on a trade-in? Money is money, right?
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