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if at the end of the lease, you have the option to buy it for $15,000 but Carmax will give you $17,000 for it, buy it for $15K and drive it over to Carmax to sell it. Take your $2000 and put it towards something else.
don't forget sales tax. It probably $15,000 plus sales tax....unless a dealer like CarMax takes it...they don't have to pay sales tax
The payoff on the lease as of right now is $17,600 then add sales tax. The cars actual value as of right now is about $15,000. It's a bad deal
The dealer buyout is an interesting idea I hadn't thought of that perhaps I should look into more.
I know I'm taking a loss on it, it just is gonna depend how big of a loss and I'm hoping I can minimize that as best I can.
If you're looking a much larger over-mileage check, just trade the car in and take the $2600 hit now versus the much larger hit when you are 30,000 miles or more over your allocated mileage.
This seems like the best idea ($3500 in mileage should just be the down payment and you know the history on the car so why not just keep it).
I worked with a guy years ago that leased an Altima. He went 50K miles over the lease, car had substantial body damage (he got the insurance money but never fixed the car!). Car had broken A/C also. The damage/mileage/ac repair came to $8500 but the buy out on the car was only like 11K! I told him to just buy the car for 11K and at least you have a car to drive vs. paying $8500 for nothing.
Well he made a $30,000 commission that month and turned the car in. He paid the 8500 (over a year's payments) and got a used SUV. He never made anymore big commissions again and ended up leaving the job 6 months after I did.
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