What happens if you return a lease with 60,000 extra miles on it?
2006-10-25 10:06:47 · 9 answers · asked by CANDY 2 in Cars & Transportation ➔ Other - Cars & Transportation
Your lease contract has a penalty per mile in excess of allowed, it will be somewhere in the neighborhood of $.25/mile, maybe more depending on the type of car and lease company. When you turn it in you are responsible to pay that excess mileage fee. At $.25 it looks like you will be billed $15000, your lease is not satisfied until you pay that.
I would think about trading that car and rolling your negative equity into a new lease, but make sure you set your lease up for the appropriate mileage per year for your use.
2006-10-25 10:13:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sell the car yourself and pay for the residual with NO extra miles (or trade it in) The only time the miles matters is when you return it to the lessor. Most are about $.12 to $.22 per mile so you are talking some serious money here. You are under NO obligation to return the car if you pay for it and the miles DONT matter when the lessor gets a check.
2006-10-25 22:17:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In general, extra miles over your prescribed limit cost $.15/mile. This would mean that you will owe $9,000 when you return your lease. The only other alternative to not paying the $9,000 is to lease from them again. That way, whatever you owe will be balanced into your new monthly payment. Either way, you get screwed. Never ever lease unless you are ABSOLUTELY sure you will not exceed your given miles.
2006-10-25 17:16:02 · answer #3 · answered by Faith C 3 · 0⤊ 1⤋
Wow, they would charge you for the extra mile. Depending how much the charge would be, you should consider doing lease to own. It could be cheaper.
2006-10-25 17:11:52 · answer #4 · answered by Webballs 6 · 0⤊ 0⤋
They'll charge you more money as the vehicle has depreciated more than what the contract allows. The amount depends on how much is defined in the contract. This is why leasing is such a bad idea.
2006-10-25 17:14:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you will have to pay around $6000 for the extra miles... my advise would be to take out another loan on the car and lease it through another 3 years so that you wont loose 6 grand
2006-10-25 17:08:42 · answer #6 · answered by Anonymous · 0⤊ 1⤋
i've never heard of being charged 25 cents per mile. i just turned mine in last december and they only (only!! hahaha) charged me .15 cents a mile. check ur lease agreement. if you have a chance for a 'buy out'.....i'd take it. it will cost less in the long run.
2006-10-25 17:15:17 · answer #7 · answered by leftbrainedgirl 2 · 0⤊ 1⤋
They get to charge you
2006-10-25 17:08:28 · answer #8 · answered by Buffy Summers 6 · 0⤊ 0⤋
did you drive around the globe or you are just joking
2006-10-25 17:09:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋