What is the best way to handle a leased vehicle that has been driven way over the mileage limit?

Question

What is my best option money wise?

Answer 1

I would buy it if the penalty is over $1000. Then sell it on your own if you don't want it.

Answer 2

Pay the vehicle off and consider it a loss.

NEVER NEVER NEVER LEASE A VEHICLE..... You are essentially renting a car when you enter into a lease.

The dealer will most likely offer you another new vehicle (lease of course) and roll in your negative equity and try to get you to make the same mistake again.

I think your best option is to go to a bank and try to get a personal loan to purchase the car outright. The problem you will encounter by trying to get an auto loan is that the LTV will not be right because you owe more than the car is worth.

Consult your personal bank for some advice on this matter and NEVER LEASE AGAIN!!! Buy a 2-3 year old vehicle with low miles and bask in the glory of driving a next to new car that some chump took a dump on in the depreciation department. I have leased and been burned, so I feel for you brother.

Answer 3

I used to work for a used car dealer that bought cars at auction. Most were 2-3 years old and lease returns. Many had never had a oil change in it's life. People who lease cars know they will have a new one in a couple of years an don't give a sh-t about maintenance. One that seized on the way to the shop had gone over 100,000km on the original oil. Be very careful about about saving all maintenance records and see if you can get someone to take over the lease or buy it outright.

Answer 4

You need to do the math. Get the value of your car at nada.com or kbb.com. Get the buyout from your leasing company. Find out what the mileage charge is. If the car is worth more than the buyout, and the difference between the buyout and the value is more than the mileage charge, then buy the car. Keep it or sell it, whichever you prefer.

Answer 5

my advise is if you have already brought it,get it serviced at a main dealer.they will do you a complete report on the condition of the vehicle.if its useless then get rid quick.
if you havnt brought it yet and are worried about doing so because of hidden repair bills.ask the lease company for all the service history reports.if its not been to the main dealers,chances are the vehicle's not worth buying.trust me ive done this before.

Answer 6

well, in my experience, if you're way over, you should just buy it at that point. Leasors tack on whopping extra charges for just about everything they find. I leased a saturn, went over the miles, and they charged me heafty fees per mile, plus scratches to the paint and other "normal wear" fees.

Answer 7

i own a shop,and i think if it was me id just buy it at this point,and sell it,as long as its been taken care of you,ll be better off paying for it,and then selling it if you want to ,the penalty wouldn't bother me as much if i was buying it,there will always be some one who will buy it from you,either way its going to cost you but at least this way you might come out ahead on it,good luck with it,i hope this helps.

Answer 8

Ask . what's the purchase price and what's the return price. then check the resale value. The dealer will help you with the numbers.

Answer 9

hey man that sucks i dont know what you would do but good luck