If I have a leased car and I've gone over the specified mileage does it matter if I plan to buy the car at the end of the lease? Like if at the end of the lease will I have to pay for the extra miles I've used? How does this work? Thanks in advance for the answers...
2007-04-07 04:14:15 · 6 answers · asked by mikeev9 1 in Cars & Transportation ➔ Buying & Selling
I am a sales and lease consultant for a car dealership so I may be able to shed some light on this for you.
If you plan on buying the car then NO, there is not a penlaty for mileage overage. If you plan on turning the car in then YES, you can expect to pay about .20/mile for the overage. Check your contract to see what the exact amount per mile is. Some are more some are less.
Again, if you plan on buying the car then you have nothing to worry about. At least that is how it is at my dealership and with the lease company that we use.
2007-04-07 05:00:15 · answer #1 · answered by ironcurtain1977 2 · 1⤊ 0⤋
She is not going to like any of the answers because they will all cost money. One is to sit on the car until the lease expires but then she is still making payments on the lease. The other is to terminate the lease early but that will involve early termination fees and penalties as well as possible excessive mileage charges. A third possibility is to find someone to take over the lease but the problem will be finding someone that will accept the already high mileage, knowing that there will be a penalty charge at the end of the lease. The other problem with having someone take over a lease is that the first person that leased the car is still legally responsible for the vehicle. If the other person defaults on the lease, your sister may still be on the hook for the car.
2016-04-01 02:08:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Knowing the leasing companies, I wouldn't be surprised if you have to pay. What do they charge? 20 cents a mile?
If that's the case, better try to take it easy on the mileage until you can buy the car..
2007-04-07 04:20:49 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
When you started the lease they gave you a bunch of paper work to read and sign. Then they gave you a copy. Drag that out and read it. It will have all the terms and conditions spelled out, including over mileage penalties. Does not matter what we think or say, that contract you signed is the controlling document, not our thoughts.
2007-04-07 04:22:32 · answer #4 · answered by oklatom 7 · 1⤊ 0⤋
If you plan to buy the car... don't lease it. Finance it. The money that you spend during the lease is way more than if you were buying it.
2007-04-07 07:12:17 · answer #5 · answered by LuckyD 3 · 0⤊ 0⤋
look at ur contract and call the lease r
2007-04-07 04:23:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋