Over in my lease mileage....$5000 to pay any suggestions. What are my options?

Answer 1

You are liable in some shape form or manner...don;t listetn to the one earlier that he never had to pay....been in the car business since 1989..and he paid in some form or manner....if you do buy it and refinance the residual you don not have to pay the excess mileage...if you end up trade it in..you don not have to pay the mileage.....look for a new buy with a good rebate to help with this........are you sure that you are over by that much!!....maybe the dealership is just working you for cash.....check you contract to be sure and then tell them that you will be shopping around....the one down the road might need as much......good luck!

Answer 2

I'm always over and never have paid. You'll have to end the lease prematurely by selling the car outright or trading it in with the lease company or new dealer. The only time you pay the penalty on extra mileage is if the lease expires and you go to turn it in. At that point they asses any damage as well. Just avoid all that by treating it like you were buying it...trade it in. Good luck.

Answer 3

Finance the ballance and own the car. Or turn it back or trade it in at any car dealer. They love the kick back they get when they roll negative equity onto a new car loan. Paying off the past loan and buying a new car might get you out of trouble. But be sure to buy GAP Insurance coverage. Just hope you have it cleaned up like new to get the most money for it as trade.

Answer 4

If you buy the car at lease-end, you avoid the mileage and damage charges. Of course, you're overpaying because the car has excessive miles -- that you put on it. But, miles don't come free, regardless of whether you lease, or buy, or rent.

Answer 5

why not just pay it and get it over with..

What other options do you have besides

extending the lease or buying the car.

Answer 6

what if I am leasing a new car from same dealership?