My car lease is up very soon. I'm way over the miles (+20,000). Will I have any options or am I just royally screwed?
2007-09-16 03:33:53 · 7 answers · asked by monaya 2 in Cars & Transportation ➔ Buying & Selling
Call the lease company to find out what it would cost you to buy the vehicle. Take the car to a dealer or someplace like Carmax and have them give you an offer for your car!
Compare the prices. If the price offered for your car is more than the buyout figure, buy the car and sell it to the dealer! If the dealer is offering less than the buyout, figure what you will owe for excess mileage and compare that cost with the difference in the dealer offer and the buyout!
For example:
Buyout is $10,000
Dealer offers you $10,500
You buy the car, sell it to the dealer and are $500 ahead.
Example two:
Buyout is $10,000
Dealer offers you $9000
You have to pay $2000 in excess mileage if you turn the car in.
It will cost you $1000 to buy the car and sell it to the dealer! meaning you are $1000 ahead of the cost of turning it in!
Example 3
Buyout is $10,000
Dealer offers you $6000
It will cost you $2000 in excess mileage to turn the car in
Turn the car in and pay the mileage.
You will have to do the math yourself to plug in the actual figures .
Good luck
2007-09-16 04:09:54 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
Unfortunately, miles don't come free whether you lease, buy, or rent. Mileage causes depreciation in the value of the car. If you drive the miles, you must pay for those miles, either sooner or later. As you saw that you were driving more miles than expected, you should have been putting money aside to pay for those miles. Nobody is screwing you.
2007-09-16 12:19:50 · answer #2 · answered by Anonymous · 0⤊ 2⤋
That is the advantage of having a lease car.. The car belongs to the dealer and he is stuck with all those miles on a used car... It is a business wite-off...- The car was leased - your not screwed -- just pay the couple extra bucks that is due...
2007-09-16 10:46:20 · answer #3 · answered by Gerald 6 · 0⤊ 2⤋
Remember the papers they gave you at the beginning of the lease? Read them and they will tell you how much you owe them for the over miles.
2007-09-16 10:39:34 · answer #4 · answered by oklatom 7 · 0⤊ 1⤋
i trust you were in cocert when you signed the car lease, why would you drive so many miles over, i guess you pat attn, to you speed-o-meter i think you should just pay them what you owe, you made the mistake, you might want to get a lease car agin, they all swap imfo on there leseies//
2007-09-16 11:51:07 · answer #5 · answered by Sonny H 6 · 0⤊ 2⤋
You can outright purchase the vehicle, sell it, or pay the over mileage costs and turn it back in.
2007-09-16 10:43:48 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Try forgetting to take the keys out of the ignition the next time you go to the mall.
2007-09-16 10:39:00 · answer #7 · answered by Cruiser 4 · 0⤊ 2⤋