Car Leasing Question?

Rick B

Wow!!!! leasing (renting a car for several,years) is a horrible horrible financial decision. If you do it, you MUST understand the terms, and live within them. Sounds like you need to stick to around 300 miles a month until your lease is up and/or be prepared to pay whatever the overage rate is for extra miles.

AlCapone

You clearly didn't understand how leasing worked before you decided (unwisely) to do it. There is no magic solution to your over-mileage situation. This article has some suggestions but I don't know if any of them will work since you are so far over your miles allowance right now: https://www.leaseguide.com/articles/mileage-car-lease/

JetDoc

If the dealership are "crooks" then WHY did you choose to deal with them in the first place? If you don't want to go over your mileage limit in the next 15 months, then STOP DRIVING THE CAR! Otherwise, be prepared to pay around 25 cents PER MILE for every mile you go over 30,000 miles. READ the LEGAL AND BINDING contract you signed when you took possession of the car!

Anonymous

You're going to pay a lot of over-mileage charges, you might be able to avoid those if you buy the car. < since they re crooks > Because you got into a lease having no idea what you were doing?

nt

You need to start saving to pay for all the extra miles you will owe for. Or, as an alternative, save to buy the car when the lease ends. Leasing is a ripoff and now you know why. The purchase price of the car will not change despite the extra miles. However, the amount a lender will lend will decrease a lot. So, you will need to prepare for that. I don't know how much per extra mile your contract calls for but Id guess you need to save about 70-80% of that figure for a down payment toward financing thee car when the lease ends. Would have been significantly cheaper to just finance from the get go.

Robsteriark

You realistically have two main choices. Keep paying for the car but severely limit your usage to eke out the remaining 5k miles. Which makes paying for a car pretty pointless. Or work out how many miles you expect to do (err on the generous side) and then look at your contract to work out what the overage is going to cost you. And then set aside money each month as just another running cost. By allowing yourself a bit more mileage than you expect you will either come under your estimate and so have some money left over, or if there’s an unexpected change in your circumstances which forces you to use your car a bit more than you predicted you’ll have all or most of the extra money to cover the overage. Overage takes into account the lower resale value when you hand the car back. You’re effectively paying for the increased wear and tear and reduced remaining lifespan expected of the vehicle.

hotstuffktr

Buy a beater car for < $3,000. Ask a coworker to car-pool. Take public transportation. Or - start saving for the LARGE overage they'll charge you when you return, at the per-mile charge in the contract.

Anonymous

Pay for the over mileage cost. It will be cheaper than Uber.

regerugged

It does not seem likely you can limit your driving to 5,000 miles in 15 months. If you return the vehicle with extra miles, you will get hit with a very expensive charge. Read your contract. There should be a purchase provision at the end of the lease. Then buy the vehicle without telling the leasing company how many miles extra. They may try to prevent you from exercising the purchase option.