I have an '04 G Coupe Base but have added the OEM 18" Rims and spoiler. My Lease is up next year in May. The main problem is that I have driven a lot due to school and work and already over my mileage by 18,000 miles. (65k) I think my lease states 12 cents a mile for overage on miles but I will check for sure. When my lease is up I will probably have 75-80k miles. This is going to be at least $3000 for miles alone. My question is if i should try to negotiate something now before my miles pile up even more or if I should just keep the car at the end of the lease, finance it and then try to sell it for at least what is owed, hopefully more. I think my buyout or residual at the end of the lease is $17,500 or so. The dealer says they could help me get out of my lease into a new lease for G37 or new G sedan but I am guessing it will cost me a fortune. Could I sell the car now for enough to cover the remaining payments and residual and just get out of the lease completely? Anyone have any opinions, advice? Thanks

 

Just to add, my residual value is $16,983.20 and buyout is $17,333.20, mileage is at .18 per mile.....any opinions would be appreciated.

 

Option 1, Return it when lease is up, and be ready to shell some dough to cover the over mileage and some other wear and tear fines.

Option 2, If you like the car and don’t mind the mileage? Purchase it when the lease is up. Although its kinda defeats the purpose/benefit of lease, but I would much rather paying extra in finance charges than paying 3.5k in mileage penalty which it make even less sense, cus you are no longer have that car to drive.

Option 3, If you don’t want to keep it or looking to get into another car when the lease is up? Trade it in month or two before the lease is up, or just do it tomorrow. Sure you will get bit lower trade in value due to somewhat high mileage but it wont be like 15 cents per mile when you return it. Do shop around, some dealership will offer you higher trade in value than others, no matter what type of car you are looking for.

Option 4, Call up your leasing company ask for the “payoff” amount and put it up for sale right now, my guess the payoff amount right now is about 20k, its likely you will be able to get that price.

Just did a quick check on KBB, G35 like yours (Base 5AT, 18, wing) with 65k miles, the trade in value for “Good Condition” is 18.9k, and for private party is 21.3k.

Why would residual and buy out price be different? $350 for tax? lease end dispose fee? other paper work fees?

 

If I put it up for sale, find a buyer that is willing to pay lets say 20k, since my buyout is less, $17,333 then I would be able to make money and use the extra on a down payment for a new car? I mean it seems like a good plan but too good to be true. Will dealer give you a hard time if you are selling the car while still leased? oh and i am not sure why the residual and buyout are different.

 

Why would dealership be involved in above scenario? its between you, buyer and leasing company (IFS?), it works not all that different than financed car, as long as you satisfied the payoff amount? leasing company wont care, few members here have done just that, sold their leased G35 before the lease was up and have some money left over to put as down payment.

As right now, you are owing way than the buyout/residual tho, call up your leasing company ask for exact payoff amout. The hard part is find a buyer will pay that much for your car, whatever the asking price might it be.

 

So since my lease is up in may of 2008 @ $407 per month, i would have to find a buyer to pay the buyout price, $17,333 + remaining payments on the lease. which would be come to a total of about $20,500. The KBB value is $21,340 with the miles I have now, so this could be possible, just the matter of finding a buyer right?

 

Yes exactly right, once you find out what is your payoff amount? put it up for sale on places like autotrader/cars.com...and see what type of respondes/offers you get and go from there, worst come to worst? you can always trade it in some time down the road. I would much rather take 1k hit then 4k for over mileage charges, but dont wait too long before you put is up for sale, it needs lil time to find a "right" buyer. GOOD LUCK!

 

If you plan on leasing another Infiniti, the dealer will let the mileage slide. I just turned in my wife's FX that had 16900 miles on it but the lease was for 1 year at 12000 miles.

 

Thanks for the response, I wish the dealer would do that for me but since I am way over the miles I really doubt it. I am going to ask if they can do anything for me if I lease another Infiniti.