I'm currently leasing a 03 coupe and im running into a slight situation. im allowed to put roughly 32 thousand miles on my coupe,in a three year period. its coming to the end of the first year and im already at 22,250.i enjoyed driving it to much i guess my question is, what do u think my best options are for not paying out of my a** for going over the mileage. i had the idea of paying out of the lease.i spoke to the financial manager at my dealership, and he told me that it could be quit expensive. Because u have to pay the money left on the leasing agreement, on top of financing, plus taxes on the car. if u have any suggestions, i'm definitly open to them. This is my first time leasing a car, so take it easy on me for the smart alects. and yes i know i probly shouldnt have driven it that much...lol.. but thanks anyways

 

What was your normal mileage prior to this lease? anyone who drives over @ 15K a year knows that leasing is not good. After your mileage is up it will cost you and additional $150 per 1000 miles to drive the car. There is no inexpensive way out of a lease... I always by 18K up front.


04 G35C DG AT
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Blizzaks
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Long Island, New York, USA

 

There really aren't any rememdies too your problem. There are 3rd party lease companies that will buy your existing lease, but your still going too pay the excess mileage on any new car you lease from them in your new payment. One option might be too try and sell the car yourself before the lease ends, but I'm not quite sure how that works.

 

You mean 36k for 3 years that would put you at 12k / yr. You have a few options.....

1 You can end the lease early and pay whatever the penalty that your bank will give you. Usually this will run you about 3k-5k.

2 You can sell your car back to the dealer and maybe they'll get it from you at a good price. This strategy doesn't always work well, but you have to remember your car is still a hot item so you might get away with it. This might be a cheaper alternative depending on the condition of the car. I have see my neighbor do this on his MDX and he only paid $1200 out of his pocket to get out of the lease.

3 Wait til the lease is over your car will be evaluated by the bank at the end of the lease. This will determine the payoff of the car. Depending on your residual value plus milage and other damage done to the car. Then this is the tricky part the bank will call you with a payoff. They will ask you if you want to buy the car they will offer you a rate to finance the balance. BUT! The good thing about this is that you can counter offer the bank. What do I mean by this? For example your cars residual is 20k plus whatever penalties they will tack on to the car it comes out to about 25k. The bank will ask you did you want to buy the car at the residual of 20k so you dont have to pay the added penalty of 5k? What you tell them is sure I'll get it from you I'll pay 17k for the car if you finance the car at a good rate. Of course you will add taxes to this or you can say with taxes and all the fees included in the deal. This way no money out of your pocket you keep the car and sell it in private for much more than what you paid for. You have to remember that banks will loose more money if they say no, because the dealer will buy the car in an auction for about 9k. I have done this twice so believe me it works. I bought my 96 civic from the bank at the end of the lease at around 4k and sold it for $7500. I finance my 98 Accord and gave it to my son for about 6k when the lease was up. Now my 99 Accord is due to end next month they are inspecting the car Thursday. I already did the research and I will be offering them 7500 -8000 for the car. I will keep the car for my wife's daily driver.

4 You can sell the car before the lease is up. You can get the payoff from the bank and the buyer pays that amount so you can get out of the deal.

5 Cheak out leaseswap.com their website will give you all the details on how to get out of the car. A word of caution on this is that whoever takes over the lease from you will still be using your credit. There are insurances that you can get from swaplease.com to protect your interest. You can also sell them your lease, but this will put you back to option 2.

Hope this helps you out. I have been leasing cars for a long time so I know this thing almost inside out. Banks will always come out with different rules about there leases. In the end you can still get ahead provided you do your homework. Ask them a lot of questions so you can get the doubts in your head out of the way.



<font color=blue>04 CB COUPE / WILLOW / PREM PACK</font color=blue>

 

regarding buying it at the end, they usually will only bargain so much. all the leasing co's take out insurance, which guarantees how much they will get at auction. that is the price they will go down to.

04 6mtC, DG - possibly most babied G on the board.

 

Nissan-Infiniti Finance does not negotiate at lease end. PERIOD! I do not belive there is "insurance" available to guarantee an auction price -


04 G35C DG AT
Prem Aero Perf
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Blizzaks
R splash Guards

Long Island, New York, USA

 

thank you all for your advice. You guys gave me some really good information and believe i will use it to my advantage. i will let u know how things go. i appreciate your help.. Be safe