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turning in lease question- miles?
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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turning in lease question- miles?
Anyone turn in their lease and they forgave you the excess miles? Even if you decide not to go with another vehicle thru them? Just looking for hope as Im way over my miles but I want to but a used vehicle somewhere esle.
Message edited 4/7/2008 10:44:06 AM.
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Posted 4/7/08 10:42 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Emily
Kasey & Me! Lurves it!
Member since 7/06 8703 total posts
Name:
STBHC
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Re: turning in lease question- miles?
Usually they only forgive you if you lease another vehicle through them.
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| Posted 4/7/08 10:44 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: turning in lease question- miles?
If you are over your miles... follow this strategy:
Find out what the dealer trade-in book value of the car is with your miles. It is possible your car is worth a few grand more than what your buyout is.
If your car is worth more than what your buyout is (by at least a few thousand), you have negotiating power.
Go to any car dealer, tell them you are ending a lease and your car is worth more than your buyout. FINANCE your next car (do not lease).
Get the new dealer to give you a fair value for your trade in. If you trade in a car to a dealer and finance a new car, you will save a ton of money on the sales tax of the new car.
Plus if the new dealer gives you book value on your lease trade in, they will buy out your lease you will have money left over to apply towards a down payment to your new car.
You won't believe how many people turn leases in back to the dealer, who had cars that were worth way more than the buyout was. It's like throwing money away!
Of course this strategy only works if your car is worth more than the buyout.
Message edited 4/7/2008 10:55:25 AM.
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| Posted 4/7/08 10:54 AM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: turning in lease question- miles?
Posted by ave1024
If you are over your miles... follow this strategy:
Find out what the dealer trade-in book value of the car is with your miles. It is possible your car is worth a few grand more than what your buyout is.
If your car is worth more than what your buyout is (by at least a few thousand), you have negotiating power.
Go to any car dealer, tell them you are ending a lease and your car is worth more than your buyout. FINANCE your next car (do not lease).
Get the new dealer to give you a fair value for your trade in. If you trade in a car to a dealer and finance a new car, you will save a ton of money on the sales tax of the new car.
Plus if the new dealer gives you book value on your lease trade in, they will buy out your lease you will have money left over to apply towards a down payment to your new car.
You won't believe how many people turn leases in back to the dealer, who had cars that were worth way more than the buyout was. It's like throwing money away!
Of course this strategy only works if your car is worth more than the buyout.
That is very good advice but my vehicle's buyout is much more than what the car is according to KBB. I think that they played with the residual value to get my paymet really low. Of course i had no clue because this was my first lease and i was uneducated about leasing.
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| Posted 4/7/08 11:08 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: turning in lease question- miles?
Posted by antoinette
That is very good advice but my vehicle's buyout is much more than what the car is according to KBB. I think that they played with the residual value to get my paymet really low. Of course i had no clue because this was my first lease and i was uneducated about leasing.
Don't feel too bad. If the car is worth way less than what the buyout is, then it's possible that you didn't pump in as much money into this lease as other people have and that's actually a good thing.
I have found that people who end up turning in a lease that have a buyout significantly lower than what the car is worth just means that they paid too much in monthly payments and down payments to begin with. 
But if you are over your miles, you are best to just go into the dealer and see if they can get you into something else WITHOUT you paying for the excess mileage. Don't let them move the fees of the mileage into your new lease.
If they want your business on a new car, make them earn it by eating the mileage fees on your current lease!
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| Posted 4/7/08 12:15 PM |
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