Question On Lease End...

hl0m4n · 10-04-2009, 10:45 PM

lets say you have a 3 year lease 10k miles annual (30k mile total) and by the end if your lesae you have about 50k miles (20k over).

the contract states .15 cents for every over mile. so 20k*.15= $3,000 in over mile fees alone.

now if you finance the car there is no over mile fees but my question is, if you decide to lease a new car will they waive the over miles?

although this is not involving my car it is my mom's (acura rdx), im sure it applies to anyone else in my situation. to answer the obvious question

, my mom's commute car (02 toyota corolla) died on her and ever since then she been using the other car.

help much appreciated. thanks guys.

dpwr · 10-04-2009, 10:56 PM

i doubt they will

jopa489 · 10-04-2009, 11:25 PM

They absolutely won't waive them. They might (at best) cut you a deal and forgive some, but no guarantees on that either. You can roll the overage charge into the next lease (essentially financing that $3,000 you owe), but that's not normally worth it unless there's really no other option.

At this point your mom just needs to pay up and move on, unfortunately. And lease with 15k per year this time if she keeps driving those miles.

cgpublic · 10-05-2009, 09:21 AM

+1

Not only will AHFC not waive the miles, you're looking at 20K miles of additional wear & tear that will need to be calculated at the lease-end inspection. Tires, dings, etc. The whole nine yards.

So, if you lease another Acura, you may find wiggle room somewhere in the equation, but I wouldn't count on it adding up to much. You are definitely in for the 3K, and upwards of 1K for additional wear & tear if the vehicle is not in good shape.

BlueC · 10-05-2009, 10:03 AM

Quote:

Originally Posted by hl0m4n

lets say you have a 3 year lease 10k miles annual (30k mile total) and by the end if your lesae you have about 50k miles (20k over).

the contract states .15 cents for every over mile. so 20k*.15= $3,000 in over mile fees alone.

now if you finance the car there is no over mile fees but my question is, if you decide to lease a new car will they waive the over miles?

although this is not involving my car it is my mom's (acura rdx), im sure it applies to anyone else in my situation. to answer the obvious question

, my mom's commute car (02 toyota corolla) died on her and ever since then she been using the other car.

help much appreciated. thanks guys.

It would be the same thing trading in a car with higher miles, they'll offer you less. You wouldn't be forgiven for miles on a trade in, why should it be any different for leases?

You pay for miles either way with leasing or purchasing. Leasing simply makes it more clear.

hl0m4n · 10-05-2009, 11:12 AM

thanks for the info guys. if my mom finances the car after lease is the over miles waived then?

blue2fire · 10-05-2009, 11:18 AM

Quote:

Originally Posted by hl0m4n

thanks for the info guys. if my mom finances the car after lease is the over miles waived then?

If your mother finances the car, the miles wouldn't matter as they would be willing to let you have it for the residual value clearly stated in the contract (or lesser if you can successfully negotiate with American Honda).

The fact is, you can negotiate almost anything. The dealer might be able to let you off easily if you have a plan to lease another car.

Piece of advice, leasing does not lend itself to people who drive a lot. Might want to look into replacing the daily driver as it will most definitely be cheaper than this.

kgb1637 · 10-05-2009, 11:23 AM

Like stated before, if you finance there would be no additional charge for the miles but Acura would most likely charge you straight up the contracted fee as your car is no doubt worth less, buying a $25,000 car thats only worth $20,000 is your mileage penatly, in that case its probably best to pay the fees and next time get something more like 15k miles a yr.

jopa489 · 10-05-2009, 11:38 AM

Quote:

Originally Posted by kgb1637

Like stated before, if you finance there would be no additional charge for the miles but Acura would most likely charge you straight up the contracted fee as your car is no doubt worth less, buying a $25,000 car thats only worth $20,000 is your mileage penatly, in that case its probably best to pay the fees and next time get something more like 15k miles a yr.

Yep, you're taking the hit either way. So don't let the miles decide what she does with the car (turns it in or finances it).

Personally, I wouldn't bother buying it at this point. Pay the fee, lease another, and lease with more miles. I do 15-17k per year on my E90 (leased with 15k), but I'm expecting and anticipating the overage at the end. That said, it's always most cost-effective to lease with too few miles than too many, within reason of course. The last thing you want to do is turn in a lease way under miles, when you've been paying for those miles for the last x years.

If your Mom used the Corolla as a commuter car, look at what it would cost to replace that. I'm sure whatever she would have bought to replace the Corolla would have been more than $3000. So that itself justifies paying the overage. And she was driving a nicer car for the past few years.

bbq · 10-05-2009, 11:50 AM

Quote:

Originally Posted by blue2fire

The fact is, you can negotiate almost anything. The dealer might be able to let you off easily if you have a plan to lease another car.

It's true that you can negotiate almost anything. However keep in mind that the dealer has nothing to do with the lease return. They are not the one that lease the car to his mom (i.e. the lease was probably with Acura financing), so they have no power to waive anything.

What the dealer can do is either buy out the car, or give a discount on the new car to cover the overcharge. However at the end the OP is paying it one way or the other, since the chance of his mom getting a good deal on the next lease will be very slim.

DonCorleone · 10-07-2009, 12:58 AM

they def wont waive that but when i got my car, the salesman told me that i can buy more miles at a discounted price if i thought i was going to go over. not sure how much it was, but you should call and find out if your able to buy extra miles.

faz · 10-07-2009, 02:53 AM

It seems like your mom's scenario is opposite to mine (I have not used enough miles.)

It is always better/cheaper to go over the lease mileage and pay for it, than to not use it.

Depending on the lease price, the 'allowed' miles are costing her anywhere from 30 to 50 cents per mile, so the 15 cents/mile for extra miles are pretty cheap in comparison, no?

10-04-2009, 10:45 PM	#1
hl0m4n Major General 2171 Rep 5,623 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	Question On Lease End... lets say you have a 3 year lease 10k miles annual (30k mile total) and by the end if your lesae you have about 50k miles (20k over). the contract states .15 cents for every over mile. so 20k.15= $3,000 in over mile fees alone. now if you finance the car there is no over mile fees but my question is, if you decide to lease a new car will they waive the over miles? although this is not involving my car it is my mom's (acura rdx), im sure it applies to anyone else in my situation. to answer the obvious question , my mom's commute car (02 toyota corolla) died on her and ever since then she been using the other car. help much appreciated. thanks guys. __________________ Cars:* 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
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10-04-2009, 10:56 PM	#2
dpwr Captain 36 Rep 852 Posts Drives: a good one Join Date: Oct 2008 Location: Toronto iTrader: (0)	i doubt they will
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10-04-2009, 11:25 PM	#3
jopa489 Major General 122 Rep 6,594 Posts Drives: Anything with Wheels Join Date: Mar 2009 Location: USA iTrader: (9)	They absolutely won't waive them. They might (at best) cut you a deal and forgive some, but no guarantees on that either. You can roll the overage charge into the next lease (essentially financing that $3,000 you owe), but that's not normally worth it unless there's really no other option. At this point your mom just needs to pay up and move on, unfortunately. And lease with 15k per year this time if she keeps driving those miles. __________________ X7 LCI // Incoming C7 ZR1 ZTK // Sebring + TRX // Hydro + Raptor Gen1 Roush // Tuxedo
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10-05-2009, 09:21 AM	#4
cgpublic Lieutenant 22 Rep 508 Posts Drives: 2015 A3 2.0T Quattro Join Date: Dec 2007 Location: Brooklyn to Bronxville iTrader: (0)	+1 Not only will AHFC not waive the miles, you're looking at 20K miles of additional wear & tear that will need to be calculated at the lease-end inspection. Tires, dings, etc. The whole nine yards. So, if you lease another Acura, you may find wiggle room somewhere in the equation, but I wouldn't count on it adding up to much. You are definitely in for the 3K, and upwards of 1K for additional wear & tear if the vehicle is not in good shape. __________________ Present: 2015 Audi A3 2.0T Quattro \| Scuba Blue \| Sport Past: 2011 E90 335 xDrive (March Build) \| Deep Sea Blue \| Saddle Brown \| Brushed Aluminum Packages & Options: Premium \| Sport \| Cold Weather \| BMW Apps, iDrive & iPod Past: 2008 E90 328xi \| Montego Blue \| Dakota Black \| Brushed Aluminum Packages & Options: Premium \| Sport \| Xenon \| CA \| Heated Seats \| iPod
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10-05-2009, 11:12 AM	#6
hl0m4n Major General 2171 Rep 5,623 Posts Drives: BMW Join Date: Nov 2006 Location: NY iTrader: (58)	thanks for the info guys. if my mom finances the car after lease is the over miles waived then? __________________ Cars: 07 335i ► 08 328i ► 11 328xi ► 13 M3 ► 17 M4 ► 14 M6
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10-05-2009, 11:23 AM	#8
kgb1637 Lieutenant Colonel 21 Rep 1,519 Posts Drives: RS5 Join Date: Sep 2008 Location: Baltimore, MD iTrader: (0)	Like stated before, if you finance there would be no additional charge for the miles but Acura would most likely charge you straight up the contracted fee as your car is no doubt worth less, buying a $25,000 car thats only worth $20,000 is your mileage penatly, in that case its probably best to pay the fees and next time get something more like 15k miles a yr. __________________ Retired - '08 E90 335i Sparkling Graphite/Gray Dakota Leather, ZSP, ZCW, ZPP, Navi, ipod, Sat
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10-07-2009, 12:58 AM	#11
DonCorleone Private 5 Rep 55 Posts Drives: 2007 328xi Join Date: Sep 2007 Location: Pittsburgh, PA iTrader: (2)	they def wont waive that but when i got my car, the salesman told me that i can buy more miles at a discounted price if i thought i was going to go over. not sure how much it was, but you should call and find out if your able to buy extra miles.
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10-07-2009, 02:53 AM	#12
faz Second Lieutenant 21 Rep 287 Posts Drives: 2023 X5 x40i, 2018 330i F30 Join Date: Sep 2007 Location: Bay area, CA iTrader: (0)	It seems like your mom's scenario is opposite to mine (I have not used enough miles.) It is always better/cheaper to go over the lease mileage and pay for it, than to not use it. Depending on the lease price, the 'allowed' miles are costing her anywhere from 30 to 50 cents per mile, so the 15 cents/mile for extra miles are pretty cheap in comparison, no?
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