Spinoff to returning a lease....

Anyone ever return a lease when they were WAY over the miles?

I admit, I was young and naive when I bought my car. I was sick of having old cars that broke down -- and so my parents cosigned and I got a new small SUV. At the time I was living in Holtsville and working in Brentwood -- my commute wasn't bad.

Then I got laid off, got a job in Brooklyn, moved to Levittown but neadless to say I am WAY over miles. I think my lease covered 36K and I'm current very close to 60k and will need to return the car in November.

I would really like something new but don't want to get screwed because of my miles. I also realize the car is only 3 years old -- so I would definately consider financing the balance - which is around 12k. Paying the balloon payment is DEFINATELY not an option since there is no way we could come up with 12K by November.

So who has experience returning a car that was way over the miles? Was the dealership willing to give you a REALLY good deal just to sell you another car? What did you do?

I'm thinking that with my miles and my not-so-good credit I'll probably have to finance the balance and hopefully won't get a horrible deal. If my payments are what they are now or less then I can handle it. Don't know how it will work out though!

TIA!
Melissa

Re: Spinoff to returning a lease....

My DH is a car dealer, so I can run your situation by him later. But if you are that many miles over, the first thing I would do is not to hesitate any longer and call the dealership where you got the car ASAP and as them if there is a pull ahead program on your lease. THis allows you to turn in your lease early without penalty if you purchase or lease another car. However, it will not erase the fact you are over mileage. You will most likely be required to pay a few cents per mile that you are over, what ever was in your lese agreement.

Re: Spinoff to returning a lease....

My mother went over her miles when she leased her camry. They were going to charge her overage but she decided to buy the same car. At that point they didn't care and let her go through with the purchase a month or two before the lease was up.

Re: Spinoff to returning a lease....

DH had a lease through Mazda.

They made him pay for the overmileage. They werent willing to give him ANY deal on a different car. It wasnt an option.

You'll probably have to buy the car or pay the mileage depending on your dealership.

If you dont want to keep it or pay,
You can always finance it, & trade it in for something else (if it is worth 12K trade in value).

Re: Spinoff to returning a lease....

My DH was WAAAY over his mileage. What he did was finance the truck from the dealer and then one week later turned around and traded it in for a different car.
It made sense because the rate on the leased car was so much higher than on the new car, that when he bought the new one, the payments were the same. Weird, I know.

Re: Spinoff to returning a lease....

Heres my situation that will probably help you.
I had a Mitsubishi Galant 2002 that was up in 2006. I gave it in Dec 2005 when I should have given it back DEc 2006 with 50,000 miles vs 40,000. The lease of my new galant could have been 259 but with the remaining 12 payments that got included in the new bill making my lease 289. The mileage was not in question bc I was releasing from the same company. I did feel like they had me trapped into the dealership though and I will NEVER go over again and put myself in that situation. Though I did not think 287 was terrible. Good Luck!

Re: Spinoff to returning a lease....

i was over my miles but was going to lease another car with Nissan.

they took the $$ I owed for the miles and added it to the new lease so my payments were more a month..

but i didnt have to lay it all out an once.

Re: Spinoff to returning a lease....

The last car I leased I didn't have any options - I had to bring it to an independent inspector and I left the car with them to be picked up by the "bank" people. I guess unless the lease is directly through the car manufacturer, i.e. Toyota, Ford, etc. you don't have an option. I was a few thousand miles over, it didn't come out to too much money - I think a couple hundred dollars.
I am over on the car I have now as well, but there is 2 years left on the lease, so I will see what happens.

Re: Spinoff to returning a lease....

We didn't return our car, but my DH kept leasing, it wasn't over miles, but from what i understand, they don't check, they just ask you what the mileage is.

Re: Spinoff to returning a lease....

Re: Spinoff to returning a lease....