Hackers - With the help of this community, I got this deal back in July. Due to a recent employment change, I’ll be going over the 10k/year mileage allotment. I really like the truck and want to keep it, but also don’t wish to pay the mileage fees.
Any creative solutions that others are aware of?
What is your per mile overage cost? How much over your 10K per year do you plan on driving? The answer to these questions will probably help craft the most creative solution.
Outside of BMW, I’m not aware of any leasing companies that let you buy additional miles mid lease (and even when I checked on my BMW, it did not seem like too good of a deal).
Like the top guy said op depends on how many miles you run over, my dad is a builder and him and his partner lease f150 platinums and lease f250s for their foreman and they always run thousands of miles over the allotment so they buy the truck and sell it back to the dealer that gives them the most money for it and write off the loss as a tax break, works well for them and lots of others in business. Sometimes if its a few thousand over then it may just be better to pay the overage fee.
The way I’m trending, I’ll go ~4,800 over the 10k. 4,800 miles @ $0.25 per mile = $3,700.
If you plan on leasing another Toyota when your current lease is up, and you do a pull ahead lease, you’ll get several months of “free” mileage.
If your employment change a done deal? If not, you could make it part of your negotiation with the new employer. Get that $3700 as a sign on bonus or something like that. Long shot, I know, but you’re looking for creative solutions.
A few points
You must mean you’ll go ~4800 miles PER YEAR over your 10k allotment per year. Otherwise your mileage penalty would only be ~$1200.
If your additional mileage cost over the term of the lease is $3700 then that’s (only) about $100 per month extra. If you start setting that money aside each month then when the bill comes due at lease end it won’t be quite so (mentally) painful.
The previously mentioned pull-ahead deal(s) are likely. You could after all be able to get out of the mileage penalty or much of it.
Things could change yet again for you. Maybe you’ll get tired of commuting and get a closer job or maybe you’ll move. Things change
True. It’s kind of early to start worrying about mileage penalties 3+ years from now.
That said 42 months and 10k a year means only 714 miles a month vs 833/mo for a 36 month lease with the same mileage. Which is why I always scream from the mountain top…don’t ever lease for more than 3 years. People might think, oh what’s the big deal if it’s 36 or 39 or 42 months. But stuff like this is what the big deal is. Also going out of warranty for most cars, which have a 3 year bumper to bumper.
I’m not disputing the fact that you shouldn’t take on a longer lease than 36 months, however, why would taking a 42 month term lower the miles to 714 a month? A 42 month term should be 35,000 miles, or 833.33/month?
MBFS Lets you buy additional
@Masterblaster - yes, 4,800 per year. Thanks for pointing that out. I’m a fan of the truck and Toyotas in general, so may likely lease or purchase another at the end of the lease.
@mp11477, @Boomba - the lease is 10k/year, so to Boomba’s point, 36month vs 42month lease terms have no impact on the monthly allotment.
Has anyone tried to negotiate terms with the bank for such scenarios?
Has anyone tried to negotiate terms with the bank for such scenarios?
See if you can grab some other cheap lease when it comes up and drive that as much as possible to offset your Toyota’s miles? $900 one pay Chevy Trax or $99 a month Buick Encores they had a while back could possibly fit the bill. I understand those would not really save you much and/or any money after maintenance & insurance, but maybe having a 2nd car would make the extra money spent more palatable.
I don’t mean to pour salt in the wound, but man, someone give @RVguy an award for calling out miles on this lease: Ask a Leasing Industry Insider Anything
@Lubes Ha - yeah, RVGUY pointed this out and now I’m trying to avoid exactly what I was warned about. 
It’s only 3 months in, so will have to make some creative adjustments to my transportation plans.