I’m asking for my mom. She has a Toyota Camry that has a year and a half left on her 3 year lease, but she’s already over her three year mileage (30k) everywhere I’ve searched says no but I was just wondering if you knew a “hack” for this. Thanks so much in advance, really appreciate it!
She’ll be underwater just ride the lease out and do a pull ahead or pay the mileage penalty.
As mentioned previously, there really isn’t a way to get out of it. Because it’s a sedan, Carmax probably won’t give you anywhere near the buyout price. I’d wait it out and then buy it at the end. If she has already driven 30k+ miles in 18 months, I’m not sure if leasing is for her
There is no way around it – if you were on the other side of this contract, would you let your mom off the hook?
The only chance you have for this is with Toyota and they may help you out by doing a pull ahead deal (meaning, you lease a new Toyota and they eat the rest of your payments effectively you are returning the old car when you get the new one). They will certainly make it up somewhere on your new lease (like higher payments) and it makes the new lease numbers hard to look at to see if you are getting a good deal or not.
If you turn in the car and lease another Toyota, they may eat some of the miles for you but it is not a lot. This is for those who go over 1-2k for the entire 3 years.
You can also try to buy miles earlier (like call now to ask) and they will be cheaper. Sometimes, you can only do this if there is 6-12 months left on your lease. If you “surprise” them with the miles when you do your inspection or turn the car in, it will be whatever is written on your contract ($0.10 or 0.15 per mile over 30k)
There is really no hack for this. The number of miles is part of the computation for the RV. A 15k mile lease lowers the RV by 3% (for an MSRP $30k car, that is $900 which increases your monthly by $25) from a 10k lease. You have to plan ahead, as doing this at the start of the lease is the cheapest you will ever get extra miles for.
With leases, you have to be VERY careful about your miles. Some people finance vehicles because they don’t want to get “mileage anxiety” (aka, counting your miles every month) but that is the tradeoff for a lower payment.
Sorry but if she keeps driving the car at the rate she is going, your penalty will be about $4,500 (30k x 0.15/mile) when you turn in the car. If you got a Chevy Equinox last month at $1,700 with Asian Conquest for 24/10k for 24 months, you would still be ahead but those deals are gone.