Hello i am currently leasing a chevy traverse which a pay 415 a month on a 12k Per year lease.
i have 8 payments left at this time. i will be WAY WAY over the Mileage numbers I am looking at somewhere between 9 and 12k over.
Do I have any options here? Buying the car out is not preferred
Did you try to sell it to third party dealer? Get a free quote from vroom carvana, shift, carmax or Algo?
This might be the least expensive option.
You can pay the mileage overage instead of buying it out.
You can see how much carvana/vroom/etc will give you for it and you can see if that’ll cost you more or less money than paying the mileage overage.
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You have to be close to being out of warranty on a chevy. If it were me I would unload it now.
that is why i dont want to buy it. And yes I am just out of Warranty
How much is the over-mileage/per mile charge at the end of lease? Do you have the option of purchasing more miles now (if it’s cheaper)?
I did not know that could be an option. Would it mention it on the paper work?
I have to check I want to say 25 cents
The over mileage costs should be noted on your original lease documents.
Get quotes for a third-party buyout / dealer trade.
Buying more miles? Probably not. Over-mileage charge? Yes.
You may want to check your online portal or ask the lessor if they have the option of buying more miles. Once you know the costs there, or the end-of-lease penalties, you should have a better idea of which way to go.
Thanks. I am looking into some options.
the Overage is indeed 25 cents per mile. They do not sell miles after the fact.
as of now if I go over the number I think I will hit its about 2500$.
DO you think it is to early to get into a new lease ?
Do you really think another lease is a good idea if you’re racking up mileage overages?
i have leased every car i have had. I
the last past was a mistake. Sorry. I always lease. I have never gone over miles i usually get 15k Per year. I usually only use about 34k so i went to the 36k Option. However do to unforeseen issues i ended up driving ALOT more this time.
there is a reason why i want to lease right now instead of buy. For the time being buying really is not option.
What is your goal in getting a new lease vs running this to the end?
trying to see if there is anyway to avoid getting killing on the extra mile fees.
How many extra miles are you running per month? If the mileage overage fee is less than what your new payment would be, you’d be saving money to just run the lease to the end and pay the overage rather than eat the extra payments now.
You need a few numbers right now to evaluate this:
Based on your current mileage use rate, what is your actual expected mileage overage fee?
What is the current dealer buy out of your lease?
How much will Carvana/Shift/Vroom/etc give you for the vehicle currently?
so i have 8 payments left a total of 3472 to end now.
the Overage in miles at this point in time is any mile I drive. I estimated i would be over by about 10k
about 2600.
Carvana said about 19k
What is your current buy out price?
i am trying to find out.
28k is the amount