I am currently have a big problem. I am 2 years into a 4 year Mazda 6 lease (10k mi/year) and I am approaching 30k miles already. I am going to be way over my allowed miles. I contacted my current dealership (this is my 3rd lease through them) to see if they would help with the over mileage fees if i agree to lease with them again at the end of my term, and they said absolutely not. My buyout right now is 24k and my car is appraised at 14k. I have called a few Jeep and Nissan dealerships, and they all are saying that the only way to get out early before i hit 40k miles is to roll the negative equity into new payments. Some other background- my current payment is about $500 for my mazda because of student loan debt and I did not use a cosigner. I have a parent with excellent credit who is willing to cosign for me. Does anyone have any experience with this?
Thanks in advance.
At that rate, you’ll be at 20k miles over the limit at lease end. Assuming $.20/mile, that’s $4k. It’s probably better to pay that than rolling over $10k in neg equity.
On a side note, you got a 48month lease for $500/month? So you’re paying $24k plus any due at signing money for a Mazda6? Wouldn’t it have been cheaper to buy/finance it?
Have you called Mazda Financial to see if you can purchase extra miles? Usually you can do that if you are getting close to your total allotted miles.
How is your buyout $24k when your payment is $500? Did you roll negative equity into this? Personally, I don’t think you should be leasing right now and should just buy the car out at the end or buy it now to avoid more interest.
there’s no help for this guy who joined 1 hr ago, my crystal ball says there will be 20 back and forth and more nonsense will come to light and at the end he will disappear.
Agreed with @BoardWalkNJ. You have negative equity, student loan debt, over mileage. Ride that lease out drive the car until the wheels come off. IMO you are not a lease candidate.
Agree with everyone here.
Not only are you not a lease candidate but that Mazda 6 deal is so bad that rolling it into something else will just make you less of a lease candidate that you are now.
John is roght. Just pay the extra miles at the end.
**Keep it full term**
-turn it in
-pay off the faux pas
Circumstances dont change:
-turn it in
-await the suit (settle for far less before judgement ), or bankruptcy (go full nuclear )
Your best and only sensible option is to complete the lease. You’ll need to cut down on your miles or be prepared to pay the penalties.
Let’s cut this new guy some slack. He probably got a bad deal because he thought the salesman gave him a great deal. I was naive and gullible like that in my earlier days.
To answer your question egm929, I’d personally keep the car for many years after lease ends to make up for the negative equity.
I assume you don’t have the extra dough to pay for the negative equity to start off fresh. It’s one of those lessons we all learn sooner or later. I’m glad you took the first step to seek for advice. I hope you take valuable experience from this forum, and become a Leasehackr next time!