Hi all - I’m halfway through a short term/low mileage lease (18mo/10k) and going to go over my mileage allotment in a few days (I’ll be over 15k shortly). I’m in month 9 of the 18 month lease. Curious what my best move is at this point.
A bit of additional detail: this is my 10th or 11th leased vehicle and the first time I’m ever going over mileage. We had a strange and unexpected turn of events in the last 9 months that resulted in us driving a lot more (family issues, medical issues, child care, etc.). I’m fairly certain our next 9 months won’t be as crazy but even if we cut our usage in half (which is totally possible) we’ll put another 5-7k on the vehicle. If the best option at this stage is to just pay the overage, that is totally fine (in the end it’ll be a wash, we wound up driving a bit more because we couldnt fly so that probably saved us some money any way). But, figured I’d ask this community to see if there was something else we could do. Like I said, this is the first time I’m over mileage (so please don’t tell me I shouldn’t be leasing, these last 9 months were just a perfect storm of events).
I never saw an 18-month lease before
Are you saying your total Allotment is 15k For the 18M and that you will be at the 15k without about 9 months to go?
What is the OVerage charge per mile ?
Even if you go over by 10,000 miles and it costs 20 cents a mile, that’s only $2,000, which is pretty minor in the grand scheme of unanticipated expenses.
That may not be your best option, just offering it for perspective as you evaluate other choices.
Correct. I need to double check overage its either .20 or .25/mile. Again, not a crazy financial hit but figured if there was something I could do to avoid it why not ask. Thanks for replying!
Exactly my thinking, and if you divide it by the life of the lease its only another $100/month. But, figured worth seeing if someone on the forum had some sort of tip to mitigate that.
I actually had not thought of this (and I just extended my last lease, so should have been top of mind). This seems like a good viable option to consider. Thanks!
I know some brands allow for you to purchase pre-paid mileage. Im not sure if Nissan is one of those brands but maybe call them and see. Might be 10-15 cents per mile instead of 20-25 cents per mile. You probably have 0 equity in this car and in fact are more likely way upside down because of the inflated residual Nissan did to get these units moved. Good luck!
Helpful. Didnt realize that was even a thing. Worth a call to Nissan for sure. Thanks (and yea, I know definitely not the greatest from an equity perspective).
If he gets a good deal on the new one, they won’t do this. Mileage “forgiveness” is just the dealer paying your over mileage charges or possibly, if they like your car, buying it for retail. They can’t just waive it.
I think the move, partially like you suggested, is to see if there is equity and just get out now if so, or like @trism said, depending on mileage overage penalty, just pay it.
I think Nissan is 15 cents a mile over but I think it also depends on the model. Either way gonna have a hefty mileage fee. I wonder if just turning the car in early and paying an early term might be cheaper.
Totally agree. But, like I said in my initial post, this is the first time ever coming close. Confluence of events that caused us to drive more and farther at each clip than planned. But still, noted, and we’re in a place now that we’re likely going to find ourselves as a two car family (been trying to avoid it but its becoming inevitable) so having one car as a workhorse and the other for the in-betweens might be our plan going forward.
Also, I don’t think we’ll be 15k over. What took place these past 9 months will not be taking place in the next 9 months. We should slash by half at least (maybe more). My estimation is we’ll realistically be about 7.5k over (but totally possible it’ll be less - the long hauls we were doing that put us in this spot won’t likely happen again until March or April next year and even then maybe one more time). But still, not cheap.
Also why you are on the phone with Nissan get an early term quote just for the heck of it. Usually it is the total of your lease terms left and some other fees, but I have heard Nissan sometimes has random early termination prices if they want cars back etc. don’t hold your breath but maybe worth just turning the car back in early before you hit the mileage limit.
I think it all depends on what the over Mile cost per mile is. It can range from 10 cents to 25 cents per mile.
It sounds like you are hoping that the miles you drive will drop off Drasticly.
I would play it safe and assume that they won’t. get that number that you think you will hit and then figure out what the overage cost will be.
Once you know that info I think you will be able to come up with a plan.
there are options
Pay the over-mile charge at the end
Roll miles into a new lease?
3 Buyout lease and who cares about the miles
End lease early if the cost per mile is going to be the same as your remaining payments but that sounds highly unlikely
