Over miles. Chance for forgiveness?

,

Can I ask a question then. Say I pay the mileage overage and turn the car back to the dealer. Who owns the car at that point? Porsche financial? If my dealer then sells the car, do they have to pay the residual value to the bank and try to profit? That confuses me

Your lease ends in November, are you looking to get out now?

I have heard that my buyout price and a third party’s buyout price may not necessarily be the same number. Is this true?

Porsche Financial owns the car. If the dealer sells if after you turn it in, it’s because the dealer purchased it from Financial.

2 Likes

No, was still planning on ending it in november

Unsure of their policy but typically a third party would be a non Porsche dealer. You’ll have to call Financial and get all the relevant information from them.

1 Like

Your buyout in November will be less, unless you are currently looking at the RV.

No one really knows what the market will be like in November too.

It’s amazing to listen to what others believe they are entitled

1 Like

There’s a difference from feeling entitled and feeling like market conditions could help your scenario.

He is smart to think that the positive equity could save him here. It might not, but there is a good possibility of it.

4 Likes

There’s no right or wrong. As it stands, you will owe Porsche Financial $$$. The likelihood of them absolving you of any financial commitment is nil. You can call them and ask for a discount to purchase additional miles if they’ll allow that. That’s probably your best shot. The alternative is to sell your lease early to a dealer. However knowledge is power so speaking to Financial about their lease buyout policies to Porsche or non Porsche dealers would be in your best interest as well.

2 Likes

Smh 70 posts and all OP needs to do is go to vroom/carvana/GMTV, get the quotes and then come back to discuss his options. $60k is irrelevant unless someone I willing to cut a check for it, which it doesn’t seem like anyone is.

6 Likes

In case anyone missed this.

There’s more to it than that, particularly when you’re talking about VAG.

There is your pay off
There is the 1st party dealer pay off for any dealer with sufficient relationship with the bank
There is the 3rd party dealer pay off for any dealer without sufficient relationship with the bank

2 Likes

Some random dealer salesperson tells you your car is worth 60, but Carvana offered you 49? Guess what, it’s worth 49. Who gives a sh*t what some sales guy is telling you unless he has a check for 60k for you in his hand. I think it’s worth 100k, do you believe me?

There’s a difference between wholesale and retail. And Carvana’s offer is not necessarily the highest wholesale offer out there anyways.

1 Like

There’s a big difference between a check that can actually be cashed and a rookie salesman pontificating the contents of his navel too.

2 Likes

Yes but they aren’t mutually exclusive.

The point I am trying to make is that Carvana’s offer is not the sole arbiter of the wholesale value of the car. If** it is higher than the 49k offer, then that could potentially drive up the retail value of the car as well.

1 Like

Carvana’s offer is the only real offer he has that he can actually get paid on. Until he has more “real” offers, the realistic value is 49k, not what random people tell him the value is.

@Justin_Ferreira it takes little time to get more offers from Vroom, Carmax, Givemethevin, Autonation, etc. Find out what your third party dealer buyout is… even if you are $1-2k in negative equity, that’s still better than your current, and presumably lease end, excess mileage charge.

3 Likes

The only issue I take with this thread is OP signed a contract for a certain amount of miles per year and agreed to pay the overages at a certain amount of cents per mile. Then goes over mileage and sounds like he’s going to take a gun to the dealers head to get them to waive the fees that he agreed to lol

1 Like