Yes, someone who has to drive so much should:
A. Not lease
B. Lease enough miles to cover it
C. Have a second vehicle to absorb excess miles
My wife drives way too much, so we have a lease she commutes in and we own a minivan that handles all the noncommuting duties.
I drive almost 30k miles a year and just got out of my lease because it makes no sense to continue leasing.
If youâre commute is far beyond what you can structure a lease for, then you shouldnât lease.
OP sounds like they want out of the car so keeping the Escalade wonât make sense for them. Thatâs a lot of car to keep just to avoid paying over mileage.
Since OP asked for advice on this site; I still think the best thing they can do is just give the car back with the over mileage and pay the fee. They walked themselves into this situation and from the surface it seems like they did it to get something they really wanted cheaper without regard for the turn in. That, or their life situation changed so much that they couldnât account for it.
Life happens.
Iâm guessing he used it for Uber or other driving service and figured âIâll deal with it laterââŚproblem with âlaterâ is that it eventually comes back to bite you.
Like it was stated by many here, no way out of paying, either sell it, pay the extra miles at a reduced $0.20 before lease end or buy it out and keep driving it.
My friend was about 6000 miles over on their lease, they went to anothee dealership to lease a different brand and the company paid half of the miles, now being 30000 over you might get lucky and have a competitor by out maybe a few thousand miles worth. Best thing and cheapest option is to buy the car outright and sell it to a private party, paying $7500 is just not worth it.
If it makes you feel better OP, my sister is going to turn in a 36/12 Civic lease with 75,000 miles.
This is really simple:
You can buy the car for your loan payoff amount
You can sell the car to a dealer of any kind and then payoff the negative equity
You can pay for mileage excess
You drove a bunch of miles - this makes cars worth less money than beforehand. Nothing wrong with that - just choose the option that makes sense for you and move on. Cash/loan/lease does not change how much a car goes down in value when you drive it.
If ya wanna drive like da bling, ya gatta pay bling, bling.
I would try anything possible to cut your losses. For example, if you sell your car and the payoff difference is less than 6k, that would be one option.
Youâll still owe the difference if you sell.
Curious how this will end up. I bet the best option is to pay off the overage charges and return the car.
Agreed⌠$6K for a $75K+ car is actually not terrible⌠bet itâs similar to depreciation for the mileage difference especially one with poor resale like an Escalade. OP didnât say how many months are left so could get considerably worse.
@matt1028 - she is going to turn it in not buy it out?!?! .15/mile for a Civic hurts a lot more than .25/mile for an Escalade. Mileage fee has to be close to 50% of the buyout.
She will buy it out, but yeah she probably should never lease again.
GM doesnât do a discount rate unless you buy at inception. OP is stuck with 0.25/mi.
I would just buy it out.
Your best bet would be to purchase
Hopefully OP gets back to us with some more insight. One thread and one post created. No responses. OP may not have had time to read this thread, but it sure has grown.
Park it where it has the highest chance of being stolen and hope for the best!
Honda miles are actually a good deal up front. $.10/mi isnât a bad deal.
You mean take a 15k lease vs a 12k lease at inception?
With GM, you can upfront mileage up to 25,000 per year at $0.20 per mile over 15,000. Exscess mileage fee at end of lease is $0.25, so you would save $.05 per mile paying upfront if you knew you were going to drive 25k miles per year.
yea but how many people are walking into a lease knowing theyâre going to go over by that much? Prob rare