Returning Lease with 9000 Unused Miles... any added value to negotiate with?

Ask the Hackrs
1

I am soon turning in a 2015 GMC Terrain, 2 yr lease with 12k mi/yr. I have 9k unused miles.

I know it’s a stretch, but the dealer will charge $.25/mi over what I purchased, so going by that value per mile, I have $2250 unused “value” in the car still. Any way I look at it, that car should resale for more due to the significantly lower mileage, but not sure what that added value is.

Is there some leverage here that I can use to convince them the RV is higher than anticipated?

If so, what’s the best strategy to apply when negotiating my next lease and/or buyout of my current?

2

no, it just makes it more valuable for you to buy it out if you wanted (i.e. perhaps the RV is actually less than the actual value of the car).

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3

Thanks for the reply.

4

Take it to Carmax see if you have equity.

Otherwise turn in the keys or buy and keep the car

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5

Price your car with 24K and with 15K and see your “added” value.
www.kbb.com

No. But if you buy another car from them, they may give you some “equity”.

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6

There is a very small chance you will have any equity. First, 24mo leases are almost always huge losses for lenders; especially with GM Financial’s aggressive RVs on that term. Your 9k of fewer miles would see about 7-12 cents per mile at auction. That amount has decreased quite a bit over the last 10 years as vehicles last longer.

Lenders price mileage overages much higher as a deterrent and risk backstop. They do charge much less on the front side if you choose a higher mileage lease the cost you pay is closer to the auction price per mile.

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