The lease ends in approx 60 days & it looks like OP has about 8,000 miles left to reach the 30,000 miles the lease allows.
OP, def buy it out. The other options you’re looking at will be quite a bit more expensive.
Yeah looks like a keeper if it’s accident free.
I might be over by 2000 Miles by end of lease. As per the lease document it’s 25 cents per mile.
I’m almost in the same shoes as you are, only difference is my lease ends next April.
My current mazda lease is expiring in one month and I have been getting letters from my local dealers (not mazda) to drop of the vehicle to them for certain amount. The letter also mentions they would cover any excess vehicle wear and tear, any disposition fees etc. Also they would cover any paperwork that needs to be done with Mazda. I wanted to check if this i legit and if anyone has done something like this.
Thanks,
Jump to the first post and click on the links on how to value your car.
You want to sell this thing for as much equity as possible.
To all who lease cars: watch your miles. I made a mistake once, over 15 years ago, with Honda Accord which I drove over 117,000. I ended up paying $2,000 out of my pocket (or $0.025 per mile over 36,000, which is less than $0.03 per mi) to get rid of it. I have a long post about it in a different thread. Ever since I make sure I keep my cars within the limit. You loose leverage with dealers and can’t trade it for newer car without taking a hit with negative equity and must hassle to sell it on your own if you don’t want to own it yourself.
Was your takeaway from this that you ended up with the short end of the stick? It sounds like you made out like a bandit.
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In a sense, yes. There was uncertainty and prospect of paying a huge fine or being forced to own a car I didn’t want. I had no idea what to do with it when every dealer turned me down and said they would deal with me only after I got rid of it. No new car dealer wanted to touch it. So, I had to figure out how to sell a car that I didn’t even own. Too much hassle. In the end it all worked out, but I wouldn’t want to go through it again.
How is that any different than having purchased the vehicle, having a loan on it, and being way upside doen because you tanked the value by driving 117k miles in 3 years?
What about leasing made that situation any different other than having the benefit of having a maximum amount of penalty you’d potentially have to pay?
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You don’t have to re-purchase your car 3 years down the road with 117k miles on it if you finance it from the start. You get the best rate locked to finance a car with 0 miles on it when you drive off dealer’s lot and steadily pay it over 36-72 months, whatever term you want. When you rack up 117k miles by end of your lease term you won’t qualify for any good loan out there. I think most banks won’t even touch anything with above 80K miles, and if you go with sub-prime banking used car dealers use to sell you junk you will have to put a large down-payment and pay penalizing interest rate on the financed amount. And I am not even sure if loans for cars with over 100K miles exist (if they do they probably have terrible terms). Which leaves you with the only other option: cough up full lease buy-out payment in cash, pay tax, register and own something you don’t want to purchase and own at that time.
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I don’t think there was a cap on how much I would have to pay for it when I had 117k miles on it. At $0.15/mile the penalty would be $12,150, which was 2,150 above the buy-out amount. So, you would be forced to buy it out paying cash and then pay for taxes and registration and add it to your insurance before you could put it for sale. Doesn’t look like a good situation to me.
Hey, I’m a little confused, I saw on the thread that there’s some companies that would be able to buyout my Volvo XC60, because they “Accepts lessor-released titles”. I just called Trade-In Solutions which is one of the companies listed, but they’re saying Volvo won’t allow it. They are saying I’d have to pay off the car, get the title, go to the DMV, pay the sales tax, and there’s the 10 day time period in California which I’m nervous about. But isn’t the whole thing about accepting lessor-released titles that I wouldn’t have to ever start the ten day timer?
Doesn’t the 10-day clock start when you receive title?
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We’re trying to stick to the western region right now. If its in CA,NV,AZ i’ll take a look at it.
Hi Folks,
long time lurker, first time caller looking for some advice.
I’ve got a 2022 Chevy Bolt EUV Premier (+Sun & Sound Pkg) w/GM Financial.
~19K mile with lease ending Oct 15th
Payoff: $22.5 (includes $1500 of IL tax), otherwise dispo of $400
Vroom buyout $24.5. Carvana/Carmax all closer to $22K. KBB tradein ~$27.5k, Private party $30k.
Question #1: Makes sense to buy out the car. Correct?
Question #2: The old lady wants a different car, specifically a Tesla Model 3. Can get a RWD for ~$41k inc tax and then qualify for the Fed $7.5k tax credit and a potential $4k IL rebate. Trying to understand the best way to turn this Chevy into that Tesla. Thoughts?
Thanks,
Definitely get rid of it for a Model 3. They’re worlds apart.
Trying to help my elderly in-laws figure out what to do next:
They’re currently in a 2020 Honda CR-V EX-L
Current mileage: 18,541
Payoff through Honda financial: $19,680 and it’s due back in a few months.
Carmax will pay $27,000 for the CR-V today
Located in Houston, TX
They want to lease another CR-V
Am I better off having them sell to Carmax and use the positive cash towards a lease, or how likely are they to find a dealer who will roll that into a new lease with a lower payment?
Honda doesn’t allow sales to Carmax.
Trade it into a Honda dealer for another CRV
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Have you checked the Marketplace for Honda leases?
You’ll probably be shocked at what a CRV leases for these days.
And the per-mile cost would be even more shocking for someone who drives ~5k miles per year.
TLDR buy out the 2020 or use the equity to finance a new one.
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