I have 5 payments left $829 per month on my F-type so was thinking of getting something new, was not sure if I should start looking now etc I am about 6k over on mileage but not sure if I should wait until this is paid off or I should start negotiating now etc.
If you want out early, the best path, imho, is one of the buyers like Carmax, Carvana,etc
Find out your payoff. Go get a bunch of quotes from the above et al
Evaluate the quotes against your return cost. Disp fee, mileage, tires, wear and tear etc
See if you can break even.
No matter what—keep the transactions separate. Sell the car. Then lease a new one. Don’t ever listen to a dealer who will “take care of your payments.”
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If negative equity > remaining payments, makes sense to hold on to it.
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To be honest, you’re in a bad position either way, unless you miraculously have equity or not too much negative equity in the car.
Your outstanding payments are $5k, so if you just exited the lease now that’s a huge hit.
The excess mileage is bad now, and will just get worse. However, I’m guessing you’re looking at at least a $2k-3k penalty if you keep the car for the duration of the lease (and don’t drive anything else the next 5 months).
Are you dying to get rid of the car? What are you looking to get into next? That should factor in as well, but from purely a financial standpoint, your best bet is probably to keep the car as long as possible, despite the excess miles.
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Thanks. I love the car. Likely would get another. I’ll just hold onto it but since there are only a few payments left thought I’d check what them options are.
See if Jaguar has a pull ahead program from the manufacturer.
Just wait 2 more months, Jaguar/Land Rover typically offer a 3 month pull ahead to existing leasees
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That’s perfect thanks I will do that
A manufacturer pull ahead should help mitigate some of the excess mileage hit.
Yes, this is true.
I got a Chase LR Financial official 3 month pull ahead when my lease was 4 months out from ending.
The dealer said they would take it in early and off to the auction once it is inspected.
I am now exactly 3 months out and can’t find an affordable replacement to the awful Discovery Sport I have had for 3 years.
Probably will end up getting another car before year end and garage the Discovery./…
Why??? What is the downside?
Because dealer will make you pay you in one way or another unless there is a “pull ahead” program funded by the manufacturer. Money has to come from somewhere.
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The cost they buried elsewhere in the deal. The only one eating the cost is you.
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Holy necro, Batman!