over mileage limit on lease
#1
Pit Crew
Thread Starter
over mileage limit on lease
Greeting Lexonians,
I must have gotten carried away w my car. I have a 39 month lease for a total of 30 thousand miles. I'm almost 4 months into it, and
I already have 7200 miles on it. I'm probably going to be over the limit at the end of the lease. What can I do?
Do you think they'll penalize me too much if I'm getting another lease w Lexus when I turn it in?
I must have gotten carried away w my car. I have a 39 month lease for a total of 30 thousand miles. I'm almost 4 months into it, and
I already have 7200 miles on it. I'm probably going to be over the limit at the end of the lease. What can I do?
Do you think they'll penalize me too much if I'm getting another lease w Lexus when I turn it in?
#2
Yes, you will pay a price for going over the miles on your lease and the amount is spelled out in the lease agreement - probably something like 25 cents per mile. And no they won't write it off if you lease another Lexus. What they will waive is the lease-end charge. Lexus Financial is completely separate from your selling dealer and if your sales person says they will cover the over-mileage charge they will just be rolling it over to your new lease. What you can do if the charge is too high is either buy the car at the end of the lease or trade it in on a new car of any make before the lease ends and see how that works out for you. But don't worry too much, people tend to drive new cars more in the early months and things settle out later in the lease. For the first time ever, I am driving my 2016 less than my average and will be ahead by about 4K miles at the end of the first year so even if things change I shouldn't be right at 36K at the end of the lease as I usually am - last time I was within 30 miles.
Just to emphasize how unforgiving LFS can be, a few years ago I was over by 4K miles and the dealer agreed to pay the charge - part of the new deal but really out of my pocket - and they recorded the mileage when I turned it in and sent a check to LFS. By the time Lexus picked up the car it had another 2 miles on it and would you believe they sent me a bill for 50 cents? When I called them they very nicely said we appreciate your business but you still owe us 50 cents.
Enjoy the car though - they are great cars. A thirty thousand miles 39 month lease wouldn't be for everyone.
Dave Mac
Just to emphasize how unforgiving LFS can be, a few years ago I was over by 4K miles and the dealer agreed to pay the charge - part of the new deal but really out of my pocket - and they recorded the mileage when I turned it in and sent a check to LFS. By the time Lexus picked up the car it had another 2 miles on it and would you believe they sent me a bill for 50 cents? When I called them they very nicely said we appreciate your business but you still owe us 50 cents.
Enjoy the car though - they are great cars. A thirty thousand miles 39 month lease wouldn't be for everyone.
Dave Mac
#3
Lexus Test Driver
Greeting Lexonians,
I must have gotten carried away w my car. I have a 39 month lease for a total of 30 thousand miles. I'm almost 4 months into it, and
I already have 7200 miles on it. I'm probably going to be over the limit at the end of the lease. What can I do?
Do you think they'll penalize me too much if I'm getting another lease w Lexus when I turn it in?
I must have gotten carried away w my car. I have a 39 month lease for a total of 30 thousand miles. I'm almost 4 months into it, and
I already have 7200 miles on it. I'm probably going to be over the limit at the end of the lease. What can I do?
Do you think they'll penalize me too much if I'm getting another lease w Lexus when I turn it in?
#6
Lexus Champion
Unless your dealer works it into your deal on your next lease, then you're on the hook for paying the over mileage. That's why it's good to know a general amount of miles you drive every month before signing the lease.
Another alternative is selling the car to CarMax a few months before the end of the lease. Hopefully your car will be worth close to your residual and payments owed. You'll also get out of paying for registration for another year since you are on a 39 month lease.
Another alternative is selling the car to CarMax a few months before the end of the lease. Hopefully your car will be worth close to your residual and payments owed. You'll also get out of paying for registration for another year since you are on a 39 month lease.
Last edited by dchar; 11-11-16 at 12:56 PM.
#7
Lexus Champion
Do I understand this correctly, for three years (35 months) you'll have to limit your use of the car to an average of 20 miles per day? If so, that really limits the enjoyment of the car.
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#8
Pit Crew
Thread Starter
You are correct sir ! :-(
Even at the outset of the lease, the average I was limited to was about 25 miles per day. I got carried away w how nice the car rides, and
took it out for rides on weekends in the country. :-(
dchar, thanks, I'll check out the Carmax option.
https://www.reddit.com/r/Autos/comme...s_heres_how_i/
Or I may just take the hit, and roll the cost into the next car. I'll be turning it in around late October, so they'll probably be eager to deal to
sell the current model year cars by that time.
The last lease I had was for 36000 miles for 3 years, and when I turned it in I had 32000 miles on it. And I actually had to work to get the miles even
that high.
- JL
Even at the outset of the lease, the average I was limited to was about 25 miles per day. I got carried away w how nice the car rides, and
took it out for rides on weekends in the country. :-(
dchar, thanks, I'll check out the Carmax option.
https://www.reddit.com/r/Autos/comme...s_heres_how_i/
Or I may just take the hit, and roll the cost into the next car. I'll be turning it in around late October, so they'll probably be eager to deal to
sell the current model year cars by that time.
The last lease I had was for 36000 miles for 3 years, and when I turned it in I had 32000 miles on it. And I actually had to work to get the miles even
that high.
- JL
#9
Lexus Test Driver
You are correct sir ! :-(
Even at the outset of the lease, the average I was limited to was about 25 miles per day. I got carried away w how nice the car rides, and
took it out for rides on weekends in the country. :-(
dchar, thanks, I'll check out the Carmax option.
https://www.reddit.com/r/Autos/comme...s_heres_how_i/
Or I may just take the hit, and roll the cost into the next car. I'll be turning it in around late October, so they'll probably be eager to deal to
sell the current model year cars by that time.
The last lease I had was for 36000 miles for 3 years, and when I turned it in I had 32000 miles on it. And I actually had to work to get the miles even
that high.
- JL
Even at the outset of the lease, the average I was limited to was about 25 miles per day. I got carried away w how nice the car rides, and
took it out for rides on weekends in the country. :-(
dchar, thanks, I'll check out the Carmax option.
https://www.reddit.com/r/Autos/comme...s_heres_how_i/
Or I may just take the hit, and roll the cost into the next car. I'll be turning it in around late October, so they'll probably be eager to deal to
sell the current model year cars by that time.
The last lease I had was for 36000 miles for 3 years, and when I turned it in I had 32000 miles on it. And I actually had to work to get the miles even
that high.
- JL
#10
Lexus Fanatic
Honestly, don't worry about it...just enjoy your car. Once you get to the end of the lease you'll have additional options available to you. You can trade the car, buy the car, sell the car, you can wrap the mileage overage into the next lease and make sure that you get enough miles that time which spreads the cost out.
If you obsess about it every day you won't enjoy the car as much. Drive it and enjoy it.
If you obsess about it every day you won't enjoy the car as much. Drive it and enjoy it.
#11
Honestly, don't worry about it...just enjoy your car. Once you get to the end of the lease you'll have additional options available to you. You can trade the car, buy the car, sell the car, you can wrap the mileage overage into the next lease and make sure that you get enough miles that time which spreads the cost out.
If you obsess about it every day you won't enjoy the car as much. Drive it and enjoy it.
If you obsess about it every day you won't enjoy the car as much. Drive it and enjoy it.
#12
Lexus Fanatic
#13
Leasing has never worked for me. I suppose its a good option if you dont drive much, want a more expensive car, and plan on getting a new car every 3 years or so..But you will always have a car payment as well..Ive leaved many over the years.. Even bout 2 we had on lease for our sons...Bad mistake.. We ended up paying much more for them in the long run...You can negotiate more mileage allowed but u will still increase yr lease payment by doing that.
#14
Lexus Fanatic
Leasing has never worked for me. I suppose its a good option if you dont drive much, want a more expensive car, and plan on getting a new car every 3 years or so..But you will always have a car payment as well..Ive leaved many over the years.. Even bout 2 we had on lease for our sons...Bad mistake.. We ended up paying much more for them in the long run...You can negotiate more mileage allowed but u will still increase yr lease payment by doing that.
Bottom line is, people who derive a benefit from leasing would always have a car payment anyways. If you happily keep a car more than 4 years or so, leasing will always be more expensive.
Sure more miles increase your payment, but more miles also depreciate your owned car faster, its just a question of how that money is being allocated.
#15
Pit Crew
Thread Starter
When driving in this morning (after parking the car the entire weekend, and feeling sad about it), I decided to just drive the car as much as
I want, and worry about the consequences later. Isn't that pretty much what everyone is doing nowadays, including governments?
If I'm way over my limit at lease end, can't I just opt to buy the car - essentially refinancing the residual, and then turn around and trade
it in on a new 2019 car (same or different model)?
Plus I think if I go any any trips I'll ask any passengers to pitch in towards the mileage - the at 25 cents per mile rate. I'll keep that money set aside for
the inevitable overage charge.
I want, and worry about the consequences later. Isn't that pretty much what everyone is doing nowadays, including governments?
If I'm way over my limit at lease end, can't I just opt to buy the car - essentially refinancing the residual, and then turn around and trade
it in on a new 2019 car (same or different model)?
Plus I think if I go any any trips I'll ask any passengers to pitch in towards the mileage - the at 25 cents per mile rate. I'll keep that money set aside for
the inevitable overage charge.