Lease miles question
Thread Starter
Driver School Candidate
Joined: Oct 2011
Posts: 49
Likes: 24
From: S. Florida
Lease miles question
So I may have made a pretty big mistake,
This is my first time leasing a care
I leased my car 3 days ago with 12K miles a year. Based on my previous car I averaged 15k ish miles a year, so I will most likely go over my miles.
Is there anything I can do or am I stuck?
Also at the end of the term, how much flex do I have if I lease another lexus, do they usually wave a few extra miles or do I get wahcked for every single mile over?
This is my first time leasing a care
I leased my car 3 days ago with 12K miles a year. Based on my previous car I averaged 15k ish miles a year, so I will most likely go over my miles.
Is there anything I can do or am I stuck?
Also at the end of the term, how much flex do I have if I lease another lexus, do they usually wave a few extra miles or do I get wahcked for every single mile over?
Lexus Champion
Joined: Feb 2013
Posts: 2,954
Likes: 235
From: SoCal
On my 2013 F-sport, I was in the same situation. When I returned it, I was 6K miles over limit. They waived it when I leased another one. So you should be fine.
If you're really worried about it, Lexus offers you option of purchasing more miles at a lower rate. But, I wouldn't bother. About the last couple months of your lease, start looking for another one and make a deal. They will most likely take the last payments and waive the miles just to get you into another new Lexus.
Another option: If you're thinking of changing to something that isn't a Lexus, you can try to sell the car before the end of the lease to Carmax or the other dealer. If they give you more than you owe on residual, you can get out of it with some extra cash in your pocket. Unfortunately, the awesome lease deals cause high residuals which makes this option difficult.
This is my experience in SOCAL (dealers are super competitive) though, so I'm not sure what they do in Florida.
If you're really worried about it, Lexus offers you option of purchasing more miles at a lower rate. But, I wouldn't bother. About the last couple months of your lease, start looking for another one and make a deal. They will most likely take the last payments and waive the miles just to get you into another new Lexus.
Another option: If you're thinking of changing to something that isn't a Lexus, you can try to sell the car before the end of the lease to Carmax or the other dealer. If they give you more than you owe on residual, you can get out of it with some extra cash in your pocket. Unfortunately, the awesome lease deals cause high residuals which makes this option difficult.
This is my experience in SOCAL (dealers are super competitive) though, so I'm not sure what they do in Florida.
Last edited by dchar; Feb 27, 2015 at 11:58 AM.
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Thread Starter
Driver School Candidate
Joined: Oct 2011
Posts: 49
Likes: 24
From: S. Florida
it came out less with the fee. they wanted $75.00 more a month because the residual was different. so at $62.5 average a month with paying the fee it made the difference.
Lexus Champion
Joined: Apr 2007
Posts: 11,031
Likes: 97
From: Southeastern PA
The key issue will be--when you do this, will you still be putting 15k mi/yr on your car? You need to find a lease deal with that milage allowance.
Lexus Champion
Joined: Apr 2007
Posts: 11,031
Likes: 97
From: Southeastern PA
Again--you can't just turn the car in with extra wear and tear, and hope for the best. You need to get the dealer to affirmatively agree to pay the penalty, or get a waiver from LFS.
Lexus Champion
Joined: Apr 2007
Posts: 11,031
Likes: 97
From: Southeastern PA
So--you've already run the numbers, and are comfortable paying the penalty if need be. Just don't wait till it's too late to deal with it.
Lexus Test Driver
Joined: Mar 2008
Posts: 9,992
Likes: 246
From: California
Don't think the dealer forgave your over-mileage just because you leased a new car. He's now got a higher mileage trade-in that is worth less and is going to pull in less money on the lot or at auction. He could have easily passed along that deficit to your new lease without you even knowing. That is usually done by not giving you as great of a deal as you could have gotten. Either way, you will usually end up paying somewhere, in some shape or form. The question is is it better to pay it upfront, month by month, or at the end.
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