Question about leasing and mileage
11-24-2010, 10:45 AM
#1
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Question about leasing and mileage
random thought about mileage and leasing. When you lease a car they normally tell you XX miles per year. which means if you get 12k miles and lease the car for 3 years.......comes out to 1k miles a month....makes sense, fine
what about the people who lease their cars for 39 months? their contract states they need to give the car back with 36,000 miles, but are keeping their car for 3 months extra. the words used on the lease are "per year" and not "per month" or "for the duration of your lease".........which leads me to think that maybe they are cheating us out of miles?
im thinking they do this to play with the value of the car. a lot of times ill hear the rates on the 39 month are better than 36 month, thus being able to make it a few bucks cheaper.
Another question I had is.......the residual cost of the car is based off the fact that the car will be used for 3 years and 36k miles. Well what if you barely use those miles. For example my grandpa would have only used about 10k of the 36k miles hes allowed......which makes a significant difference in the value. Is it possible to get the value re-adjusted and get money back? or do the dealers just laugh and reap the benefits on their own.
what about the people who lease their cars for 39 months? their contract states they need to give the car back with 36,000 miles, but are keeping their car for 3 months extra. the words used on the lease are "per year" and not "per month" or "for the duration of your lease".........which leads me to think that maybe they are cheating us out of miles?
im thinking they do this to play with the value of the car. a lot of times ill hear the rates on the 39 month are better than 36 month, thus being able to make it a few bucks cheaper.
Another question I had is.......the residual cost of the car is based off the fact that the car will be used for 3 years and 36k miles. Well what if you barely use those miles. For example my grandpa would have only used about 10k of the 36k miles hes allowed......which makes a significant difference in the value. Is it possible to get the value re-adjusted and get money back? or do the dealers just laugh and reap the benefits on their own.
11-24-2010, 10:59 AM
#2
They give you the extra miles for the extra 3 months. The reason they do the 39 month lease is then you have to pay the registration for the year and they won't have to before they resell. Rates are typically better on 39 month leases. That being said...they always call you at 34-35 months to trade in early...
11-24-2010, 02:14 PM
#5
you won't get money back for low milage,my parents turned in their benz it had 12k at the end of the lease, it was a 3yr 36k lease.
they had to pay a fee to benz for $495 lease termination fee.
needless to say they will never go near a benz again.
they had to pay a fee to benz for $495 lease termination fee.
needless to say they will never go near a benz again.
11-24-2010, 03:17 PM
#6
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If the car is worth more than the payoff you can sell the car, or trade it in. Finishing the lease isn't always the best option.
11-24-2010, 03:29 PM
#7
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LightsOut is on target with this one. We tend to focus on buying out lease customers to get them out of their leases and into new vehicles. Keep in mind when you are trading in an Infiniti for a new Infiniti there is Loyalty cash $$$$.
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11-24-2010, 03:41 PM
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As for the lease rate, the residual value of a 39 month lease is usually only 1% lower than that of a 36 month lease. But in reality, it should be at least 2~3% lower to match the monthly payment. IFS will move up the money factor a little bit to make up the difference. So the lease rate is actually higher on the 39 month lease, but you usually still get a better overall deal (lower monthly payment) on a 39 month lease.
11-24-2010, 06:28 PM
#10
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i really dont think so, the contract stays the max
11-24-2010, 06:49 PM
#11
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No, it doesn't. If you look at the Buyer's Lease Order you will note that the mileage is given per year. If you lease a car for 39 months at 12k miles per year, than at the end of the term the mileage should be maxed at 39k miles.
11-24-2010, 07:15 PM
#12
the car had 12k it was supposed to have 36k(that was what they paid for)
they didn't get a benz because they did 1/3 the mileage & they wouldn't do anything for them.
leases are not open to refund @ the end of the lease. Especially if you don't buy/lease same brand. You would have to sell it privately, I would.
they were paying almost the same for a 97' 230 4 matic vs the g37.
just don't assume,your gonna get any money back that's all.
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