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What to do if you are over your lease mileage?
Stop driving so much. This one is simple, Ron. Pay the penalty. Go into your lease terms and find out what the over-mileage penalty is for your lease. Buy the car. Probably your best option is simply buying the car at the end of the lease. Move to Orange County.
What to do if you're over your lease Miles?
Stop driving so much. This one is simple, Ron. Pay the penalty. Go into your lease terms and find out what the over-mileage penalty is for your lease. Buy the car. Probably your best option is simply buying the car at the end of the lease. Move to Orange County.
Can you negotiate over mileage on a lease?
Excess mileage Most leasing companies charge around 15 to 20 cents per mile over the amount allowed in the contract, commonly 12,000 miles per year. If your way over the allowed mileage and looking at a big penalty, you still have options. In most cases, the buyout price is close to the current market value price.
How many miles can you put on a leased car?
Normally, standard auto leases come with annual mileage limits of 10,000 to 15,000 miles, most coming in with 12,000-mile annual limits. Since average American drivers put about 12,000 miles on their car each year, a standard auto lease works well for most.
Do you get money back for unused miles on a lease?
Long answer: while you sign a lease at a certain number of miles per year, and while the car company will undoubtedly charge you for going over, the contracts in this industry stipulate that there will be no reimbursement for unused mileage. It is a primarily time based contract. You get the car for (usually) 3 years.
How can I get out of paying excess mileage?
Here are your options: Continue the lease, return the car at lease-end, and pay for the excess miles at that time. Continue the lease, buy it at lease-end, and you pay nothing for the excess miles. However, due to the high mileage, your car is likely valued less than the purchase price in your contract.
Can I increase my mileage on my lease?
Depending on the brand being leased, it may be possible to get a high-mileage lease, which permits as many as 33,000 miles per year rather than the standard 12,000. Simply request more miles when you initiate your lease. These extra miles won't come free, and they will increase your payment.
How much does it cost to add extra miles to a lease?
The cost of each extra mile is set by the lease company and will range from $0.10 to $0.25 per mile, depending on the vehicle and the lease company. Let's assume the rate is $0.15 for our example. This means the total cost of those extra miles is $0.15 × 24,000 = $3600.
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