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What happens if I go over my lease Miles?

If you exceed that number, the leasing company will charge you for every extra mile driven. The per-mile penalty is spelled out in your lease, but it can run as high as $0.25 per mile. That would be $250 for every 1,000 miles over the limit. You will dodge these penalties by purchasing the car.

What happens if you go over mileage on lease?

Oftentimes, if a lessee exceeds his/her allotted mileage, then at the end of the lease he/she will have to pay an excess mileage fee. This fee is usually between $0.10 and $0.30 for every mile a lessee drives over the limit.

What happens if you go over lease mileage?

If you exceed that number, the leasing company will charge you for every extra mile driven. The per-mile penalty is spelled out in your lease, but it can run as high as $0.25 per mile. That would be $250 for every 1,000 miles over the limit. You will dodge these penalties by purchasing the car.

Can you negotiate over mileage on a lease?

If you think you're likely to exceed the allowance, then negotiate for additional miles up front. This can save you a few cents per mile over the end-of-lease mileage charge. Don't take a longer lease term than you want in a misguided attempt to lower the monthly payments.

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.

How much are extra miles on 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.

How much is mileage overage 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. If you like the car, you can buy it rather than pay the mileage penalty.

How much do you pay if you go over miles on a lease?

If you exceed that number, the leasing company will charge you for every extra mile driven. The per-mile penalty is spelled out in your lease, but it can run as high as $0.25 per mile. That would be $250 for every 1,000 miles over the limit. You will dodge these penalties by purchasing the car.

Can I buy more miles for my lease?

You can always buy more miles at any time in the lease at the agreed upon rate in the lease. The only difference is that if you don't use all the miles, you will not get anything back at the end of the lease. If you do nothing and turn it in, the dealer can charge you upwards of $0.35 per mile overage.

How much does Honda charge for mileage overage?

Mileage Overage 3000 x $0.15 Overage Fee per Mile = $450.00 Total Mileage Overage Fee.

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