Hello to all,

I've been kind of quiet here lately, however, i'm still here reading the different threads that everyone posts.

As you all know or may not know, i leased my 2005 Acura TL for 3 years w/ 15k miles per year. I would like someone's opinion that really knows this topic to reply. I already know that by my 3 years, i'm going to be well over the 45K mark (15k miles per 3 years). My main concern is "will i be charged for the over mileage if:
1) I trade in the car on say another TL or perhaps the RL or MDX; and
2) if i decide to keep the car?

Also when thinking in terms of a lease, what is the best option to do when the lease is up? Keep the car and finance it, or trade it in and finance that?

I'm needing to know what would be my best options here for this is my first car that's solely in my name and unfortunately it had to be a "lease" because i wouldn't be able to get it solely in my name with a finance, EVEN THOUGH, i was able to handle the payments if it were a finance.

I'm bringing up all these questions, b/c i was thinking about going back to a 2-dr. coupe (Honda Accord) in order to keep the miles off my TL. I've only had the car for 4 1/2 mos. and i'm already at 9,250 miles. So this is really starting to concern me and making me look into my other options, that being to purchase a lil something where i could offset some of those miles. And it mainly comes from going back and forth from home to my job every day! But hey that's what's being able to pay the bills for me so i won't complain... Regardless of what i decide when my lease is up, would it be a good business decision to still look at purchasing something? (of course if i can afford it)

Any and all help will be much appreciated. I would like as much feedback a.s.a.p. I need to know what i need to do.

Thanks,

 

Do you really like the car or just worried you putting on the mileage? If you really like the car, I would keep it!

On your 1st question: IF you trade your car now, you will be upside down "Big time".
on your 2nd question: If you decide to keep the car after lease, I will check with a credit union/banks for your interest rate and see if you can try refinance it as earlier as you can but if you finance it your payment will go up like $100 (Depending on your Rate). If you finish your lease and finance it, you will be adding atleast 6 months on your monthly payments.

Well, thats my opinion!

I hope that helps

 

I had 36K miles on my TL after only 2 years and my lease was for 12K miles per year. I sold it, bought out the lease, and only lost $500 on the deal. I did that with my 01 CL Type S as well. I think that is usually the best thing to do when trying to get out a leased car early or when you are way over your miles.

 

1) If you trade it in (on another acura or not) you will be charged.

2) If you keep it and buy it out, you wont be charged for extra mileage, but you will be paying more based on Loan Value and actual purchase value, so you may still have to come up with extra money to cover the difference.

 

johnny--2k...

Thanks for your input. So then not saying that you're wrong but for question 1) i was told by my sales guy that if i trade it in on another car that i WOULDN'T be charged at all! I need to know which is true. Should it state that somewhere in the contract? This is very key!

Jrbn2g04AcuraTL...

Thank you also for your input but i think you misunderstood me a lil. I'm not trying to trade in my TL now... I love the car! My main concern though was whether or not i should purchase another car 2-dr, nothing major but definitely reliable, (2003 Honda Accord Coupe) i've been seeing those for reasonable prices. And naturally i wouldn't care about that not being leather or anything like that. I was thinking of this option to save some of the mileage on my leased TL.

My concern was since i'm in a lease, would it benefit me better financially, to keep the TL or trade it for another "new" car?

 

You will ONLY be charged for the mileage if you turn in the lease as you would normally do at the end of the lease. You may be best off buying out the lease today and then when you want a new car, just sell it.

 

Oh sorry if I musunderstood you... 1 question, are you gonna keep the car after the lease? If so, I wouldn't mind about the mileage and financed it ASAP. If you turning it in after the lease, YES, I suggest to get a regular car for daily driving.

I hope I got it right this time! LOL

 

ac2001cls - The GENERAL RULE is that you can get the extra miles "excused" if you trade for another car from the same mfr. BUT - it's not a hard-and-fast rule, and you won't find it in your lease contract. Note, though:

1. If you really blow through your miles, the dealer may not be able to hide them and may charge you. Example - if you come in after 3 years with 70,000 miles on a 45,000 mile lease, they will likely balk.

2. Even if you're told they are excusing the excess miles, you may get charged for them "under the table" ... that is, in the form of less discount on the new one, or a lower trade-in allowance on the old one. Just watch the numbers to be sure.

And if one dealer says they'll have to charge for the miles, go somewhere else and try another one.

 

Correct me if I am wrong, but from my own personal experience it is harder to qualify for a lease than it is to qualify for a vehicle purchase. 10 years ago I had a blemish on my credit report and a Nissan salesman told me that I had been turned down for the lease of a new Nissan Maxima but I was approved to buy it. Go figure!!!!

 

 

answer number 1
this is not true.... if they are eating the money owed for over miles... then they could have done better on the car anyway.... the money owed doesn't just evaporate into thin air... they just tell you "I'll take care of it" and eat it out of the profits .... you signed to pay x dollars x amount of times with x amount of miles.......the dealer doesn't charge you the money....the leasing company does

 

mamboking...

Yea i don't know about that one. In my case, it was the total opposite. They were saying that it was easier for me to lease it and me get it in my own name solely then to finance it. Trust me that's the way i wanted to go, however, i was turned down. Thanks for your input though!

Mike_TX...

Thanks for your input. So at the rate i'm going now, i definitely think by the time my 3 years are up, i'm going to easily have 60K miles on my TL!!! As i said it hasn't even been a full 5 mos. and i'm already approaching 9300k. So what do you think i should do? Do you think they'll charge me? What you said about maybe making my trade in value lesser to make up that difference, makes sense. I can see them doing something like that. But not charging me anything at all... That sounds TOO GOOD TO BE TRUE!

Jrbn2g04AcuraTL.... Okay we're on the same page now! LOL!!! It's all good my man, no worries. So yea i'm definitely thinking about trading it in on something else. Because naturally since i'm in a lease, i already know what the value is that i'll be paying on when the lease is up and that'll take another 3 1/2 years min. in order for me to pay that off. So i'm thinking financially it'll be better if i get just get something newer and finance that. What do you think? I definitely agree with you when you asked me if i was going to trade it in, then i should think about getting a daily car.

So is there away that i can break out of the lease now, and get it financed NOW???

 

yes. You have the option to buy out your lease at any time. Just call acura and find out what the current buy out is, and thats what you pay (plus fees/taxes etc... of course!)