scorpionqueen

Hello Everyone,

I am new here. I have a 2012 TL Technology and when I leased the car, I was working close to home but I shortly thereafter got laid off..I had to take a job that was a little over 40 miles from my home each way, which added up to 80+ miles a day. Now I have acquired another job close to home and this one is long term but the issue is, I am already over the mileage on this car and I'm only halfway thru the lease. I know that I have the option to trade it in for another car and I know for a fact that I will take a big hit regardless. Should I dump this car now with 40,000 miles on it while it's still in good condition or should I wait until my lease is up? Either way, I know I'm going to take a loss but with the mileage being fairly low, I'm wondering if it would be better to get rid of it now. Since I don't have to travel far for work anymore, I am looking into leasing another car..The car is in great condition inside and out..Thanks..

potmilkz

few questions, what was your lease term agreement? how many years and how many miles?

do you have another car to drive? is the TL something you would consider buying?

scorpionqueen

My lease term is 36 months/10k miles/year, which was fine until I had to take that job that was far away from home.. I always planned to lease another Acura after this term was up but getting laid off in 2012 threw a monkey wrench in my plans, causing me to drive the car a lot more than I initially intended to when I first got it. I do not have another car to drive. The other car that we have is paid for but my husband drives that and he has to go farther than I do, so it would be pointless for us to swap...Thank you for responding!

potmilkz

ok so you are already over miles, is purchasing the car an option for you??

sometimes dealer will offer a early termination if you pick up another lease, go ahead and go back to the dealer you went to, specifically ask for the same guy you dealt with, tell him you want to get into a new car and that you have excessive miles on your current lease, let them know that you would sign again if they can help.. it never hurts to just ask.

potmilkz

on your contract, how much cents is it per mile if overmiles?

AntSauce

iTrader: (2)

There is such a thing called "Mileage Forgiveness" with Honda/Acura Financial Services. If you happen to get another Honda/Acura, there is a very big chance they will "forgive" the over-mileage. I'd call AFS and ask about it. Let them know the situation and they can help set it up.

(My wife recently did this so I know it works)

potmilkz

yup, there is that mileage forgiveness option, but sometimes when the miles get to excessive, they dont offer that.

go to the acura dealer, ask them you want to sign another lease but you want the excessive miles to be forgiven if you sign again, see what they say.. i suggest you do it asap so that you dont put anymore into it.. when is your lease ending?

AntSauce

iTrader: (2)

If the over-mileage is excessive, they will offer to forgive up to a certain amount. The goal is to get as many miles forgiven as possible, but definitely shoot for all of it. Hopefully they can forgive a big chunk. You'll probably end up paying 20 cents per mile (per contract) for the remainder of the miles. But definitely use the "What if I sign a new lease?" line.

scorpionqueen

Yes, I believe I have 7500 miles that can be forgiven if I go over..leaving me with a balance of about 2500 miles..from what the dealer that I bought the car from told me, they don't care about the miles if you trade your car in for another lease. They could have been lying to me just to sell the car to me though..My concern is that I'm still in the middle of the lease..it's not lease end..but just wondering if it would be better to get rid of the car before adding even more miles to it..I will weigh my options and report back. Thanks!

scorpionqueen

no, I do not want to purchase it..it has always been my intent to lease..

C8N

I have heard of people actually SELLING their leased car to private buyers and to dealers as well. Not sure how this exactly works but if the actual value of the car is higher than the lease buy out option, I heard people can make money this way.

http://www.city-data.com/forum/autom...lease-car.html

mondster

just trade it in a few months before the end of lease. this way the market value will be closer to your payoff. yes the over mileage does affect the value but not that much. by trading it in instead of returning a lease, you dont have to worry about excess miles. the good thing with acura is.that by the time your lease is almost up, trade in value and payoff are pretty even. i do this with all my cars. i only get 10k miles a year but average 14-15k. dont try this with euro cars though. lol

mondster

also try to compare your current pay off and current trade in value... this should give you an idea how much you will lose if you trade in now... take note that the closer you are to the end of the lease, the narrower the gap between the two becomes

usdmJON

I believe ALL Acura dealerships have the forgiveness plan IF you trade to a new Acura. Same for damages.

Same question as asked before... do you want or can you buy it?


Im in the same boat, not going over yet but I have the same contract. I plan on buying at the end which I was told waves a large portion if not all of the overage.

mondster

if you decide to buy the car, you are not supposed to be charged with the excess mileage at all. you dont even have to deal with the dealership u got the car from. you contact acurafinancial and tell them you will be purchasing it and whatever is the payoff then that is your purchase price plus ttl. you can finance it thru a credit union if you choose to.

salawrence

all you have to do is give them the money that they want for the buyout total and you are good. People never have to get a dealer to do the paperwork this is how the dealer gets more fees for bs..

amill

Just trade it in as you would a financed car. I never understood why this is such an issue for people. You can trade in a lease the same way as a car that is still financed. You have a payoff amount either way. Just cover your payoff and you're good to go.

scorpionqueen

I'm going to a dealership this weekend to see what happens... if I don't like the numbers I'll just wait another year or a little more... Basically from what I'm reading here, it's no different than trading in a upside down financed car... Payoff is $29k. I've seen cars like mine on sale for that much with the same mileage BUT I know they didn't give the owners that amount in trade in value... I'll will keep you all posted. Thanks!

gkon

You may want to PM Corey_Straker, he just started as an Acura Sales Consultant. He should be able to give you the skinny on all your options.

Cheers,

Nick

scorpionqueen

Will do .. thanks!

scorpionqueen

I went to an Acura dealer today..it turns out that they will only give me 22.5K for my car and the payoff is 29k. They admitted that the amount of negative equity should decrease the closer I get to lease end..so that is exactly what I'm going to do..wait..I just cannot fathom tacking on another $200-$250 onto another lease due to negative equity..I am not driving nearly as many miles right now so I think the situation will improve. Yes, I may still have negative equity closer to lease-end due to the mileage but I don't think it will be nearly as bad as it is now..Thanks everyone!

KeithL

Drive the car and enjoy it, if the mileage gets that bad, buy it and enjoy it. One thing to keep in mind is if you buy it now you will still be able to get "new" car rates (typical for 1-2 year old cars), at the end of a 3 year lease if you buy it you will be getting "used" car loan rates and it is also likely the interest rates will be higher than they are now.

usdmJON

Good info. Had no idea I could just contact acurafinancial. I would have gone to my dealer. Good looking out!