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I am over the milage on my lease and have 9000$ buyout - do I have any other options?
I have a 05 malibu and am way over the milage - lease expires in Nov. As I see it I can either buy the car for 9000$ or pay more than that for the over milage penalty. Does anybody know if I have other options?
Public Comments
- buy it, sell it, and never drive a chevy again.
- take the car to Mexico...and abandon it...........tell your insurance co.you visited Mexico...and it was stolen...believe me...any abandon car on the streets of Mexico....wont be there long.....chances are no one will ever find it....
- You can sell the car or trade it in at a dealership. These are probably the best options. The other option would be to work out a deal with your lender. The lender calculates a residual value at lease inception - the amount they expected the car to be worth at the end of the lease. The mileage penalties are in place to get you to pay the additional depreciation caused by excessive miles. See if the lender would allow you to pay the difference between what it is worth now with the extra miles and the residual value on the contract. That is really the purpose of mileage anyway...
- If you are looking for a new chev, they have a deal right now. There is a 6-month lease "pull ahead". They ay up to $2500 in remaining lease payments. You need to purchase or lease a new GM vehicle to qualify. Whatever that mileage penalty is can be either paid in cash, or rolled into the next purchase. How far over are you? And what is the per-mile penalty>
- If you pay the $9K to purchase the vehicle, at least you'll have something to show for your money. Some lease companies will negotiate the lease-end purchase price, and others will not. Get a used-car loan to make the purchase but make sure first that a bank or loan company will loan your the entire amount you need. With a lot of miles on the car, they might not be willing to finance the entire amount. In a normal situation, you could use a company such as Swapalease.com to find someone to take over your lease, but nobody wants to take over a lease that is already way over allowed mileage.
