It sucks.

and believe me I understand. None of my personally leased cars have ever been returned anywhere near the allotted allowance of miles.

Actually, come to think of it, what the hell was I even thinking contracting the lease for only 12k miles/year?!

Its really the most common issues I hear about in this business, before and after a sale.

The fact of the matter is, there really isn't a whole lot that can be done. But guess what?

ITS NOT AS BAD AS IT SEEMS

Most of the time we get into these situations because the payment is always so much more attractive on the 10k option, and the salesperson rushing you and reassuring you that he'll "pull you out of your lease early" probably doesn't even work at that Boston dealership anymore and probably started selling houses now.

With that being said, what do you do?

Obviously, you usually go over your lease miles when its almost time to turn in the car? (Almost does not mean during the first year).

With this issue in mind,

  1. waiting until the very last month or two before turning in the car is NEVER a good idea.

  2. waiting around for an "even more amazing" lease deal in the newspaper is NEVER a good idea.

  3. waiting for your salesperson or dealership to contact you about "pulling you out" of your lease early is NEVER a good idea.

What I would do?

Assuming you're going to need another car after your current lease is done, I would probably go out there and shop.

Keep in mind the following as your total liability:

  1. What is the sum of the lease payments you have left?

  2. How many cents does your brand charge per mile over? (BMW is usually $0.20, Mercedes $0.25, Honda a whopping $0.10, Toyota $0.15)

Add up all these numbers together (WHILE TAKING A DEEP BREATH) and they will tell you how much you will owe at lease end. 

My advice? Either contact me to see what other ways/discounts/credits are out there to maximize your next lease payment when factoring your liability, 

OR

Find another decent car as quickly as possible (or closer to when you'll be over your miles) and have this liability rolled into your next car lease or purchase.

Definitely,

DO NOT LEAVE IT FOR THE LAST MONTH!

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