Apr 22, 2019
11:53:09am
11:53:09am
Mileage is variable. If you contract at 15K per year, but are on pace
to drive 16K per year, you have 2 choices:
1) Start saving 25 cents per mile you expect to go over to pay the bill at the end or
2) Buyout the lease, which will eliminate all mileage penalties and excess wear. This can be risky because if you buyout a lease that you have gone far over miles on, it's book value will be less than the buyout amount, which will effect how a lender looks at the purchase. You may need to put money down when doing a loan on a lease buyout that you have far exceeded the miles you were allocated.
1) Start saving 25 cents per mile you expect to go over to pay the bill at the end or
2) Buyout the lease, which will eliminate all mileage penalties and excess wear. This can be risky because if you buyout a lease that you have gone far over miles on, it's book value will be less than the buyout amount, which will effect how a lender looks at the purchase. You may need to put money down when doing a loan on a lease buyout that you have far exceeded the miles you were allocated.
- Previous username
- Neg
- Bio page
- Negative Equity
- Joined
- Jul 26, 2009
- Last login
- Nov 27, 2024
- Total posts
- 11,149 (2,440 FO)
