I Leased EXCESS MILES - WHat to do?

Hello Leafmates,

I am in a strange predicament and need your help figuring this out. Appreciate any help.

I leased a new 2013 Leaf SV (color Blue Ocean) with LED & QC Package on 9/13/14 for 36 month period. I put 1500 down and 500 Trade-IN and I pay 315.17 per month for a 15000 miles/year lease. I'm located in Saint Louis, MO.

One paperwork (called Vehicle Buyers Order) reads MSRP: 34570 REBATE: 7500 Vehicle Selling Price: 32601 Adm Fee: 195 TOTAL: 32796 Deduct Trade-In : 500 Cash Price = 32296 Less MFG Rebate 7500 Plus Taxes/Fees 233.88 EQUALS 25029.88 Total DOWN 1500 Balance on Delivery 23529.88

Another paperwork has same numbers except at the bottom says Financing 12998.58 and Total Settlement 20846.12

I'm not quite understanding what is the money I need to pay if I choose to purchase at the end of the lease period.


BUT my dilemma is elsewhere. Due to change in my work (i now telecommute) I am not using the miles as I had anticipated. At midway lease point I'm at 11600 miles. At the current rate I'm not seeing usage over 25K at the end of lease 36 month. That is 20K excess mileage.

I totally love my car. But I'm not sure what options do I have to minimize my losses. I would hate to give back excess miles to dealer. Appreciate any help.

Thanks.


Bluleaf owner

LSVRTH said:

I totally love my car. But I'm not sure what options do I have to minimize my losses. I would hate to give back excess miles to dealer. Appreciate any help.

Thanks.


Bluleaf owner

Click to expand...

I'm giving my car back with 17,000 miles on the odometer on a 36,000-mile lease. That's just the way it goes. I just feel lucky I don't own it and am trying to sell it, given the current, very low, resale price.


As for your purchase price, if you decide to buy your car at the end of the lease, it looks like it's your "settlement" price, plus tax, although most lease contracts refer it it as the "residual". My residual, on my 3yr/36,000mile lease is a little over $17,000.

Additional information from the NMAC website:

Residual Value: 14519.40

Clicking on the i I get:
Residual Amount
The projected market value of the vehicle at the end of the lease term. This amount is fixed (will not change) and is used to determine your monthly lease payment.

IS this the amount I pay if I decide to buy at the end of lease? TOTALLY CONFUSED


In retrospect was this a good deal or what?

$14,519.40 does look like a more typical residual value for a 2013.

On the same NMAC web site you can always get an immediate calculation on your payoff quote. It's under the "Statements" tab, then "View Payoff Quote" tab. As you get closer and closer to your maturity date, the payoff quote should get closer and closer to your residual amount.

LSVRTH said:

...Due to change in my work (i now telecommute) I am not using the miles as I had anticipated. At midway lease point I'm at 11600 miles. At the current rate I'm not seeing usage over 25K at the end of lease 36 month. That is 20K excess mileage.

I totally love my car. But I'm not sure what options do I have to minimize my losses. I would hate to give back excess miles to dealer.

Click to expand...

That's just the way it goes. The miles aren't a tangible commodity that you're "giving back". That's sort of like saying I gave back my last lease with the interior "not worn enough". As it is I used about 25,000 miles on a 3-year lease of 15,000 miles per year. Oh well. I miscalculated and paid more than I should have. On the other hand I didn't have any excess mileage charges.

The only way to lessen the "waste" was to use the LEAF as much as possible, to minimize wear and tear on our other vehicle that was already paid for. I decided to go for 12000/yr lease on the 2015, which is still more than enough given our use over the last 3 years. Should my circumstances change, it's conceivable that could turn out to be too little. That's just the way it goes.

Yup, that's just the way that goes. I had a 2 yr, 15k/yr, lease and it went back with 22k. Thought I would drive it more. Might have, but had no QC for the first year, not much L2 and only a 3.3 OBC. Won't have any problem using up the 12k/yr on the '15.

Your only recourse is to drive it more often. Enjoy it. You've got miles to burn. Go somewhere.

My 2011"Leaf has 9700 miles and goes back in 2 months. Bought for my 85 year old dad but does not justify keeping it and may not reach 10k miles. No big deal as I am taking his license once he turns the car in. At 88 years old, I don't want him driving anymore and will do all his errands.

Ian B

All good answers... too bad we can't set up a pre-return market for leasers to buy and sell various "items", as though they were ZEV credits (hey!).

• Joe: "I've got 10,000 unused miles but a badly stained interior. Anyone?"
  
  Joan: "Perfect! I'm over my mileage by 5,000 but my interior is spotless... Even trade?"
  
  Jordan: "Can anyone take a few of these scratches off of my hands? ... ... Damn, I knew it!"
  

LOL