Lease and Mileage Mistake. What to do?

BoatALot · October 13, 2017

So, I leased a 2015 Silverado. I have 17 months left and only 6000 miles remaining on the lease. I figure I'll be about 10,000 miles over at lease end. Stupid decision I know.

I know I could buy it out at lease's end, which would be $24,000 residual buyout. But it probably won't be worth that either, so I'm looking at probably just paying the over mileage fee at lease end and buying a different vehicle.

Anyone have a situation like this? Work out any good deals with dealers for early pull ahead type program? How's the demand for returned Silverado's right now?

Rat55Chevy · October 13, 2017

Give your sales guy a heads-up. You could be offered a pull ahead, there are great deals right now. At worst run it down to the end and see what he can do for you. They typically will “eat” 2-3 months if you lease another from them.

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Bikemobile · October 13, 2017

More specs on your truck would help.

But, unless you hate your truck or need something else you could buy the truck you have had since new and hopefully took good care of.

Kbb says a 2015 lt 4x4 DC with 40m miles is worth 23-26k in only "good" condition. So you might be really close to equitable in a truck you know the history on.

Or buy / lease another vehicle from the same dealer or even the same salesman. Hope to get the overage excused or rolled into a newer vehicle. You will be upside down longer on the next vehicle but if its a vehicle you are more happy with then you will be ahead.

I have a friend who leased a car and went way over the miles he was supposed to. Worked out a deal to buy a newer car and split the overage with the dealer. Car got rear-ended and totaled the next day and the miles suddenly were not a problem anymore. Shit happens. I'm obviously not saying get the truck totaled.

Leasing can really suck if you cant keep the miles down.

MR. DRAG SLEDDER · October 13, 2017

It is going to be $2,500 so I don't think that is enough to keep you up at night. Just a good lesson learned. I always go with 15,000/yr

Back in a Bowtie · October 13, 2017

leasing right now for $199 per. Look at trading in early, no reason a dealer can't make it happen.

paratrooper34 · October 13, 2017

If you don't want to keep the truck, trade it in before the lease is up. You can trade it in for another leased vehicle or outright purchase and the mileage will be moot. If you wait until just before the lease is up, it should have some equity on it that you can roll into the down payment. I have done this before and they didn't care about the mileage at all. The only time they will care about the mileage is if you let the lease go to the full term and turn it in. Good luck.

BoatALot · October 13, 2017

Great tips, thanks guys. Also, has anyone shopped other Chevy dealers to see if they had offers?

aseibel · October 13, 2017

1 hour ago, BoatALot said:

I know I could buy it out at lease's end, which would be $24,000 residual buyout. But it probably won't be worth that either

I just drove through a used car lot yesterday and saw a 2014 LT Crew cab they were listing for 31,000. Don't underestimate the value of a 3 year old truck. have you ever looked at what dealers are asking for them?

I personally would just buy it. You know how you treated it. - unless you abused it because it was a lease, then dump it.

BoatALot · October 13, 2017

Good point about buying it. Now here's a question...

Does it make more sense to buy it now or buy it at lease end? It's through GMAC, so I would assume I'd just pay remaining lease payments plus residual? Not sure...

paratrooper34 · October 13, 2017

1 hour ago, BoatALot said:

Good point about buying it. Now here's a question...

Does it make more sense to buy it now or buy it at lease end? It's through GMAC, so I would assume I'd just pay remaining lease payments plus residual? Not sure...

I traded in two leased vehicles to purchase another. Both were done before the lease term was over and I did not have to pay for remaining lease payments. One I traded in after two years and there was no equity built up, so it was a wash; I did not owe remaining lease payments but it had no equity built up. The other I waited until two months before the term was up and had some equity in it that I applied to the down payment. I would wait until the lease is close to finish to get maximum amount of equity. Even though it is a lease, the contract can still build equity when applied against the value of the vehicle. That's my two cents.

Sierra 5.3 · October 13, 2017

1 hour ago, BoatALot said:

Good point about buying it. Now here's a question...

Does it make more sense to buy it now or buy it at lease end? It's through GMAC, so I would assume I'd just pay remaining lease payments plus residual? Not sure...

If you have made up your mind on buying it before the term is up, why not just go ahead and do it now? Why wait? Doesn't make sense to me to wait. I don't think you gain anything by waiting for the lease term to be over.

JerryCanada · October 13, 2017

4 hours ago, BoatALot said:

Good point about buying it. Now here's a question...

Does it make more sense to buy it now or buy it at lease end? It's through GMAC, so I would assume I'd just pay remaining lease payments plus residual? Not sure...

If the lease interest is lower that what the loan would be, finish the lease then buy it to save paying interest.