[kunzjob]

So,
My girlfriend is way over the miles on her lease. She signed up for the lease back when she had a 5 mile commute, then it's escalated into a ton of traveling for work. I haven't been aware of everything until recently as the lease is expiring in a couple months. I'm looking for advice on what she should do- buy it, just eat it and pay the over mileage fees, trade it in elsewhere. Does anyone have any contacts at Lexus that could help us out? The details:
2014 Lexus RX 350 AWD w/ Nav. Comfort. Premium
3yr/ 30k miles and we will probably end up at 60k miles.
Residual is around 31-32k
Trade in value (KBB and Edmunds) is around 22-23k
Located in Queens, NY
Yes, I know she shouldn't have leased a car, shouldn't have gotten so few miles, etc... but that's what she did, so here we are in a shitty situation.

[dgoldenz]

Sell it yourself and eat the loss. Or buy it.

[fkim119]

Got to buy it.

Even getting some help on the mileage, it's going to expensive. I would buy it. Drive it for another 2-3 years.

[Animal Farm]

Originally Posted by kunzjob

So,
My girlfriend is way over the miles on her lease. She signed up for the lease back when she had a 5 mile commute, then it's escalated into a ton of traveling for work. I haven't been aware of everything until recently as the lease is expiring in a couple months. I'm looking for advice on what she should do- buy it, just eat it and pay the over mileage fees, trade it in elsewhere. Does anyone have any contacts at Lexus that could help us out? The details:
2014 Lexus RX 350 AWD w/ Nav. Comfort. Premium
3yr/ 30k miles and we will probably end up at 60k miles.
Residual is around 31-32k
Trade in value (KBB and Edmunds) is around 22-23k
Located in Queens, NY
Yes, I know she shouldn't have leased a car, shouldn't have gotten so few miles, etc... but that's what she did, so here we are in a shitty situation.

Tough situation - At this point you'll have to purchase it. The dealer will probably try to hold out on you because they know that the ball is in their court. All in all you'll fair better if you purchase it.

[MightyMouseTech]

Like others have said, no other reasonable choice than to buy out the lease. Although, if the vehicle is worth significantly less than the buyout, you may not be able to get a loan for the full amount. Banks usually don't like lending you more money than something is worth. You may have to pay cash.

What does your contract say about going over on the mileage? Rates are usually horrific.

[gtron]

Originally Posted by kunzjob

So,
My girlfriend is way over the miles on her lease. She signed up for the lease back when she had a 5 mile commute, then it's escalated into a ton of traveling for work. I haven't been aware of everything until recently as the lease is expiring in a couple months. I'm looking for advice on what she should do- buy it, just eat it and pay the over mileage fees, trade it in elsewhere. Does anyone have any contacts at Lexus that could help us out? The details:
2014 Lexus RX 350 AWD w/ Nav. Comfort. Premium
3yr/ 30k miles and we will probably end up at 60k miles.
Residual is around 31-32k
Trade in value (KBB and Edmunds) is around 22-23k
Located in Queens, NY
Yes, I know she shouldn't have leased a car, shouldn't have gotten so few miles, etc... but that's what she did, so here we are in a shitty situation.

I think Lexus is only $0.15 per mile, max $0.25. I've never gone over but if you call LFS and ask how much it is to buy more miles and you can get it sorted pretty quick. Even at 30,000 extra miles you're only going to pay $4,500 to $7,500.

Alternatively, you can try to sell it on CL to minimize the loss but I think buying the miles might be cheaper in your case.

[RickFLM4]

See what the dealer can do for you if she gets a new Lexus. They might be able to forgive some of it if done at same time as getting a new car (assuming that's an option financially). Worth a shot. If they can't do much, just buy and drive it past 100k miles as others suggested.

[BEM-S4]

At least w BMW dealer can buy the car for wholesale from BMW within 120 days of end of lease. They can then resell to you but probably not to GF. They typically don't like selling to same exact person at least BMW thinks that's pretty fishy. Worth asking Lexus dealer.

In your situation dealer could buy from Lexus closer to $20k then sell to you for something you agree on beforehand. Would save you $10k roughly.

[zer0cool]

KBB and Edmunds trade-in values are pretty much always too high for premium cars. Doubt you ll get the KBB value given your very high mileage and the new RX generation. Really since you are 30k miles over, best financial choice would be to just buy the car and drive it for a few more years. Actually Lexus is the perfect car if she drives 20k miles per year since it ll be reliable over long term.

I mean why would she need a new car anyways? She drive a LOT of miles, so probably keep having a Lexus is the best idea.

[R N M]

Take a chance and roll it back as much as you can.....
In NYC thats not a problem.

[yousefnjr]

Get new girlfriend

[David70]

Originally Posted by gtron

I think Lexus is only $0.15 per mile, max $0.25. I've never gone over but if you call LFS and ask how much it is to buy more miles and you can get it sorted pretty quick. Even at 30,000 extra miles you're only going to pay $4,500 to $7,500.

Alternatively, you can try to sell it on CL to minimize the loss but I think buying the miles might be cheaper in your case.

Agree with above. You gave some details but didn't say what it will cost you by the contract to pay for the miles. Then as said above, call leasing company and try to buy more miles, then call the dealer and see what options he has for getting you into a new Lexus (can't imagine leasing again at 20k miles per year will make sense).

[b0bab0i]

See how much Carmax will offer you.

[Torgus]

1st slap her, if she is this careless I would be worried about a long term thing.

2nd Price out all of the options and go with the one that makes the most sense. If she likes the car she might as well buy it imo...

[Spinnetti]

Originally Posted by kunzjob

So,
My girlfriend is way over the miles on her lease. She signed up for the lease back when she had a 5 mile commute, then it's escalated into a ton of traveling for work. I haven't been aware of everything until recently as the lease is expiring in a couple months. I'm looking for advice on what she should do- buy it, just eat it and pay the over mileage fees, trade it in elsewhere. Does anyone have any contacts at Lexus that could help us out? The details:
2014 Lexus RX 350 AWD w/ Nav. Comfort. Premium
3yr/ 30k miles and we will probably end up at 60k miles.
Residual is around 31-32k
Trade in value (KBB and Edmunds) is around 22-23k
Located in Queens, NY
Yes, I know she shouldn't have leased a car, shouldn't have gotten so few miles, etc... but that's what she did, so here we are in a shitty situation.

I'd just buy it and drive it forever... should last a long time... What kind of help are you looking for/expecting? I can't imagine they'd let you off your contract "just because"..

[David70]

Originally Posted by kunzjob

So,
My girlfriend is way over the miles on her lease. She signed up for the lease back when she had a 5 mile commute, then it's escalated into a ton of traveling for work. I haven't been aware of everything until recently as the lease is expiring in a couple months. I'm looking for advice on what she should do- buy it, just eat it and pay the over mileage fees, trade it in elsewhere.

Originally Posted by Torgus

1st slap her, if she is this careless I would be worried about a long term thing.

After she got the lease and her life changed should she have done? He also never said she was careless or wasn't completely aware of the problem or even that she has any financial problem with any of it.

[Torgus]

Early termination of the lease + fees(if applicable i'm not sure they have them) should be better than paying 25 cents a mile at 30k miles.

$7,500

She is also liable for excess wear which they may find on the incoming inspection.

Or she could have parked it(drive it on the weekends or something) and bought a beater car for 3k and still make out better.

I guess my response sounded harsh but that is literally the equivalent of tossing a quarter out of your car every minute driving on the highway. I bet if she was doing that she would have stopped driving it and figured out a better solution. Oh BTW this is how they 'get you' with a lease. I would only consider one for a stay at home mom who has zero chance of going back to work during the lease period.



"For Lexus lease, I don't think there is any penalty imposed by Lexus Financial (I leased 6 Lexus before and only kept 2 to the end of the lease. All the other I terminated earlier than the term of the lease). You can call Lexus Financial to find out your payoff amount (the amount that you need to pay Lexus to terminate the lease) for this month (the amount change every month). And you can take your car to your dealer to see how much they offer your car (understand that dealer have access to your payoff number from Lexus Financial so they will offer you a price about 3-4K below your pay off number and you will have to make up the difference. They sort of figure that they have you by your throat at that point). If you go this route, dealer will take the car off your hand (plus your check) and pay off Lexus on your car. And you are free and clear. Alternatively, you can advertise the car and try to sell it at retail price... Sometime, you may even make money off the deal. But you will have to collect the money from the buyer and pay off Lexus... So that is more work on this route... by and large, Lexus seems to predict the residual of their lease pretty well and normally you won't be out too much money.. "

[kunzjob]

Thanks for the info. Seems like the general consensus is to buy it outright. Not a problem with that just thought I would see if there were any other ideas out there. I have only purchased my cars so this is all new to me.

Lexus charges .25 per mile over.

[David70]

Originally Posted by Torgus

Early termination of the lease + fees(if applicable i'm not sure they have them) should be better than paying 25 cents a mile at 30k miles.

$7,500

She is also liable for excess wear which they may find on the incoming inspection.

Or she could have parked it(drive it on the weekends or something) and bought a beater car for 3k and still make out better.

I guess my response sounded harsh but that is literally the equivalent of tossing a quarter out of your car every minute driving on the highway. I bet if she was doing that she would have stopped driving it and figured out a better solution. Oh BTW this is how they 'get you' with a lease. I would only consider one for a stay at home mom who has zero chance of going back to work during the lease period.



"For Lexus lease, I don't think there is any penalty imposed by Lexus Financial (I leased 6 Lexus before and only kept 2 to the end of the lease. All the other I terminated earlier than the term of the lease). You can call Lexus Financial to find out your payoff amount (the amount that you need to pay Lexus to terminate the lease) for this month (the amount change every month). And you can take your car to your dealer to see how much they offer your car (understand that dealer have access to your payoff number from Lexus Financial so they will offer you a price about 3-4K below your pay off number and you will have to make up the difference. They sort of figure that they have you by your throat at that point). If you go this route, dealer will take the car off your hand (plus your check) and pay off Lexus on your car. And you are free and clear. Alternatively, you can advertise the car and try to sell it at retail price... Sometime, you may even make money off the deal. But you will have to collect the money from the buyer and pay off Lexus... So that is more work on this route... by and large, Lexus seems to predict the residual of their lease pretty well and normally you won't be out too much money.. "

So she turns the car in at the end of year one, it cost her $5k, she goes out and gets another car, buys it, puts 40k miles on it and over the last two years it depreciates $2500. Net result is the same.

Or she parks the Lexus and drives a $3000 beater most of the time, insuring, parking and maintaining this car in NYC will cost close to the same and she drives a beater most of the time for the last two years.

If she bought (financed) a new Lexus and drove it 60k miles in three years she would have very close to the same financial issue as she is in with this lease that is over mileage. It isn't worth close to the residual because of how much she drove. This wouldn't change with the purchase either.

Problem comes when you want to lease or purchase any new luxury car, and want to drive it 20k miles a year. No matter what you do it will be expensive.

Also, he never said she wasn't aware of the problem or has a financial problem with it, just trying to figure out the best way out of it.

[zx10guy]

Originally Posted by R N M

Take a chance and roll it back as much as you can.....
In NYC thats not a problem.

[Torgus]

set the car on fire and be done with it.

[nick3753]

Originally Posted by Torgus

set the car on fire and be done with it.

This. Or just buyout.