Anyone know anything about auto leasing?
 

I leased my latest vehicle which turned out to be a bad idea because a new job forced me to drive more than I used to when I leased it. Now I am out of miles with 10 months to go on my lease.

My options as I figure it would be to pay the excess per mileage charge, or park the vehicle and pay on it for 10 months. I'm sure there are much better ideas than either of these. I'm thinking perhaps I could purchase the vehicle but would I get screwed since the lease is not up? Any ideas are appreciated. Thanks

NEVER LEASE! YOU ALWAYS LOSE. I have never leased, but everyone I know who has, always regrets it.

Add one more! :D

I guess I'm hoping someone has some advice on how to approach the dealer for a buyout or something.

We've leased before and your only option under your circumstances is going to be purchase the car. I am sure they didn't tell you when you leased it that you could buy "extra" miles as in you can pay more monthly for extra miles monthly. That way at the end of the lease you are not penalized. Leasing are only good for people who drive low miles monthly and want to turn the car in every couple of years. Have you googled the subject to find any tidbits that might be helpful?

There you have it rhertz. The Belle has spoken. I drive a ten year old truck and I went 5200 miles last year. It is very cheap to drive. GMC still rocking and rolling. The only way to beat those car people is to buy and drive it many years.

Thanks for the reply tbelle. If I understand you right, it may be an option to pay an extra $100 per month or whatever my extra miles cost (20 cents per mile as I recall) and then at the end I won't own anything (in theory) That might be my best option. and no I haven't googled it yet. good idea...

yeah, I got screwed over on a lease some years back.. got to the end of it.. then financed to buy it.. paid a @#$@#$@$ fortune for that car..

live and learn.

That would be correct.

It's really educating yourself about leasing and how it works and also how to approach the dealer. I leased my last 2 vehicles and my next 5 will be the same.

http://www.fightingchance.com/ this is where i started and it was the best $30 i spent. You have to know residual value and money rate. BMW has the best for this at least it did 2 yrs ago.

It can be a bit confusing but once you understand it you won't purchase another vehicle ever again.