Maybe this is not the correct place to ask about it. But I couldnt find nothing better....

I have a leased jeep cherokee latitude 2015.
I still need to be on the lease term for 15 months and I am doing btw 1,5 and 2k miles month.

I have my contract for 45k miles and I already have 40. So maybe in 2 months I will overpass the total mileage allowed.
On my contract I need to pay 20 per over mile.

What are my options?
1. Buy an old car and leave this one just to use in the weekends.
2. Continue with this car and pay the amount in the end or maybe they will "forgive" my over mileage if I lease a new one in the end of this agreement?
3. Give this car back to jeep and pay fine about early termination.

Anyone with some experience about that?

 

Why did you buy a car on lease when you drive so much?

You have a couple of other options, You can

1) try to sell the car, and pay off the lease/car. My brother did this and finding a buyer was a pain, but he was able to do it.

2) call the dealer and seeing about buying the car early, and then get a loan to pay for it.



As somebody who drive A LOT of miles myself, I highly recommend getting familiar with cars in the $2-3k range, since I can typically buy a car for that price, drive it for a year -18months, maybe I have to put cheap tires and brakes on it. then sell it for what I paid for it, and sometimes I even make money. I have found in my area I have been able to pick up olds aleros with around 100k miles, for under 3 grand with working A/C and they have been very reliable.

 

I hear the penalties are steep. I'd want to know they were going to help me out with a new lease at the end rather than hoping. Call them up. Depending on your area and mechanic skills, Id go the cheap route and make this your weekend rider. I imagine the Craigslist deals will be cheaper than the overage penalties.

 

Why did you buy a car on lease when you drive so much?

You have a couple of other options, You can

1) try to sell the car, and pay off the lease/car. My brother did this and finding a buyer was a pain, but he was able to do it.

2) call the dealer and seeing about buying the car early, and then get a loan to pay for it.



As somebody who drive A LOT of miles myself, I highly recommend getting familiar with cars in the $2-3k range, since I can typically buy a car for that price, drive it for a year -18months, maybe I have to put cheap tires and brakes on it. then sell it for what I paid for it, and sometimes I even make money. I have found in my area I have been able to pick up olds aleros with around 100k miles, for under 3 grand with working A/C and they have been very reliable.

 

I would suggest calling the lender who is financing the lease and obtain a customer payoff. Then go to your own lender and finance that amount, or portion of along with a down payment, to buy out the lease. The whole reason there is a mileage penalty is the fact you are depreciating the vehicle faster because of more miles than anticipated. You can also wait till the end of the lease and exercise your purchase option, as the lease company will not care how many miles are on the vehicle as you are buying it. Either way, you will end up an owner, the first way just shortens the total time of ownership..

 

look, man.... the answer is raccoons.

raccoon urine destroys anything it touches...

the hard part is luring them into the vehicle, but it can be done if you have access to really smart dogs.

once they've been hydrated and relieved themselves- launching, er..uh... getting them out is easy. then you are seven digits away from an insurance claim...

raccoons are always your best answer.... nobody questions animals, especially raccoons. they intimidate. they're fast... really, really, fast.

 

LOL

Fire is also an option, but I would assume that the fire chief is better at investigating arson than I am at being an arsonist...

You could also try this? Just don't kick he car while its on jackstands

 

This.

I'm sure you probably didn't come here for financial advice, but leasing a vehicle is one of the worst financial decisions you could make. You're paying all that money on monthly payments, for a vehicle you'll never own in the end. If you DO decide to purchase the vehicle, the payoff amount is higher than the value of the vehicle. This is by design so that you end up loosing out in the end ON PURPOSE. You really think your leaser is looking out for your interests when you sign on the dotted line? No, they're seeing dollar signs. Forgive your overage? No, they're not going to forgive your overage, the didn't make any money on the initial sale of your vehicle, so they're going to cash out when the lease is up... by keeping the vehicle, charging you for mileage, and charging you for every hairline scratch in the paint as well as for any service you DIDN'T perform while you owned it.

For more info on car leases, see:

http://www.daveramsey.com/askdave/posts/10367

http://www.daveramsey.com/askdave/posts/123854

and why buying used is better....

http://www.daveramsey.com/blog/saying-no-to-new-cars/

 

Yeah your kinda screwed paying for it either way in the end.How far do you drive a day and why do you drive that far.

 

Raccoons has been the only logical answer so far. My financial advisor agrees with that option too.

 

with those kind of miles I'm guessing he either has a) the longest commute in the world, b) is delivering packages for amazon, or c) doing ride share for uber or lyft or the like.

 

If you need a raccoon i have a pet one you can borrow for a price....

 

C'mon guys, enough with the racoon stuff. Stop trollin', the guy's asking for real advice here.

 

Can he afford to buy a beater and insurance on that also,Or how much is it to end the lease early or how much will all the extra miles cost him as of now.

 

Depends on what's written in the lease contract. Every lender is different. Whole thing is, these jackholes get away with charging whatever they want because you're essentially "renting" the car long-term. So the goverment's truth-in-lending act doesn't apply because it's not "technically" a loan to purchase goods.