Given the state of the economy, I’m seeing more and more car commercials offering incentives to sell their vehicles. These incentives can range from cash-back rewards to a certain number of months with no car payment if the customer loses their job.
There’s one offer that I would be especially interested in and wonder why it hasn’t already been proposed.
I leased my very first car two years ago and when I reviewed my contract, I noticed that I have to a pay about 15 cents per mile if I exceeded my 36,000 mile limit for three years. I asked what would happen if I return the car with less than 36,000 miles. Would I get paid 15 cents per mile that I don’t exceed?
The answer was no.
Why don’t car dealerships offer their customers, with the hopes of keeping them for another lease, money back or some sort of credit for not exceeding their mileage?
Am I crazy to think this?
Come on, girl! Just trade the lease over to someone else through LeaseTrader.com!
Ok in all seriousness, that would be really difficult for dealers to do because they aren’t the ones who technically own the car – so they’re very limited in what they can and can’t “forgive” on a lease deal. It’s the bank (where you pay your monthly payment to) that owns the car. And since the banks aren’t in a situation where they can relax certain very important details, like mileage, they’re not willing to cut you a deal in that area. Banks are taking a bath on resale prices (at the end of the lease) and the price would dip even further if the mileage was higher upon return. We’re helping people (in all kinds of mileage situations) trade their lease to someone else even if there are several more months remaining on the lease.
That makes sense. Thanks, John! I was just curious because I still have a year left in my lease and am 10,000 below my limit. I was wondering if I would be rewarded in some way for returned an almost brand new car.
Ahh. In that case (and understand that it doesn’t happen every time) you can possibly trade your lease through LeaseTrader.com and find someone else who will actually pay you extra for those unused miles. You can raise your price (by asking for more than what you are paying monthly) and sometimes people will accept your price because extra miles are such a premium for a lease. Call me if you want to know more about your options.