[masboy]

I leased my TSX on Augst 2003. When I started to lease it, I never thought I would have a job 40 miles from my home, that means I spend at least 80 miles/day for going to work. Now my mileage is 18K already, which is not looking good based on the leasing agreement ( max 12K / yr ).

I lease this car for 3 yrs, so the max mileage I could spend is 36K. Now...if everything going alright in my work place, I might spend a lot more than 36K by the end of the leasing period. That means I will definitely exceed the max mileage, and I should pay around 15cent / mileage.

After calculating the mileage, I might end up paying another $5K

Please, I need some advices how to avoid paying $5K for nothing. Is it possible to 'BUY' this car now ? Which means change the agreement paper stuff. Any advice would be appreciated!!!


Thanks a bunch !


Kenneth

 

[Acura604]

after expiration of your lease.. sell it privately for more than the buy out.

 

[masboy]

thanks for the quick reply, Acura604.

Can we sell it privately ? I thought we should come back to the dealer again by the end of the lease and they will do some check w/ the car ? no ?

 

[PWP_6MT]

thanks for the quick reply, Acura604.

Can we sell it privately ? I thought we should come back to the dealer again by the end of the lease and they will do some check w/ the car ? no ?

Not if you buy the car back. And the privately sell it for more than what you just paid the dealer 'cuz you'll have (hopefully) positive equity on the car. Comprends?

 

[larchmont]

Actually I don't see what "positive equity" has to do with it.

Mainly because I probably don't understand what it means.

Anyway......the question of whether it's a good idea to do the buyout and then sell it privately depends on one simple thing: Could you really sell it privately for more than the buyout figure?

And in this case, it sounds like the answer to that one is: Don't count on it.
Maybe you could, but I think probably not, and anyway it would be total speculation.
It isn't anything you could plan on, and it certainly isn't a way you could figure to recoup the potential loss you're talking about.

 

[Acura604]

i have leased 3 cars in the past..

1999 acura 1.6el.. buyout was $12000...sold it for $16000.

2002 acura RSX.. buyout was $13000... could have EASILY sold it for minimum $17000

and now..

2004 acura TSX.. buyout after lease term is $16000.. this car will EASILY hold it's value to sell for min $20000.

 

[larchmont]

After 3 years, and especially with 45,000 miles? No way.

 

[masboy]

hm that's interesting. Anyway, the buyout for my tsx is around 17K, but it looks like the mileage could be more than 40K by then.

 

[Acura604]

NOTE: am quoting in canadian dollars.

 

[larchmont]

NOTE: am quoting in canadian dollars.

OH!!! In that case, never mind!

My stuff was assuming you meant U.S.

masboy -- Are your figures CDN too?

 

[PWP_6MT]

Anyway......the question of whether it's a good idea to do the buyout and then sell it privately depends on one simple thing: Could you really sell it privately for more than the buyout figure?

Exactly.

If buyout is less than what you can sell privately, that's positive equity.

With Acuras, there's positive equity as early as after 20 months! :bowdown1:

 

[pocketkiller]

I leased my TSX on Augst 2003. When I started to lease it, I never thought I would have a job 40 miles from my home, that means I spend at least 80 miles/day for going to work. Now my mileage is 18K already, which is not looking good based on the leasing agreement ( max 12K / yr ).

I lease this car for 3 yrs, so the max mileage I could spend is 36K. Now...if everything going alright in my work place, I might spend a lot more than 36K by the end of the leasing period. That means I will definitely exceed the max mileage, and I should pay around 15cent / mileage.

After calculating the mileage, I might end up paying another $5K

Please, I need some advices how to avoid paying $5K for nothing. Is it possible to 'BUY' this car now ? Which means change the agreement paper stuff. Any advice would be appreciated!!!


Thanks a bunch !


Kenneth

NEW SUGGESTION
I'm not sure if this is completely possible but my parents did this in the past.

Terminate your lease early by purchasing a new car from the dealer. The only way you can get out of your lease is buy it out, or trade in your car, and lease or buy a new car from the same dealer...05s TSX sound pretty good?

 

[masboy]

OH!!! In that case, never mind!

My stuff was assuming you meant U.S.

masboy -- Are your figures CDN too?

ahh ...in Canada. Never mind. I'm in USA (Orange County, Calif)


pocketkiller : thanks for the idea, that will work. So..it should be a NEW car ?

 

[pocketkiller]

ahh ...in Canada. Never mind. I'm in USA (Orange County, Calif)


pocketkiller : thanks for the idea, that will work. So..it should be a NEW car ?

Hmmm, well I would think so, but I guess it is up to the dealer. Perhaps if the dealer also has a used car lot, and they will allow you to terminate the lease and purchase a used car then it would be OK too. It all depends on the dealership and what they will allow.