Excess mileage on lease - what are my options?

[Amberite]

I have a G37S AWD which has the lease ending in September. Right now, I'm 2,000 miles over and by the time I hand the car in, I expect I'll be at 10,000 miles over. Basically, I switched to a different job a year ago which has me commuting much farther than before.

I called up Infiniti Financial and they basically told me that they can't do anything and that I'll be on the hook for $0.25/mile for each mile I go over. I'm a little shocked. In the past, I've leased BMWs and if I ever went over mileage, they would work with me to either add additional miles to the contract (and my monthly payments would be slightly higher), or they would negotiate a lower rate (I usually ended up paying $0.10/mile).

I find Infiniti's refusal to assist in any way very unprofessional. $0.25/mile is pure price-gouging, and I don't understand how they expect anyone to plan for things like switching jobs when you are signing a 39-month contract.

Does anyone have any advice or possible alternative strategies that I can use to get around this? They offered me the option to terminate the lease early, but it's a pretty bad option as they still want the 6 remaining payments, PLUS a $450 early termination fee. What a great offer ...

[telcoman]

I
Does anyone have any advice or possible alternative strategies.... ...

Never lease

A contract is a contract

=...... In the past, I've leased BMWs and if I ever went over mileage, they would work with me to either add additional miles to the contract (and my monthly payments would be slightly higher), or they would negotiate a lower rate (I usually ended up paying $0.10/mile).
.

Shop BMW to see what they will do for you.

I put 171796 miles on my 06 G35 and currently have 57k miles on my 2012 G35S

I've never leased a vehicle and never will

Good luck

Telcoman

[audtatious]

You should be able to purchase the vehicle off-lease. I did that with the only vehicle I ever leased as I had 20k miles over the contract and it was much cheaper. While it would be nice if they would possibly work with you they are not contractually required to. They didn't force you to go over the limited mileage and you did agree to the price.

[Thinc2]

Unless you plan to get another Infiniti. In which case go to the dealer and negotiate away your excess mileage. They will do this in order to get you into another new car lease.

[Starter]

Unless you plan to get another Infiniti. In which case go to the dealer and negotiate away your excess mileage. They will do this in order to get you into another new car lease.

The problem with this solution is that you'll be right back where you started married to a lease. Leasing is the most economically foolish way to get into a car. The only exception to that is if you are in a profession which would allow you to write the lease cost off on taxes.

If you can't afford to buy the car in the first place then you can't afford the car.

[telcoman]

Unless you plan to get another Infiniti. In which case go to the dealer and negotiate away your excess mileage. They will do this in order to get you into another new car lease.

The problem with this solution is that you'll be right back where you started married to a lease. Leasing is the most economically foolish way to get into a car. The only exception to that is if you are in a profession which would allow you to write the lease cost off on taxes.

If you can't afford to buy the car in the first place then you can't afford the car.

Agreed!

You said it best!

If you can't afford to purchase outright and pay it off within three years you should be looking for cheaper wheels

Telcoman

[Thinc2]

Unless you plan to get another Infiniti. In which case go to the dealer and negotiate away your excess mileage. They will do this in order to get you into another new car lease.

The problem with this solution is that you'll be right back where you started married to a lease. Leasing is the most economically foolish way to get into a car. The only exception to that is if you are in a profession which would allow you to write the lease cost off on taxes.

If you can't afford to buy the car in the first place then you can't afford the car.

I disagree. I just got my first lease. I had the money to pay the car outright. BUt in doing the math, it only costs me an extra $2K to lease for the first 39 months compared to an outright cash purchase. I won't exceed the mileage in any case as I ride my motorcycle.

So that $2K protects me with gap insurance in case I get in a serious accident and the car depreciates due to for example air bags deploying. And it gives me the opportunity to upgrade to a more modern car after 3 years. With the pace of change in electronics etc, cars will go out of date more quickly than they did 10 years ago, so that's a nice option to have. I may decide to go to a Tesla in a couple of years, or some other electric alternative if the costs come down a bit. The new P70D is pretty nice.

If after 39 months I want to keep the car, that flexibility has only cost me $2K. Seems reasonable.

[Starter]

I disagree. I just got my first lease. I had the money to pay the car outright. BUt in doing the math, it only costs me an extra $2K to lease for the first 39 months compared to an outright cash purchase. I won't exceed the mileage in any case as I ride my motorcycle.

So that $2K protects me with gap insurance in case I get in a serious accident and the car depreciates due to for example air bags deploying. And it gives me the opportunity to upgrade to a more modern car after 3 years. With the pace of change in electronics etc, cars will go out of date more quickly than they did 10 years ago, so that's a nice option to have. I may decide to go to a Tesla in a couple of years, or some other electric alternative if the costs come down a bit. The new P70D is pretty nice.

If after 39 months I want to keep the car, that flexibility has only cost me $2K. Seems reasonable.

You clearly have only thought it through to get to the result you wish it to be. You're looking at one lease term and not the long run.

Do the math again figuring you'll keep the car eight to ten years vs getting a new leased vehicle at least three times during that same period. Automotive technology doesn't change that fast. And electric cars are still several generations from being practical for the average driver unless you never go no more than 100 miles (less in the winter) on any given day.

You say you have the money to buy the car. That money is earning you a pittance in today's market unless it's not very liquid. Instead you'll pay a hefty finance charge (which is wrapped into the cost of each lease) so you'll essentially pay finance charges for the entire supposed ten years. Every car depreciates significantly as soon as you leave the dealer whether purchased or leased. So, again, you'll take that lump of depreciation (wrapped into the cost of the lease) three times.

Tell me again how a lease is better?

[Thinc2]

Because I don't plan to keep the car for 8-10 years. I plan to keep it for 3 years because then i will want a new car. At that time it's possible I will purchase. And living in WA I would have to pay 10% sales tax on the cost of the entire car if I purchase, while if I lease, I only pay on the portion of the car I use.

Agree that just constantly leasing one car after another is not a great plan unless you just like to upgrade constantly - which is fine for some people.

So it works for me.

[Beancooker]

I'm in the same boat as Thinc2. I can afford the car, however the longest I have ever kept a car is 27 months. I always see something newer, faster, or with more creature comforts that I would prefer to have. Knowing that in 39 months, I can hand over the keys and walk away, makes sense for me. In 39 months I'll be damn sick and tired of this car and itching for something new. The fact I drive about 6k miles a year helps the lease situation also.

[Starter]

Doesn't help your financial situation at all though. The money thrown away on a new car every couple years is money which could have been invested for your long term satisfaction. Find a car you really like and keep it for a while, you'll be much better off over the long run.

[Beancooker]

Doesn't help your financial situation at all though. The money thrown away on a new car every couple years is money which could have been invested for your long term satisfaction. Find a car you really like and keep it for a while, you'll be much better off over the long run.

That unicorn doesn't exist. There is no car made that I will want to keep "long term". Possibly a 2015 M3, but $90k is not an amount I would be willing to spend on a car.

One thing this has given me, is a long term review of many different cars.