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Double jeopardy..... Posted by Mike Lynch [Email] ![]() ![]() In Reply to: Lease ? for M. Lynch, RobA, Thu, 19 Aug 2004 20:07:04 Members do not see ads below this line. - Help Keep This Site Online - Signup |
It's tough to make a rational financial argument for terminating a lease early. Essentially you owe the remiaing payments whether you keep the car or not. You can always take advantage of today's great incentives and roll the remaining lease payments into the next lease or purchase and see if the numbers make sense for you.
When you are over your alloted mileage allowance than you not only owe the payment, but the cents per mile charge for each additional mile. At your current rate you'll have an extra 10k miles after 36 months which will cost you 20 cents a mile or $2,000. Facing this $2k at the end of the lease versus rolling say 10 remaining payments times $300 or $3k now isn't such a bad proposition.
So if you're over you miles significantly, then you can make a much more rational financial case for early termination. It will still be $1k cheaper to keep the car through termination, but you will avoid any additional wear and tear replacement costs by rolling the extra $1k and trading out now.
posted by 63.197.222...
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