I am currently leasing a 2008 altima with 24,000 miles allowed. I have completed 15months of the lease and I?

Question

am at 19,400 miles. I will be over by alot. I want to get out this lease and lease a new nissian. What are some options to get out of the lease. Nissian will charge me $.12 a mile. I have 9 more months to go. I need advice! HELP ME!

Answer 1

Options? Not many.

I'll be frank, I'd forget about trading it in now. One of the downfalls of leasing is the lower payment. Since you're only paying for the miles you're driving, you don't pay off the vehicle, and the balance owed will still be significant, especially since you've only been paying a little over a year. I can almost guarantee that you are upside-down. With negative equity (especially a large amount), it's very difficult to turn around and lease again. Banks won't overallow much (if at all) on a new lease.

Depending on the type of lease and the contract you signed, you might be able to purchase more miles up front. It's been awhile since I've been in the biz, but I'd check with the dealer on that. It's less $$ than being hit with $.12/mile if you turn it in with high mileage.

Or, drive that dude as little as possible for the next 9 months.

In all honesty, if you do try to lease again, don't do the 12,000/yr route. You obviously know that you drive more than that. Either buy more miles up front, or do a 15,000/yr and bite the bullet on a higher payment. To me, it sounds like you're just leasing to save on the payment, and are not actually a good candidate for it. However, I'll spare you the lecture.

Good luck!

Answer 2

With what you are currently driving (1294 miles a month) you are on target to be over by 7000 miles, which will cost you around $850.  It would actually be cheaper to keep it through the end of the lease.