Nervous about giving back car on lease?

Question

I have to give my Jeep Compass lease back in 2010 but it already has a scratch on the side, and a burn mark on the tire rim, don't ask. Plus the oxygen sensor may need replacing. I may go over my mileage due to me changing jobs and having to travel further now. How much could they possibly charge you for the jeep's depreciation when you bring the lease back? Hopefully not over $4000 or anything. If that's the case should I just buyout!? Any experiences, anybody?

Answer 1

Leasing is the way to go even when you drive many miles. The simplest explanation is that you are only paying for the portion of the vehicle that you are using example: you put an extra 20,000 miles on it @ .15 pr.mi = $3,000.00 extra. If you were buying a vehicle and it had 56,000 miles on it instead if 36,000 miles, don't you think it could be worth less money? The same principal applies for EXCESS damages, wear and tear. And when you turn it in you don't have to worry about negative equity, and if there is equity you get to keep it. You get the best of both worlds, more options for you and a shorter term, usually 36-mos. versus 72-mos. (If you're confident you'll have extra miles to pay for, just save up for it. Don't renegotiate the lease to cover miles)

Answer 2

the scratch and mark on rim shouldn't be a big deal since the car will go through natural abuse so the dealers know all cars that age will have some dings and scratches. they won't charge you for the little booboo. The dealer should change the o2 sensor w/out any problem because all car parts wear out and needs to be change. nothing you did to mess that up so you're cool on that. I would worry about the over mileage since they charge like $0.10-$0.15 per overage and it can add up REALLY quickly so watch that. I would buy the car out if it cheaper than paying for the overages.

Answer 3

Call up the leasing company and explain that you have a new position which requires additional kilometers. Ask them to redesign the lease for you to accommodate the excess mileage. Some leasing companies will comply. In reference to the dings and scratches, each leasing company has a degree of tolerance, ie: dings no bigger than a quarter and a scratch no bigger than 3 inches. The leasing company will give you the parameters involved. Good Luck

Hope this helps

Cheers