C kL@Sse

do you lose money on a conversion like that?? any extra fee to convert lease to buy..and what was your reason..limited milages?? i also have a question for you people who lease.. if you go over the miles you signed for,how much extra would they charge you per mile??.. i heard anywhere from 15 cents to 25..??

c32-driver

Bought.

shtatc

I think in most cases, if you convert a lease to a purchase you will end up paying more for the car in the long run. However, in my case, since the interest rates were fairly high when I initially leased the car (before the post 9/11 interest rate wars), I am essentially paying the same amount. I think this is rare and I am lucky in that respect. I had a 4 year lease with 20000 miles per year. After 2 years, I had over 56000 miles. I think the penalty was 15 cents per mile for the first several thousand miles and then 25cents there after (sorry, dont have the exact mileage #'s). I think I would have ended up paying $5000-8000 dollars in overage miles if I turned the car in at the end of the 4 years. I could use that money to use to pay off part of the remainder of the car. I decided that I liked the car and I would buy it out outright anyways, so I did the conversion. I would recommmend that if you are planning to keep the car for a long time, then buy it. If you dont drive the car alot and maybe a 2nd car, then a lease would work. Also, if you can deduct the lease payments off your taxes due to a business expense. I was just not happy with the lease process in general. I dont think I would do it again.

Guest0001

Bump!