toki999

how does the over mileage calculate at the end of the lease?

also, is there anybody who knows how it's really done? like when you purchase or lease another MB, they let go of the mileage and stuff...i'm curious...

outie

I just started to lease too so I am not sure the exact details. This is what I found from the current summer event lease special based on 42mo lease, 12k a year:
Not sure if the extra fee can be paid off when you buy/lease a new vehicle.

Buellwinkle

Be prepared to take it in the shorts at the end of lease wether or not you exceed the mileage. They have gotten much pickier now that many leases are losing money for them. They have changed as to what's acceptable wear and tear and you should get a copy of their policy before leasing and certainly before turning it in. For example, door dings, chips, scratches, worn uphostery, mismatched tires, stained carpets that may have skated by a few years ago are limited now. You may be limited to 1 or 2 door dings per panel or maybe non at all. Tire/brake wear is also getting stickier, some want 1/4" of rubber, some want half tire life, half brake pad life left.

Then of couse there are turn in fees and excess mileage fees that are calculated based on what you signed for and some mileage fees escalate now where they get more expensive the larger the difference is. All that is spelled out in your contract, don't expect anyone here to be able to tell you what it is.

I know it's tempting to lease because of the low down payment and lower monthly payments but seriously, a lease ends up costing a lot more in the long run, your just delaying the pain. Also leases are where the finance guy makes his money because they are not bound by disclosure laws for financing so they can hide a lot where you can't see it until the ink dries.

SteveS

I agree with all of the points above. Up to 2002, I had leased for 20 years. I decided to purchase, as my driving habits were causing my mileage to be over the top for a normal lease.
The past three leases I had, I purchased additional mileage up front and a fraction of the cost if you are over. For instance, the over mileage charge would range from .16-.21 per mile over the contracted amount. Up front costs are about .04-.06 per mile, purchased in blocks of 1,000 miles. The good thing doing this is if you don't exceed the mileage, you get the unused portion back.

If you exceed the mileage, and you are either purchasing or leasing another MB, you have a better chance of them forgiving the overage.

I used to think, since I liked a new car every 3-4 years, and I could get so much more car for the same monthly payment, leasing was the way to go. In the past few years, leasing has come under fire by the feds. One of the tricks leasing agents used to use was to place a too high risdual on the car, making the payments a lot less. When a car is turned in after the lease, the leasing company sends it through the auction process, which is where they are losing money.

Leasing used to have benefits for self-employed and for businesses, but for the consumer, it was a way to drive a car that you really could not afford otherwise, and the dealerships love them. One of the line items you will never see on a leasing agreement is the price that the lease is based on. There are tons of hidden fees, and most times, the no matter what the dealership tells you, the lease is based on the sticker price of the car. By monkeying around with residuals, low mileage qotes, rebates, and add backs, they can get the price down to where your pocket doesn't hurt so much.

My rule now is, if I can't afford to buy it, I don't need it.

Maturity sucks.

Mark08859

Buellwinle is correct in his statements regarding lease returns. However, except for the most flagrant violations, most dealers will forgive all if you lease or buy something from them at that time.

ffejalink

I leased an 01 Accord and ended up purchasing it before the lease ran out due to excess mileage. My lease allowed 36k, and the car was close to 60k when I bought it 2 mos. before the lease matured. Calculating over mileage charges at $0.15/mi. it was roughly $3500 just in mileage charges. If you can afford to purchase the car before the lease ends, and you don't want to lease another vehicle from the same dealer, I'd buy it.

This is the reason I chose to purchase my C instead of leasing it. It's almost 1 year old and it approaching 22,000 on the clock

toki999

seems like i have no other option then

1. pay the overage and regret that i drove around too much
2. buy or lease the another MB, if HOI allows

thank you very much for all of your input.