Can a car dealership not allow me to own my car after the 3 year lease?
I got a 2014 Honda acord and I would like to continue owning it after the 3 year lease. I know it's a option, but I'll have too many miles past the 30,000 and I'm wondering if they'll want to take the car back and make me pay for the miles I passed. I'm planning on wasting a lot of miles, because I visit my parents that are 80 miles away from me and I'll be doing boxing that's 60 miles away from me.
First, it's a lease, it's NOT actually your car. It belongs to the finance company. The deal is based on you doing a certain mileage, so they can plan the resale value of the used car that they will then sell to someone else. If you have done more miles, then the value is less, and they will charge you some extra fee to make up the difference.
Now depending on the fine print of the contract there may be options for you to buy the vehicle after the lease ends. But again if the vehicle has done more miles, they will want a larger payment to transfer the car over to you.
If your circumstances have changed, it may also be possible to contact the lease company and renegotiate the lease. You pay a little extra, and they allow more miles. If that's not possible, then you can make some regular payments into a separate bank account. Achieves the same thing, at the end of the contract you have a couple of thousand dollars to pay out the extra miles.
This is the down side of the lease deal. If you buy a car on HP, it's in your name (as long as you keep up the payments). If you do more miles on it, it's your problem, the bank doesn't care as they don't plan on getting the car back. In a lease deal the finance company DO plan on getting the car back, so they care about how many miles it does.
It is All written the contract you signed. You will have to read it all until you understand what you signed. We can read it for you.
Read your contract. Most leases have the option to purchase after the lease term expires. The selling price of the vehicle is the "residual value" stated in your contract. If you purchase the vehicle you should not have to pay the excess mileage fee or wear and tear charges. You will have to obtain financing for the vehicle--maintain your good credit!
Nascar is right on, carefully read your lease contract. Most lessors do not want the car back.
And the residual buyout price should not have any restrictions related to miles, car damage, worn tires, dents, etc.
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