What do I do about my leased car situation?

So I signed a lease deal for two years with a limited mile max at 24,000 miles. It's been 7 months now since I leased my 2015 Honda Fit and I've hit 20,000 miles already, not thinking I would be driving this much! By the time my lease would be up I would have already driven around an upwards of 70,000 miles! The thing is I have a friend who has a friend that's a crook and can set back the miles to whatever I want to set it to. Now my problem is how would they figure out if I turned back the miles and if they were to what would be the consequences? I'm considering this option very heavily, but it looks like I don't have any other options because I don't want to buy this thing out! If I were to I would be stuck with it for a long time. Do I have any other options that can go over smoothly without costing me a fortune and having to keep this car?

Hi Apart from parking it up and not using for the next 17 months. That means you need to pay for excess mileage.

The finance company with which you are working has systems and mechanics to look at engine condition, and over all performance of the car to tell the milage. If they find that you have altered the odometer in ANY way, regardless of condition of car they might make you fully liable for the car meaning you would have to buy it. Because even when you are making payments on a car to buy it completely altering the odometer voids All warranties. Its probably the #1 way to demolish your credit and possibly face a ton of fines from the finance company, ultimately i would contact the financer, get your milage limit adjusted AND stop driving so much, 20,000 miles in 7 months is extreme. If it's for work I would see about having your employer either pay for the milage or give you a company vehicle. Whatever it is you might want to knock it down.

Not the sharpest tool in the shed are you?

Consider releasing for one year before the mileage gets at 24,000. But leasing makes no sense anyway so buy the car. You are paying monthly for the lease, 'aint you?

How did you accidently drive 3 time as much as you thought you would?

If you had any service done when the miles were higher, that might expose your deception.

Just buy the car at lease end, There's no extra charge for the miles when you do that. You had better start saving though because they might want a sizable down payment to finance.

Or you can just stop paying now, and they will repo it and garnish your wages. But you can get around that by quitting your job.

And who cares about 7 years of bad credit?

You always have a choice NOT to commit fraud due to your own foolishness. Can you AFFORD fines and possible jail time for conspiracy and fraud, bet you parents will be really proud to tell that to all their friends.

You bought a brand new vehicle have only had it 7-months and put almost 2-years worth of miles on it.

You most likely are way upside down on your loan at this point, so if you can refinance it will most likely require a substantial amount of money on your part to bring the loan value down to where a bank will accept it.

I did this years ago but I worked for a dealer and was in a equity position, your not.

The best thing you can do is keep making your payments for at least the next 2.5 to 3 years and hope you can trade out at that point.

The cheapest thing you can really do is plan to BUY OUT the lease, and convert the lease into a purchase. Once you purchase the vehicle, you can then sell it. Therefore, you don't have to keep it for a long time. However, it will still be a very expensive problem that you caused for yourself.

You have learned one major reason that leases rarely make sense for most private citizens. Other than that, a lease is really a fancy, over priced rental that rarely makes sense except to businesses, and executives with expense accounts, that don't drive a lot, and ability to write off the expenses on their taxes.

Planning to do something illegal, even though it is rarely even possible, is usually a very bad idea, form concept to execution of the plan. Something almost always trips you up. For one thing, you need to perform the rollback multiple times, not just at the end.

Each time you have service work done, there's a chance that it is recorded, and associated with your VIN number. Especially if anything is done at a quick lube shop for oil changes, tire purchases, brake service, or anything has a warranty and is sent in by the mechanic. All of these things may trigger updates into databases, and leave a paper trail attached to the vehicle.

Unless you do your own maintenance, and don't participate in warranties, customer rewards programs, make purchases with CASH, not credit, you run the risk of getting caught with your deception.

You can't really turn back the speedo on modern vehicles. If you managed to do It would be fraud.