Honda lease vehicle?
So I leased a brand new 2015 accord in January of 2015. I didn't have any credit at the time so my mom co-signed for me. The lease term was 36 months and I got 36,000 miles. The lease is not up until January 2018 but I have to turn the car in early because I'm at 35,650 miles and I don't want to be charged $0.15 per mile that I go over. My current car note is $350.60 I messed up my credit so I'm not able well I'm able to get a car on my own but my monthly note would be $500+ which I'm not willing to pay and can't afford anyway. My mom said she won't co-sign for me again (we really don't have a good relationship) I NEVER missed a payment or anything so my question is what can I do? Do I have to turn the car back into Honda or can I try and go somewhere else
? What would be my best bet? I still owe $2,500 on my lease. My credit score is about 580 i live in Chicago IL if that helps
You need to consider a low priced, good condition used car.
Your days of driving new cars is over until you learn how to earn and maintain a high credit score.
Leasing isn't good for most people and you are one of them. You owe the entire amount of the lease even if you turn it in early.
What would cost you less? (1) Keeping the car until the lease is up and pay the mileage fee, or (2) The remaining balance on the lease? That is what you should base your decision on. In the meanwhile, save money for your next vehicle. You may want to consider a second job. From what you've said, you may have to pay cash for your next vehicle.
You don't have a lot of choices
You won't get a loan with a credit score of 580
If you go over your mileage, you will pay. If you try to return it early, there will be a fee for that and you still won't have transportation.
Sounds like you better start saving and get used to a cheaper car. Obviously, you never should have leased.
But with a 580, you won't be making that mistake again anytime soon.
They should let you turn it in at most any large dealership near you but ask first.
You agreed to pay 35 cents a mile but now want to turn it in over 15 cents a mile?
Depending on your need for the car, maybe you should just keep it and then at lease end make arrangements to pay the excess over time.
There will be excess mile charges if you turn in early plus early termination fees.
They take your period and mileage and allocate in your case 1000 miles per month.
You will get allowed about 30000 miles.
This is why leasing is such a bad idea.
Drive as little as possible. Run to completion.
Pay the excess charges. The bigger issue us in January you will have NOTHING! The car goes back. You pay off the excess mileage and any damage. You then need to start again. You will need an upfront payment and a cosigner.
All that money has gone. You have nothing!
If you had bought a car you would have the car and equity in it.
You have early termination fees to pay and around $900 excess miles.
Run to. The end. No early termination fees and around $1100 in excess miles
Drive less and you can reduce that amount.
Talk to the lessee and find out what the early termination fees would total - chances are you would be better off driving it to the end of the term (try to drive it as little as possible), and paying a little bit in overage.
And for god's sake - try to learn something from the experience.
Actions have real consequences and you're learning this the hard way. Since you failed to regulate your mileage, you're now completely screwed. You can't turn the car in early without paying a huge penalty. You can't drive the car without paying a huge mileage penalty. You can't buy the car or finance another car without paying a huge penalty for screwing up your credit, and you can't "go somewhere else". Your best bet would be to pay off the lease and drive the car as little as possible until you turn it in. Use Uber, Lyft or public transportation as much as possible in the mean time.
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