Re: [OT] we need a new car - Follow uP

[John Lagnese <jlagnese@cybertours.com>]

Usually when you end a lease early you are liable for the balance of the remaining
payments. If you go to a dealership they can add this onto the new lease, meaning the
payments will be higher. On a lease you don't know the price the dealer is selling the
car to the lease company for. This selling price is a factor in the payments. The rule
of thumb is to go to term on a lease, so plan ahead carefully.
John

Kevin Collins wrote:

> Neal Tovsen wrote:
>
> > If there is a chance that you will go over your mileage, DO NOT go for a
> > lease. If you go over, you will be left with two options. Either pay the
> > "over-mileage" fees, which are usually obscene, or YOU get to be the one
> > that buys the car after two years, meaning you take out a loan and buy the
> > car for whatever the pre-arranged amount was.
>
> Not true, there's a 3rd option - trading the car in, at which point the
> over-mileage becomes a non-factor, other than in its role in determining
> the trade-in value of the car.  For instance, I have a Passat on a 36-month,
> 36k-mile lease.  I'll put 14-15k per year on it, and will probably bail
> at the 2 year mark.  The lease terms were so favorable that I'll be rightside-
> up in the thing by the end of the end of the second year - so I'll be able
> to trade it in and come out even or even slightly ahead.  There will be
> no excess mileage charge, though if I had racked up some ungodly number
> of miles, it would obviously affect the car's value downwards.
>
> If you think/know that you'll be in the market for another new car as the
> lease term is ending, then you're in pretty good shape as long as you're
> in the general ballpark for mileage, particularly if you're going to be
> trading towards the same make again (or towards and Audi with a VW, etc.).
>
> --
> Kevin Collins
> Huntington Beach, CA
> '86.5 16V 2.0
> '00 Passat GLS 1.8T
>
> --
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