Are over mileage fee's avoidable at all?
09-27-2017, 10:26 PM
#11
Super Duper Senior Member
Only if you buy the truck off lease.
09-27-2017, 10:51 PM
#12
Senior Member
Thread Starter
Thanks for the info. Im looking into purchasing it right now.
As for knowing the mileage, I know what i signed up for and didn't plan on putting on this much mileage. But my divorce killed me. I had to move further from my son and in doing so it was further from his daycare that I picked him up and dropped him off from on top of when I had to bring him back to his mothers and work became further away. This is what added all the extra mileage. If I never got divorced, mileage woulda been way under.
As for knowing the mileage, I know what i signed up for and didn't plan on putting on this much mileage. But my divorce killed me. I had to move further from my son and in doing so it was further from his daycare that I picked him up and dropped him off from on top of when I had to bring him back to his mothers and work became further away. This is what added all the extra mileage. If I never got divorced, mileage woulda been way under.
09-28-2017, 08:38 AM
#13
That's one thing you just can't predict...life. If this is the worst thing to happen to you due to the divorce, you are far ahead of most others. Good luck, things will certainly get better and easier.
09-28-2017, 01:18 PM
#14
Senior Member
Agree to more miles when you sign the lease if you think you might go over. There is a very little difference between 10,000 / 12,000 / 15,000 in the total picture when you pick your lease terms.. Better to have that safety blanket anyways.
And like others said, you can buy the car for the residual value stated in your lease contract, and sell it. Most don't want to go with the hassle though.
I love leasing. I will never buy a vehicle again. New vehicle every 3 years...... you're always under warranty. Only pay for the portion of the vehicle you use. Don't have to pay sales tax on the entire vehicle. you have to LOOK for lease specials. Sometimes there is a high subsidy of lease cash which will lower your monthly payment substantially. Look for the deals where there is no money due at signing, except for the first months payment. Its possible to get a truck for $299 (RAM has had this deal for months).....Hard to find good deals with Ford on leases, Chevrolet throws them out there sometimes with good lease cash
And like others said, you can buy the car for the residual value stated in your lease contract, and sell it. Most don't want to go with the hassle though.
I love leasing. I will never buy a vehicle again. New vehicle every 3 years...... you're always under warranty. Only pay for the portion of the vehicle you use. Don't have to pay sales tax on the entire vehicle. you have to LOOK for lease specials. Sometimes there is a high subsidy of lease cash which will lower your monthly payment substantially. Look for the deals where there is no money due at signing, except for the first months payment. Its possible to get a truck for $299 (RAM has had this deal for months).....Hard to find good deals with Ford on leases, Chevrolet throws them out there sometimes with good lease cash
09-28-2017, 01:24 PM
#15
Senior Member
Option 1) Buy the truck at the end of the lease
Option 2) Trade-it-in for a new truck and pay what you need to pay
Option 3) Buy a new truck and out the extra $ on the loan (just like they do with negative equity when you trade-in a car and they give you less than you still owe).
The reason why they will not budge is that the loaned car belongs to Ford, not the dealership. Also, the initial contracts takes the market value of the car at the end of the lease into consideration. If you return it with a lot more mileage than it was supposed, that means the company will be losing money by selling it to an auctionner or to a customer, which is why they charge extra $.
House never lose.
Option 2) Trade-it-in for a new truck and pay what you need to pay
Option 3) Buy a new truck and out the extra $ on the loan (just like they do with negative equity when you trade-in a car and they give you less than you still owe).
The reason why they will not budge is that the loaned car belongs to Ford, not the dealership. Also, the initial contracts takes the market value of the car at the end of the lease into consideration. If you return it with a lot more mileage than it was supposed, that means the company will be losing money by selling it to an auctionner or to a customer, which is why they charge extra $.
House never lose.
Last edited by Eduskator; 09-28-2017 at 01:27 PM.
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elfiero (09-28-2017)
09-28-2017, 09:44 PM
#16
Senior Member
Thread Starter
Option 1) Buy the truck at the end of the lease
Option 2) Trade-it-in for a new truck and pay what you need to pay
Option 3) Buy a new truck and out the extra $ on the loan (just like they do with negative equity when you trade-in a car and they give you less than you still owe).
The reason why they will not budge is that the loaned car belongs to Ford, not the dealership. Also, the initial contracts takes the market value of the car at the end of the lease into consideration. If you return it with a lot more mileage than it was supposed, that means the company will be losing money by selling it to an auctionner or to a customer, which is why they charge extra $.
House never lose.
Option 2) Trade-it-in for a new truck and pay what you need to pay
Option 3) Buy a new truck and out the extra $ on the loan (just like they do with negative equity when you trade-in a car and they give you less than you still owe).
The reason why they will not budge is that the loaned car belongs to Ford, not the dealership. Also, the initial contracts takes the market value of the car at the end of the lease into consideration. If you return it with a lot more mileage than it was supposed, that means the company will be losing money by selling it to an auctionner or to a customer, which is why they charge extra $.
House never lose.
I do love this truck though!!
I am very fortunate to have not gone through an ugly divorce. It was amicable and we still talk, mostly for our son. But the dam mileage added up quick once the divorce started.
09-29-2017, 02:12 PM
#17
TOTM 8/2019
Agree to more miles when you sign the lease if you think you might go over. There is a very little difference between 10,000 / 12,000 / 15,000 in the total picture when you pick your lease terms.. Better to have that safety blanket anyways.
And like others said, you can buy the car for the residual value stated in your lease contract, and sell it. Most don't want to go with the hassle though.
I love leasing. I will never buy a vehicle again. New vehicle every 3 years...... you're always under warranty. Only pay for the portion of the vehicle you use. Don't have to pay sales tax on the entire vehicle. you have to LOOK for lease specials. Sometimes there is a high subsidy of lease cash which will lower your monthly payment substantially. Look for the deals where there is no money due at signing, except for the first months payment. Its possible to get a truck for $299 (RAM has had this deal for months).....Hard to find good deals with Ford on leases, Chevrolet throws them out there sometimes with good lease cash
And like others said, you can buy the car for the residual value stated in your lease contract, and sell it. Most don't want to go with the hassle though.
I love leasing. I will never buy a vehicle again. New vehicle every 3 years...... you're always under warranty. Only pay for the portion of the vehicle you use. Don't have to pay sales tax on the entire vehicle. you have to LOOK for lease specials. Sometimes there is a high subsidy of lease cash which will lower your monthly payment substantially. Look for the deals where there is no money due at signing, except for the first months payment. Its possible to get a truck for $299 (RAM has had this deal for months).....Hard to find good deals with Ford on leases, Chevrolet throws them out there sometimes with good lease cash
I bought my truck new in 2006, still drive it every day 11 years later and hoping to get another 5 out of it. Haven't done one major repair just maintenance, as soon as something really craps out that costs a ton of money I'd repeat (buy new or 2-3 year old truck)and keep it for another 10+ years. I think leasing would cost more than that. I haven't had a vehicle payment in 6 years..............
09-29-2017, 02:20 PM
#18
Senior Member
I bought my truck new in 2006, still drive it every day 11 years later and hoping to get another 5 out of it. Haven't done one major repair just maintenance, as soon as something really craps out that costs a ton of money I'd repeat (buy new or 2-3 year old truck)and keep it for another 10+ years. I think leasing would cost more than that. I haven't had a vehicle payment in 6 years..............
If you plan on keeping it long term like you did, purchasing it is clearly the way to go. Unfortunately, most people don't keep they vehicles for more than 5 years and end up having a monthly car payment forever.
I will be buying it out at the end. I will be contacting my credit union tomorrow or monday to start the process for the loan. Whether I decide to keep it once its being financed i don't' know. If I was able to buy it out and immediately trade it in on a new lease with nothing owed than that would be great, but i doubt that will happen.
I do love this truck though!!
I do love this truck though!!
As I said and if you want a new one, you will probably end up with a negative equity that'll be transferred onto the new loan. If you like it, why not keep it?
Last edited by Eduskator; 09-29-2017 at 02:24 PM.
09-29-2017, 06:43 PM
#19
Senior Member
In a lease, doesn't the leasing company own the car?
The dealership doesn't.
The lesee doesn't.
Ford is floating the credit.
On my last "red carpet lease", there was some totally different company listed on the lease agreement.
Like on my GM lease, ACAR is the leasing company. ACAR LEASING LTD., as Borrower, GM FINANCIAL as Lender and Servicer. So, GM doesn't really own the car, they just financed it.
The dealership doesn't.
The lesee doesn't.
Ford is floating the credit.
On my last "red carpet lease", there was some totally different company listed on the lease agreement.
Like on my GM lease, ACAR is the leasing company. ACAR LEASING LTD., as Borrower, GM FINANCIAL as Lender and Servicer. So, GM doesn't really own the car, they just financed it.
Option 1) Buy the truck at the end of the lease
Option 2) Trade-it-in for a new truck and pay what you need to pay
Option 3) Buy a new truck and out the extra $ on the loan (just like they do with negative equity when you trade-in a car and they give you less than you still owe).
The reason why they will not budge is that the loaned car belongs to Ford, not the dealership. Also, the initial contracts takes the market value of the car at the end of the lease into consideration. If you return it with a lot more mileage than it was supposed, that means the company will be losing money by selling it to an auctionner or to a customer, which is why they charge extra $.
House never lose.
Option 2) Trade-it-in for a new truck and pay what you need to pay
Option 3) Buy a new truck and out the extra $ on the loan (just like they do with negative equity when you trade-in a car and they give you less than you still owe).
The reason why they will not budge is that the loaned car belongs to Ford, not the dealership. Also, the initial contracts takes the market value of the car at the end of the lease into consideration. If you return it with a lot more mileage than it was supposed, that means the company will be losing money by selling it to an auctionner or to a customer, which is why they charge extra $.
House never lose.