Your End-of-Auto Lease Options with JR Cox Consulting

You are coming upon time to return your lease car. Hopefully you are reading this while you have 1-6 months remaining on your agreement. Are you thinking of just dropping it off and getting something else? Has the dealer contacted you about the schedule of turning your present car in and the process? Are you facing issues or damage OR overage on miles allowed?

Was your end-of-lease options explained to you initially when you leased your current vehicle? Did you have a plan should your personal conditions change (job change, driving more miles than you anticipated, needs changed), and what was your plan then?

I'll assume, and hope, the F&I (finance and insurance) person that filled out the finance and lease paperwork with you explained the upcoming potential charges at lease turn-in time. Let's review; the car should NOT have incurred any major damage and it so, has been repaired at a reputable shop. There may be a monetary assessment if you have experienced this. (You had a wreck in THEIR car.) 

If your lease mileage is within agreed on limits, ie., a 3 year lease with 12,000 per year. There should not be over 36,000 miles on the vehicle, plus the initial miles at date of original lease start. If over that limit, there will be a charge for the overage driven, ie., anything over 36,000 miles from the above limits would be charged at the rate stated on your lease paperwork. If you were allowed 36,000 miles and you drove 42,000. If , for example, you are charged at $0.20 cents per mile, you would owe 42,000 - 36,000 = 6,000 miles of overage multiplied by the mileage charge of $0.20 OR $1,200. This will be in addition to a possible disposition fee, usually around $250, and any deductions for the car's condition (dents, dings, badly worn interior. This is usually for reconditioning purposes and covers getting the car ready for resale. 

You are aware of ways to get out of excessive mileage, yes? If you don't, let's discuss your situation. 

At JR Cox Consulting, we believe that exceptional customer service is key to our success. We are committed to providing our clients with the highest level of service and support, ensuring that their needs are met every step of the way, both in our construction business as well as auto counseling.