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  #13  
Old 01-13-2013, 01:05 PM
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Re: Buy out my lease or not?

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Originally Posted by Jamesla30 View Post
You have to be WAY over the mileage... standard leases are 12,000 miles per year, maybe you have 15,000 per year if you paid extra. Considering a $.20 average fee that means you are going to owe $3,000-$4800 just in mileage charges. In the case, buy the car, and drive it until it dies. Leasing cars every 3 years is pretty dumb in my opinion, unless you have the money and don't mind flushing it down the toilet. Leasing a car for 3 years, and then buying it outright with cash on the other hand, can be advantageous.
I leased it for 10,000 miles/year, this was before i got a new job that required me to drive 90 miles a day. I agree with you it makes sense to buy it. I have not had one problem with this truck in 3 years (knock on wood).

I am going to call Ally to see if i can negotiate the buy out. I don't really need the same truck new, no point.
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  #14  
Old 01-13-2013, 03:29 PM
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Wow so you doubled the allowed mileage... do you know what the fee per over mile is?
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  #15  
Old 01-14-2013, 09:24 AM
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Re: Buy out my lease or not?

Its usually $.25 a mile over. I was going to lease like you until I read all of the fine print and say the 10% fee and told them where to put it. I ended up buying my 2012 and just leased it from myself. But I am happy I bought it as I am going to keep it for a while. One thing you might consider is talk to a different dealer and ask them if they can get your Jeep for 500 over auction price. If they can tell them you will throw them $500-1000. That will be a cheap $500-1000 they can make.
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Old 01-14-2013, 05:12 PM
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Re: Buy out my lease or not?

If the fee is $.25, you are looking at a $7500 fee if you don't buy the car after the lease expires... that would be the dumbest financial decision you can make.

So to make your decision easy -- buy the car. And if you are going to continue driving 20,000 miles per year. Stop leasing. Period.
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  #17  
Old 07-07-2014, 03:29 PM
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Re: Buy out my lease or not?

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Originally Posted by VANT4GE View Post
I leased it for 10,000 miles/year, this was before i got a new job that required me to drive 90 miles a day. I agree with you it makes sense to buy it. I have not had one problem with this truck in 3 years (knock on wood).

I am going to call Ally to see if i can negotiate the buy out. I don't really need the same truck new, no point.
How did this work out? Was Ally willing to negotiate the buyout?
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  #18  
Old 07-07-2014, 03:42 PM
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Re: Buy out my lease or not?

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Originally Posted by Jamesla30 View Post
You have to be WAY over the mileage... standard leases are 12,000 miles per year, maybe you have 15,000 per year if you paid extra. Considering a $.20 average fee that means you are going to owe $3,000-$4800 just in mileage charges. In the case, buy the car, and drive it until it dies. Leasing cars every 3 years is pretty dumb in my opinion, unless you have the money and don't mind flushing it down the toilet. Leasing a car for 3 years, and then buying it outright with cash on the other hand, can be advantageous.
What's actually kinda dump is your blanket statement. It all depends on the deal you get. I'm on my third leased GC and I've gotten great deals. It doesn't sound like the OP got a good deal on that lease, plus he put down $3700. The advantage of a lease is usually to put down nothing. My buyout on my 2014 GC Limited $43,500 sticker is only $2,000 more than the OP and I didn't put anything down, plus the dealer installed tow hooks. First month and drove away, no tax nothing else. BTW if your getting another Jeep most dealers will work with you on the mileage.
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Old 07-07-2014, 06:14 PM
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Re: Buy out my lease or not?

Sounds like you're already doing it but if you're happy with your car, you may as well buy it. Financially, at this point, it's the smartest thing you can do. Also, it'll be your car that you bought new so it'll be single owner, which is nice.
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Old 07-07-2014, 06:17 PM
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Re: Buy out my lease or not?

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Originally Posted by AquaForester View Post
What's actually kinda dump is your blanket statement. It all depends on the deal you get. I'm on my third leased GC and I've gotten great deals. It doesn't sound like the OP got a good deal on that lease, plus he put down $3700. The advantage of a lease is usually to put down nothing. My buyout on my 2014 GC Limited $43,500 sticker is only $2,000 more than the OP and I didn't put anything down, plus the dealer installed tow hooks. First month and drove away, no tax nothing else. BTW if your getting another Jeep most dealers will work with you on the mileage.
Financially, leasing is never a better deal than buying a new car. If getting a shiny new car every 3 years is more important, then yes, leasing is slightly better than buying (more convenient, at least). I would never call it dumb to lease. Everyone has different priorities and I do what I want, you do what you want. I honestly believe if you really like cars enough to warrant replacing it three years, and you don't sacrifice your well being or your family's because of it, there's no problem with that.

But don't let the car industry brainwash you. It's always a waste of money to keep replacing your car every 3 years, whether you lease or buy.
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  #21  
Old 07-07-2014, 06:54 PM
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Re: Buy out my lease or not?

You guys realize that this is an 18 months old thread, right?
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  #22  
Old 07-07-2014, 07:01 PM
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Re: Buy out my lease or not?

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You guys realize that this is an 18 months old thread, right?
nevermind
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  #23  
Old 07-08-2014, 02:45 PM
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Re: Buy out my lease or not?

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nevermind
LOL well what was the end result?
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  #24  
Old 07-08-2014, 02:59 PM
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Re: Buy out my lease or not?

The dealership worked with me on the miles, so I gave back the 2011 and financed a 2014 Laredo E with Nav and 18 inch rims.
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