If you paid all the costs upfront, it makes no difference to turn it in early. You may want to figure if the overage cost ( typically 20 or 25 cents a mile, check your lease ) is lower cost for the mileage you need, as that would be the only added cost if you keep it for another year. My lease was 20 cents a mile, or 2K per 10K miles, not really a bad deal for another year of using the vechile. Keepin another year also means no sales tax, dealer fees ect.
Early return costs?
I currently have a 36k mile/3 year lease that is fully paid for upfront. At the rate I'm going, I'm going to hit my 36k mile limit in 2 years. A quick Google search seems to indicate that there will be early termination fees/costs if I return my car early.
Question is - does this only apply to monthly payment type of leases? I'm not sure if early return fees would apply to my situation; surely dealers would make more money selling a 2 year old car with 36k miles on it as opposed to a 3 year old car with 36k miles a year in the future? Anyone has any knowledge on this? I don't expect to get any of my prepaid amounts back of course, just wondering if I have to hand over extra fees in addition to what I've already paid (plus the regular disposition fee).
Reason for wanting to turn the car in upon reaching mileage cap: ongoing insurance costs even if I don't drive it.
And before anyone starts on the upfront payment being a bad idea... that's a discussion for another time.
Question is - does this only apply to monthly payment type of leases? I'm not sure if early return fees would apply to my situation; surely dealers would make more money selling a 2 year old car with 36k miles on it as opposed to a 3 year old car with 36k miles a year in the future? Anyone has any knowledge on this? I don't expect to get any of my prepaid amounts back of course, just wondering if I have to hand over extra fees in addition to what I've already paid (plus the regular disposition fee).
Reason for wanting to turn the car in upon reaching mileage cap: ongoing insurance costs even if I don't drive it.
And before anyone starts on the upfront payment being a bad idea... that's a discussion for another time.
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