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Early return costs?

5142 Views 10 Replies 10 Participants Last post by  GM Points
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.
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These are sometimes called One Pay Leases. I'm doing my second one of these right now on our Equinox.

Don't overthink it! GM basically gave you a Volt to drive for X years and Y miles. You paid for those Y miles. If you don't want to hold it for X years, they'll be glad to take it back early as its worth more money at auction or on the used car lot.

In other words, a 2 year old car with 30,000 miles is still worth more than a 3 year old with 30,000 miles.

They will be happy to take it back early if that's what you choose to do.

The other option is to purchase or lease something else right now, and drag out the remaining miles on this lease, by only using this car for: inclement weather (saves the condition of your next ride); extremely short trips (saves wear on mechanicals on new ride); etc.

I got an outstanding deal on my 2 yr / 20,000 mile lease for my Equinox, and may very well return it by about the 16 month mark. Never had to pay for an oil change or other maintenance, and kept a lot of miles off the Volt. I'm learning that I prefer having 1 car owned, and 1 car leased, in our household (besides the summer toy). Lot of flexibility in striking the best deals.
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