Lease Return 90 Days

[TS2016]

Hi everyone. First time leasing. 2023, with an end date of April 1. When is the earliest I can return? Pricing seems better than in 2023. I paid $495 OTD per month for a 61K MSRP back then. I drive a 2013 Sonata daily, so this is the fun family car.

What do you all recommend? I have 30,500 miles so I'm over already. Can I start shopping in January? Do I have to wait until late March?

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[Flip]

My advice, stop driving it. They typically gouge for over mileage. Call the dealership and explain to them you will no longer be driving it for the remainder of your lease because you are over the mileage. Ask if you can turn it in early. Generally, they will prorate your last 3 payments. This will save you some money and 3 months of insurance.

Not to get in your business but I would suggest purchasing a new jeep. If that's not feasible, consider buying a good used jeep. At least your monthly payment goes towards something you will own. Not towards something you have to give back and walk away with nothing. Just my 2 cents friend. Take care.

 

[wrang_stang]

My advice, stop driving it. They typically gouge for over mileage. Call the dealership and explain to them you will no longer be driving it for the remainder of your lease because you are over the mileage. Ask if you can turn it in early. Generally, they will prorate your last 3 payments. This will save you some money and 3 months of insurance.

Not to get in your business but I would suggest purchasing a new jeep. If that's not feasible, consider buying a good used jeep. At least your monthly payment goes towards something you will own. Not towards something you have to give back and walk away with nothing. Just my 2 cents friend. Take care.

Be *EXTREMELY* cautious about turning it in early. Most contracts (including mine) state that they will bill you the difference between the price they get at auction (realized value) and the residual value. Only reason I say “most” is because I’ve heard some states don’t allow that. Given current market conditions you’re looking at $10k-$20k.

Also, the mileage isn’t as big of a deal as you might think. In my case it’s $0.25/mi. For me practically all my miles are electric. When I ran the numbers I found the total cost per mile of running in electric mode plus the mileage penalty is less than the cost per mile of running a regular gas wrangler + true depreciation.

 

[TS2016]

Thanks folks. Im at .25 per mile so im gunna park it at 31,000 miles. Ill start shopping in March sounds like getting into a newer one earlier is not an option without some kinda hit.

 

[Blues Fan 30]

I bet if you purchased a new Jeep or did a new lease with that same dealer they would let you turn in early with no penalty. Doesn't hurt to negotiate that if you find one you like.

 

[Flip]

I guess it depends on the dealership. I had no penalty, they prorated my last 3 payments, I didn't negotiate anything, I didn't lease another vehicle, or purchase a vehicle. They even gave me a ride home.

 

[Kerney]

If your residual is more than market value I'm sure they'd take it back early, but then you should be buying it and flipping it yourself. If the residual is lower why would they want it early without your last payments unless you want another lease or buying a new jeep that they can roll /hide this $1k into.

10k miles/year on a leased second/fun vehicle seems high. How many miles do you put on the DD.

Why don't you just pay the $1k in payments and turn it in? Having a vehicle sitting in my possession I "can't" drive that I'm making payments on would bother me.

 

[Flip]

Why don't you just pay the $1k in payments and turn it in? Having a vehicle sitting in my possession I "can't" drive that I'm making payments on would bother me.

That's exactly what I offered to do. I told my dealer, I'm reached the 36 month mileage, I'll pay the last 3 months I owe but I want to drop it off, I'm done with it. They said, no problem and they prorated the last 3 payments.

 

[TS2016]

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10K miles
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