I currently have a '04 G coupe Base model with added spoiler and oem 18" rims. My lease ends in May of 2008. My main issue is that I have already gone over my miles by 18k. By the time my lease is up it will be at least 30k over and will kill me if i return the car. I am planning as of now to buyout the car at the end of the lease for, i belive my residual or buyout is $17,500 or so. I am looking for other options such as selling the car now for around $21k which is the KBB value and paying off the lease that remains and the buyout to avoid the mileage fees. Would this work? I went to the dealer to drive a new G37 and they said I could turn it in early before more miles add up but I am sure this would cost me a lot. Any other options or advice? Thanks for the help!

 

What is your current payoff?

 

I have to check to confirm but somewhere around $17,500 or $18,000, will update later when I check the lease papers.

 

Just call the lease company and ask for the current payoff. It will be more than what it would at the end of your lease.

 

The residual value is $16,983.20 and the buyout is $17,333.20. Also they are charging me 18 cents per mile.

 

If you can get $21k for your car, I'd say buying out your lease now would be the best move. You'll net almost $4000. You could easily roll that into another lease of a G37 or use it as a down payment to buy one.

This site gives you lease quotes on new vehicles. A $4000 down payment would get you very reasonable monthly payments, but make sure you consider the mileage carefully.

www.leasecompare.com

I did the math and leasing the G37 costs about $5000 more than flat out buying it, but you need a larger down payment (about 10K) to make the payments reasonable.

 

That doesn't really make sense at all; I think you might be confused about the current payoff amount, which is different than your end of lease payoff option. The current payoff is the amount you'd have to pay TODAY to get out of your lease and own the car. It will be significantly (to some degree) higher than your end of lease payoff option, and can be found on the IFS website or by calling the customer service number.

If what you're saying is true, your car's only going to depreciate in value by $350 total between now and May 2008, which just isn't possible. Incidentally, this is the exact fee that Infiniti charges to buy-out your lease at contract end.

So, before you think of selling your car for $21k, find out what you'll actually have to pay to end the lease...who knows, maybe you can make some money.

 

^^What he said. Something does not add up in those numbers you are giving.

 

If you're payoff number is wrong (you may be quoting the wrong amount). Then you'll have to reasses.

For the most part you should expect your payoff to equal something near your risidual value + remaining lease payments (save for some interest and dealer fees, which almost wash each other out).