notenuftoys

Sorry, this is kinda long, but I'm currently leasing a 2005 G35 Sedan. It's a 4 year, 18k miles/year lease for $467/month. So I should have 72,000 miles at lease end. But because of job changes and such, I am WAY under miles. It's coming due in January, and I only have 44,000 miles. So I think it's worth more than the payout. The way I see it, I have 3 options, with pros and cons to each.

1. Exchange the '05 for a '09 G37. But I don't know if I'll get full credit for being so far under the mileage allowance. But I will get a wonderful vehicle that's even nicer that what I have.

2. Pay the payout, own the car, and use it's full value in a trade for another vehicle (non-Infiniti). I can pay cash, but any trade-in will only give wholesale value. And of course, I don't know that I want anything other than a G37.

3. Turn it in, and go lease something else. But again, I've paid for something I haven't used (mileage). I know this is a risk with any lease, but I want to get as much value as possible for the car.

I know ya'll are biased towards option 1 (and I am too), but how do I negotiate the new lease that recognizes the overpayment on the '05? Or is this even possible? This was my first lease, so I'm not sure how this end-of-lease business works.

Thanks...

Dave ISM

You won't get "credit" for being under miles.

BiskitG37

You won't get any "credit" for the miles you didn't use - unfortunately, that's just part of leasing.

Is your residual reasonable to buy the car? Mine was high when I turned in my 2006 G35coupe.

J.Oh

iTrader: (1)

i would say number 2 because your residual shouldnt be too high because your mileage allowance is up there. but since you are way under you can should have more value on your current car. buy it out sell it /trade it

Former USMC

Not Enough Toys,

You present an interesting case, but a simple one.

1) Do NOT trade your vehicle for a new 09. Dealers will give you less than your current buyout, regardless of miles and condition. In fact, they will probably give you anywhere from $1500 - $3000 less than your buyout. Dealers do not buy cars at wholesale price; they buy cars for thousands less than wholesale price.

2) You might want to purchase the car after the lease and then retail it to a private party. You will make a $2 - $3K in profit. However, you will have to deal with the lookie-loos and tire-kickers (and a few knuckleheads). Selling a car might take a few months, but worth the wait. Another advantage is that you will be saving money by not making a car/lease payment.

3) Final option - give it back after the lease and walk away. This is the easiest, and, you will have a higher credit rating and no headaches. But in the meantime, you have time to shop for a new car - hummmm, nothing like a new car.

However, this time, do not lease for four years, try a two year lease. Many will disagree with a two year lease because the payments will be higher than a 3 or 4 year lease. Poppycock, just lease a car within your budget. The only reason why people lease for three or four years is to have a $400 a month payment versus $600 (roughly speaking). Two years is easier to manage your miles.

Remember, a car is not an asset - it's a non-optional expense - period. Don't get all emotional about this decision, use your head not your heart - you will be richly rewarded.

Semper Fi

notenuftoys

Thanks for the input, guys. Not getting "credit" at the end of lease is what I figured. Live and learn, I guess.

My residual is $16,848. It's a 2005 w/ Premium and Sport packages. Only thing missing is NAV. KBB lists the trade-in value in the $15k range.

I'm really leaning towards trading for a Toyota Tundra or GMC pickup. There's some steals to be had on them, and I need a pickup to pull my motorcycle trailer.