Over Your Miles? Do the Math Both Ways
Over Your Lease Miles? Buying the Car vs. Paying the Charge
Excess-mileage charges are billed at turn-in. Buying the car usually avoids them, but high miles also lower its value. How to compare the two paths.
Key takeaways
- Excess-mileage charges are usually billed when you return the car.
- If you buy the car instead, there's normally no turn-in inspection and no mileage bill.
- High miles also lower the car's value, so compare both paths before you decide.
Full transcript
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This is the Lease End Minute. I'm Joe from Champion Auto Finance.
Over your miles? Here's something people forget. Excess mileage charges are usually billed when you turn the car in. If you buy the car instead, there's normally no turn-in, so there's no mileage bill and no wear-and-tear inspection.
Now, high miles also lower what the car is worth, so don't buy it just to dodge a fee. Do the math both ways. On one side, the mileage charge plus whatever your next car costs. On the other, your buyout price for a car you already know.
Sometimes keeping it wins. Sometimes it doesn't. Run the numbers.
Champion Auto Finance is not a lender. Approvals and terms are subject to lender underwriting.
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Champion Auto Finance
Thinking about buying out your lease? Learn more and get started at championautofinance.com.
Champion Auto Finance is a NJ DOBI-licensed financing partner, not a lender, coordinating lease buyout financing for drivers nationwide. Approvals and terms are subject to lender underwriting. Nothing on this site or in these episodes is legal, tax or financial advice.
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