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The lease on my VW is ending... Options?

Discussion in 'The Lounge' started by mudgirl, Aug 21, 2012.

  1. mudgirl

    mudgirl Molester of monkeys

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    It wouldn't be such a huge dilemma except for the fact that I'm about 10K miles over the mileage I was alotted, and probably will be closer to to 15K when the lease expires in a few months.

    Yeah. My circumstances changed about 6 months after I leased it and led to much more driving than was normal when I signed the lease. Am I totally screwed or what options do I have? From some car forums I've been reading, it seems that if I buy the car or just lease/buy another car from the same dealership, they'll most likely "forgive" my over-mileage. I absolutely love the car ('10 Jetta Sportwagen), and I'd buy it in a heartbeat if not for all the horror stories I've heard about trying to repair VWs as they age. Does anyone have any experience with this type of situation?
     
    #1 -   Aug 21, 2012
    Last edited: Aug 21, 2012

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  2. stevew

    stevew unique white person

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    have you had any problems with it?
     
  3. ICEBALL585

    ICEBALL585 Bacontard

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    Run it in reverse for a few thousand miles and see if the odometer goes backward? :D
     
  4. mudgirl

    mudgirl Molester of monkeys

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    I have not had any problems with it, but it's only got 53K miles on it right now. It's just a baby. :)
     
  5. jackalope

    jackalope Mental acuity - 1%

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    Sounds like you may just be better off buying it at this point, but see if you can get a bumper-to-bumper infinity mile warranty or something.
     
  6. stevew

    stevew unique white person

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    i have a MKIV with a 179,000 miles on it.

    i've changed a water pump.

    i was always told MKIV were piles of sh!t.

    go figure.
     
  7. dan-o

    dan-o Turbo Monkey

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    I'm not big on extended warranties but, if you love the car and are worried about a mega repair bill, get one (preferably from VW) that covers major components. Also, it might be possible to return the car and repurchase it as a certified/warrantied used car from the dealer. Depends on how the #s work out.
     
  8. CrabJoe StretchPants

    CrabJoe StretchPants Reincarnated Crab Walking Head Spinning Bruce Dick

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    Same thing, replaced a water pump on my old Cherokee at 185k miles, and was told Jeeps are pieces of sh!t to.

    I'm starting to think everything you read on the internet isn't necessarily true.
     
  9. MTB_Rob_NC

    MTB_Rob_NC What do I have to do to get you in this car TODAY?

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    A few things:
    1) What were the mileage restrictions on your lease? The most common are 10/12/15k annually.
    2) What is the mileage overcharge? The most common are .10/.12/.15 per mile
    3) Do the math calculating how much you would owe if you just turned it in
    4) What is the lease ending value on your lease (the residual value)
    5) Compare the difference between what you would owe vs the cost to purchase a replacement car
    6) I have had 3 VW products in a row (the previous 2 with more than 100k with 1 issue each), I drive a ton and have purchase an extended warranty through my insurance company (Geico) at a price I could not beat and I am in the industry. I have also had to use the Geico extended warranty twice, through my VW dealer with no issues.
     
  10. Sandwich

    Sandwich Pig my fish!
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  11. boogenman

    boogenman Turbo Monkey

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    is it a 36 or 39 month lease? Did you buy 15,000 miles per year? Your milage penalty is probably $0.20 per mile right?

    Get your current lease payoff, take it into the VW dealer or any other dealer of a car you want to buy or lease and see what they are willing to pay for the car on a trade in. You may still have equity in the car even with being a bit high on the miles. Used car prices are crazy high right now.

    There are a lot of options for you right now with the last one being buying the lease out for your residual value at the end of the lease. You may also run into trouble getting a VW service contract on the car at the end of the lease due to the miles on the car, not to mention it will run anywhere from $1,400-$2,100 for the warranty. With the exception of a few companies third party vehicle service contracts can be a big pain in the ass or a complete nightmare.
     
  12. blackohio

    blackohio Generous jaywalker

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    I've owned 23 VW's in the last 15 years. Every make/model from the least reliable (g60 corrado and corrado wagon, aka B3/B4 Passats to mkiv's)

    If your far enough over and you really like the car, just buy it out. YEs you'll end up paying more interest than simply buying it originally but if you can get a good enough rate it might not be much more than your mileage overage charge.

    Depending on the car, if it's a 2.0t fsi motor make sure you keep up on the fuel pump/cam roller and carbon build-up issues those motors have. APR makes a nice upgraded fuel pump and the carbon build-up is a clean job. It's a pita and takes some time but well worth it on those cars.

    The extended warranties are usually garbage, usually. You wont find out until it comes time to use it. Now-a-days most cars are about the same to repair cost-wise. The sportwagen is a hell of a good car.
     
  13. bean

    bean Turbo Monkey

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    I think she said before it was a Jetta Sportwagen that wasn't a TDI, so that probably means it's the 2.5.
     
  14. MTB_Rob_NC

    MTB_Rob_NC What do I have to do to get you in this car TODAY?

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    This just really depends on the coverage you buy. It is like every other "insurance" read the policy and understand what you are purchasing. I have found mine very useful especially since I do not have a trusted mechanic so going to the dealer makes sense for me.
     
  15. mudgirl

    mudgirl Molester of monkeys

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    It must be a 39 month lease... I just got an e-mail this morning saying my lease is up in 6 months, and I got the car in Nov. '09. And yes, 15K per year, and mileage penalty is $0.25/mile. Not a TDI... they don't lease TDIs, and at the time I *needed* a car since my previous one had died unexpectedly, and there was a waiting list for the TDIs.

    Thank you for all the advice. This is great for helping me make an informed decision on what to do about this. Keep the suggestions/info rolling in if you have more, please.
     
  16. boogenman

    boogenman Turbo Monkey

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    So your lease contract says you are allowed 48,750 miles? You are already at 53,000? So you are about $1,000 in the hole right now and you expect to be another $2,500 before your turn in date?

    I would look into getting bought out of the lease ASAP!

    It is not worth it for you to walk away from the lease in 6 months and pay $3,500 for the miles and depending on what your residual is it may not be worth it to buy the car either, especially if you are projecting it to have 63,000 miles on the odometer.

    Even if the car is worth less that your current buyout but that amount is less than the $3,500 you are projecting to be in the hole I would roll the negitive equity into a new lease so you don;t have to come up with the penalities in cash. Intrest rates on lease payments are stupid low, I would look it up for you on new VW but I don;t feel that ambitious right now.
     
    #16 -   Aug 22, 2012
    Last edited: Aug 22, 2012
  17. MTB_Rob_NC

    MTB_Rob_NC What do I have to do to get you in this car TODAY?

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    That isnt a bad idea except if you drive that much I would convert to a purchase. VW has 0% interest for 60/66 months on some models. It doesnt get any cheaper than that.