On May 13, 2012 at 04:36, Mario said...
I ask because my buddy had a 15K lease for 36 months, so he was allowed 45K miles. Contract stated that it was $.12 per mile over that.
When the lease was up, even though his residual was $2,800 less than expected, he ended up buying the vehicle at lease's expected value because it was still less than what the over mileage penalties would have been.
Does that make sense?
Sure it makes sense. Your buddy signed the contract, drove that many miles, and had the choice at any time to drive less or get rid of the vehicle, paying whatever the penalty would have been at that time.
It makes sense to honor your commitments. It makes sense for an auto dealer to structure a lease so that it will be more attractive to the lessee to take the vehicle off their hands at the end of the lease then for them to have to clean it up and sell it. I don't like it either, but it makes sense.
