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Hyundai Genesis Forum: Anyone have too many miles at the end of your lease?
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  #1  
Old 05-27-2011, 01:56 PM
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Default Anyone have too many miles at the end of your lease?

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Has anyone returned your Genesis with too many miles at the end of your lease?

Did they offer to forgive the overage if you buy or lease a new Genesis?

I'm sure this will be my situation -- 7K - 8K over the limit. And I may just buy the car but I like some of the new features and would be interested if the deal were good.

Anyone have stories and want to share?
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  #2  
Old 05-27-2011, 02:16 PM
BacktoHyundaibychoice BacktoHyundaibychoice is offline
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Default Re: Anyone have too many miles at the end of your lease?

Quote:
Originally Posted by jefmoody View Post
Has anyone returned your Genesis with too many miles at the end of your lease?

Did they offer to forgive the overage if you buy or lease a new Genesis?

I'm sure this will be my situation -- 7K - 8K over the limit. And I may just buy the car but I like some of the new features and would be interested if the deal were good.

Anyone have stories and want to share?
Without the miles overage, do you have positive or negative equity? In other words, is your purchase price lower than what the car is worth? If so, and you use the car as a "trade" for a new one, I suspect mileage won't be an issue.
For example, my purchase price on my '09 4.6 w/Tech was $23xxx. It was worth $28xxx and that was the price I was credited on the trade for the Equus.
Similar or worse situation?
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  #3  
Old 05-27-2011, 03:59 PM
RODDGENNY RODDGENNY is offline
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Default Re: Anyone have too many miles at the end of your lease?

We just bought our 2009 Genesis 4.6 a month ago. Lease return with 55,000 miles and Certified. The gentleman that returned it bought an Equus.
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Old 05-27-2011, 07:56 PM
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Default Re: Anyone have too many miles at the end of your lease?

i hate to be the guy but how the heck do you not either buy the miles up front if you KNOW you drive the car?

outside of that question, the Equus owner is dead on. take the car to a dealer that is offering "over kbb value for your trade" and get out.. get out now.

when the dealer asks you how much you owe on the Genesis tell him you own it outright. DO NOT TELL HIM IT IS A LEASE. he doesn't need to know, none of his business as whether he pays you $XXXXX for it or hyundai it's the same difference. after you fess up and tell him no offense, i don't trust car saleman, if you need me to explainmaybe you've lived on mars your whole life.
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  #5  
Old 05-30-2011, 07:46 AM
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Default Re: Anyone have too many miles at the end of your lease?

Thanks for all the feedback and I did buy extra miles -- just not enough. My biggest issue is that I like driving this car and had every intention to just buy it at lease end. I still might but a new 2012 is looking really good.

My main objective was to find out if I can expect Hyundai to let me slide on the overage if I lease a new 2012.
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Old 05-30-2011, 10:59 AM
tonygxp tonygxp is offline
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Default Re: Anyone have too many miles at the end of your lease?

Quote:
Originally Posted by jefmoody View Post
Thanks for all the feedback and I did buy extra miles -- just not enough. My biggest issue is that I like driving this car and had every intention to just buy it at lease end. I still might but a new 2012 is looking really good.

My main objective was to find out if I can expect Hyundai to let me slide on the overage if I lease a new 2012.
that's going to be an individual dealer decision unless hyundai customer service steps up but i doubt you will engage anyone important enough to sign that check. you still may be better off trading this one in ON a '12 lease as you may be lucky enough to have positive equity then the excess miles are a moot paint.
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Old 05-30-2011, 01:01 PM
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Default Re: Anyone have too many miles at the end of your lease?

My last leased car was .20 per mile, very reasonable if you consider the alternatives.
I believe this one is the same.
How many miles per year did you get? I got 3 years with 45,000 and I am sure I will exceed that again, already at 11360 in 6 months.
Luckily I have other cars to drive.
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Old 05-30-2011, 04:27 PM
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Default Re: Anyone have too many miles at the end of your lease?

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Originally Posted by OldSpice View Post
My last leased car was .20 per mile, very reasonable if you consider the alternatives.
I believe this one is the same.
How many miles per year did you get? I got 3 years with 45,000 and I am sure I will exceed that again, already at 11360 in 6 months.
Luckily I have other cars to drive.
I also bought 45K for 3 years but I now have 42K and 9.5 months to go. I really do like this car but I wish I had got the V8 -- I guess I'll just keep driving and see what happens... If they won't forgive the overage I can purchase the car outright for $19,500 which doesn't sound too bad all things considered.
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Old 06-01-2011, 09:30 PM
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Default Re: Anyone have too many miles at the end of your lease?

i'm in the same boat so i'll be eager to see how you end up, i have 10 months left and i'm way over
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Old 06-03-2011, 04:51 AM
4.6owner 4.6owner is offline
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Default Re: Anyone have too many miles at the end of your lease?

Found this article which you may find helpful. Link at bottom.

What Happens When I Go Over the Miles on My Lease?

By Keith Evans, eHow Contributor updated April 16, 2011

Some drivers with high mileage vehicles may renegotiate their lease terms.
Leasing a car has a number of considerations and drivers who spend a lot of time in the vehicle may exceed the number of miles allowed in the contract. Though excess miles can lead to very high lease fees, drivers have a number of options that range from negotiating with the lease company to an outright purchase of the vehicle.

Buy the Car
In a 2005 article, Fox News reported drivers who exceeded the mileage allocation in a lease may benefit most from just buying the vehicle. The article went on to explain, though, that drivers do not typically receive the most benefit from buying the car as soon as they realize they will exceed the mileage. Instead, Fox News recommends waiting until the end of the lease term to settle with the finance company. Over the full lease term, several years of low mileage driving may balance out early excess driving. During the interim, the monthly lease payments remain the same regardless of the car's mileage. In addition, Fox News notes that the lease buyout price at the end of the term more closely matches the vehicle's actual value than buyout prices earlier in the agreement.

Negotiate
In the same 2005 article, Fox News also observed that many leasing companies do not want drivers to return high-mileage vehicles. Though these cars may lead to lucrative excess mileage fees, leasing companies risk expensive repairs and the cost of shipping and marketing when accepting lease returns. For this reason, many leasing agencies negotiate with drivers to find an affordable, reasonable buyout price. Even if the driver does not want to keep the vehicle, it may make more financial sense to buy the car and resell it, rather than paying the excess mileage charges.

Sell the Car
Some leases allow drivers to sell the vehicle during the term of the lease. Drivers with marketing know-how may be able to sell the vehicle for more than the lease buyout price even with higher than average miles, according to the financial website Bank Rate, but even a small financial loss on the car may be more affordable than paying the excess mileage fees. Drivers should carefully review the lease, though, to verify that selling the vehicle does not incur any additional charges.

Pay the Fee
Bank Rate also notes that drivers who rack up more miles than their leases allow may simply opt to pay the overage charges. Don Taylor, a certified financial adviser for Bank Rate, observes that leases often charge drivers about 25 cents per mile in excess of the allocation, and few drivers could find another comparable vehicle to use at that rate. For this reason, Taylor notes that some drivers may choose to simply pay the overage fees when returning the lease, then either negotiate a higher mileage lease or avoid leasing altogether for their next vehicles.



Read more: What Happens When I Go Over the Miles on My Lease? | eHow.com http://www.ehow.com/info_8237403_hap...#ixzz1OCXif4YF
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  #11  
Old 06-03-2011, 02:49 PM
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Default Re: Anyone have too many miles at the end of your lease?

Quote:
Originally Posted by 4.6owner View Post
Found this article which you may find helpful. Link at bottom.

What Happens When I Go Over the Miles on My Lease?

By Keith Evans, eHow Contributor updated April 16, 2011

Some drivers with high mileage vehicles may renegotiate their lease terms.
Leasing a car has a number of considerations and drivers who spend a lot of time in the vehicle may exceed the number of miles allowed in the contract. Though excess miles can lead to very high lease fees, drivers have a number of options that range from negotiating with the lease company to an outright purchase of the vehicle.

Buy the Car
In a 2005 article, Fox News reported drivers who exceeded the mileage allocation in a lease may benefit most from just buying the vehicle. The article went on to explain, though, that drivers do not typically receive the most benefit from buying the car as soon as they realize they will exceed the mileage. Instead, Fox News recommends waiting until the end of the lease term to settle with the finance company. Over the full lease term, several years of low mileage driving may balance out early excess driving. During the interim, the monthly lease payments remain the same regardless of the car's mileage. In addition, Fox News notes that the lease buyout price at the end of the term more closely matches the vehicle's actual value than buyout prices earlier in the agreement.

Negotiate
In the same 2005 article, Fox News also observed that many leasing companies do not want drivers to return high-mileage vehicles. Though these cars may lead to lucrative excess mileage fees, leasing companies risk expensive repairs and the cost of shipping and marketing when accepting lease returns. For this reason, many leasing agencies negotiate with drivers to find an affordable, reasonable buyout price. Even if the driver does not want to keep the vehicle, it may make more financial sense to buy the car and resell it, rather than paying the excess mileage charges.

Sell the Car
Some leases allow drivers to sell the vehicle during the term of the lease. Drivers with marketing know-how may be able to sell the vehicle for more than the lease buyout price even with higher than average miles, according to the financial website Bank Rate, but even a small financial loss on the car may be more affordable than paying the excess mileage fees. Drivers should carefully review the lease, though, to verify that selling the vehicle does not incur any additional charges.

Pay the Fee
Bank Rate also notes that drivers who rack up more miles than their leases allow may simply opt to pay the overage charges. Don Taylor, a certified financial adviser for Bank Rate, observes that leases often charge drivers about 25 cents per mile in excess of the allocation, and few drivers could find another comparable vehicle to use at that rate. For this reason, Taylor notes that some drivers may choose to simply pay the overage fees when returning the lease, then either negotiate a higher mileage lease or avoid leasing altogether for their next vehicles.



Read more: What Happens When I Go Over the Miles on My Lease? | eHow.com http://www.ehow.com/info_8237403_hap...#ixzz1OCXif4YF


Thank you, this is very helpful. May I also say that I leased because this was my first Hyundai and I was not so sure I trusted this brand (I had a LS400 Before that was flawless until 200K and only minor issues then).
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Old 10-04-2011, 02:52 PM
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Default Re: Anyone have too many miles at the end of your lease?

I have a 2009 genesis 3.8, lease ends in about 4 months. I'll probably be over no more than 1000 miles. My buyout is $16,800, I may have positive equity of about $2000. I may keep the car, if so does anyone have any idea of what current interest rates are?
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  #13  
Old 10-04-2011, 05:54 PM
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Default Re: Anyone have too many miles at the end of your lease?

My son leased a new TSX and the dealer told him not to buy extra mileage because the car held it's value and on a trade in the value would more than the end of lease buy out price.

The net of this is that if the Genesis holds it's value then there should be no problems with mileage. If you trade it in at a non Hyundai dealer, they will pay off the lease and apply the difference towards your new car.
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