| HEUGEMDX |
I'm about to turn in my '05 MDX with almost 20K miles over the 36K I was supposed to have. (Bad new job, but I get reimbursed for travel) I talked to a couple dealers (including the one I bought the car from originally) and they said that there is no way for them to absorb any of the mileage penalties since it's a separate matter that I have to deal with AHFC. They said AHFC will just send me a bill after I turn the car in. Is this true? Also, am I going to have any problems returning the car off warranty? I know that I have the $1500 buffer and the car is in good condition. Does anyone have any experience turning in a car with significant miles over the allotted limit?
(Apologies if this is a redundant post - I did try to look through old posts to see if this had been previously covered.) |
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| JeffK |
You will wind up paying for the over mileage, but as you correctly point out, your company has already reimbursed your for this mileage.
Sometimes, if you are going to lease a new vehicle, (another MDX) the dealer can help, but this is a case by case situation.
Being over warranty: no effect.
JeffK |
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| wasjr |
| A buddy of mine has the same situation. His 05 lease is up in May and he is now 12k miles over. They are going to buy the vehicle and plan to use it for another year or two. |
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| My07MDX |
| Actually you do have another option ~ to sell the car yourself, or simply trade it in for another one ~ providing that you're not upside down in your payoff! |
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| HEUGEMDX |
My payout is about $28.5 and i think the market value for a 2005 MDX Touring w/ Nav & DVD is about $23K (at least here in NYC). I think it makes more sense to pay the $3K then buy out the car, but thanks for the suggestion.
I guess I always thought that I could find a dealer who would be willing to absorb the excess mileage but I guess that's not the case since it's managed by AHFC. I am leasing an 08 MDX but being a return customer hasn't gotten me anything. I feel like I'm getting some pretty crappy service (and no love!) :(
Live and learn I guess - don't go over your allotted mileage! |
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| My07MDX |
Does your payoff include the overage in mileage? If not, all you have to do is to sell or trade in your vehicle with the original buy-out figure as if you had bought it and no one needs to know that it's a lease vehicle and what your mileage allowance was!
According to NADA figures, your 05 should be able to sell for:
Clean Trade-In
$27,350
minus 56,000 miles ~ $900
TOTAL $26,450
Clean Retail Value
$31,100
minus 56,000 miles ~ $900
TOTAL $30,200 |
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| HEUGEMDX |
I looked around a bit (mostly on craigslist) and it looks like the going rate for an 05 MDX is around 23-24K. I doubt I could get much more than that.
I've considered rolling in the overage into my new lease but that doesn't look like an option either. The current MF is not very good (.00214 - ~5.1%) and I would have to pay tax on it as well.
Thanks again! |
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| HEUGEMDX |
I just wanted to give an update with my situation:
I called AHFC last week to see if any of the $1500 damage waiver could be applied towards my mileage since I came under ($1K). They said no so I asked them if they would be willing to waive any of the mileage charges since I was getting a new Acura. To my surprise, they said yes! They gave me a credit of $1200 towards the mileage which definitely helps. I tried to push for more but they said $1200 was the highest they could go which was the equivalent of 2 payments. All I have to do know is fax them a copy of my new lease contract. :cool:
I have yet to run the numbers, but I'm wondering if it might be better to go with the 12K a year vs the 15K IF you plan on staying with Acura/Honda and aren't sure if you need the extra miles. It seems like there is some room for negotiating when you turn in the car and it's in good condition.
Hope this helps and thanks again for all your feedback!
PS - Picked up my 08 Tech/DVD. Love it so far but the gas mileage is even worse.......I know, I know....don't do the crime if you can't do the time!:D |
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| highcountrymdx |
Keep in mind that EVERYTHING is negotiable when buying a new car, even the terms of the lease. This includes mileage charges. The dealers would like you to believe their hands are tied, but this is not the case.
I think you have pointed up why car companies love lease agreements. Leasing is kinda like adjustable rate mortgages - there are just too many ways for the customer to lose. |
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