Early car lease return

Hello all, first - this question is not about Taco. I just personally have a privilege driving Tacoma, and got a lot of great advises on this forum. So, I hope you can help me with this too. I have a question about early car lease return. I leased Mazda CX5 in December 2015 for my daughter. One month later she got a job - vising kids with disabilities at their home, and as a result she is driving a lot. As of right now instead of 12K on odometer she has almost 27K miles. I was thinking about early car lease return, replacing her CX5 with a newer car, and maybe negotiate more mileage per year for the new lease. Is this a good idea? Any advise would be greatly appreciated. Thank you.

 

What do the Mazda people say

 

Depending on the price per mile you may be better to keep it and buy it. I was over on my 1st taco and would have owed them about $4k in mileage charges. Was cheaper to refinance it at lease end and purchase the truck. Plus my bank that it was financed through dropped $1k off the price when I refinanced. Ended up paying longer but I also kept the truck for 12 years so it wasn't an issue. Also learned not to lease a vehicle if you drive very much. Most people who lease a vehicle don't drive much and like to swap vehicle's at lease end.

 

Zoom-zoom

 

27k miles a year? There isn't a lease deal in the world that will be a better deal than buying at that mileage accumulation rate. I assume they pay for miles driven. Have her buy a used Corolla with 100k or so on it and she will make out like a bandit on that.

 

Get a used car she can drive and never lease a vehicle unless you drive less than 10k miles a year.

 

dude you are going to loose out on that lease return.. just drive the shit out of it and when the term is up just buy it right out..

 

Early lease return will probably cost the most. If you truly would like to get rid of the CX5 the best way would be to have someone assume the lease for her. You may need to give an incentive to have the lease taken over and pay the transfer fees.

What I have done with my leases that I wanted out of before they were up is sell them. Basically find out what the current buyout is from Mazda. Post the car for sale. Hopefully the buyout is less than what you can sell it for. If it's not you will be upside down and will have to make up the difference. It varies by car. Subarus and especially Toyota trucks have very high resale that after 1 year you're not losing money. I'm guessing the CX-5 will be upside down though.

To sell a leased car you have to pay it out first (or at the same time as you sell it to new owner). This is where the whole how much can I sell it for vs how much do I owe to lease company today comes into play.

Good luck!