Hekp! Way, way over miles on lease

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My boyfriend leased a car for his daughter. It's a 10,000 mile 36 month lease. She didn't make payment on time, and he didn't check the statement's until the bank called him. Now he makes the payments. She has also completely destroyed the car and has 95,000 miles on it with 15 months left on the lease. The missed payments ha's driven his credit down. What do we do?

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this thread is another candidate for "Finance: Misc."

wizem (Jan. 22, 2017 @ 9:21p) |

Is she making cannonball run 3 across the United States ☻

chuck3466 (Jan. 22, 2017 @ 10:19p) |

Also do not leave it in a bad area with the keys in it.  Because most lease companies like Lexus let you out free and cl... (more)

dl73 (Jan. 31, 2017 @ 9:44a) |

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Lift the two wheels and put it in reverse.

tammyflorio said:   My boyfriend leased a car for his daughter. It's a 10,000 mile 36 month lease. She didn't make payment on time, and he didn't check the statement's until the bank called him. Now he makes the payments. She has also completely destroyed the car and has 95,000 miles on it with 15 months left on the lease. The missed payments ha's driven his credit down. What do we do?
  95k miles in less than 2 years (assuming a standard 3-year lease)! And the father had no idea about this. Not surprising since he didnt even bother to monitor the payments. Doesnt matter if daughter was supposed to make payments; it was his responsibility to see if the payments are made every month.

Best option is to buy the car at the end of the lease and not make any further financial commitments on behalf of irresponsible daughter.

First thing to do is to take the car from her before further damage is done. And for now he just needs to continue to make the payments.

Ecuadorgr said:   Lift the two wheels and put it in reverse.
  Cool movie.

Who's the lessor, is it the manufacturer's captive finance company?
What sort of 'lease pull-ahead' offers do they tend to offer in the last 6-9 months of the lease, and how much damage/excess mileage will they forgive in a pull-ahead trade?

parenting lesson...

1. ditch the boyfriend
2. ask her to pay for the car with all the drug mule money

Can he buy the car at the end of the lease or is it going to be so trashed and not worth what is owed, can be get financing for it?

tammyflorio said:   Can he buy the car at the end of the lease or is it going to be so trashed and not worth what is owed, can be get financing for it?
  Yes he can

I will also tell you what NOT to do: Crash the car at high speed into a mountain by remote control.

That's 4.5K miles a month or 150 miles a day.  What was she doing?  Renting the car by the hour.

95,000 miles in 2 years is a lot of running away

Uber??

Have no idea. She does not live with us. She lives about 30 minutes away. He trusted her. He put one of those HUM things in the car. She's putting almost 6000 miles a month on the car now. We have no idea where she is going or what she's doing. The car was impounded that's how he found out.

skwiggey said:   Uber??
  Outcalls

You really have no choice but to buy it at the end of the term or .10 to .20 cents a mile overage could be more than the car itself.

Ecuadorgr said:   Lift the two wheels and put it in reverse.
  Screw that.  Leave all four wheels on the ground and drive it into a lake.  A very deep lake.

The best option is to buyout the car, as the penalty to turn in the car if no additional mileage is put on the car and turn in the car today is about $16,000 plus remaining payments, based on 25 cents a mile and 30,000 miles for the 3 years of lease. So, about $20,000 with nothing to show for it.

Based on the mileage restriction, I suspect it is a luxury car, which means a $40,000 car may be worth less than $15,000. The buyout at lease end may be around $25,000. Most banks may not agree to finance a 100k mileage car for the buyout price. Using this example, a $10k loss is better than a $20k loss.

If the credit is already trashed, just stop making the payments and have the car repo'ed. If the car is totaled, no good either, as the insurance will not pay enough on a 100k mile car. Maybe her business associates can make the car disappear and your bf can say it had 25k miles. Disclaimer: I do not recommend any of the ideas in this paragraph.

To give you an idea of how many miles that is. My friend is a town car service driver in the San Francisco area and he puts on 5,000 miles a month.

Ask the daughter to pay for that from some of the money she made with the outcalls.

tammyflorio said:   Have no idea. She does not live with us. She lives about 30 minutes away. He trusted her. He put one of those HUM things in the car. She's putting almost 6000 miles a month on the car now. We have no idea where she is going or what she's doing. The car was impounded that's how he found out.
We need all the details.  Do a deep-dive then get back to us.  /grabs the popcorn/

ZenNUTS said:   
skwiggey said:   Uber??
  Outcalls

  pics or it didn't happen

Trollllllllllll

ogg said:   
Ecuadorgr said:   Lift the two wheels and put it in reverse.
  Screw that.  Leave all four wheels on the ground and drive it into a lake.  A very deep lake.
 

  Two 80's movies referenced in one FW thread. Never disappoints.

ogg said:   
Ecuadorgr said:   Lift the two wheels and put it in reverse.
  Screw that.  Leave all four wheels on the ground and drive it into a lake.  A very deep lake.

  Sounds too risky.

Ecuadorgr said:   
ogg said:   
Ecuadorgr said:   Lift the two wheels and put it in reverse.
  Screw that.  Leave all four wheels on the ground and drive it into a lake.  A very deep lake.

  Sounds too risky.

  Joel, sometimes you just gotta say WTF.

I'd like to be in the meetings where FW staff come up with these troll posts. Those must be fun.

Check on Craigslist.. there are guys on there that can "recalibrate" the odometer for less the $1k

Who's paying for gas? Follow the money.

letsspendlotsofmoney said:   Check on Craigslist.. there are guys on there that can "recalibrate" the odometer for less the $1k
  And recalibrate the computer?  Lease people do check little things like that.

Ecuadorgr said:   Lift the two wheels and put it in reverse.
  The miles aren't coming off going in reverse...

95k miles in two years? Come on guys, clearly this is fake...

BF needs to figure out what is going on. He has the GPS tracking on the car, what's the driving pattern?

Uber driving will be lots of random points to random point. Stops while waiting for another ping will be random length. Airport trips will probably be in the mix.

Outcalls will be trips with stops of 30 min and 60 min. Some of the locations might repeat on a weekly basis. Many will be hotels.

If her GPS tracking meets either of these profiles, her dad should be able to recoup some of the costs since she was using the car to make money. If it was Uber, likely she didn't make enough from Uber to cover the costs (you need a car with a below average cost per mile to come out ahead). If outcalls, then she should have made more than enough to reimburse Dad for the car.

The real question is why would a parent get a 10K miles, 36 month lease for their child? That is an extremely low-mileage lease, what was your BF thinking?

What car?


bottles
Disclaimer
Is she driving to Michigan? 

LAwoodtiger said:   
Ecuadorgr said:   Lift the two wheels and put it in reverse.
  The miles aren't coming off going in reverse...

  You're probably saying that because it didn't work with a Ferrari GT California. It should work with other cars though.

It does work! Going forward.

Mithrin said:   BF needs to figure out what is going on. He has the GPS tracking on the car, what's the driving pattern?

Uber driving will be lots of random points to random point. Stops while waiting for another ping will be random length. Airport trips will probably be in the mix.

Outcalls will be trips with stops of 30 min and 60 min. Some of the locations might repeat on a weekly basis. Many will be hotels.

If her GPS tracking meets either of these profiles, her dad should be able to recoup some of the costs since she was using the car to make money. If it was Uber, likely she didn't make enough from Uber to cover the costs (you need a car with a below average cost per mile to come out ahead). If outcalls, then she should have made more than enough to reimburse Dad for the car.

The real question is why would a parent get a 10K miles, 36 month lease for their child? That is an extremely low-mileage lease, what was your BF thinking?

Mithrin said:   BF needs to figure out what is going on. He has the GPS tracking on the car, what's the driving pattern?

Uber driving will be lots of random points to random point. Stops while waiting for another ping will be random length. Airport trips will probably be in the mix.

Outcalls will be trips with stops of 30 min and 60 min. Some of the locations might repeat on a weekly basis. Many will be hotels.

If her GPS tracking meets either of these profiles, her dad should be able to recoup some of the costs since she was using the car to make money. If it was Uber, likely she didn't make enough from Uber to cover the costs (you need a car with a below average cost per mile to come out ahead). If outcalls, then she should have made more than enough to reimburse Dad for the car.

The real question is why would a parent get a 10K miles, 36 month lease for their child? That is an extremely low-mileage lease, what was your BF thinking?

Skipping 33 Messages...
fwuser12 said:   I will also tell you what NOT to do: Crash the car at high speed into a mountain by remote control.
Also do not leave it in a bad area with the keys in it.  Because most lease companies like Lexus let you out free and clear of the lease if the car is a total loss or stolen/unrecovered regardless of the mileage at the time.  In fact you may even get a check in the mail as some states stipulate the insurance company reimburse sales tax on the replacement value.  But if any of the above happens by accident (and no one is hurt) you may be in luck!
 



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