Changing lease term from 12K to unlimited possible?

[knrav4ev]

Hi:
One month into the lease, I realize I am enjoying the car very much and it is fitting well into my lifestyle.. I might be exceeding the 36k/3 year limit by a very large margin.... Is it possible to change the term to unlimited miles? who should I talk to? the dealer or TFS? your help is highly appreciated.

thanks
Kn.

 

[knrav4ev]

No one has anything to say? Is this something really next to "impossible" ? Any generic experience such as changing it from 12K/year to 15K/year etc?

 

[mark_rivers19]

I don't think so. sorry!
Another option is to end your lease early, pay the penalty and get a NEW lease. 2014 RAV4 EV.
OR purchase the car, and then sell it the next day. Then get a NEW lease.

 

[cossie1600]

Ending the lease early is basically paying all the payments. You might as well buy the car for $20K after 3 years. If you buy it, they are not going to check how many miles you have. Of course if you have 100K miles, it would suck as the car is likely going to worth a lot less and you are stuck with it or risk paying for tons of money. Of course htey might waive it if you lease another Toyota

 

[knrav4ev]

Thanks all.. as it turned out, I am stuck with 14,400mi/year (including the $30 I would have otherwise paid for unlimited).. well... that's how life is

 

[reeler]

With out-of-state buyers SOL under the new incentives, you might transfer the lease or buy it out and sell the car. I recently purchased one with 3K miles for $28.9K so you might be close to break even on the deal if you factor in tax rebates, etc.

An in-state buyer would just get their own lease.

 

[knrav4ev]

28.9K for 3k miles car? that's pretty impressive deal.. with one month into the lease, my payoff is ~30K... that is AFTER 4K I put down at the beginning.. Hmm...

 

[rav4buyer]

Let's say hypothetically you drove 75K miles in 3 years using excessive extended charges. Theoretically shouldn't the residual on the car drop as well?

 

[mark_rivers19]

Let's say hypothetically you drove 75K miles in 3 years using excessive extended charges. Theoretically shouldn't the residual on the car drop as well?

Nope. The residual remains the same whether you have 7,500 miles OR 75,000 miles after the lease term.
the Kelly Blue Book value, that's variable. if you do less miles in 3 years, KBB will give a higher appraisal vs the residual.
the other side of the coin, let's say you put in 120,000 miles ( since you have unlimited miles) for the life of the lease,

You will still pay the residual ( $19,980) but the KBB might be around $10,000, so it's a loss to buy the RAV4 EV.

 

[rav4buyer]

That's fine, then we can buy it back at a lower price once the contract is up.

 

[crxpilot]

Hypothetically there is money to be made off these vehicles once they sell off the 2014 models. Msrp is still high on the vehicles and most of us are getting huge discounts from toyota. A year from now you could walk into carmax or private sell and ask what kbb will show is depreciation off the original msrp which will be much higher than what you owe in payments and residual value. And you wont be competing against toyota.