Hi All - Does anyone have any experience with ending a lease early with Subaru (Chase)? I leased an Outback about 2.5 years ago with plans of leasing another one at the end of the 39 months. I was told that as long as I leased another Subaru, any miles over my allotment wouldn't matter. But now, I would prefer to change to a larger vehicle as my family does a lot of road trips. And I am sitting at 65,000 miles on my Subaru right now with about 8 months left. I'm trying to figure out if I should end the lease now before I end up with a lot more miles on it or if I should keep it until next March. I know it isn't going to be cheap either way and I'm not even sure what the process is (does the new dealer handle it or do I have to take back to Subaru). Thank you!
I just went through mileage overage on a lease turn in and it's very expensive. But you're stating you have 65k miles already?! What are your lease terms? Usually Subaru charges 15 to 20 cents per mile over. This is going to be about $4500.00 + the turn in fee if you have a standard 36k mile 3 year lease (using best case scenario of 15 cents).
I suppose you're going to want to see what's cheaper. To pay the lease turn in fees + mileage overage fee or selling the car now and paying off the lease. If the negative equity is less than the lease turn in fees that may be the way to go to get out of the car but if the car is worth significantly less than the quoted lease buy out you may need to eat the lease turn in fees.
A lot of people have turned to selling their leased car to Carvanna, Carmax or Vroom. Of course you need to get the buyout amount first and then submit the proposal to sell online to them listing the Chase as the lienholder. A fair number of folks at leasehacker have stories of the process.