How to Change a Mileage Plan on a New Auto Lease

Typically an auto lease allows you a certain number of total miles on the vehicle for the life of the loan. For instance, if you have a 3-year lease with a 12,000 per year allocation, you are entitled to drive 36,000 total miles with that vehicle before it's turned in. In addition, you may be able to adjust the terms of your lease if you contact your leasing agency or dealership. However, keep in mind that changing the amount of miles you allocate for yourself on the car will change your monthly payments. Higher mileage amounts will add costs to your loan.

Things You'll Need

• Lease contract and/or account number

Instructions

1. Contact your local leasing company or dealership where the lease contract was originated. Explain you would like to adjust the terms of your lease to allocate for more miles on the vehicle for the life of the lease.

2. Discuss financing options. Typically, adding more mileage limits to a lease increases your monthly payments. Most leases allow 12,000 miles per year. However, if you want to increase that to 15,000 miles per year, you will pay more per month for the car. If you are less than 3 months into your lease, reworking your lease agreement will be more possible. However, if you are 2 years into a 3-year lease, this will become much more difficult process.

3. Determine how many miles you need to allocate for yourself per year. If you drive more often, you should have a higher amount of miles. If you drive less, then you can probably be safe staying at a lower mileage.

Tips & Warnings

• Keep in mind that if you go over your mileage amount, you will be responsible for paying additional fees. These mileage overages can be quite costly at the end of the lease, so be sure to keep a close eye on your mileage throughout the terms of your lease.

References

• Loan Info