# Lease almost up and I'm in deep doodoo



## doggerel (Apr 23, 2017)

Ok. I got my mom to co-sign (because of crap credit.) But she wouldn't allow me to purchase, so I had to lease a Toyota, brand new. 

Lease is for 45k. I'm at 56k. And it rises by the day. And isn't up for 10 months.

She won't co-sign again for me. 

What are my options? I have 1k to put down on a car, but bad credit, and I'm going to be way over the miles on this one when I turn it in.

And I know I cannot lease again and say I do Uber. 

What would Jesus do?


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## whiskeyboat (Oct 14, 2017)

Jesus would help you find a regular job with a paycheck.
Unfortunately he and his dad are busy trying to sort out all the other upness in the world so you will have to job search on your own.
About any job out there has more of a long-term benefit than full-time rideshare.


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## Pax Collector (Feb 18, 2018)

doggerel said:


> What would Jesus do?


Well, Jesus was a carpenter (Or so they say) and I think you might need to find something else other than rideshare to support yourself, like.....trade school, get a real job somewhere and work your way up......

Not to sound condescending but there isn't any viable future in rideshare other than serving as a hobby to some and a bridge to others.


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## tohunt4me (Nov 23, 2015)

doggerel said:


> Ok. I got my mom to co-sign (because of crap credit.) But she wouldn't allow me to purchase, so I had to lease a Toyota, brand new.
> 
> Lease is for 45k. I'm at 56k. And it rises by the day. And isn't up for 10 months.
> 
> ...


Jesus would Flog a Banker.

Says so in the Bible.
Money Changers in the Temple.

You should contact your lease agent and see if you could possibly take over a note to purchase the vehicle when the Lease expires .
See if they can offer you options.

Do not wait until its time to turn the car back in !

Happy Easter. Or Ostara.


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## KD_LA (Aug 16, 2017)

He would have gone for a Honda instead. And he would have been humble about it.
"_For I did not speak of my own Accord_"

But seriously... sorry about the tough situation you're in. Is the Fair lease of any use for your situation?
https://www.fair.com/uber/driver-partner


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## Uberbrent (Mar 22, 2016)

What is the penalty for miles? I don’t think you will have that 1k after paying the penalty - in fact, with 10 more months to go, you will probably need a lot more to get out of it.

With penalties of up to $0.25 per mile, you’re at $2750 in penalties. You’re only option may be to buy the car or declare bankruptcy - but that will cost you as well.


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## LAuberX (Jun 3, 2014)

1) Contact Toyota, see if you can buy it. You have made all the payments on time right?

2) park it. get a job. Never lease again. Save up for the mileage penalty so your mom does not have to pay it.


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## Erin C Banning (Jul 3, 2018)

Sad about the situation, but no one should use a leased vehicle with mileage limits for rideshare. Even less of a viable business model than using an owned car.


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## Titan (Sep 8, 2015)

At the end of the lease just buy the car. By doing this you wont have to pay for any overages. I did this very exact thing with my car. @ the end of my 5 year lease I just bought the car / refinanced it for another 5 years


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## oldfart (Dec 22, 2017)

whether she likes it or not, your mother is your partner in this business you are running. 

I see two possibilities 1) buy the car at the end of the lease, no doubt with your mothers help or 2) take your $1000 to a buy here-pay here lot and buy one of their cars for your business and park the leased car in your mother’s driveway to deal with between now and the end of the lease term. You should use the 10 months until then to try to make the money to cover the overage


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## Irishjohn831 (Aug 11, 2017)

What’s the buyout price on the car ? Even with the worst of the worst credit since you make your lease payments, you should be able to get a loan at a higher interest rate. 

Dealers know how to float numbers around and make the down payment aspect work. 

They want to sell you that car


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## aluber1968 (Aug 7, 2016)

That amount may be tax deductible for you. Speak to your accountant


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## Invisible (Jun 15, 2018)

Here’s an option I know some may hate and say it’s stupid...to put less miles and still bring in some money, try food delivery (UE, GH or your local places) and then you could search for additional work. Most of the time, the deliveries are shorter.

And you could use the $1000 you have and sign up for CDL classes at your local tech college and pay the rest in installments. Had I not been a chicken and finished my CDL, I’d be earning 50-60k as my classmates are now, instead of working for peanuts.


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## amazinghl (Oct 31, 2018)

Is your insurance covering share ride...?


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## Rickos69 (Nov 8, 2018)

doggerel said:


> Ok. I got my mom to co-sign (because of crap credit.) But she wouldn't allow me to purchase, so I had to lease a Toyota, brand new.
> 
> Lease is for 45k. I'm at 56k. And it rises by the day. And isn't up for 10 months.
> 
> ...


You have the right to purchase the lease. However, the price you will buy at will reflect the value of the car with normal miles.
You will also have to get financing.
If you cannot do this, you will be stuck with the bill for your over miles at the rate stipulated in the lease.


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## tohunt4me (Nov 23, 2015)

LAuberX said:


> 1) Contact Toyota, see if you can buy it. You have made all the payments on time right?
> 
> 2) park it. get a job. Never lease again. Save up for the mileage penalty so your mom does not have to pay it.


Reversible Drill . . .

Roll back the miles.

He could drive the car into the woods and set it ablaze.

Reporr it stolen . . . 


Immoralized said:


> All this could of been avoided if it wasn't for the want of driving around in a brand new car... Could of driven around in an old beater & actually made made a few bucks. OP us beyond help :redface: He did every single thing wrong.
> 
> 1 advice I can give you is stop living on credit and relying on it.


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## Tdizzle22 (Sep 21, 2016)

some places allow you to buy the car and forgive the miles..or if you lease again from them...i leased my car..i was allowed 48k on my 4yr lease and ended up doing 122k LOL..i think it ended up being about 19k in overage...they didnt charge it to me shockingly when they took it back.


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## Ssgcraig (Jul 8, 2015)

doggerel said:


> Ok. I got my mom to co-sign (because of crap credit.) But she wouldn't allow me to purchase, so I had to lease a Toyota, brand new.
> 
> Lease is for 45k. I'm at 56k. And it rises by the day. And isn't up for 10 months.
> 
> ...


Option to buy? $.25 a mile gets expensive.


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## New2This (Dec 27, 2015)

Now you know why Uber lost $9000/vehicle on Xchange Lease Program cars


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## Mysanthropic_Motorist (Feb 26, 2019)

Titan said:


> At the end of the lease just buy the car. By doing this you wont have to pay for any overages. I did this very exact thing with my car. @ the end of my 5 year lease I just bought the car / refinanced it for another 5 years :smiles:


Yea....10 year finance is swell. If it's a yacht.


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## OldBay (Apr 1, 2019)

Call the place you leased it from to discuss your options. I'm sure this isn't an uncommon thing for them. You should have all the information in front of you before you decide. They might be able to extend the lease with a higher milage limit.


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## IR12 (Nov 11, 2017)

doggerel said:


> Ok. I got my mom to co-sign (because of crap credit.) But she wouldn't allow me to purchase, so I had to lease a Toyota, brand new.
> 
> Lease is for 45k. I'm at 56k. And it rises by the day. And isn't up for 10 months.
> 
> ...


First things first-You go mom!
Paul Blanco. Rates may be higher but THEY WILL put you in a car.


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## Kodyhead (May 26, 2015)

You can drive it into a lake and report it stolen. Some people may have an issue with that, and I call those kind of people the police


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## Ubermcbc (Sep 25, 2016)

doggerel said:


> Ok. I got my mom to co-sign (because of crap credit.) But she wouldn't allow me to purchase, so I had to lease a Toyota, brand new.
> 
> Lease is for 45k. I'm at 56k. And it rises by the day. And isn't up for 10 months.
> 
> ...


This profession belongs to old beat up car. For new car, you should have made rideshare your only source of income and put 70-80 hours a week just to pay off the car in that lease time period.


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## Kodyhead (May 26, 2015)

You're still gonna have to pay the difference most likely of how much you owe and the car is worth

The other option is buying the car


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## 911 Guy (Feb 8, 2018)

Pax Collector said:


> Not to sound condescending but there isn't any viable future in rideshare other than serving as a hobby to some and a bridge to others.


This may become my signature.


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## dryverjohn (Jun 3, 2018)

You can get lucky on Toyotas, in particular Tacoma and Prius. Here is how my lease went down, I paid $0 down and $299 a month for a Tacoma Pre-Runner 4 door. I drove 2 years and 38k miles. The lease was for 3/36. On a whim I drove to the Chevy dealer and wanted a larger Silverado 4 door v6, they bought out the lease and paid $1,500 towards the financing on the Truck. I ended up driving that for 2 years and sold without much of a loss. Try driving the car to another dealer and see what kind of deal you can get on a 2018, you may be surprised. The miles on Toyotas don't mean too much. People love them. I have bought and sold over 5 Toyotas, sometimes I even make money after driving them for a year or more.


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## jhearcht (Feb 16, 2018)

doggerel said:


> And I know I cannot lease again and say I do Uber.


You can avoid the mileage surcharge by turning in the car before the 36 month term. But, in order to buy the car, your bad credit will only qualify for long-term loans with exorbitant rates. If you stay in UBER, you might never pay off the loan. 
As others have advised, you might want to get out of the UBER business, and find a job that doesn't require a car, until you can build-up your credit. And thank your Mother for taking a chance on a risky investment.


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## PlanoGuber (Feb 14, 2019)

Titan said:


> At the end of the lease just buy the car. By doing this you wont have to pay for any overages. I did this very exact thing with my car. @ the end of my 5 year lease I just bought the car / refinanced it for another 5 years :smiles:


5 year lease with 5 year financing post lease? I can see why the finance company was fine over looking miles. Is there a more expensive way to buy a vehicle?


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## nash801 (Apr 17, 2016)

Car companies don't allow you to do rideshare on lease.


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## wallae (Jun 11, 2018)

Some guy said just don't pay the loan or something to that effect
Your mom is liable for anything unpaid on the loan so her credit goes with your credit.
She has a vested interest in working with you to figure out the best course of action

As I think about it you need to get all the info. The buyout today. The retail value.

You may need to get a regular job and only drive to work. Then only drive uber during a surge so your money intake is more than your overage cost on the miles. (I went out last night and made 50 in one hour. 3 surge rides. +8 +15 +5) Save save save what you make


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## Daisey77 (Jan 13, 2016)

LAuberX said:


> 1) Contact Toyota, see if you can buy it. You have made all the payments on time right?
> 
> 2) park it. get a job. Never lease again. Save up for the mileage penalty so your mom does not have to pay it.


I'm with^^^^^^^ . See if you can buy it. If not, park it for the next 10 months and that should help even out the Miles by not putting more additional miles on it. If you're allowed a thousand miles a month, that buys you another 10,000 miles. Meanwhile use that $1,000 to go buy a car and use that one to Uber for the next 10 months.


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## Erin C Banning (Jul 3, 2018)

PlanoGuber said:


> 5 year lease with 5 year financing post lease? I can see why the finance company was fine over looking miles. Is there a more expensive way to buy a vehicle?


Car loan might outlive the car :S


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## Drivincrazy (Feb 14, 2016)

Get a regular job and drive Uber, surge/incentives only. Put in 80 hours a week between both. You might get financial relief in about six months. From this experience you will be a whole lot wiser.


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## TomTheAnt (Jan 1, 2019)

Kodyhead said:


> Some people may have an issue with that, and I call those kind of people the police


Popo probably doesn't have an issue. They're just doing the job the insurance company is requesting who might have an issue with it. As well as the owner of the car. :biggrin:


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