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Mistake in leasing

2831 Views 3 Replies 4 Participants Last post by  Legalist
I made a mistake. Since I have a company and the XE will be a company car I decided to lease it rather than purchase it, because lease payments are complete tax deductions where a purchase has to be depreciated. And truthfully, we're thinking that we might be interested in getting a new Alfa Romeo Jiulia in a couple of years.

Where I made my mistake was in leasing the XE with the 12000 pr yr mileage allowance. We determined that we want to drive the XE more often than we thought we would and will undoubtedly exceed the allowance. Since I don't want a big bill at the end of the lease for excess mileage I called Jaguar about a month after signing the lease and asked about modifying the terms of the lease to increase the mileage allowance. Since I would be paying more you'd think that they would be willing to work with me, however, I've run into nothing but clerks on the phone who stick with a strict policy of keeping the lease terms that I started with.

It's a shame, because we really like the XE, but will be required to put more miles on our other vehicles rather than enjoy the XE as much as we'd like. So if anyone else is going to lease I suggest you fudge on the high side when you consider the mileage allowance when you sign your lease.
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The mileage allowance is definitely something you need to sit and think about before signing lease deals and this is something that gets people quite often that don't think they'll use it that much. Sucks that you had to go through that and typically once the deal is signed it's set in stone unfortunately.
As daily drivers, maybe a lower lease is okay. But as company cars that may be used to get from one meeting to another in a day the mileage would rack up pretty quickly.

Thanks for the warning for new leasers/buyers, better to err on the side of caution than pay a hefty bill.
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