A band is a residual adjustment
It is not a fee bolted on top. A car handed back with fewer miles is worth more at auction, so the residual rises and the depreciation line falls. That is why the low band saves you less than people expect, and why the high band costs less than over-mileage.
- Bands4
- Lowest7,500 miles
- Highest15,000 miles
- Over-mileage$0.25 / mile
Band comparator
Put your real annual mileage in
A band is a residual adjustment, not a fee: a car handed back with fewer miles is worth more, so the depreciation line falls. Put your real annual mileage in and the comparator prices the band premium against the $0.25 per mile you would pay at the end.
Check last year's odometer readings rather than estimating. Most people are out by 2,000 to 3,000 miles.
| Band | Monthly | 36 month total | Miles over | Over-mileage charge | Total you pay |
|---|---|---|---|---|---|
| 7,500 milesCheapest | $718 | $25,833 | 13,500 | $3,375 | $29,208 |
| 10,000 milesCheapest | $726 | $26,151 | 6,000 | $1,500 | $27,651 |
| 12,000 milesCheapest | $733 | $26,404 | 0 | $0 | $26,404 |
| 15,000 milesCheapest | $744 | $26,785 | 0 | $0 | $26,785 |
At 12,000 miles a year the 12,000 band works out cheapest over 36 months.
- Nothing is charged mid-term, and nothing is refunded for coming in under your band.
- You can move up a band at any time and the new rate starts on the next invoice.
- Premium members pay $0.20 per mile over instead of $0.25.
What each band does to the residual
Residual is quoted as a percentage of MSRP. The band moves that percentage, and depreciation is (cap cost minus residual) divided by the term, so a point of residual on a $32,000 car is worth roughly nine dollars a month over 36 months.
| Band | Residual adjustment | Effect on payment |
|---|---|---|
| 7,500 miles | +1.0 points | Payment falls |
| 10,000 miles | 0.0 points | Baseline |
| 12,000 miles | -0.8 points | Payment rises |
| 15,000 miles | -2.0 points | Payment rises |
The rule of thumb
- Find an odometer reading from twelve months ago and subtract. Do not estimate.
- If the projection is more than about 1,500 miles over your band, move up.
- Check again at month four. Multiply your mileage so far by three.
- Nothing is charged mid-term, and nothing is refunded for coming in under.
- Premium members pay $0.20 per mile over rather than $0.25.
What members in each area actually drive
Average annual mileage across current Leasey members, by area. Sample figures from member odometer readings taken at swap and service visits.
| Area | Average miles a year | Band that fits | Most-picked car |
|---|---|---|---|
| Midtown | 7,400 | 7,500 | Honda Civic |
| Buckhead | 9,800 | 10,000 | Kia Telluride |
| Decatur | 10,200 | 12,000 | Subaru Outback |
| Sandy Springs | 13,100 | 15,000 | Toyota Camry |
| Alpharetta | 14,600 | 15,000 | Hyundai Ioniq |
| Smyrna and Vinings | 11,500 | 12,000 | Ford Maverick |
Read your odometer to the desk
Give them last year's reading and today's and they will tell you which band to take and what it does to the payment on the car you are looking at. It takes about two minutes.
- Answered in about 40 seconds, Mon to Fri 8:00 am to 7:00 pm
- No hold music queue, no transfer to a sales team
- Nothing is run against your credit file on a phone call
Call the desk
(404) 555-0180Saturday 9:00 am to 4:00 pm. Email desk@leaseyatl.example any time and you will hear back the next business day.