Okay… if $42100 is the MRM set by the bank to derive the RV(60%) then how the rest of the amount $1490 is managed to meet $43590… someone should own this
At this point, as a buyer do I need to worry on anything? I am not much concerned on how dealership/bank got this deal to $359 $0 down… but will try to follow-up to get clarity
How does that matter for a buyer? Can you explain?
That means you will be screwed at the lease return, if you are planning to return the vehicle. Plus, you will have to worry about USBank’s criteria on wear and tear. Good luck, buddy!
There isn’t something to own. This is basically us bank saying “we consider all highlander xles to have the same residual value. If you want to add in the stereo option or running boards or roof rack, that’s cool, but you’re paying 100% of the value. We don’t think it adds value down the road”.
To touch back on this, I have never seen a dealer website that advertises a different msrp for a stock number than what is actually on the window sticker, but I sure as hell wouldn’t so business with one that did. The msrp is what the msrp is.
Can you please send me other banks wear&tear criteria? Let me compare apples to apples…There are multiple options to bypass that… I sold a 2018 RAV4 lease vehicle to private party. Also you can trade-in or sell it to VROOM… etc.,
Send me other banks… such that we can compare and it will help members
Don’t see much of a difference… but doesn’t matter as there are multiple ways to handle bypass this situation
There are some extensive threads here that go in detail into people’s experiences with lease returns to us bank. Might be worth looking at rather than just the wear and tear policies if you want a picture of what life with them is really like.
Well, the problem with USBank lease on selling is… you have to get the payoff and then buy it yourself to sell it
Us bank doesn’t allow third party buy outs.
Ditto. My friend paid $1,500 for scuffs
Will look into it when lease term is ending(after 2.5 years)… right now, will enjoy the car!! Thanks.
It’s same with most banks… for my RAV4 with TFS, I got estimate of $1900 for cracked windshield
So, I tried to sell to Vroom with a + equity of $500 but got a better price with a third party
So, there are lot of workarounds!! Also, it’s 3 years down the line… I will enjoy the vehicle in the meantime!!
Thank you for your help… GN
Not nearly as many when the bank doesn’t allow you to sell the lease to a third party/vroom/carvana/etc
You get to turn it back in and you get to like it.
Okay… lease car return challenges are pretty much the same with third party banks associated with manufacturer. Also, i heard that Ally bank doesn’t allow pre-inspection and there are horror stories associated with this bank… it’s all subjective though
If selling to a third party is not a option there are few other options in terms of purchasing outright and selling the vehicle… need to work on mitigating the taxes… but this will be a topic to explore in next 2.5 years!! Right now, enjoy the car… that is more important!!
Today, I will be checking with US Bank guys on RV & Tax thing.
This is not supported by the experiences that many have had. They should be pretty much the same, but are not.
Okay. Thanks for the heads-up… will explore and research more on this when the lease is about to end… But right now, will enjoy the car for next 3 years!!
Sometimes, present is more important than future