They’re like Ally but even worse.
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Lexus passing through the tax credit now.
https://electrek.co/2023/07/07/lexus-offering-up-to-10000-off-first-electric-suv
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Yikes… so no possibility of buyout or selling back to another Cadillac dealer?
Typically usbank jacks up their rvs instead of passing in the 7500 directly, making buyouts not economical anyway
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Out of curiosity, in what aspects is US Bank worse than Ally? Just from a Buyout/Selling standpoint or we talking about rates, MF, or RVs?
With Ally, you can at least buy out the lease yourself to capture the tax credit. There also tend to have more dealers that can buy them out.
With USBank, you have a much smaller pool since not even all USBank dealers can buy at your usbank buyout and they generally dont pass ev credits on as a cap cost reduction.
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US Bank typically inflates your residual by the EV credit which is not good for buyouts.
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Seems if you plan to turn the vehicle in as opposed to buying it out, this wouldn’t be a bad way to go.
Thanks. A couple of follow up questions. What makes Ally not so great for leases? And are they doing the EV “pass-through” credit as a cap cost reduction?
If they inflate your residual by the EV credit then you are basically committing at lease inception to holding the car to full term and turning it back in. To do anything other than would be financial insanity.
They tens to structure their leases with higher money factors and higher residual values, making buyouts not economical. They charge market rate to 3rd party deals making trades not economical. They do pass on the credit and allow buyouts, but they tend to be very difficult to deal with.
If your plan is to buyout immediately, does any of that matter?
Anything in particular that makes them difficult to deal with?
Per my earlier post
Imagine buying a car and dealing with Dealer, GM, and Finance taking 5 hours.
Now imagine that into trying to buy your car from Ally.
It’s not easy or fun.
Hyundai - Please Send Check
GM - Please Send Check
Chrysler - Please Send Check
Ally or US Bank - See that episode of Ninja Warriors? The one where people fall into the pit of water? Welcome to the jungle.
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Is this dependent on what state buyout occurs too? I am trying to get my hands on a contract before hand to see the fine print before I even go chasing a deal, but haven’t been able to yet.
Ally and USBank’s devilry won’t be contained by borders
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Yes, if it is Florida, add some Alligators into the Water pit as well…it’s called the Florida Doc Fee
MINI is offering $7500 lease cash on the SE now. Are BMW FS leases easy to buyout?
Loved mine but I’d only recommend it as a second/ third car.
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Range is among the worst on the market which would make it something I’d want to have the leasing company own, not me. And it looks like the 24s will have double the range.
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Had one in 2022… don’t care about range if you drive it mostly in a city and limit to 80-90 mile round trips.
It’s the most enjoyable EVs I’ve owned as it is a hoot to drive as it is go-kart on steroids… BMW i4-40, Mach-E GT PE, Rivian R1S, Model Y are all distant seconds.
I gave it up because of my bum left knee and the low seating… same reason I dumped the Model 3 and one of the reasons I barely drove my i4 in the last two months of ownership. Range was never an issue but slow DC charging was… yeah when you do longer trips the 30 kW typical speeds are terrible.
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I have one in my driveway as we speak, and have driven it to 10 different states over the past year. I justified the purchase thanks to the availability of the tax credit, but even though I did it, I would never recommend buying one outright. If you need to scratch the Cooper SE itch again, just stick with a lease—which I would have done, had it been available last year.
PJ
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