Can I turn in my U.S. bank lease 60 days early without being hit with early termination charges? They’ve sent me a letter saying I could set up inspection and arrange the return, but I’m worried I get hit with early termination and the difference between residual and market value(it’s a wrangler 4xe). I’ve paid remaining payments and spoke with 2 agents who said the contract is complete because I’m paid out and I can turn it in only paying disposition and over mileage charges. Has anyone done this that can confirm???
Early term only applies if you haven’t made the payments, of you paid all your lease, it’s just a grounding.
I would get an inspection for gotchas
I did get the inspection. It came back with 0 issues.
I’m just fearful of turning it in and getting hit with residual - market…that could be 10k or more…end date is 1/9
Thats not a risk on a lease return, you can always finish payments and give the car back
sure is on a chase motor finance lease cc: @Benedetto
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OP, what does your contract say, if anything, about early termination?
The contract says I could be penalized for turning in early. It doesn’t say how many days, it’s based off of number of payments due.
US Bank sent me a letter saying I could get it inspected and arrange turn in or buy out.
I spoke with 2 different U.S. Bank agents who stated since I’m paid out early termination doesn’t apply and I can turn it in.
I want to turn it in but I don’t want a surprise.
Can you post this part of the contract?
Perhaps a silly question, but do you want to end the lease early? Do you mind just finishing out the lease and returning the car then?
Yes. I’m 10,000 miles over and counting… shortly after leasing I started a side business doing handyman work and general contracting so the jeep no longer meets my needs either….i went ahead and bought a new truck since interest rates got reasonable this month so id love to just turn it in
Are you expecting anyone to read such a poor photo?
It’s not the easiest photo to read, but sections C6-C8 are pretty legible…
Why not park it until turn in time so you delay the overage charge as much as possible?
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Right…so has anyone done this before. If I’ve paid the remaining payments does that truly mean it is over and early termination doesn’t apply like the agents told me? That is the question I’m looking to answer here.
Apparently, yes, 6 yrs ago (w/ US Bank and w/ no penalty):
A Chase contract (at least 3 yrs ago) specified that ending the lease prior to the final month was an early termination, but your contract doesn’t seem to mention that:
So… you’re probably fine?
I would say it’s unclear from the sections of the contract you shared. I don’t think the US Bank reps are lying, so It’s possible US Bank may consider it an early scheduled termination, which matches the described payment structure, versus an early termination, which does not, but that section is cut off from your picture.
I’m open to doing that but I have no use for it so if I can drop it off and get it off my insurance I’d prefer to do that instead
You will not get hit with any penalties. Just take it to a dealer and drop it off. The bank will be happy to get it back earlier because they can get more money for it at auction sooner rather than later.
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