Just an FYI that Carvana won’t directly buy-out a US Bank lease vehicle. Took me a bunch of phone calls and chat sessions to get this figured out. Of course, you can still buy it out yourself and then trade it in, but in that case you can’t start the order process until you have possession of the title.
Kinda puts a hitch into using Carvana as an early out of lease option if your using US Bank.
They told me the same thing on my Nissan through NMAC. If I go buy it from the dealer I’m assuming I’ll have to pay taxes and then it won’t make sense to sell it to Carvana.
Did they say why?
For me they said Nissan no longer allows third party buyouts, and the customer service rep was surprised because she said they’d purchased leased Nissans recently.
Yeah good luck with that. I went through the same thing. I hate US Bank with a passion, I will never use them again, no matter what. I ended up trading in my car (which is ok, but not selling it… makes no sense) for the same price and moved on with my life.
@Voton91 you would have to buy a car from Carvana to get the tax savings with the trade-in
@Qbrozen no explanation. it sounds like they dont have a relationship with US Bank
@zodiac I recently transfered a Dodge Challenger lease with US Bank. It was fairly painless.
I had less than a year left on my lease or I would have transferred it, but US bank doesn’t allow it with less than 12 months. US Bank won’t sell to a dealer, only allows trade ins. I tried with Vroom and Carvana.
So it’s not a Carvana thing… it’s US Bank that is the issue?
Yes - US Bank does not allow sales to Vroom or Carvana.
You would have to buy the car from US Bank and then sell it to them.
Sucks if you are in a state that has sales tax because you’re paying sales tax on the amount…
Thanks Mike👍
US Bank will only accept the residual amount directly from the leasee. If a third party US Bank will offer to sell the car for what they call “Fair Market Value” Typically much higher than the contracted residual figure.
You have to buy out the lease and once you get the title, sell the car to Caravan, or whoever
Us banks or other lenders outside manfucaterer lease company is usually a headache and nearly impossible to get out of without many strings attached
I see on my US Bank lease buyout they have a $856 “admin charge” for early lease termination. With a transfer they charge $100 for the app and $500 fee. I’m sure they want to protect this profit.
Please don’t lump all the non-captive lenders together like this. US Bank is on average a big headache at the end of term. Ally is better. The credit unions that lease through CULA are much better because of their lease agreement.
They have a simple interest lease agreement which makes it easy to trade out early w/o needing to make all remaining lease payments (like every other leasing company). They include a $1k wear and tear waiver for free and they charge the same buyout price to the consumer or the dealer. That means you can sell it through Carvana/Vroom or trade it at a dealer without the hassles described here.
They do charge a dispo fee of $400 or a purchase option fee of $325.
I was trying with Chrysler Capital and having issues. They were treating Carvana as not a dealer and wouldn’t give dealer buyout. So there was a discrepancy in amounts.
very helpful, thanks
As a followup;
From the Carvana side, eventually I was put in touch with a purchase agent (an actual human) who was willing to give me 14 days to secure title from US Bank and lock-in the trade offer during that time. She also was able to increase the trade-in offer by $500.
However, I eventually got a Jeep dealer to successful negotiate a fair market value buyout with US Bank at 8 months left on the lease. It was $2500 less then the buyout US Bank offered to me, so not quite sure why so many complain about this approach.
As a sidebar, the 2014 Jeep Grand Cherokee I purchased and traditionally financed from that dealer was appraised by Carvana for $500 more then I paid for it 
I had a similar experience with an FCA lease.
They force you to take it to an FCA dealer to turn in early (or sell or trade), one benefit is the FCA dealer can buyout your lease cheaper than you can. Possibly up to $800 less.
Go in to an FCA dealer and ask them what your buyout is AND WHAT THEIR BUY OUT IS, maybe there is a deal at the FCA dealer you didn’t even know about?
Bear
I am 10 days from the 90 day turn in so I am good now!
Has anyone successfully sold a US Bank lease to any dealer prior to lease end, without buying another vehicle?