They may use US Bank but then go with a 5% flat which is the max marked up rate. So if the buy rate is 0.00100, they can contract at 0.00185 and make 5% of the net cap cost. Each 1% flat increases the MF by 0.00017 with US Bank so you not only have to find a dealer willing to use UsmS Bank but you also need to find one that uses their buy rates.
If the dealer can beat all other lenders by say $110/ month with the US Bank buy rate, and they know few dealers around them (that have inventory) are signed with US Bank, they will go with a marked up rate and increase their profit whenever possible. And the payment advantage is large enough that even with a marked up rate, it is still the best payment available in that market.
The odd thing is that I used the MF that I got from them in my calculations. I’m not even sure if it’s the buy rate or not. I guess it’s possible the sales manager accidentally told me the buy rate and then didn’t want to admit they marked it up.
If you have a US bank branch in your state they can write the lease for you and fund the dealer by split fund .Call 1-800-USBANKS And ask for direct lending
Are you sure that’s correct? From what I’ve learned on here, dealerships need to have an agreement with 3rd party banks before signing lease deals through their programs.
Yeah, that’s probably worth a try. I don’t understand why they don’t post a list on their website. You’d think it would be in their own best interests…
I called US bank couple of times. They gave me the list of Toyota dealers in my area. I called every dealer on the list and found non of them do lease transaction through USBank. They do purchase only. Seems US bank don’t have list of dealers who do lease through them. Please try and let me know if you are successful.
Call us bank. Pretend you’re returning a leased car and tell them your local dealer won’t take it because they don’t do leases with us bank and you want the name of the closest dealer that does. They’ll look it up and give you the name.
