It ended up being a trade, so they applied the trade amount on my new vehicle and drove off the same day just paying the difference. They had me switch the title to my name though before turning it in.
Ok thank you. Appreciate update.
this is true especially with banks such as us bank
Just an update on this. Got title from US bank and they send a check for me to go to DMV to pay taxes. What a pain of a process. Already did that this week. Lets hope NYS has a quick turnaround. Best idea is to simply finance the purchase for anyone out there.
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Hi! how long did it took for the paperwork to get to you after the check was cashed? I got an email that my account was closed on august 30th. How long should I wait and what was the process at the DMV?
4 weeks ⌠give or take a day
Hi Iâm nearing the end of my lease extension (Volvo/U.S. bank) and most likely will buy out cash, then trade in as soon as I find a good deal on something else.
Is the buyout negotiable?
Iâm confused can you explain why to finance the purchase even if I have the funds, I donât fully understand how this helps the title process if I am still shopping around and may potentially sell or trade in the car within the next year
Because it is easier if its a loan. Third parties can buy a loan instead of a lease.
Ok that makes sense now. I am aware of the third party lease restriction.
So I just have to figure out if the added interest payments are worth it then.
Anyone have experience or know if the buyout is negotiable?
No it is not
It doesnât. You can sell/trade it just as easily after paying cash and having title in hand. You can also sell to private party much more easily than with a financed car with a lien on the title.
If anything trading in or selling to a dealer with title in hand is slightly easier as buyers such as Carmax have a cutoff for financed vehicles at 4:00pm Mon-Fri, IIRC. You can leave your âsoldâ vehicle during any of their biz hours with a bill of sale and come back later for the check, but their finance dept doesnât contact banks after 4 on weekdays, at least thatâs what they told me.
I get what youâre saying, and agree title in hand is easiest.
I believe OPâs opinion and experience with this particular situation is that USBank was slow to send him the title , so thatâs why he suggested to finance the purchase â that way it puts the transaction between USBank and third party and saving him time/frustration/hassle. (I think- not 100% )
I think I personally have time to wait, probably wonât be looking for something else for at least 3-6 months out so I may just pay in full to buyout my lease and get title in hand. And not bother with the extra interest payments
But will stay on top of the matter to make sure I get my title
Thank you
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