Is there anyway to tell if the captive lender is being used on pre-negotiated deals… I spent a considerable amount of time at a dealership to learn later that they were using a third-party mouse house… Got really bad vibes thinking that I’ll just get hammered at the end of the lease.
In most cases yes, although it’s not a requirement, so you really just need to ask the broker/dealer what bank they’re using when you reach out.
Just to clarify, was this dealership one that had a PND listed?
No … I went out on my own to test drive a vehicle. I thought I might like… They volunteered numbers… It was on an Atlas cross sport.
There is absolutely nothing wrong with using a third party lender to get a cheap lease. Inspect the car prior to lease return and give it back to the bank. Yes, if you damage something that doesn’t belong to you, you will be charged. That’s the case everywhere, though. The stigma about third party leases here is unfounded.
I returned a niro ev w US Bank last month. Quick and easy inspection, easy return, pay the dispo, move on w life.
I would definitely go with US Bank and Chase however VW dealers seem to be hooking up with CAL Automotive… abbreviation for Certified Auto Leasing. A lot of caveats and not very good consumer reviews… Thoughts?
$500 damage waiver included on all cars, free pickup from your home at lease end. only thing is you’ll pay the $150 to do the 3rd party inspection. Well worth the money, IMO.
Michael’s USB return experience was 180 degrees different from yours so YMMV.
No, it’s not YMMV. If you borrow a car from someone, and you damage it, they are going to charge you based on the contract that you signed to borrow it. If you borrow a car and follow the correct lease end procedures w/r/t inspection, getting a car detailed, etc, you won’t receive a bill. There is no way in which you get a clean inspection and then get hit with thousands of doll hairs in charges. AutoVIN inspections are good for 60 days, regardless of lender.
Just to clarify, I understand fully about damage, excess wear and tear, over mileage and so forth. That’s fine and I’m OK with it.
Two main concerns:
number one… With the captive, there is something called “holder in course” and if the vehicle is stuck in the shop for months, you can petition the lease company and demand that they get involved to get the vehicle fixed. No one wants to drive an inferior loaner while you’re paying monthly payment on a more expensive vehicle
secondly… With a captive you can return to any of the manufacturers dealerships, very easy to buy it, traded it , sell it, etc.
This is not always the case with the third-party lender and I feel that if they’re undercutting the captive upfront, they will make it up in the back. It’s business, they need to earn a profit.
so does anyone have any firsthand experience with Cal – Certified Automotive Leasing? The reviews are not that great.
You clearly haven’t read the thread so you don’t know what you’re talking about.