Has anyone heard of this one. I don’t want to get too specific YET, because I just found out about it and I am going to give them the benefit of the doubt.
I recently turned in a lease vehicle for another lease vehicle of the same brand.
I specifically negotiated the new lease on the condition that the MSD’s from the old lease would be returned and not put in the deal. I was assured that would not happen and guess what….it did. They used my MSD‘s to pay off a portion of the returned leased vehicle. The lease company acknowledged that there was no documentation to use the MSD‘s for this purpose as there is supposed to be, when conducting such a transaction.
This had nothing to do with any charges that were due for turning in vehicle it was very low mileage and in perfect condition. No issues were identified during the inspection.
As I said I am going to give them the chance to work this out but I am wondering if this is a common practice that is going on. Thanks for any input
I will after I give them a few days to see how they are going to handle it. Don’t want to slam them if honest mistake. Part of it is pretty popular here on Leasehackrs
No, none of that. Msd’s were to be refunded. We specifically spoke about that with sales and finance. I have the text string discussing it. Just wondering if others have experienced this?
Let’s say the msd’s were 3000 and the payoff was 20,000. The dealer sent the leaseholder 17,000 and told them to use the 3000 msd’s to make up the difference. Generally, That’s what happened in this case
I don’t think the dealer can use MSDs to do that. These money is between the bank and lessee. I will assume it was a Volvo, which clearly spells out “refundable security deposit” on the contract.
