US bank is in the leasing game to make money. There likely is a clause in your lease with them that says that you agree that an early termination of the agreement will have penalties, and then probably goes in depth to explain these penalties. You’d have to find out how that applies to a buyout, but it’s possible penalties still apply.
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Also, if it was such a thing whereby in order to buy out a US Bank lease they required you to pay whatever the current payoff is AND all remaining payments I feel like we would have heard about it by now.
Have you had any experience buying leased cars from US Bank?
I guess my situation is a little weird. I don’t want to do a trade in. I want to sell to dealer without getting a new car from the dealer (want a Tesla instead) and US Bank said the only way for me to avoid remaining payments are to buy out directly by myself or trade in.
Nothing useful, I gave up.
Haha the irony is you are calling me clueless, while you are one who is asking for help.
Anyways I was just trying to help. Good luck!
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I definitely appreciate the irony, however misinformation is not helpful.
Find a dealership that deals with US bank. I traded in my 2017 Ram lease to a Toyota dealership and there were no shenanigans such as different buy out prices or remaining payments…
I had the same situation with Usbank I had to buy the car myself and then sell it to carvana for a profit
Do you live in a state with no sales tax?
With my buy out amount plus 7.5% sales tax it’s not possible for me to make a profit…
I have to pay 7% sale tax but had 5500 on equity
Hi, I’m in the same situation as with what u did. Wanted to ask you how long it took us bank to send you the title after you purchased the vehicle. I can make 3grand profit with Carvana but just wanted to ask you how the whole process went for u?
Thanks
I received the title after 10 days then I had to take it to tag agency and get a title under my name they gave me the new title the same day
Nice… wonder how you did it…
Checked with Carvana again and they dropped the appraisal to $30,200… down from $31,500…
If I purchased it from US Bank for $31,750 then I will end up paying $1550 extra to end the lease… Jeep is bad in holding its value!
what’s the model and year of your vehicle? it’s a nice 3k profit!
It’s a 2017 JGC limited. Buy out with us bank is 22,500 with all taxes included. Carvana offered 25,500. Has only 28,000 miles.
mine is 2018 JGC with onlyh 13500 miles and 11 months to go…
did you negotiate with US Bank for the buy out value? they seems to ask for more for my car… it’s really not worth it. Just checked with Carvana again and they lowered their offer by $1000 which makes the deal worse.
No negotiation, just had a low buyout price in my lease contract. I Just made my last lease payment with US bank so will buy it out and sell it.
The tag agency didn’t hit you with any other taxes or fees than what you Already paid us bank?
Buy it out and sell it to carvana afterwards
I had to pay like 110 to transfer the title to my name and also getting it the same day