On a whim I decided to check and see if there was any equity in my US Bank 2020 Jeep GC Overland that I leased last summer (Deal thread). Vroom was offering 42.5, Carmax 43.5. My buyout was 38k so after reading a bunch of threads here about dealer payoff being much higher I figured I’d have to buy it out myself before selling.
Before I did that I wanted to see what the dealer buyout was so I submitted it to KBB who gave me a couple dealers willing to pay 42.1k. Went to the closest who was willing to honor the price and told me the dealer buyout was even lower than mine at 36.1k. Went to the second dealer this morning and told them that GMTV offered me 44.5k this morning and they matched it without even verifying.
Just wanted to share with others since the majority of US Bank threads on here swear that dealer payoffs are always higher, or 3rd party buyouts aren’t allowed, or only allowed when buying a new one.
One that does not deal with US Bank. They were given the same buyout as the first dealer (Toyota).
Also, just an FYI for anyone with a US Bank lease they won’t tell you the dealer payoff and will only fax it to a dealer. So, if you call them and ask them to send a payoff quote to a dealer and give them your own fax number, you’ll be able to see it.
@Mikemikemike are you saying that US Bank gave different buyouts to different dealerships? I am struggling with the dealer buyout and Ally right now and looking for alternatives.
No, same buyout for both dealers. I was just distinguishing because threads in the past have stated US Bank dealers get a different price if you’re trading vs just selling or selling to another dealer. The Toyota dealership I got the buyout quote from definitely uses US Bank. The other dealer did not. The quotes were the same at both. It seems US Bank is very YMMV. But in this case it worked out for me to be around 2k cheaper even with the $800 early payoff fee they charged.
Ok - seems like US Bank is better to work with than Ally. I am struggling with Ally charging 10k more than my buyout and justifying it by saying it was market value. I think I am just going to end up buying out my lease because Ally just won’t play ball.
I did that with my last US Bank lease last summer. It took like 2+ months to get the title and register it in my name to sell to Carvana. Carvana offer went down about $1k during that time but I still made out on the deal.
Wow this is incredible. I’ll try to see what kind of numbers I get for my tundra. I hope I have your luck! I just bought my vw lease. Vw quoted me 7k under dealer buy out. Hopefully I don’t have to wait 2 months for title
I’m in the same situation at the moment. I have a '18 GC High Altitude I’m on a lease extension currently and my equity in the car is like $13.9k, crazy to me. I guess I’m wondering if USB will offer the same quote as they told me to a dealer. Especially from a dealer that uses USB for financing already. I’ve heard many time that USB sells to dealers much higher if they’re buying the car from the leasee. Any tips on how to go about this? Has USB eased up their crazy restrictions. I have a good source at a local Jeep so maybe they will do it.
Create a free fax number online then call US Bank and tell them you’re a dealer and you want a buyout quote and give them your fax number. You’ll be able to see the dealer buyout without tax and you can see if they’re marking it up.
Dealer quote for mine was the same. Didn’t matter if it was a US Bank dealer or not.
I am in a similar situation now. I took over someone’s lease and now I have 22 months left on the car. I really hate this Highlander 2020 Limited. It’s making all kings of weird noises and many having similar complaints online. It’s very poorly made. Anyway, the buyout price for me is 42K (inc tax) and dealer price is 48 K. I can make 1 K I think if I buy it and sell it to Algo or their equivalent. The only way I can get out of this lease is to buy the car with a USBank loan and sell it. If I do that quickly (i think within a month) , they charge a 1% fee. Things I learned, never deal with USBank, vroom doesn’t buy leased cars, Toyotas are all plastic and are poorly made (they used to be well made in the past).
It seems USBank treats Toyota leases and Jeep leases differently. Just FYI it took months for US Bank to send me the title on my first Jeep when I bought that one out in the summer of 2020.
In a similar situation now. Have a Jeep lease through US Bank and went to a VW dealer to try to have them buy it out bc I know I have at least $7-8k equity on it based on Carmax and KBB offers. US Bank gave the dealer a buyout price about $13k higher than they gave me. Wondering if it’ll be any different with a Toyota or Jeep dealer or if I’m just gonna have to buy it myself and wait however long it takes to get the title.
I just went from one US Bank lease to another (I have no issues with them as I keep my cars in pristine condition). There was a specific, “retention buyout” for this situation that was only $2k more than my pre-tax/fees personal buyout amount. US Bank will give you that figure verbally if you call in.
I pocketed @$3k. I could have made a little more by buying and reselling, but in this case avoided paying tax, financing waiting for the title, etc. It also helps that they had great terms on a new Wrangler lease so your experience may vary depending on what you’re buying/leasing next.
No, I got a Sport Altitude.due to my concerns about short and.long term reliability of the 4xe. I intend to buy it if I like it, or at the very least keep it to term so I so leasing through US Bank is fine for me. It’s 36m/15k, 63% residual, .00065 mf. I ordered from Chapman and got 5% below invoice.
