I’ve lost count of how many cars I have leased over the years. Too many. U.S. Bank has (far and away) been the worst leasing company I have ever dealt with. I almost never keep my leases full term. I either transfer out or sell the car to Carvana, Carmax, Vroom, etc.
Today, Carvana makes me an online offer for my Toyota Tundra. I call U.S. Bank to get the 10-day dealer payoff (standard operating procedure for every other financial leasing istitution I have dealt with). U.S. Bank tells me they do “not sell to dealers”. They only allow the dealer to purchase the truck if I am trading in for another car. This was in addition to calling U.S. Bank earlier this week… staying on hold forever… to get the dealer payoff to trade somewhere else. They tell me they will only release that information to the dealership, not the (paying) customer. In addition, they tell me their dealer payoff numbers are based on “current market conditions”.
Perhaps I have been spoiled by BMW FS, Volvo FS, GM FS, Mercedes-Benz FS, etc., etc. But U.S. Bank is awful. Six more months on this lease, and I can’t wait to send it packing. I don’t care how cheap it is. Rant over. Thank you for letting me vent…
Nobody wants to pay more than they have to, we all want a deal. But there are companies not worth doing business with at any cost. I keep one of those lists, and it sounds like you do too now.
My sister’s last lease was with US Bank, and a nightmare at acquisition and disposition. Never again.
I called Carvana 2 weeks ago and they said they buy US Bank leases all the time. I called US Bank and asked if I could sell the vehicle to a dealership and they said yes they do it all the time.
Either you have the wrong information or I have the wrong information.
What is kind of weird is that when you call US Bank to get payoff information they won’t give you a dealer payoff, only a personal payoff. I asked them about it and they said they can only give that info to dealers which is crap. My US Bank lease is also the only lease i’ve had that has an early termination penalty. It’s up to 2 months penalty based on how far into the lease you are.
Your Carvana rep is giving you bad information. US Bank does not recognize Carvana as an autohrorized dealer and Carvana has no relationship with US Bank. This has been covered many times here.
I don’t think anyone uses them as primary. All the manufacturers I know have their own in-house financing as primary. But my Grand Cherokee is with US Bank.
Those of you that have had Us Bank leases and traded in your vehicle to a dealership what was your experience with the dealer buyout amount? Is it the same as what your private buyout is or how’s it different?
I don’t think this is true. I just called US Bank as a dealership and they are faxing me a dealer payoff. (I used to work in the industry and am having them send it to a friend that works at a car dealership).
Interesting. I’m gonna have too see if I can find a real dealership to get close to Carvana then. Just checked, Carvana offered $44k. Adjusted cap cost is 41.5k. Still don’t have a payoff - but it seems like there’s some equity. Do I still have to buy it first if I trade it in to Carvana rather than selling it outright?
