Great info appreciated
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Ally does the exact same thing. In my case, I got lucky, is that they fudged up, and the formal dealer payoff they gave was the PP payoff…
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. 
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Carvana won’t buy out a US Bank lease anyway. Not sure why this is the end of the world it’s pretty well known.
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.
See:
Carvana won't buy out US Bank lease or
Selling my lease to carvana
If you get Carvana to buy out US Bank you will be the first.
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Which, if any, manufacturers use them as a primary? Are they mandatory anywhere?
US Bank don’t allow 3rd party buyouts.
You would have to buy the car from US Bank and then sell it to them.
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.
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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).
I was trying to sell my Scat Pack to Carvana and US Bank said no.
Yeah, I have a Tundra I’m thinking about dumping and either going down a car or getting something else.
Still waiting on that fax from US Bank with the dealer payoff - 3 hours in.
But w US Bank, you need to buy it before it can go to Vroom or Carvana.
This means you have to pay sales tax which 9/10 times kills the deal.
It is 100% true
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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?
You have a scat pack yet you took the Infiniti out here, SMH.
I returned it back in April.
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Sorry to resurrect an old thread, but I am guessing more and more people are in the situation of being upside on their leases as used car prices have gone up. My Toyota Tacoma lease is due to end in 3/2022 with US Bank and my payoff right now is 32k. Offer from Carvana was 38k and Vroom is at 40k now. I was able to get the dealer payoff from US Bank for Carvana through fax and it was over 38k. My question is, in my case it does appear I should purchase the car from US Bank and then resell it to Carvana or Vroom, so should I avoid refinancing it and just pay cash to get title in hand, or is it Ok to finance with local credit union or bank and then do the deal? Anyone have any experience with this? FYI I am in TN and will have to pay 7% sales tax.
It shouldn’t make any difference if you’re immediately reselling, however paying cash would seem much less complicated and faster.
If you are paying cash, I believe that there is technically no need to go to DMV and re-title/pay sales tax. Although the title will still have USBank as the lienholder, all you should need is a lien release letter from US Bank accompanying the title. However I am not from TN and this could be wrong.
I don’t believe that we have any dealers from TN on this forum. You should research and see if there is a grace period where you can obtain a clear title and not have to pay tax on it by reselling within a period of time. For example in MI, I believe you have 14 days to re-sell and you don’t have to pay sales tax.
Unfortunately it’s the default you do have to pay the sales tax to get the title to sell to vroom afaik (when purchasing the car I mean).
