U.S. Bank lease... Never, ever, ever again

[mllcb42]

@chrisj6565

I am curious how much the leasing company factors into forum members decisions.

If you were comparing a BMW and Mercedes with the same deal terms, but liked the Mercedes car just a bit more, would BMWFS sway your decision? Since it’s easier to get out of a lease with them.

It’s definitely something I consider. Recently, I was pricing out Highlanders for my wife and was being sure to get quotes from TFS/SETF rather than Ally (which was a bit cheaper) because I didn’t want to deal with Ally.

[manku]

Going forward, once you sign the deal, can the banks then change their policies about 3rd party buyouts?

In other words, while Subaru/Chase had no issues selling to Carvana recently, could they change their mind in the future on existing leases? (Obviously on new leases they could change the terms)

[mllcb42]

@manku

can the banks then change their policies about 3rd party buyouts?

If the contract explicitly allows 3rd party buyouts, no, but I’ve never see a contract that actually allows 3rd party buyouts. They basically all say “you can’t sell the lease to someone unless we agree” and doing so is at their discretion. Deciding they don’t want to agree to the buyout isn’t changing the terms of your lease in anyway and is fair game. Same applies to lease transfers, etc. Plenty of banks have done just that recently.

[LM1Z]

Exact same sentiments as the OP. Have done plenty of deals. This is an absolute nightmare, but an eye-opening experience. Will never use US Bank again.

In my case, the originating dealer, who put me in the US Bank lease (not thrilled), was kind enough to inform me of the buyout method, then resell as I please. US Bank confirmed multiple times over the phone that financing the vehicle with a different bank is perfectly fine. They just want to receive their remaining payments, early lease term fee, and taxes. The same dealer is then immediately turning around and buying my truck from me. While I am going to pay taxes to buy out the lease, in theory, I would receive tax credits if I traded the vehicle in. However, in this case, the dealer doesn’t have any inventory and I’ve made arrangements to lease another vehicle in a different brand. I am receiving dealer tax credits on the new deal anyway, so I could care less. As long as you satisfy the terms of your US Bank lease, you should be off-the-hook. Unfortunately, you have to jump through a few additional hoops to get there. Capitalism at its worst.