US Bank End Of Lease + Overmilage Fees + 3rd Party Restrictions = Wanting A CX-90 Premium Plus Lease Not Through US Bank

Ask the Hackrs
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We are currently at the end of my wife’s lease on a 21 Toyota Highlander XLE and wanting to lease a 2024 CX-90 Premium Plus, 12,000 m/36 mo./ 0 dp. / tier 1 credit.

I think I need a broker recom to help me navigate through this endeavor — my head is spinning.

According to US Bank rep I have the following options

  1. Purchase 21 Toyota HL XLE
    Residual: $26,926.35
    Purchase Option: $27,275.36
    Buyout: $28,357.48 as of 5/16/24

Then turnaround and sell
Carmax: $29,000.00
Carvana: $28,400.00
Local Toyota DS: ? haven’t inquired

This option doesn’t sound like it’s worth the effort going through and not much equity to be had. Only benefit would be to not have to pay the over-milage fee: 15,450 @ .25 = $3,855

Before facepalming or beating your head against the wall reading this —- we had 3 teenaged girls learning to drive @ 60 hrs ea. My wife’s father passed and my wife became sole caregiver to my MIL who has Alz and required constant supervision and aid hence the over-milage.

  1. Trade In
    $395.00 end of term fee due
    Loyalty Quote: $ - was told not to share
    Non Loyalty Quote: $ - was told not to share

I haven’t entertained this option and the few dealers I’m talking with don’t know I have something to trade. I wanted to focus solely on the new lease deal for now. US Bank said that I won’t be charge for the over-mileage fee if I trade it in. Skeptical.

  1. Turn In
    Home Pick-Up Program
    $395.00 end of term fee waived
    $3,855.00 over-mileage fee due at turn in.

I’ve had the self inspection completed and the vehicle is in excellent condition w/new tires Feb 2024. Consecutive recommended and required maintenance.

Would appreciate some help and guidance as to what route to take and if anyone could recommend a broker for our next lease.

Many thanks.

2

On a trade in, it’s being bought out, so there is no over-mileage. USBank will charge a higher price to a 3rd party dealer though, so you need to make sure you’re looking at the buyout the dealers you’re looking at would pay.

Also, if you buy it out, don’t forget to factor in sales tax on the buy out.

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If the dealer pays US Bank’s asking price (Which might not be your buyout price) they eat the Over mileage fee.

If you buy / sell don’t forget Sales Tax which could add ~$1700 .

BUT IMO if all those tricks saves you on the $3855 fee, it’s worth it.

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Definitely pursue the trade as long as you don’t lose more than the 3855 you want to save yourself from paying.

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In MD would he get credit for the sales tax he already paid when he leased the car? That could make buying it out and reselling a no-brainer.

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