My current lease on my Durango is up in a few months with USbank. So if I trade it in for a Hyundai they’ll come after me for the small cosmetics? Sorry in advance Lease newbie.
Potentially. Lots of horror stories on here.
Seems that way, yes. Unless you trade it in, then it’s up to that dealer to handle it.
Which credit union did you lease through?
Teachers Federal Credit Union. However, it was owned by Fusion.
I have a separate thread on US Bank. I am so confused on what to do. We too have a 2017 Dodge Durango with four payments left on the lease. We have “normal” wear and tear, but it is certainly not perfect. We have been trying to trade it in, but USB only quotes the owner their price if they want to buy it out. The dealer buyout should we trade it in is only available to them and is based on “fair market value + remaining payments”. I was considering taking my chances and just riding the lease out and turning it in, but this thread has me a nervous wreck! No idea what to do, but I think I am going to start with letting a dealer call and get their quote for a lease buyout. Seems to me that USB sets themselves up to gouge whoever, regardless of the situation
does Ally suck like US bank does? I have their wear and tear protection but it only covers $1000 per panel or whatever it says.
lease turnin not until 8 months though but its always been nagging at me lol. I bet if I try to sell my Giulia this way I will be way under
I’m on the fence regards to leasing another car or buying… will definitely avoid anything US bank and will go out of my way to recommend anyone I know to do the same for anything they offer
Ally is a bit better than US Bank because they use to be a captive (GMAC) so they know a thing or two about customer retention. US Bank is buying the business with crazy low rates (and fairly low RVs) and then turning the lease end process into a profit center. This is a quick way to ramp up volume but have little loyalty.
Not all lease contracts and lessors are created equal.
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I offer all my clients an Excess wear and tear policy to cover for damages. It costs $499 and covers up to $5,000 in damage with $1K per item.
It’s worth every penny for the peace of mind.
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My car is mint. I dont eat in it. And always fully detail it (used to own a detailing biz) so I was shocked when the report came back as “pitted; replace” on headlights. Theres no way they will swap them, but you can bet they’ll charge me the $2084 cost.
I’m going to buy it out and sell it myself. Luckily I have the $27k to buy it outright. I’ll sell it for a loss, but wont have as big a loss.
Steer clear of USB in the future
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Im in Massachusetts. I am looking to cut my losses. One thing against me is that the contract the dealer made is incorrect; it states that the mileage owed is $.20 and NOT .25 like USB charges. So, I am very afraid that if I try to push the issue on the mileage that they will for sure force every other excessive charge they can (they didnt even look at my tires, and I bet they will when I turn it in and tell them the mileage error needs to be adjusted). Going to court would not be worth it. To get out now as a turn in cost, Im looking at $1600 not even counting the headlights (another $2000)…buyout will cost me 1800 more than the offer Vroom gave me. Its so close I just want to cut my losses and tell them to F off.
OK, I just called the original dealership where we leased our Durango and guilted them in to calling USB and getting the dealer payoff amount. They were pressuring me to come in first and start a file on a new vehicle, but I think I was able to convince them of my reasons for needing to know this payoff amount BEFORE I come in and “look at a new Grand Cherokee”. Hopefully I get a call back. Like I said, I can buy it out for roughly $27k, the vehicle has a dealer trade estimate of roughly $26.5k - $27.5k on KBB and a private party value of roughly $28k - $30k on KBB. So, my next move will depend on what the dealer gets as their price to buy the vehicle. This will determine if I just buy the vehicle myself and then trade it in after the fact or maybe even sell it outright… OR if I am going to be able to negotiate a successful trade-in with a dealer on a new lease.
Good luck to us both! And don’t forget to ask them to NOT do USB again. the only advantage of staying with USB is that they waive one of the fees (either termination or inception) because you are already a customer.
I’d say return the car. I can’t see them actually sending you a bill for headlight that to me looks in perfect condition.
You must not have read the other USBank return threads on here. They’ve done crazier things than that. IMO if it’s on the report he’s guaranteed to get a bill for it.
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Just heard back from the dealer… so there is a $2000 difference between dealer payoff IF I lease with them again!! If I don’t lease with them, yet still trade in the vehicle to a dealer, the payoff is $28500… versus $26500 if I go in to another USB lease. So I can probably walk away with no negative equity based on trade-in value as long as I get another USB lease or I can buy it out and pay taxes only to sell it back to the dealer or private market… or I can take my chances on excessive wear and tear charges…
That’s exactly what drew my friend in for his Tacoma lease. Granted I had a hand in helping him get the deal but gave him fair warning about USB. He isn’t hard on his vehicles but it is a truck and has been used for truck things so there’s a few small scuffs here and there. Reading this makes me worry he’s going to get absolutely nailed.
Jeez, no USB in the future then. I now wonder what my credit union will do at the end of my léase …
There are plenty of horror stories with USBank. They nickel and dime you at the end. I wouldn’t take a USB lease if they paid me to.
Search the forums. The forum owner @michael even wrote a long article about a miserable lease end process with his dad a couple years ago.