I too won’t lease through US Bank, after an experience with a Volvo. I wanted to turn in the Volvo 5 months early to take advantage of a big incentive on another car. Anyway, US Bank tells me I have to pay an early lease termination fee equal to one month payment. Additionally, a dealer cannot buy the car for the contracted buyout amount, US Bank says they want an additional $4,000 from a dealer, fair market value according to them. High retail value according to me.
So I lease the new car, send in a check to buy the Volvo, takes US Bank 3 weeks to process and get me the title.
Never again.
They used to set RVs in the low 40s (and even high 30, I think) on 36 months and throw tons of cash on S60.
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Maybe I’m mistaken, but I thought that US Bank did not allow lessees to sell the vehicle to private parties. In other words, the buyout option is reserved for the original lessee only.
they allow transfers.
Does anyone have experience returning a Subaru via Chase Finance? They do have a $1,000 allowance, but I would like to hear if they are more accommodating than USB (based on what I’ve read on this thread).
Appraise it first, you may have some equity. I sold mine 3 months before lease end
I had aa Chase lease on a WRX. No major issues. The residual at the end of the lease was $16,800. Same price to me or a dealer, although if I bought it I had to add 6% sales tax. Anyway, local Subaru dealer offered me $1,000 if I turned the car into them. I chose to buy it myself and sell its retail, went for $20k in a few weeks.
I had no issues with Chase Bank on the lease.
IIRC the last 18 months are handled by lease return team where they will do comps for dealer buyout.
Anything before that will be their regular banking associates. I am guessing they figured most people are upside down before in their 1st half of of their lease term anyways so no extra effort needed.
Autovin came out and gave us a quote of $6200 in damage when we turned in a car about 4 years ago.
We never got a bill. Maybe since we handed in a car that that was a 39 month lease with 26K miles on it.
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Is the payoff literally the residual plus remaining payments before the last 18 months of the lease (or possibly 12 months if their website is correct)?
5 weeks to wait???
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I am currently disputing BMW FS because my headlights and tail lights had a protective 3M film that was a light smoke color and they said the lights are non factory. fun stuff, also they added $390 in “miscellaneous” damages that they couldnt tell me in any way what it was, the car was 8500 miles under the mileage limit and the service writer is my personal friend who went over the car and said its good to go before auto vin arrived.
I’ve found most leasing banks suck.
Solution, transfer your lease in the last year and make it someone else’s problem…
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Or buy Lease Wear and Tear Coverage.
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You shouldn’t have to pay to protect yourself against being ripped off
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Why do you think it’s being ripped off?
Did you even read the thread?
Yeah, read it. US Bank almost always finds wear and tear on every vehicle. Except for the Captive Lender, the dealers would prefer customers purchasing the wear and tear, just to protect the customers. It actually covers up to $3,000 worth of wear and tear.
I am with Fusion Auto through a local credit union and anxiously waiting for my return date for the GC. Their website shows only three return locations, all are in the east coast. Called and asked, nice lady on the phone told me I can return to any Manheim location. She also told me I can do my own inspection, send the pictures to them to get a quote for excessive wear and tear. Fingers crossed .
My wife’s Pacifica lease is ending with US Bank, and I’m admittedly dreading it. I had a nightmare of a time with them doing a lease swap out of my tundra in 2019… total cluster! Lost checks, lost paperwork, back and forth to exhaustion.
Never returned a lease with them, but have the inspection scheduled for Monday.
Out of curiosity, can they hit me for charges above and beyond whatever the inspection comes back with? Or is the inspection the final word aside from $395 termination/ return fee that’s outlined on my contract?
I’ve replaced my wife’s car already and have through March to make a move. My plan was to pay last two payments and just return early to get it out of my life but don’t want to get screwed.
Vroom offered me purchase price equal to my payoff but US Bank wouldn’t allow me to sell to a dealer, only trade or buy out and then sell.