I searched, but couldn’t find an answer to my specific question.
With US Bank, they will give the dealer a lower price if you Lease/Loan through US Bank? This is well understood. It’s the “loyalty” price.
What I cannot find an answer to and the customer support person couldn’t clarify - Can I go buy a used vehicle and open a US Bank loan, then later sell my lease to a dealer and get the loyalty price? Or does that transaction all have to occur at once at the same dealer?
This only applies to USBank Leases. It’s their car and they can do what they want.
I do not believe a US Bank loan changes anything.
Edit : Appears it does, guess that helps.
Possible things changed, but they definitely said lease OR loan today when I called.
All at once at the same dealer
Does it have to be a new vehicle?
It can be used.
Just an FYI, you know that USBank Leases are nightmares to get out of or during turn in right?
I’m aware. My US Bank lease is ending. If I can’t trade, I’m going to buy the vehicle outright (and sell later), but I do intend to buy a used vehicle, so if I can avoid the hoops of buy/register/sell and just trade I’d rather do that.
Just remember that Used car values are going down right now, so the longer you wait the less equity (if any) in there.
Not as bad as it was maybe a decade ago. I had got a Tundra out of state and couldn’t find a dealer to take a US bank lease. I had to call them 2x after trying 3 dealers and eventually they sent a transport service to my house to pick it up. Better yet they grounded it as of the date I called so even though they took 2 weeks to pick it up I didn’t owe another payment.
No lease end charges other than disposition fee.
Ymmv but they’re not as bad as the horrors of long ago. @Jrouleau426 can attest too.
Well the only 2 horrors I know of
Guess I got a good AutoVIN guy then.
But aren’t most banks restricting buyouts now anyway other than Chrysler Capital? Unless you’re staying within the same company.
There are a few but Mercedes for example dropped that rule.
Volvo is still the worst, you can’t even sell the car to a Volvo dealer. Well US Bank has the same rule too…so it’s a tie!
Volvo is on par, as you must trade the lease into another car.
I explained to the Audi dealer I’m trying to buy used from, they said they understood the situation and would work with me on it. Will see what happens.
Correct I have 100s of usbank leases returned and haven’t heard of many issues besides people not able to recapture equity, which is a priveledge not a right as far as they’re concerned.
Lease transfers with usbank have been 4 weeks. I’ve done many and had no issue also.
Looks like your pretty familiar with US Bank leases on the tundras. I got one of the smoking 265 a month lease with us bank and now my six months extension is up. Is the best play to just buy for the 37k residual price/41k with taxes. It seems no dealer is dropping below msrp so no true way to roll equity into a new deal.
New to the lease game but it appears this might be one that makes sense to buy it out and ride while the market cools. there will always be a market for used trucks? agree?
Yeah if you want to buy it out that’s the best route. I can also get a new one for you but payment will be like high 700s