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US Bank end of Lease

whitex

Well-Known Member
Sep 30, 2015
7,131
9,180
Seattle area, WA
The residual price of those vehicles was actually lower than the market price at the end of the lease, so I bought those vehicles for the residual and sold those for a small profit. I leased the Jaguar new with an $8k discount, so when I bought that for the residual and sold it, I ended up driving that car for $200 a month for 2 years after you take out the profit I made selling it. I did not do quite so well on the BMW, I only came out a few hundred dollars ahead, but did not have to pay the mileage fee to the dealership when I sold it myself.
Fyi, if you are buying a new car, you can have the new car dealer do all the work on the profit (if you have any that is) - avoid having to buy and sell it yourself while in some states offering you a tax advantage (when you pay off the car, you have to pay sales tax on residual, a dealer does not). You just have to be good with your numbers to make sure the dealer doesn't pocket a chunk or all of your profit in the transaction. The best way is to make a deal as if you were trading in a paid off car, then just ask them to pay it off instead and add the payoff amount to the new car deal (keep in mind your tax credit may change as you don't get it on the residual amount). In the end, the answer is "do the math" - it pays off in life to have paid attention to your math classes in your youth ;).
 
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Yes, 3 years/10k miles
Although my model did not have ludicrous mode. Every option but that and rear facing seats.

Ah, ok. I have a 2 yr lease, 10k miles per year. I wanted a 3 yr lease because the payments were so good, but the 3yr lease for some reason made the payments much much higher. My car is similar, all options, except rear facing seats, but with ludicrous.
 

smilepak

Active Member
May 11, 2015
1,915
680
SoCal, CA
Ah, ok. I have a 2 yr lease, 10k miles per year. I wanted a 3 yr lease because the payments were so good, but the 3yr lease for some reason made the payments much much higher. My car is similar, all options, except rear facing seats, but with ludicrous.

They offered you 2 years? I thought 3 years was the only options.

I have 3 years @ 15k miles per year
 

smilepak

Active Member
May 11, 2015
1,915
680
SoCal, CA
Ok. So I had a chance to call and the deal is

If I decide by Aug 7th, I can buyout my lease into a US Bank Loan at the residual value of $61.5k for 72 months & 982 per month. If can do shorter loan if I want at higher monthly. The rate is 3.3. %

If I wait until the end of the lease to buy it, I'll be paying the residual value of 51.2k. Considering between now and then I have 12 months left of the lease payment at 989 per month.

I can trade in, would have to take it to Tesla to estimate how much they would pay for the vehicle and they will contact US Bank directly to pay off the balance if the value is higher than my balance.

I have a 2015 70D with Prem Package, Metallic Blue, leather seat upgrade, and Pano SunRoof. I activated AP1 after the lease was signed, so the value was not included in the lease. Bought in July 2015. Currently at 37k miles on the car.

Anyone call the bank to ask about their options? I didn't ask and forgot I'd can I buyout without loan through them.
 

whitex

Well-Known Member
Sep 30, 2015
7,131
9,180
Seattle area, WA
Ok. So I had a chance to call and the deal is

If I decide by Aug 7th, I can buyout my lease into a US Bank Loan at the residual value of $61.5k for 72 months & 982 per month. If can do shorter loan if I want at higher monthly. The rate is 3.3. %

If I wait until the end of the lease to buy it, I'll be paying the residual value of 51.2k. Considering between now and then I have 12 months left of the lease payment at 989 per month.

I can trade in, would have to take it to Tesla to estimate how much they would pay for the vehicle and they will contact US Bank directly to pay off the balance if the value is higher than my balance.

I have a 2015 70D with Prem Package, Metallic Blue, leather seat upgrade, and Pano SunRoof. I activated AP1 after the lease was signed, so the value was not included in the lease. Bought in July 2015. Currently at 37k miles on the car.

Anyone call the bank to ask about their options? I didn't ask and forgot I'd can I buyout without loan through them.
You can always buy out without a loan from them, any time. Just call and ask for payoff amount. Usually valid for 5-14 days during which they expect a check, either from you or the bank you get a loan with. Then they send the title to whoever paid it off (you of course sign a release too).
 
Ok. So I had a chance to call and the deal is

If I decide by Aug 7th, I can buyout my lease into a US Bank Loan at the residual value of $61.5k for 72 months & 982 per month. If can do shorter loan if I want at higher monthly. The rate is 3.3. %

If I wait until the end of the lease to buy it, I'll be paying the residual value of 51.2k. Considering between now and then I have 12 months left of the lease payment at 989 per month.

I can trade in, would have to take it to Tesla to estimate how much they would pay for the vehicle and they will contact US Bank directly to pay off the balance if the value is higher than my balance.

I have a 2015 70D with Prem Package, Metallic Blue, leather seat upgrade, and Pano SunRoof. I activated AP1 after the lease was signed, so the value was not included in the lease. Bought in July 2015. Currently at 37k miles on the car.

Anyone call the bank to ask about their options? I didn't ask and forgot I'd can I buyout without loan through them.
Try lightstream for a loan quote. I have them for my roadster and they were super easy and have a very low rate.
 
Ok. So I had a chance to call and the deal is

If I decide by Aug 7th, I can buyout my lease into a US Bank Loan at the residual value of $61.5k for 72 months & 982 per month. If can do shorter loan if I want at higher monthly. The rate is 3.3. %

If I wait until the end of the lease to buy it, I'll be paying the residual value of 51.2k. Considering between now and then I have 12 months left of the lease payment at 989 per month.

I can trade in, would have to take it to Tesla to estimate how much they would pay for the vehicle and they will contact US Bank directly to pay off the balance if the value is higher than my balance.

I have a 2015 70D with Prem Package, Metallic Blue, leather seat upgrade, and Pano SunRoof. I activated AP1 after the lease was signed, so the value was not included in the lease. Bought in July 2015. Currently at 37k miles on the car.

Anyone call the bank to ask about their options? I didn't ask and forgot I'd can I buyout without loan through them.

Smilepak,

What was the original residual on your Lease Agreement? was it 51K? if this is the case they are not giving you any incentive which is contrary to other poster on another forum who claimed that you could get up to 25% off from the listed residual.

If your MS is in good shape, please tell me your reasons on why you would not keep it, you cannot buy another similar AP1 CPO for 51K. Even with the cost of extended warranty it seems like a good deal; also, there is no compelling reason to upgrade to a new MS unless you specifically want a larger battery and AP2.
 
Smilepak,

What was the original residual on your Lease Agreement? was it 51K? if this is the case they are not giving you any incentive which is contrary to other poster on another forum who claimed that you could get up to 25% off from the listed residual.

If your MS is in good shape, please tell me your reasons on why you would not keep it, you cannot buy another similar AP1 CPO for 51K. Even with the cost of extended warranty it seems like a good deal; also, there is no compelling reason to upgrade to a new MS unless you specifically want a larger battery and AP2.

Can you link to the thread with the reduced residual? My buyback for my P90D will be $94k next year, which seems way too high. That's likely not even a good price right now. If they took 25% off, that might be worth it.
 
Can you link to the thread with the reduced residual? My buyback for my P90D will be $94k next year, which seems way too high. That's likely not even a good price right now. If they took 25% off, that might be worth it.
I don't recall the specific thread on Tesla forum, but typically the residuals can be negotiated, if I find it, I will definitely forward it.

I tried searching for the old thread and found this instead
https://forum.leasehackr.com/t/us-bank-negotiated-buy-out/7349

if you got a 2 year lease, that should explain the high residual.
 
Can you link to the thread with the reduced residual? My buyback for my P90D will be $94k next year, which seems way too high. That's likely not even a good price right now. If they took 25% off, that might be worth it.

Same here, $91k residual on a P90D. They're nuts if they think I'll take that. I'd get a brand new 75D instead or a model 3 for less.

I would like to extend the lease for 6 months though :)
 

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