US Bank end of Lease

[ba2002]

An FYI for anyone looking to stay in a good lease.

US Bank has allowed me to extend my lease by 3 months at the same payment. They asked me why I was doing it and I told them it was because my model 3 estimate was delayed from Fall to Late 2018.

Apparently it can be extended up to a total of 6 months and they said to call back if I needed to push it out again.

 

[n2mb_racing]

An FYI for anyone looking to stay in a good lease.

US Bank has allowed me to extend my lease by 3 months at the same payment. They asked me why I was doing it and I told them it was because my model 3 estimate was delayed from Fall to Late 2018.

Apparently it can be extended up to a total of 6 months and they said to call back if I needed to push it out again.

Did they give you any additional miles? Or still the same original limit.

 

[ba2002]

Did they give you any additional miles? Or still the same original limit.

The lease extension paperwork is very sparse, a single sheet, without much detail other than the original end date, the new end date and space for signatures.

On the phone the rep said I would receive more miles for each month, which in my case was 2500 or 833/mo for each additional month based on a 10k mi/yr lease but I have not seen this in writing.

 

[n2mb_racing]

The lease extension paperwork is very sparse, a single sheet, without much detail other than the original end date, the new end date and space for signatures.

On the phone the rep said I would receive more miles for each month, which in my case was 2500 or 833/mo for each additional month based on a 10k mi/yr lease but I have not seen this in writing.

That sounds pretty good, but I'd ask for the extra miles in writing. I'm not sure if they offered me additional miles when I spoke with them about the extension. Mine is coming up in September, so I'll hopefully get the same offer! I mean, it should be in their favor, we're paying depreciation at a higher rate on an older car, so should be a net win for them.

 

[ba2002]

That sounds pretty good, but I'd ask for the extra miles in writing. I'm not sure if they offered me additional miles when I spoke with them about the extension. Mine is coming up in September, so I'll hopefully get the same offer! I mean, it should be in their favor, we're paying depreciation at a higher rate on an older car, so should be a net win for them.

Yeah I don't drive much and will be way under mileage. Even with the extension I only have 9 months remaining and have only used 10k miles so far.

 

[smilepak]

I am looking to but it. Went over my least limit by 10k miles. Hoping to get a deal

 

[Heathman]

I am looking to but it. Went over my least limit by 10k miles. Hoping to get a deal

I just read this entire thread from the very first post until the very last and was curious how the end of your lease played out.

 

[smilepak]

I just read this entire thread from the very first post until the very last and was curious how the end of your lease played out.

US Bank wouldn't budge on giving any special deals. I waited until the very last minute and after they had sent a company to do a car return condition evaluation and called them again. Still no deals. Since I didn't want to basically pay 15k-20k more for almost the same car, aside from having a new AP and maybe lesser mileage, the price didn't warrant it. So I bought my vehicle at the residual value.

Part of the decision was due to I was 15k miles over the limit, so having to pay 0.25 per miles, that would've been 4k on top of buying CPO. A CPO, the car condition would be unknown and could've been a lemon. Whereas the one I have I am aware of and had annually taken it in for service.

So I would keep it until a revised Model S comes out and use it as a trade-in towards a newer vehicle instead.

 

[ba2002]

Interesting.

Besides the mileage, how did the inspection go re: wear & tear?

 

[aus]

For you guys who extended, was there a figure they gave for the residual value?
It's definitely in the banks best interest to just continue the current payment since the drop in car value after 3 years is very little compared to the first 3 years but you're still paying the same amount.

The only reason I'm thinking of getting rid of the car is the carpool sticks expire this year for me. If Cali would extend my stickers, I'd just buy the car.
.

 

[yo mama]

I'll be turning my lease in on or about 8/1/18. I'm way under on mileage, so that's good. I'll let y'all know how US Bank treats me on the little stuff, like curb rash and minor wear and tear. I took really good care of my P85D but three years in the real world is going to have an effect on even well-maintained cars.

FWIW, I initially toyed with buying at the end of the lease and reselling, but the fair market value of my vehicle took a nose dive in the last 12 months (at least according to the CPO hunter website). I suspect there were a lot of three year leases just like mine that were maturing at the same time, which increased inventory and drove prices down. It's a great car, and someone is going to really enjoy it. But the whole point of the lease was to enable me to get into whatever the latest and greatest might be three years in the future. So I'm rolling the dice on a P100D with FSD capabilities and we'll see what happens three years from now. At a minimum, I'll get a faster MS with better range, cooler rims, improved seats, and (arguably) improved autopilot functionality (increased nags notwithstanding).

 

[n2mb_racing]

Anyone have any luck buying their cars after you turn them in and they are listed as CPOs? I'm hoping I can jump on mine once it gets listed. My buyout price is $94k, but I'm pretty sure Tesla will sell it as a CPO at $80k. I'd buy it back for that price.

 

[verdee]

Interesting.

Besides the mileage, how did the inspection go re: wear & tear?

I did mine in May. Inspection was pretty easy, though I had to call to find out how to schedule it. Wear and tear was $100 curb rash on 2 wheels and some paint chips.

 

[n2mb_racing]

I did mine in May. Inspection was pretty easy, though I had to call to find out how to schedule it. Wear and tear was $100 curb rash on 2 wheels and some paint chips.

Do they give you an opportunity to fix or choose to pay the fee? $100 is actually really good. It would cost more to get the curb rash fixed. I have similar curb rash on 2 wheels.

 

[David29]

The lease extension paperwork is very sparse, a single sheet, without much detail other than the original end date, the new end date and space for signatures.

On the phone the rep said I would receive more miles for each month, which in my case was 2500 or 833/mo for each additional month based on a 10k mi/yr lease but I have not seen this in writing.

The extra miles are nice, and logical, but what about the buy-out price? Seems as if that should be adjusted downward, too, because more depreciation will have been covered and the car will be older, with more miles on it. Maybe not much older, but every month counts in this business.

 

[Doctt]

Do they give you an opportunity to fix or choose to pay the fee? $100 is actually really good. It would cost more to get the curb rash fixed. I have similar curb rash on 2 wheels.

I have been leasing cars for last 20 years. I am surprise they charge you curb rash. However, u do need to replace your tires if there is an excessive wear. Normally, any minor damages smaller than a size of credit card should not be charged

As for repair, u should have an option to repair yourself. It should be clearly stated on the inspection paper.

 

[David29]

The extra miles are nice, and logical, but what about the buy-out price? Seems as if that should be adjusted downward, too, because more depreciation will have been covered and the car will be older, with more miles on it. Maybe not much older, but every month counts in this business.

I was curious and called US Bank on these points. The fellow I spoke with said that they do indeed grant additional miles for each month o an extension (at the same rate of miles/month as the lease is based upon), and they do re-compute the buy-out price. As stated above, the maximum extension is 6 months. If you tell them you want an extension, they do not hold you to the amount of extension you asked for -- that is, if you ask for 6 months and later decide to use only one month of that, you can turn it in with no penalty. Sounds pretty flexible.

 

[smilepak]

Interesting.

Besides the mileage, how did the inspection go re: wear & tear?

The inspection went well actually. It came out clean and didn't charge on wear and tear. They noticed small chip due to road rocks, small enough they noted it but didn't ding it. The guy came out, took a bunch of picture, wrote up a report, sent it to the bank and i got a copy of it. All done in 30 minutes.

 

[verdee]

Do they give you an opportunity to fix or choose to pay the fee? $100 is actually really good. It would cost more to get the curb rash fixed. I have similar curb rash on 2 wheels.

They may have, I didn't look. It was kind of a hectic time in life so I just wanted to get things done. I had the inspection only 1 week before I turned the car in, so I really didn't have time.

 

[ba2002]

So you know what the charges will be prior to turn in? I wouldn't have bothered fixing anything for $100 charge. Around here it would cost me about $100/wheel to fix curb rash.