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US Bank end of Lease
- Thread starter smilepak
- Start date
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- Tags
- lease lease loan Model S trade-in
wamochi
Member
@chad - i am surprised they dinged you on curb rash. i have leased a lot of cars and curb rash has always fallen under regular wear and tear. how bad was the damage?
i'm so glad Tesla doesn't do the US Bank thing anymore and keeps leasing in house. i have dealt with US Bank before on a lease and they make lease termination such a pain.
Could you elaborate on your issues with US Bank? I'm going to be turning my lease into them shortly, and it would be good to know what to be prepared for...
The curb rash was fairly light. But it was over 3.5" long, which seem to be what they're looking for. I've attached an example.
My experience with US Bank for this lease termination has not been positive either. It has been nearly 3 months since I returned the car, and I'm still trying to get it sorted. They took an extra lease payment (I assumed they would automatically stop taking my money at lease end, but I was supposed to call in), charged me $375 for not returning one key (I did), and I have not received a final statement despite multiple requests. Because of the extra lease payment, US Bank says they owe me ~$300 and a check (and final statement) is coming - but I'm still waiting.
This is probably the most hassle I've encountered to exit a vehicle - and I've sold all prior cars myself, on craigslist.
n2mb_racing
Active Member
I happened to call in and ask about Autovin and they mentioned needing to manually cancel the autopay. That is absurd. Well, luckily they did it for me now a month out.
Ormond
Endless Peacock
n2mb_racing
Active Member
So far it seems that they haven't been willing to negotiate. I'm curious to see if I can turn my car in and then buy it when it comes up as CPO. Tesla should knock $15k off the price when they list it and they will increase the warranty to 4 years.
The phone number I was given for Autovin was 866-585-8080, but their outgoing calls would likely use a different number.
n2mb_racing
Active Member
How would you go about this? In particular, how do you manage to find your own car in the Tesla data? Do they necessarily keep them in the same geographic area? Any notion of the turn-around time? Seems like if it was easy, everyone would do that and get a bargain.
Do the cars get turned in at the Tesla service center? If they then stay there for re-sale, I could imagine prowling the lot and staying in touch with a sales person, but I am not sure how that really would work. I live near a Tesla delivery/service center, so if that works it might be a good way to save a bunch of money!
My lease is up in November (I just extended it by a couple of months for practical reasons).
n2mb_racing
Active Member
Yeah, unclear how it works, but I imagine they stay in the same region, unless someone from a different region tries to buy it. The sales person I talked to wasn't helpful about it, obviously would prefer I buy a new car...
There's a risk someone else would snag it, but I think that's a risk I'm willing to take to try and save $15k. My buyout price is $95k. I see similar P90Ds listed for $80k now CPO. Actually, even at $80k, I'm still not sure. I might prefer a new Model 3 performance for $76k. Plus you get the $7500 tax credit on the 3, but not on the CPO Model S....
n2mb_racing
Active Member
I guess they're not taking the loss when it sells for Less CPO. Maybe Tesla on the hook for that .
Ormond
Endless Peacock
I wish there was a good way to judge our vehicle's worth. My residual is approximately $76,000. I guess that I will have 16,000 miles at lease end. My low mileage and reliability record are positives for me. I know my AP hardware is old technology. I really don't know what to do.
n2mb_racing
Active Member
Look at Teslas cpo pricing and recent sales on eBay, the foruum and craigslist.I wish there was a good way to judge our vehicle's worth. My residual is approximately $76,000. I guess that I will have 16,000 miles at lease end. My low mileage and reliability record are positives for me. I know my AP hardware is old technology. I really don't know what to do.
wamochi
Member
it's just a hassle to schedule an inspection and have this person write up every little thing. in the past i have leased directly with Lexus, Mercedes and Porsche. when your lease ends, you just take the car to the dealership and sign some papers and go. in fact, with mercedes, they have some kind of "credit card test" and anything bigger than that (which is pretty big IMO!) is considered excess wear. curb rash generally doesn't apply -- if you have a 1" curb rash, it's the same cost to refinish 6" of curb rash. it's like door dings - it doesn't matter if you have 1 or 12 dings -- they are just dings.
we never trash our cars and don't have accidents to report. you shouldn't have to do a pre inspection unless there are things that are possibly beyond normal wear and tear (like a tear in the leather) or it's been involved in an accident.
i have had one lease w/ US Bank with Lexus, and that was only to spare a few bucks since their money factor was lower, but the end of lease procedures are just a time suck and i won't ever do it again to save a couple dollars a month. when we got our Model S, tesla did all their leasing through US Bank so we had no choice.
our Model X lease is with Tesla Lease Trust so i'm hoping in 2 years it will be much smoother.
wamochi
Member
@chad - wow that is not bad at all. what a joke. i think i'm going to fight it if they try to charge me. our Model S was an inventory car with 600 mi on odometer that we got during the Q3 firesale and one wheel already had some curb rash which we did not complain about. i've since added a little more, but nothing major, although probably longer than 3". but no gauges or anything like that.
wamochi
Member
just had inspection done at home in the garage. about 20-25 min. the autovin rep basically checks everything out and takes pictures. then gives me a card with information to look up the condition report in about 2-3 days. i asked him what he noticed and he said just curb rash, everything else is perfect.
will be annoying if they ding me for curb rash. years ago i had a porsche cayenne with some bad curb rash and they waived it because the rest of the vehicle was in tip top shape. sounds like US Bank / Tesla won't be so generous.
will be annoying if they ding me for curb rash. years ago i had a porsche cayenne with some bad curb rash and they waived it because the rest of the vehicle was in tip top shape. sounds like US Bank / Tesla won't be so generous.
Tesla send my Feb 2016 70D (no damage at all, 20,000 miles on a 30,000 lease to auction, and it may or may not be for dealers. US Bank gave me the general area of the auction but I couldn't find my VIN.
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