US Bank end of Lease

[David29]

I’m confused too, so you’re not alone. I keep debating buying my Tesla from USBank.

I bought my car from US Bank. In truth, I do not recommend that action, on a financial basis. I found comparable cars selling for less in the Tesla used car inventory. (The number of cars in the inventory seemed to increase as year-end approached, maybe from Model 3 buyers trading in? Or people upgrading to newer Model S before year-end?) Plus, I could have bought a new car and gotten $7500 from the Feds.
But -- I got a car I know and like, which I believe to be in very good condition, and which has been very reliable. Big factors for me were that the car has options no longer available -- sunroof and gray upholstery, both of which I would miss if I bought a new Model 3, say.

A word of caution -- US Bank was slow to process the paperwork and made a mistake on my sales tax. It all worked out eventually, but it was frustratingly slow and I had to call them several times to get everything correct. Patience is helpful! Allow at lest 2 weeks to get the title after you send them your money. Also, buying a leased car is apparently not too common, so even the Registry of Motor Vehicle clerk had to consult with someone about the requirements. Checking on the rules in advance might be helpful. (In my case, I was told the bank should have collected sales tax as well as the registration fee and title fee, and then sent me a check for the whole amount. Bizarre process!)

 

[Ormond]

I bought my car from US Bank. In truth, I do not recommend that action, on a financial basis.

A word of caution -- US Bank was slow to process the paperwork and made a mistake on my sales tax.

I’ll have to check the current inventory. I’m getting a $3,750 incentive from US Bank if I borrow money from them to buy my car—it was $7,500. I’m not sure I understand the tie in to the tax credit.

My car has been reliable and has ventilated seats and alcantera on the dash. It appears that the buying process has gone downhill with the increased volume.

The Jaguar I-Pace is nice, but a big gamble. I even looked at a Toyota and Lincoln. I haven’t pumped gas in a couple years.

I’ll look at the used prices and try to get clarification from US Bank.

 

[David29]

I’ll have to check the current inventory. I’m getting a $3,750 incentive from US Bank if I borrow money from them to buy my car—it was $7,500. I’m not sure I understand the tie in to the tax credit.

My car has been reliable and has ventilated seats and alcantera on the dash. It appears that the buying process has gone downhill with the increased volume.

The Jaguar I-Pace is nice, but a big gamble. I even looked at a Toyota and Lincoln. I haven’t pumped gas in a couple years.

I’ll look at the used prices and try to get clarification from US Bank.

Interesting! I bought my car outright and did not look into financing. Might have been worthwhile to borrow the money, get the incentive, and then see if you could pay off the loan early to reduce the interest cost....probably the bank has that angle covered, though.

Alcantara on the dash -- yes, that is another feature my car has and that we like. Forgot that has disappeared!

As for the buying process -- if you mean the so-called CPO process, yes, the problems with that program were another reason I did not want to buy a used car. I would be wary of a used car from anyone but Tesla, and had read too many horror stories about the CPO program to be willing to spend the time and potential hassle to go through that, especially during the year-end holiday season as I would have.

Good luck, whatever you decide!

 

[n2mb_racing]

Interesting! I bought my car outright and did not look into financing. Might have been worthwhile to borrow the money, get the incentive, and then see if you could pay off the loan early to reduce the interest cost....probably the bank has that angle covered, though.

Alcantara on the dash -- yes, that is another feature my car has and that we like. Forgot that has disappeared!

As for the buying process -- if you mean the so-called CPO process, yes, the problems with that program were another reason I did not want to buy a used car. I would be wary of a used car from anyone but Tesla, and had read too many horror stories about the CPO program to be willing to spend the time and potential hassle to go through that, especially during the year-end holiday season as I would have.

Good luck, whatever you decide!

Agreed, I wouldn't buy a used car from Tesla these days, unless it was your own car that you just turned in!

It was a totally different story when I leased mine 2 years ago. It was a demo model and looked perfect. They also repaired any minor blemish I found until it was better than new.

 

[kgroschi]

I’ll have to check the current inventory. I’m getting a $3,750 incentive from US Bank if I borrow money from them to buy my car—it was $7,500. I’m not sure I understand the tie in to the tax credit.

My car has been reliable and has ventilated seats and alcantera on the dash. It appears that the buying process has gone downhill with the increased volume.

What? The Alcantara dash disappeared? Wow I was totally unaware of that. That's a huge bummer for me. I absolutely love that Alcantara up there. It makes the interior look a bit fancier which helps a lot in this minimalistic cabin. I think I will just have to buy out the lease. The price seems okay but there are so many things I don't understand. I never leased a car before... My lease is through the Tesla bank. Is there a way to avoid paying CA taxes again on the residual?

 

[PhatCat]

I turned in my S75D off US Bank lease the week of Thanksgiving when I picked up my 3 and have never heard another word about it.

Not too surprising since I didn't hear anything from US Bank when i extended my lease at the end of September. I had to send the lease extension form to them 4 times and call them 5 times until I finally got someone to acknowledge they had received it. That's the last I've heard.

 

[aus]

Will never lease through US Bank again.
What a bunch of crap they charge at the end of the lease.
I'm done with Tesla at this point too. Such a bad feeling from this whole transaction.
.

 

[n2mb_racing]

Will never lease through US Bank again.
What a bunch of crap they charge at the end of the lease.
I'm done with Tesla at this point too. Such a bad feeling from this whole transaction.
.

Sorry to hear it! What did they charge you?
I was only charged $125, for curb rash on one wheel. I actually had curb rash on two wheels and a paint chip.

 

[Ormond]

What? The Alcantara dash disappeared? Wow I was totally unaware of that. That's a huge bummer for me. I absolutely love that Alcantara up there. It makes the interior look a bit fancier which helps a lot in this minimalistic cabin. I think I will just have to buy out the lease. My lease is through the Tesla bank. Is there a way to avoid paying CA taxes again on the residual?

I have an X, but I assume the Alcantara is gone from the Model S dash too. I’m being charged taxes on the residual here in Florida.

US Bank hasn’t been easy to deal with. My inspection had $400 of items, but I don’t know what my charges will be.

My biggest frustration is getting an explanation of the incentive to finance the purchase of my leased car. Why is it tied to the tax credit? I’m told that I have to speak with a supervisor, but I’ll be surprised if I hear back.

My Model X has been great, but the rest of the experience is a mixed bag.

 

[aus]

Sorry to hear it! What did they charge you?
I was only charged $125, for curb rash on one wheel. I actually had curb rash on two wheels and a paint chip.

It was around $350 for nonsense stuff that other luxury brands would not have charged for.
I had a very small spider crack in the windshield that was filled by Safelite- showed him the receipt.
Small curb rash that was dinged for.
Some really mild scuffing on the black lower rubber that I could have easily buffed out had I known it would have been an issue. Can't remember the rest, but those would DEFINITELY not been charge with BMW or Lexus, who I've leased with in the past.

Tesla has taken more than 6mo to give me my $1,000 back for my Model 3 reservation too.
.

 

[n2mb_racing]

It was around $350 for nonsense stuff that other luxury brands would not have charged for.
I had a very small spider crack in the windshield that was filled by Safelite- showed him the receipt.
Small curb rash that was dinged for.
Some really mild scuffing on the black lower rubber that I could have easily buffed out had I known it would have been an issue. Can't remember the rest, but those would DEFINITELY not been charge with BMW or Lexus, who I've leased with in the past.

Tesla has taken more than 6mo to give me my $1,000 back for my Model 3 reservation too.
.

I think the difference is renting through the luxury brand itself vs u.s. Bank. u.s. bank doesn't care if you're a repeat customer. They just want to get paid for the damages . The luxury brand cares if you lease another car.

 

[Ormond]

It was around $350 for nonsense stuff that other luxury brands would not have charged for.

Tesla has taken more than 6mo to give me my $1,000 back for my Model 3 reservation too.
.

Tesla took 4 months to return my $1,000. I sent two escalation emails and I believed that helped.

My AutoVin inspection reflects over $400 in wear, mostly curb rash and tire wear.

 

[David29]

Guess I am lucky. I got my Model 3 reservation refund in just a couple of weeks after I cancelled.

 

[n2mb_racing]

Guess I am lucky. I got my Model 3 reservation refund in just a couple of weeks after I cancelled.

I'm even luckier. I got two model 3 s.

 

[davesm]

If you buy a used car from Tesla, and there's something wrong with it, they won't repair it?? I thought they had warrantees? What does the warrantee cover or not cover?

I'm also in the situation of the lease on our 2016 Model S ending, and am trying to decide between
1) Buying it off the lease (we like it after all!)
2) Returning it and then buying it from Tesla (as per above, would likely save us money and I think would extend the warrantee)
3) Buying a better used Tesla

Would really like the AP 2.0 hardware and software, and also really wouldn't mind more range (who wouldn't?), so upgrading our 70D with AP1 to a car with longer range and AP2.0 hardware does seem really enticing. But, of course, most important is to have a safe and reliable car that we enjoy and trust -- and question is how likely is that when buying another used car we find on the Tesla site??

 

[MP3Mike]

If you buy a used car from Tesla, and there's something wrong with it, they won't repair it?? I thought they had warrantees? What does the warrantee cover or not cover?

They don't repair cosmetic damage on used cars like they used to with the old CPO program.

 

[PhatCat]

Update on my end of lease with US Bank. Last week I finally got my end of lease statement, two months after turning in the car when I picked up the Model 3. The usual BS end of lease fees, but NO wear and tear charges, which I expected since the car had recently returned from collision repair with new paint, repaired wheels, new tires...essentially immaculate. Coincidentally, on the day of turn-in I had discovered a small crack in the base of the windshield and wondered whether they could ding me. Either they didn't see it or let it pass.

In contrast to all my previous interactions with US Bank, the person who contacted me was pleasant, knowledgable and professional. And they even gave me 50 days to settle the bill.

 

[David29]

Update on my end of lease with US Bank. Last week I finally got my end of lease statement, two months after turning in the car when I picked up the Model 3. The usual BS end of lease fees, but NO wear and tear charges, which I expected since the car had recently returned from collision repair with new paint, repaired wheels, new tires...essentially immaculate. Coincidentally, on the day of turn-in I had discovered a small crack in the base of the windshield and wondered whether they could ding me. Either they didn't see it or let it pass.

In contrast to all my previous interactions with US Bank, the person who contacted me was pleasant, knowledgable and professional. And they even gave me 50 days to settle the bill.

I am glad your final experience with US Bank was pleasant. In retrospect, my experience of buying my car from them at the lease end was a bit slower than I'd have liked, but everyone I spoke with was nice and tried to be helpful. And from what i am reading about recent Tesla experiences, especially the used car (formerly CPO) program, I am grateful for US bank making it relatively easy compared to what Tesla seems to be doing to people.

 

[PhatCat]

I am glad your final experience with US Bank was pleasant. In retrospect, my experience of buying my car from them at the lease end was a bit slower than I'd have liked, but everyone I spoke with was nice and tried to be helpful. And from what i am reading about recent Tesla experiences, especially the used car (formerly CPO) program, I am grateful for US bank making it relatively easy compared to what Tesla seems to be doing to people.

I was interested in buying my fully loaded refresh S75D but US Bank refused to budge on the residual. I had one of the killer end-of-Q3 2016 2 year leases so the residual was high. Also it had been repaired and even though the repaired car was better than new in some ways, i knew the CarFax hit would drop the resale. No matter what i said they politely refused to move. I haven't tracked it but I'll bet it sold CPO for at least 5K less than the buyout.

So I turned in the S and bought a White/White AWD Model 3 with EAP for less than the buyout. I don't regret it but I also would have been happy keeping the S at a fair price.

 

[n2mb_racing]

In that situation, trade it in and wait for it to pop up CPO, then buy it...