[tripowergto 2010]

This is the first time I've ever negotiated a lease buy-out. Ally and GM Financial won't accept less than the agreed residual buy-out but US Bank is both aggressive and willing to do so, albeit they do drag the process out for weeks. They finally agreed to my offer today. The car was due to be returned tomorrow.

2014 Volt Original MSRP $35,595
0 Down, 35 payments of $144.92 = $5072.20 for 36k miles. Maturity date Feb 1, 2017

My residual was $21,9XX

In Nov US Bank called and offered to sell me the car outright for $16,847. Too soon, but at least I know they will sell for less than residual.

Dec 1: I call, they offer to sell for $15,486
Dec 28: They offer to sell for $14,236
Jan 4: They offer to sell for $13,651, I counter with $11k. Offer has to be before taxes. Their # is all in.
Jan 10: They offer to sell for $13,663. It went up slightly after my offer which was "yet to be reviewed"
Jan 18: They offer to sell for $13,619. Offer remains "yet to be reviewed"

I called every other business day with my offer remaining "yet to be reviewed" until, today(day before turn-in), they FINALLY accept my offer of $11,000, $12,060 with all taxes and fees added for a 36k miles Volt that I leased brand new.

My total lease payments + buyout including all taxes, fees, plates, etc is $17132, less than half of MSRP($7500 tax credit was shared in full). US Bank accepted over $10k less than residual!!

 

[tripowergto 2010]

I should mention that US Bank inspected the car over a month ago and were going to charge me $138 for "excessive" wear & tear for "chips in the front bumper cover". This was a completely bogus charge as there were only a few minor chips from winter anti-skid abrasion. I intended to fight the claim, but added to the $395 lease disposal charge I preferred to buy outright than give them $533 and own zilch. I believe the bogus wear claim was intended to push you toward buying it out as there is clearly an overabundance of off lease Volt returns.

 

[Bacardi]

Outstanding, a great win with leasing and even if you didn't get the price you wanted you could have always of returned it...

 

[tripowergto 2010]

I had no intention of buying this car out but reliability has been bulletproof, I like it, and where else can I get a nice 36k mile ride(that I got new) for the same $ except for another off lease PHEV/EV?

 

[Jmaj]

Agreed, good deal at 12 and change. Is a bit humbling though that the car depreciated almost 60% in 3 years.

 

[ItsNotAboutTheMoney]

Agreed, good deal at 12 and change. Is a bit humbling though that the car depreciated almost 60% in 3 years.

The ultimate killer for resale is that gen 2 is so much better.
More range. Better mpg. Regular instead of premium. Better acceleration. And a number of other changes.

It's a great deal for the OP on the gen 1, though.

 

[MagnumOpus]

What an spectacular deal. Well done mate!

 

[tripowergto 2010]

The ultimate killer for resale is that gen 2 is so much better.
More range. Better mpg. Regular instead of premium. Better acceleration. And a number of other changes.

It's a great deal for the OP on the gen 1, though.

...and the Gen 2 didn't increase in price despite all those improvements!!

 

[KenC]

Amazingly good deal.

 

[Bacardi]

...and the Gen 2 didn't increase in price despite all those improvements!!

MSRP MY15: $34,995 (includes destination)
MSRP MY16: $33,170 (does NOT include destination)
MSRP MY17: $34,095 (includes destination)

 

[ssl92677]

Thanks for the breakdown on your buyout. My base MY 2014 comes off lease with US Bank in April and your example shows how to negotiate with US Bank. I'm thinking by Easter my $22k residual will be negotiable down to $10k which will put me all in at $17k as well. Fingers crossed!

 

[tripowergto 2010]

Thanks for the breakdown on your buyout. My base MY 2014 comes off lease with US Bank in April and your example shows how to negotiate with US Bank. I'm thinking by Easter my $22k residual will be negotiable down to $10k which will put me all in at $17k as well. Fingers crossed!

This was my purpose of precisely posting. I wish you well in your negotiations. You may find that as spring arrives, values may actually increase slightly. They did somewhat last spring into summer. If you matched my arrangement, you'd be doing quite well. GOOD LUCK!!

 

[ssl92677]

Well according to Autotrader there are 179 MY 2014 Volts for sale within 75 miles of me. I guess we'll see how inventory versus pricing pans out in the next few months

 

[firehawk72]

That might just be the deal of the century. I can't wait for llninja to weigh in on this one as he is completely opposed to leasing...for the record, I generally am as well, but there are exceptions.

 

[tripowergto 2010]

That might just be the deal of the century. I can't wait for llninja to weigh in on this one as he is completely opposed to leasing...for the record, I generally am as well, but there are exceptions.

The silence from llninga is deafening!

 

[Dakster]

You got a heck of a lease payment when you first got the car and the gamble at the time was these cars off lease would be horrible. It usually doesn't work out that way. And now you have played right into what Llninja says - you are going to own it...

Congrats and glad it all worked out for you.

 

[llninja]

The silence from llninga is deafening!

Silence? More like busy with guests over and watching the super bowl.

I'm totally against leases, but the Op was able to negotiate like a Ferengi and hats off to his deal of the century. $17K for a $35K vehicle was indeed extremely good, similar to my $21K for a loaded premium with a $44K MSRP. Sure, there's still lots of uncertainlty sweating bullets upon lease return, but it worked out.

 

[Charge]

Did anyone in CA buy out their lease from US bank? Did you have to pay the sales tax directly?

I have three buyers for my soon to be off-lease Volt and don't want to get charged twice for sales tax.

"VEHICLES SOLD TO LESSEE - Normally the sale of a vehicle by a lessor to a lessee is subject to tax. However, it is rebuttably presumed that if the lessee transfers the vehicle to a third party within ten days from the date the lessee acquired title from the leasor at the lease termination, the sale by the lessor is a nontaxable sale for resale, and no tax would be due for the interim ten day period." Section 6277

http://www.boe.ca.gov/pdf/pub61.pdf

 

[Ursamajor]

I leased my '14 from US Bank (via Keyes in LA) in 4/14, 36 months. I forget the option names now, but it had rear sensing (Safety 1?) and leather, but no nav or upgraded audio. I transferred the lease to a friend in 9/15 (loved the car, I was just stuck with a TDI that was suddenly unsellable and something had to go). She got a call last week from US Bank re. lease-end inspection, she said she'd consider buying it out. They transferred her to that department, she asked how much, the woman told her $23.9 (the residual). I had coached her based on threads here, and she told the woman she'd heard that US Bank was selling them in the $12-13k range to avoid going to auction. The woman put her on hold, came back a couple of minutes later and offered to sell it to her for $13.3k, plus she wouldn't have to pay the last two lease payments (so $12.8k net). I had expected she'd end up in that range, but I thought it would be after weeks of negotiating - US Bank isn't even trying anymore. It's perfect for her, but I'm a little jealous; I thought I'd get an '18 Volt when I sell the TDI back to VW next year (I'm driving it for free right now per the court order), but right now I'm thinking a low mile '15 coming off lease for that kind of price would work just fine.

 

[tripowergto 2010]

It took an entire month to process my purchase while I continued to get "billed" despite my lease being paid in full. US Bank is not a well run business. Hopefully I receive my title in the near future.