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My 2014 Gen 1 lease w/US Bank is ending May 15. Car has 31K miles but it has some minor dings and scrapes so if I turn it in, I'm sure they will hit me up for "excess wear and tear" - (don't know how much but it would probably be a dime or 2).

I got the letter about the inspection etc last week, so I called to ask some general questions... The rep offered me a buyout price of $13,676.54 including CA sales tax.

What do you folks think? Fair offer? Should I buy it at that price or offer less?
 

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My 2014 Gen 1 lease w/US Bank is ending May 15. Car has 31K miles but it has some minor dings and scrapes so if I turn it in, I'm sure they will hit me up for "excess wear and tear" - (don't know how much but it would probably be a dime or 2).

I got the letter about the inspection etc last week, so I called to ask some general questions... The rep offered me a buyout price of $13,676.54 including CA sales tax.

What do you folks think? Fair offer? Should I buy it at that price or offer less?
If you like the car, I would take advantage of it. Solid deal.
 

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Great deal. Wouldn't worry about the dings one way or the other. So if you are happy with the car take it.
 

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Wait, so you're not going to go lease another one like most other lessees do? You're not going to fall for the new car, new bumper to bumper warranty, or the "I want a G2" syndrome?

Congrats for being fiscally responsible and I dare say it, a little weird. Welcome to the club of people who would rather buy than rent their cars. Hope you stay for a long, long time, or even forever. Here's a trick. Once the car is paid off, keep paying yourself a car payment in a little side account using direct deposit so you don't even miss it. Use it for maintenance and repairs, and when it's time for a new car, see how much you can amass to possibly pay for the next one outright. I relish not funding finance companies' evil ways.
 

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Wait, so you're not going to go lease another one like most other lessees do? You're not going to fall for the new car, new bumper to bumper warranty, or the "I want a G2" syndrome?

Congrats for being fiscally responsible and I dare say it, a little weird. Welcome to the club of people who would rather buy than rent their cars. Hope you stay for a long, long time, or even forever. Here's a trick. Once the car is paid off, keep paying yourself a car payment in a little side account using direct deposit so you don't even miss it. Use it for maintenance and repairs, and when it's time for a new car, see how much you can amass to possibly pay for the next one outright. I relish not funding finance companies' evil ways.
Sometimes it pays to lease. The way I figure, the total of my lease payments, drive off, and buyout is about $14k less than I would have paid had I bought the car outright 3 years ago. Even deducting the $9K tax credits from the orig purchase price, its still a savings of $5K.

I love the car so its a no-brainer to buy it; just was wondering if US Bank would take even less?
 

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Sometimes it pays to lease. The way I figure, the total of my lease payments, drive off, and buyout is about $14k less than I would have paid had I bought the car outright 3 years ago. Even deducting the $9K tax credits from the orig purchase price, its still a savings of $5K.

I love the car so its a no-brainer to buy it; just was wondering if US Bank would take even less?
I've never found a situation where it pays to lease. You pay to lease. It never hurts to ask. If they say no to your offer, hopefully they'll still accept their initial offer. Haggle like a Ferengi. May the force be with you. No power in the 'verse can stop me.
 

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What do you folks think? Fair offer? Should I buy it at that price or offer less?
If we received an offer like that on our leased 2014 Volt, we would have happily accepted - and not purchased our gen 2. The gen 2 is great. But so was our leased gen 1.
 

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OP - what was your original contractual buyout/residual? Just curious as to whether it ends up being more expensive to lease and buyout as opposed to buy new at the start.

Sent from my SM-G935V using Tapatalk
 

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That includes local sales tax, which is what, 9% or so? That takes your net pre-tax buyout down into the mid-12's. Also, does that include the last couple of months of lease payments? If so, you're probably getting close to $12k. That's a good deal. It can't hurt to see if you can get another few hundred, but you're doing just fine with that deal.
 

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I also am buying my leased Volt after 3 years, 23,000 miles, and repairs of $150 per their inspection of my car. I offered them a price I would pay of $13,500 and they accepted. Their papers for me to sign for purchase are now on my desk. Just wish I had tried less but still a good deal, I think.
 

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I'm also in the process of buying my leased 2014 Volt (PREM) with 38K miles. I was under my mile limit of 45K. I resold it and had multiple offers at $14K.

US Bank sent their most anal inspector and he highlighted EVERY mark and scratch, even the ones that are clearly listed as acceptable in the US Bank lease return document. There were a couple of scratches (teenager driver) but none to the extent they wanted to charge me. It's hard to see damage in some of their inspection pictures, even when looking closely. Some even highlighted a a couple pinhead size chips in the paint with a giant arrow pointing to them.

https://www.usbank.com/includes/pdfs/dealer-services/EndOfLease-Brochure.pdf

I floated a CL ad a couple weeks before the lease was up and used the inspection photos. Had multiple calls and interest, even a legitimate one from a local dealer. I was very upfront in my ad as to what I was doing and only asking for a few $$ for the transaction process. Offering the car for what would be at least $1500 less than what a dealer would sell it for was very reasonable IMO. I sold the car for $14K.

Details:
- US Bank offered me the car at $13189 plus the $350 "Purchase Option Fee" and "other Tax $30.63". Total $13,570.
- This did not include CA sales tax.
- I offered a lower buy out twice and both offers were rejected.
- I found a buyer at $14K and US Bank has made it very easy for me to sell it to a new buyer
- US Bank sent me all the paperwork which clearly spelled out my options
- In CA I signed an affidavit telling US Bank that the sales tax will be paid by new buyer as the transfer will happen within the allotted 10 day window that the CA DMV allows (US Bank offered this as an option)
- New buyer gave me the $14K which I then took to my bank and had a Cashiers Check drawn up which I sent to US Bank
- I also included the Affidavit, odometer statement and title instructions
- I FedEX'd the paperwork to US Bank
- Title will come back to me in my name and I will then sign it over to the new owner
- New owner take title to the DMV and pay the sales tax when he registers the car

It seems to me that US Bank is doing a few things at lease end:
- They seem to be very particular on the inspection reports - trying to charge for any issue, possible so they can recoup some money
- If a lessee shows any interest in buying the car they are more than happy to offer options for third party sales
- Reports here show they are all over the map on buy out numbers. Sometimes taking way less and other times sticking to their number.

The end result seems to be to steer people toward buying out the lease the so they don't have to deal with an unknown price at auction and the associated fees.

It worked out for everyone in my situation. New buyer got a great car at a very low price (he had been looking for months). US Bank go the price they wanted. I made a couple $ and didn't have to pay their Excess wear and tear fees.

Hope this helps others trying to decide what to do at lease end.
 

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Discussion Starter #13
Thanks for the reply Beano. You pulled off a win-win for everyone involved.

I thought about "flipping" it like you, but my car has very low miles, has been absolutely trouble-free, fun to drive, etc. It suits my commute and lifestyle perfectly. I couldn't buy another with the same miles/condition the bank is selling it for.

So its really a no-brainer to purchase it and keep it a while. At least until Gen 3 comes out.
 

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When people have called USBank to get a purchase price, are you getting these numbers right off the bat from them or do you have to start haggling?

I ask because my lease on a '14 is coming up at the end of May so I called today and the purchase prices they quoted were $23,307 if I bought it today and $21,785 if I waited until the end of the lease at that point. So it would seem that if I want to get to a reasonable price point for this car I have a LONG way to go in trying to negotiate with them. Are you guys seeing these $13k(ish) buyouts because you are in CA or something?
 

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My 2014 Gen 1 lease w/US Bank is ending May 15. Car has 31K miles but it has some minor dings and scrapes so if I turn it in, I'm sure they will hit me up for "excess wear and tear" - (don't know how much but it would probably be a dime or 2).

I got the letter about the inspection etc last week, so I called to ask some general questions... The rep offered me a buyout price of $13,676.54 including CA sales tax.

What do you folks think? Fair offer? Should I buy it at that price or offer less?
It's not a good deal if the buyout price specified on your lease is less.
 

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Discussion Starter #16
When people have called USBank to get a purchase price, are you getting these numbers right off the bat from them or do you have to start haggling?

I ask because my lease on a '14 is coming up at the end of May so I called today and the purchase prices they quoted were $23,307 if I bought it today and $21,785 if I waited until the end of the lease at that point. So it would seem that if I want to get to a reasonable price point for this car I have a LONG way to go in trying to negotiate with them. Are you guys seeing these $13k(ish) buyouts because you are in CA or something?
No haggling.

I just asked about my options at the lease end and he quoted me the $13.6K buyout price. I was a little surprised as I was expecting to have to wheel and deal.

The bank knows what they will net if they have to recondition it, transport it, pay auction fees, etc. So they must figure selling it to the leasee for the same price (or a little more) is a better option.
 

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Hello, On the surface, that sounds like a good offer, but when you really look at the numbers of leasing a new 2017, I believe that you may change your mind... financing $14,000 over 6 years will get you a payment of around right around $225 per month. Then you have the maintenance costs AND, you need to keep using premium gas for your Volt...

A new 2017 LT with leather and Bose speakers will get you a payment of right around $275 with $0 down after the state refund... No maintenance costs AND regular economy gas not to mention up to 60 miles on a charge and 42 MPG after that...

I have been leasing from Chevy for over 20 years... A nice new car every 3 years sure does feel good... And, I just got my 3rd Volt... It really is that much nicer than the Gen 1 model...
 

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You have to remind them that it is a Volt... They will come back with a price for a 2014 base with cloth and around 36,000 miles for just about $11,500 plus tax if you push them... Just remember to at least look at your options of leasing a new one... The payments really do justify another 36 month lease...
 

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You have to remind them that it is a Volt... They will come back with a price for a 2014 base with cloth and around 36,000 miles for just about $11,500 plus tax if you push them... Just remember to at least look at your options of leasing a new one... The payments really do justify another 36 month lease...
My irony is that I leased a new 2017 Volt for my daughter, then bought out my 2014 Volt lease for $11k from US Bank as it was too good of a deal to pass up. In this case Chevy won but US Bank lost.
 

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Hello, On the surface, that sounds like a good offer, but when you really look at the numbers of leasing a new 2017, I believe that you may change your mind... financing $14,000 over 6 years will get you a payment of around right around $225 per month. Then you have the maintenance costs AND, you need to keep using premium gas for your Volt...

A new 2017 LT with leather and Bose speakers will get you a payment of right around $275 with $0 down after the state refund... No maintenance costs AND regular economy gas not to mention up to 60 miles on a charge and 42 MPG after that...

I have been leasing from Chevy for over 20 years... A nice new car every 3 years sure does feel good... And, I just got my 3rd Volt... It really is that much nicer than the Gen 1 model...
Instead of leasing or financing there is a 3rd option, paying cash using money you've saved, basically spending after you've got it rather than pushing payments (and risk) into the future. No repo man is coming for my Volt if I lose my job or suffer a serious medical event or family crisis. Plus the volt just begs to be driven, and exceeding mileage limits will add to the overall cost. Ever compute how much the finance companies are making off of you? Believe me, they're making money on the deal or else they wouldn't be doing it. The volt is unique in that the fed tax credit has caused some wonky things to happen in leasing (early adopters were screwed with high end of lease buyouts, resale prices plummeted because used car buyers expect the fed and state incentives to be baked in, and the 2014 $5k price drop piled onto the hurt).
 
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