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.
