US Bank Auto Leasing Complaint - US Bank Car Lease
PO BOX 2188, WISCONSIN -- I just completed a 3-year lease on a 2007 Honda CR-V and, since I had a very low payoff, decided to trade it and buy a new car. Imagine my surprise when the dealer was quoted a payoff amount almost $9, 000 more than my payoff. When I called US Bank, they said, "We're under no obligation to sell anyone the car at YOUR payoff except for the dealership you leased it from."
Where was this in my contract? Oh, it wasn't ! Nor were the fees I am now having to pay to BUY my car in order to keep from losing all my "equity". I guess I'm just lucky they aren't finding a way to charge me wear and tear. I'm still struggling with the buyout paperwork.. evidently, if everything isn't sent in the same package on the same day by registered mail by a certain date, it doesn't count. There is no way these people should be allowed to continue to operate.
Updated to add: In response to the 'comments' that have been added: I put the word "equity" in quotes in my complaint for a reason - I never expected equity in my lease; however, the managers of three separate dealerships have used that term, thus, I used it here. I am well aware how a lease works and what it is and is not. I am well aware of how to read a contractual agreement and so is my attorney. Even the dealership where I leased the car could find no such clause in my contract. It is not there. They supposedly had no idea they were the only dealership who could purchase my lease for the residual value. No one I have spoken to has ever heard of a leasing company trying to "sell" a leased car to a dealership for $9,000 more than the RESIDUAL value clearly stated in the contract. Even US Bank has admitted it is NOT in the contract, nor are the fees for purchase spelled out in the contract.