I'll leave this simple. I needed to trade in a 2005 Nissan Titan because my gas mileage wasn't so great. This was back in March. The trade in on a truck at the time was still not great and had to take a hit on $4,000 by rolling in negative equity. The dealership convinced me (Victory Nissan) that I should go with a smart buy, which is a 5 year lease. I'm paying $439.98/month. Total finance = $30,000 with a $10,000 buyout at the end of the lease.
I have good credit (723). Financing $20,000 over 5 years does not equal $439.98/month.in essence, I am paying an extra $100/month. That isn't what bothers me so much, go figure.
What does bother me is that now I have moved and my commute has tripled in mileage. I don't have any other choice at the moment. I decided I was going to trade in the vehicle, and get something smaller with better gas mileage and also buy it so I wouldn't have to worry about miles being put on a lease.
NADA trade in value - $18,500
Been paying on car for 17 months now @ $439.98/month. That should equal out to around $23,500 as a payoff. Not the case.US bank has now told ME that my payoff amount is $27,950 and if a dealer wants to buy the car the payoff would be $26,600.
Three thousand dollars in fees TO BUY OUT A CAR. I tried to work out something for an early lease termination, and was willing to pay a thousand or two for that, but they would not work with me.
So now, I can't afford to get a junker car and pay insurance on it because I'm paying so much for gas and car payment, the bank won't work with me to get out of the lease, and the only way to do that is to pay over 3k in fees AND take a $5,000 loss on my vehicle.
Something isn't right here, and its just one more ripoff by a bank trying to screw a customer. Believe me, this will be the last time that I will EVER deal with US bank and also make sure to let everyone I know that they are not a good financial institution to work with.
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