6 weeks ago I traded in my 2k TL for an 04. I had 3 payments left on the lease through Chevy Chase Bank which the dealer paid off. They planned to return the car back to the bank to be auctioned. This week I get a call from the bank telling me that I MUST repossess the car until the lease term expires on May 17, even though all the payments have been made! While my only inconvenience is having to drive 35 miles to reclaim it (registration is still current and insurance put a binder on covering it), I had never heard of this before in 12 years of leasing. The good news is that I get to drive the car basically free for the next month as I was still well under the contracted mileage. Just wanted to give the heads-up to everyone who's coming off lease and wanted to know if anyone else has had this problem.

 

Take it back and treat it like you stoled it.

Neil

 

Vtecne: I thought about that as I know the bank is just being a jerk, but I don't want to have to pay for excess wear and tear. What the bank DOESN"T know is that I have 2 teenage girls with restricted licenses. Guess which car they're learning to drive in?

 

You da man! Excellent story!

 

I just turned my Chase Leased car in and Chase told the dealer he had 60 days to return it to them or sell it, the dealer then faxed over a Lease transfer form stating that they took possession of the car from me and that they were now responsible for any additional mileage or liability on the car.

Your dealer should have given you this form. Did you transfer plates ? Did you transfer insurance from the leased car to the new car ? I know you said they were current, but you did not leave a registered/insured car at a dealership where you are liable if there is any damage caused to that car by the dealership, did you ?

In many cases when a bank is involved their inspector is not at the dealership at the exact time that you return the car, and the dealer takes posession of the vehicle.

 

Have you gotten the car inspected prior to lease termination? If you have, then have your girls have at it with the car. You won't be responsible for any additional wear and tear since it's the first inspection report that they go by (that is unless your girls cause additional body damage).

 

Thanks for the comments. To answer all your questions, I did not get a lease transfer form from the dealer. Also, I didn't transfer plates as FL law won't allow it for a lease vehicle. I left the old plate with them but kept the registration. The car had not been inspected to my knowledge. In any event, I took possession of the car this past Friday. There was no additional mileage on it and it still had a full tank of gas I stupidly had turned it in with. I am now driving the car but will try to sell it above and beyond the residual, which is 16,300. Obviously doing so would avoid any extra fees.