US Bank Smart buy ripoff, extremely high payoff, ridiculous fees, can't trade in. Minneapolis Minnesota

Leases do have interest, just like loans. They aren't giving you a car for free! Your lease payment consists of the monthly depreciation (the selling price of the car minus the residual value divided by the term of the lease) plus interest.

The bank's really gonna take it up the butt when they try and unload that titan. Large used pick ups lost 24% of their value last month alone. It's even worse on the titan. Nissan announced they weren't gonna continue to produce the titan. A guy I know just bought a one year old titan with 8,000 miles on it for $13,000 FROM A DEALER. Lord, a $30,000 truck for $13,000 and they threw in a 100,000 mile warranty on top of that. Hell, here in town, if you buy a new titan for full MSRP, they'll GIVE you a stripped down new altima for "free". They can't give those titans away. It's like giving you a $10,000 vehicle IF you buy their titan. You'd be off buying a junker or even leasing a little rice rocket that gets good gas mileage and hang on to the titan. You're gonna lose at least $4,000 by turning it in early anyway. Why not spend the $4,000 on a junker and keep the titan? You're gonna pay out the nose for an early termination. Years ago I leased a ford from jordon ford. When I talked to them about turning it in early on a new vehicle, they were gonna make me pay the whole amount of what was left on the lease OR put it on the next vehicle. WHY in the world would I pay for something I wasn't get get? I drove the truck for another 4 months and since I was still below my alloted miles, I got on the highway and drove another 700 miles. I gave it back to the MF's with 35,750 miles on it. You can "buy" extra miles on a lease vehicle.

Nikki, he has a lease, not a loan. There is no interest. Sorry, not trying to be a jerk but I just wanted to mention it.

Go online and find an amortization spreadsheet. Fill in the financed amount, 5 years and your interest rate. You can see how much money you should have paid off on the car after 17 months. No way you have paid $7500 in payments and should only owe $23,500 unless your interest rate is zero.

Sounds like you are having to stick to the terms of your financing. I'm not saying it's a good deal, far from it but all of this must have been on the documentation that you signed.

I used to work in the auto loan/leasing department for USB a few years back. Since the price of gas has gotten to such extreme levels, many people are trying to get out of their leases for gas-hogging vehicles and into something a bit more practical. Frankly, I don't blame them. I sympathize with your situation, but your contract clearly states the fees involved. Plus, the bank can't possibly forsee or have to cater to you possibly moving farther away. This just isn't their fault and is something you should've prepared for. I'm not disputing the fact that those fees seem somewhat high, but if you didn't like the terms of the contract, you shouldn't have signed it. Complaining about it now and making the lessor out to be the villain isn't going to help you out. My advice is to just bite the bullet and pay the fee. There is no rip-off here.