Chase bank lease experience

[MichiganWinters]

The process was pretty seamless here. All completed online. Approval in 45 seconds, paperwork within a day. Giude was slow to respond to requests. I initially submitted my Tesla as a trade, but it slowed things down, and I pulled it as they would lowball the offer and send it off to auction anyway. My residual came out to 65%. I am still waiting on Gulde's reply for the money factor number. Insurance was easy as I had nationwide already, and it is their insurance partner. My broker quoted it and it was $500.00 a year cheaper than my Model S.

Reading the lease terms, they seem pretty favorable. There is a clause to have an independent appraisal at the end of the lease to challenge the residual value. If the market value is below what the residual is and you are interested in buying out, I have a feeling these will be way under residual.

The auto market is highly variable. I came off a lease on a GMC truck where the residual was 67%, and the buyout number was about 4-5k below market value. I bought out the lease, turned around, and sold it back to a dealer for 4K over my buy-out cost.

We will see where Rivian is in 3 years and make a determination at that time.

Is there anywhere you see that clause for the appraisal at the end? Either it's not in my lease paperwork or I just can't find it.

Edit: i see the part about an appraisal for an early termination, but the purchase option is only the agreed upon residual.

Sponsored

 

[planetx88]

Approval in 45 seconds, paperwork within a day.

Picking this thread back up because I'm curious about this response, and I cant seem to find any other info on the actual language of lease agreements anywhere else on the forum. If you know of any other threads, please redirect me, and much appreciated. I find the late stage delivery of the lease agreement to be troubling, so I am curious about what you said here. They gave you that language well before delivery?