Auto Lease - Title 12 Chapter X Part 1013(l) (Right of Appraisal)

[JTLoh]

Jurisdiction

Ohio

Regulation M states.....

"Right of appraisal. If the lessee's liability at early termination or at the end of the lease term is based on the realized value of the leased property, a statement that the lessee may obtain, at the lessee's expense, a professional appraisal by an independent third party (agreed to by the lessee and the lessor) of the value that could be realized at sale of the leased property. The appraisal shall be final and binding on the parties"

This is also stated in my lease agreement.......

"Within 10 days of early termination, you may obtain, at your own expense, from an independent third party agreeable to both you and us, a professional appraisal of the wholesale value of the Vehicle which could be realized at sale. The appraised value shall then be used as the Realized Value."

I contacted them several times to inquire about who they would "agree" with, so I can pay for the 3rd party appraisal. I've also sent a request via certified mail. The bank ignores the request.

Have they breached the contract? Can I sue under Regulation M of the TILA?

 

[Zigner]

How did you contact them?

 

[JTLoh]

How did you contact them?

I contacted them by phone first couple times. Last, I sent a written request via certified mail. They got it over 30 days ago and have not responded. When I call to ask, they say I don't have a right to determination of realized value. They say, I can only turn it in. They will then auction it off. And I will be responsible for the difference. I ask and ask about this part of the contract and they just say, that's not true.

 

[JTLoh]

Oh, and I also sent a certified letter of my intent to terminate the lease early. I've heard nothing back on that either. At this point I am stuck not being able to terminate early because I have no idea what my liability will be, as far as "Realized Value". I owe $31,000 (all fees and charges associated with early termination added together) if the realized value is greater than $31,000 which it is, I should owe nothing. Hence, probably why they don't want to tell me what they think the car is worth.

 

[Zigner]

You really don't have a reason to sue at this point, but you may need to hire an attorney to send a less easily ignored message.

 

[army judge]

Have they breached the contract? Can I sue under Regulation M of the TILA?

Who (as in what entity/enterprise) issued your lease?

 

[JTLoh]

You really don't have a reason to sue at this point, but you may need to hire an attorney to send a less easily ignored message.

No offense, but you seem to be implying that only an attorney can compel them to follow the contract? Why wouldn't they be obligated to comply with my pro se requests?

 

[JTLoh]

Who (as in what entity/enterprise) issued your lease?

US Bank

 

[Zigner]

No offense, but you seem to be implying that only an attorney can compel them to follow the contract? Why wouldn't they be obligated to comply with my pro se requests?

How's that request gone so far?

 

[JTLoh]

How's that request gone so far?

As I said, ignored. To which you seem to now be implying I don't have a next step?
I can certainly file a demand for arbitration with the AAA (per my lease agreement), no?

 

[Zigner]

As I said, ignored. To which you seem to now be implying I don't have a next step?
I can certainly file a demand for arbitration with the AAA (per my lease agreement), no?

How'd your last demand go?

 

[JTLoh]

How'd your last demand go?

Which demand would you be referring to? I've yet to make an arbitration demand against US Bank. My "last" arbitration demand was against American Home Shield. I got a nice settlement check. My "last" regular demand, was for my kid to do his homework.

 

[Zigner]

SMH
You've asked US Bank to do something several times (aka a demand), and they have ignored you. To me, that indicates that US Bank isn't very attentive to their customers UNLESS they have reason to be. A formal letter from an attorney would likely be much more effective than your efforts have been.

 

[JTLoh]

SMH
You've asked US Bank to do something several times (aka a demand), and they have ignored you. To me, that indicates that US Bank isn't very attentive to their customers UNLESS they have reason to be. A formal letter from an attorney would likely be much more effective than your efforts have been.

Now I'm SMH!

I would agree, a formal letter from an attorney COULD (and probably WOULD) have a greater effect than my letter. (Demand) However, a legal demand from a NON attorney doesn't excuse US Bank from following the law and/or their own lease now, does it?

Maybe they could put that into their affirmative defenses. "The Claimant is not an attorney, therefore has no legal right to make us comply with the law."

Look, I get you trying to help. (Well, I'm not 100% sure about that. Seems you have a little troll in ya) And if that's the extent of your advise, "Hire an attorney to send the same letter you already sent." and you have no other advise (Like what would said attorney do if HIS/HER letter were then ignored, what's HIS/HER next step), then I thank you for your contribution. However, I was hoping for a more detailed reply. Something like, WHY don't you think I have standing to sue? And/Or, a next step that didn't involved hiring an attorney? (Surely, you don't really believe that is the only course of action.)

 

[Zigner]

I'm sorry that my comments did not meet your expectations. Please feel free to speak to a manager and demand a refund.

Best of luck to you.

 

[JTLoh]

I'm sorry that my comments did not meet your expectations. Please feel free to speak to a manager and demand a refund.

Best of luck to you.

No worries. No need to apologize. Maybe re-evaluate why you are here being so obtuse. But whatever, best of luck to you as well.

 

[Zigner]

... why you are here being so obtuse.

I wasn't going to post to this thread any more, but this made me belly-laugh.

 

[JTLoh]

I wasn't going to post to this thread any more, but this made me belly-laugh.

Then I am glad I was at able to provide you with some type of compensation for your time.

 

[adjusterjack]

However, a legal demand from a NON attorney doesn't excuse US Bank from following the law and/or their own lease now, does it?

No, it doesn't.

However, people breach contracts and commit crimes all the time and the victim, on his own, rarely has the power necessary to obtain redress.

Nobody is saying you don't have standing to sue or demand arbitration. You certainly do. But if the bank continues to stonewall you, you go ahead and file for arbitration. You don't need a lawyer for that, if you don't want one. You apparently have some experience with arbitration so you might actually be successful in getting the bank's attention.

If the people at the bank ignore your demand for arbitration you'll have to decide what to do next. A lawsuit for $30k is not something for small claims court. It gets very complicated. But if you can navigate the rules, more power to you.

 

[army judge]

US Bank

Okay, perhaps these links might offer you additional options or insight:

https://www.usbank.com/dam/document...loans/198303c-end-of-term-brochure-052019.pdf


Servicing your U.S. Bank auto lease

US Bank says:
Before you return the vehicle, call 866-250-3147 to discuss a return time and location.

As you near the end of your lease (three months from lease maturity), a lease consultant will contact you to discuss the below options. We encourage you to visit our Lease Servicing
Servicing your U.S. Bank auto lease
page for additional information including detailed videos to walk through important details to prepare you for the end of your term.