12 months left on Volvo XC60 lease, options?

Ask the Hackrs
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Looking to try and get into something cheaper due to the recent economic changes. Aside from my primary job I own three small businesses which are being obliterated by the economic collapse. I have 12 months left on my lease of the 36 months originally.

Not sure what options I have other than eating the negative equity by rolling it into a new lease since I don’t have the liquid assets available to pay the difference.

I know Volvo has a pull ahead program at 9 months so I may have to just tough it out for a few more months and then hope they still have that program going and trade it in for something much more affordable.

I reached out to the local Volvo dealers and didn’t get any replies. They may be closed due to the current status of everything due to the pandemic.

Looking for some suggestions. Thanks!

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You have zero options at this time. Even pull-ahead on your XC60 is 6 months, not 9 and you won’t save much by going to another Volvo anyway. You can’t sell a Volvo without huge negative equity even during normal times. Dealers will not want to buy it from you at reasonable trade-in either. Carvana stopped buying cars.

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Yeah. That’s what I was thinking too. Just was hoping there was something I maybe overlooked. Bummer.

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How much negative are we talking about?

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I’m gonna assume 10-15k at minimum with the current market.

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TLDR: You’re SOL

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Does it matter when he wants to save money over his current lease? Rolling negative equity in will not give him lower payment.

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You don’t have zero options. Call volvo ask for a 2 month forbearance of payments. I just did for toyota and ally and they both accepted.

Ps For ally i did it on website. There is a button to click and you’re good for 30 to 120 day forbearance.

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That ~$1,000 will help him as much as $1,200 stimulus check in the long run. I’d think he wants to save X x 12 months, not X x 2.

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Yes genius. $x2 is still better than $x0. Get the room to breathe while you look for other options.

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how exactly does forbearance positively affect OP’s situation?

It buys him some time to make the payments but doesn’t make them disappear.

if anything it will just pro last him having to stay in the lease longer versus getting out of it.

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He said his business is impacted by Virus. I am hoping the virus doesn’t last forever. No payments for 2 months puts food on the table. I have reached out to 2 credit cards and 2 auto lease companies and they all agreed to zero out the payments for one month at least. Payments deferred eq 4k and it took like 30 mins of my time.

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Take a loss and swap it out to someone else? Better than keep paying 12months. Do you have another car to drive?

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It does if the next one isn’t necessarily a Volvo, has a low(er) MF, and the negative is maybe a couple grand. I agree that in 80%+ of cases it might be more, but I’ve helped friends roll negative and reduce their payments.

Not with 6-digits of negative though.

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Volvos aren’t eligible to swap.

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I don’t believe for a second that you are starving. But when you saw an opportunity you took it, poor thing

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Just remember to save up for when the deferments come due…the following month.

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I could stand to lose some weight, so yeah I see an opportunity in everything.

Speaking of opportunity and fitness, how are the mirrors in your house?

Plus I never said that you should take the forbearance amount and buy Boeing shares.

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Will there be a financial system next month? Or will the currency be 9 mm or .45?

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Your second question answered your first.