Yep. I just never even thought about purchasing a new Volvo, hence this never entered my head 
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The dealer refused to provide a number saying he needs to check with the bank.
For what it’s worth, I just did this very thing at the end of June. Turned in a 2021 XC90 T8 13 months into lease and used the equity in that ($4K) towards the purchase of new 2022.5 XC90 Recharge Extended Range financed through my credit union. Dealer never raised any issue and the deal was closed in less than a day, so it seems to me that you’re getting a bit of a run around, or VCFS has suddenly tightened things up over the last few weeks. (And I did this through a dealer different from my go-to local dealer, and out of state, and it still wasn’t an issue.)
I see that I didn’t address all your questions in my previous reply.
The car has no accidents and 20k miles. My wife drives it and she loves it.
My math was based on since I spent around 20k in lease and the current car will cost me around 38k to buy out then I would rather pay 59 to 60k and get the new one since the difference between 38 and 60 equals pretty much my current lease total which is a fair cost considering current lease prices.
Assuming the market will go back to normal, if I keep my current car for another 3 years it’s resale value could be low 20s if not lower, which I will end up losing another 18 to 20k after 3 years plus whatever I put in maintenance. The new car I expect to lose around 25k since the MSRP is around 4k higher on the new car.
If my math is flawed or I am missing something then someone to correct me
Your CU financed without going through Volvo’s finance first?
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Yes. FedExed a check. 72 months at 2.67% (new purchase, not refi).
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I bought 2 years ago a S90 Demo with only 200 miles for 33500. After 2 years of driving and 18k miles, I am now offered 31500 for it. It is paid off so I have lots of equity in there. I was tempted to sell it and get into another new Volvo (XC90 B5) but I kind of like my car and it has almost all what I need. The only 2 reasons I want to get a new one is that the gas mileage sucks (16-17mpg mostly city) and the brakes wear down like butter. I have already 3rd sets of brakes under warranty. I thought the mild hybrid will eliminate both issues. On the other hand I have a (kind of )luxury car with no payment which I overall like a lot. Even If I account for new set of brakes every 10 k miles and 4-5mpg worse gas consumption, I am still better off with my current car. I think I will just drive it for another one or two years and take it from there. The only risk is that in 2 years this car will be probably worth 20k less.
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Volvo has very good money factor right now on leases for 2022’s. You might consider that. Plenty of inventory on XC60 B5’s and 6’s here in the southeast and dealers are discounting them.
We are targeting 2023MY. The dealer said he can do deeper discount on the 22s but we weren’t interested.
So we decided to hold off on the new car purchase. It was a want more than a need and the price of the new car vs our current car’s condition didn’t help to push the envelope.
We will wait until lease end to see how the market change between now and then and if we come across a good deal we may take it.
Thank you all for your advice. Appreciate it.
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Curious why. There doesn’t seem to be much of a difference.
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As far as I know, introduction of mild hybrid, new trims, better Android implementation
There really is very little difference. 22’s have the latest Android, the mild hybrid and, in fact, the 23’s do not have wireless phone charging.
The money factor on leases for August is .00067 which is really quite good. IMHO it is worth a look
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