I have the opposite problem of many people. I had a 2 year Volvo lease that was due to expire in 4/20. As there was no way possible to return that, VFS told me they would extend me until 6/20 at the same rate, and I took it because there were no other options. Now its 6/20, and Volvo is telling me I can’t extend the lease again, due to the Consumer Vehicle Leasing Act limiting leases to one extension only. They will take the car back, but as we are still under stay at home here in NY, and as I am the primary care person for a elderly parent and an immunocompromised partner, I have no desire to have to go out and interact with the community and be a danger to them when I return, as well as needing a car in general. They offered to slide me into a new lease (I am sure they would love that), but even Volvo CORP claims they can’t extend the lease any more, even though I am current, and even though NY is still under stay at home…I am more than willing to keep paying (I would love a reduction, but…), and even to possibly get a new lease in the fall, but I am NOT being forced to accept a new car by delivery just because of this situation. Is anyone familiar with this law, and how it limits lease extentions? I can’t find that in anything I looked up online. Also, any other ideas? Thanks!
VFS isn’t obligated to offer you an extension. Have you asked if they can send someone to pick up the vehicle or are you not open to that option either?
They were willing to have me drop off the car closer…but they claim they CAN’T offer an extention due to the LAW. Not that they don’t WANT to.
The car belongs to VCFS, whether it’s a law or company policy to only do one extension is certainly well within their rights. Perhaps try calling once or twice more, hope for a different person or ask to speak to a manager and plead your case.
Fairly certain you could find a neighbor or offer to pay a porter to come get it from your house.
During Covid thats irresponsible, and would leave us with no car. They claim they WANT to help, but are hamstrung by this law. VCFS claims its up to the dealer to fix it, the dealer claims its up to VCFS, and Volvo itself just points back to both of them…
I was in the almost the same time frame last year: lease expiration on 3/31 and I got it extended by one month first and in the middle of April by additional 2 months through the end of June. So, they did extend me twice, but maybe their policy changed due to covid-19.
Push comes to shove you could turo something short term, and find another lease? Volvo wagons have good incentives right now.
I just spoke to BMWFS about this. Asked them if I extend my lease for a month or two, can I come back and re-extend if I can’t find a replacement car in that timeframe. They unequivocally said that that would not be a problem.
I believe you are referring to MVRLA in NY State:
IANAL (paging @AP919) but if VCFS is telling you they don’t extend more than once because of this state law in NY, they own the car and you are on the hook to either return it, or buy it out.
I understand you’re in a tough personal situation because of COVID, and I’m sure a dealer would work to try and accommodate you, but it looks like your only recourse is with VCFS and the NY AG.
Their email claims its the “Consumer Vehicle Leasing Act”.
This isn’t my area of law and (disclosure) I’m only licensed in Massachusetts! I didn’t see anything about extending there. I would check the original lease contract, to be honest.
Reg M is the consumer vehicle leasing act and the only limitation on lease extensions is that you can’t extend it past 6 months beyond the original termination date. There is no part of the regulation that limits the number of extensions. The regulation also doesn’t force a lessor to allow lease extensions so it is up to The lender to determine their own business rules.
I would assume that their core system is not capable of handling a second extension (but it sounds like other people have done this in the past with this same lender) or they realize that taking the car back now in today’s wholesale climate is a lower risk than extending it out and potentially selling it in a worse wholesale climate.
Auction prices have rebounded A LOT and prices are actually at or above pre-covid levels on many vehicles.
Ethan at JLR sold a rav4 worth 9k for 5k above Mannheim.
For the last 3 weeks we have been selling our vehicles consistently for 1500-2500 over MMR. A few vehicles with very low supply have gone for way over that. MMR is a lagging indicator of current wholesale prices so as demand for a particular vehicle is increasing beyond the current supply levels the prices continually go up and transact above MMR. Once the supply/demand normalize then the transaction prices are closer to actual MMR.
Boston. Serious crashes and fatalities up. ODOT posts reminders. Warnings broadcast on news at times. Haven’t noticed anyone pulled over!? Maybe I flew by too quickly. 
Just be alert and be in control.
I’m interested in taking over a lease and read this thread about GMFS issues with turn ins. Does anybody know if GMFS is doing lease takeover paperwork at this time?
Just a quick observation and not trying to get a whole debate going, but it seems like anyone waiting for that firesale is going to miss the boat. Besides the low inventory for some models, as the model year wraps up, residual values are going down which is increasing payments. Seems like now is the time if you are on the fence. Doubtful the new 2021 model year will have the same deals.
The following boats have probably sailed:
BMW: when 2019 support ended
Mercedes: when 2019 support ended
Volvo: when Costco rebate ended
IDK if there are any boats left in the dock.
what is the residual on a 2023 BMW X5 36 month lease with 20K miles per year?
Topic has clearly expired.