Did you have to pay for anything or just a straight drop off and walk away?
I paid nothing. I went to the dealership and said I had a lease return. I signed the odometer statement and took note of the name of the person I left keys with. Walked away with nothing… Missed out on 5k equity tho cause Volvo won’t accept 3rd party cheques. The car was removed from my online acct 2 days after I left the car at the dealership. Kinda feel weird not having any sort of formal written document or communication from VCFS that I’m off the hook.
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Im trying to do something similar on my Volvo. I have 7 months left on my lease. I called to enquire about early least termination and the representative said I would have to pay the remaining payments on the lease… what exactly did you say to them on the phone because I feel it might be dependent on who you get ans the questions you ask???
I told them to send a request to management to see if i can return my vehicle without penalty since it was worth more than what i still owed. The rep put in a request and I got a decision 2 business days later.
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What state are you in?
How was your vroom experience?
I haven’t used Vroom this time, because I got a local dealer to match their offer.
However, I have sold 2 cars to Vroom in the past and have nothing to complain about it.
Returned my XC60 last week – VCFS gave their blessing to do an early termination with no out of pocket. Jumped on it because we are about 4k over miles (compared to what we should have at this point), had its 2nd set of pads/rotors shot, and VA property taxes were added to my Oct bill and payoff. Loved the car but the thing had multiple trim pieces fall off starting at 600 miles among other computer or quality issues.
The finance guy did mention that some of their CT customers who did an early termination got billed for property taxes separately, afterwards (happened to my parents’ Acura lease previously), but I don’t think thats the case with VA since the payoff was equal to residual + remaining payments + property tax + dispo fee. Their auction value was determined to be approx $450 higher than my payoff.
Just waiting for MSD refund now.
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Yeah, looks like they do include VA property tax in payoff. At least you got billed for the actual property tax and not estimated, which is always at least twice as high as the actual.
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How many months did you have left on your lease?
Due to “constraints” I’m waiting in line to order the wife a High Country Tahoe because I can Family Plan it and get $7K off but I don’t have control of when the order goes in. It would be nice to turn the Volvo in early without penalty, though it isn’t the end of the world if we have to take the lease to full term.
We had about 14 months left on the lease and were slightly over the scheduled mileage (around 25k miles vs 22k miles we should’ve been at), but the payoff was higher because VA taxes lease on the full purchase price upfront and was rolled in, and VA property taxes were already billed for a bit over $1500.
That’s great with 14 months left.
I will have 3-5 months left when the Tahoe arrives. I will have to give VCFS a call when the time comes.
what do I Have to ask when I call?
Ask for an early termination quote. They’ll ask you for the condition and exact mileage of the car and tell you to call back in 2 days (I requested twice over the course of a few months- first time they called me after 1 day, second time I called after 2 days)
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thank you so much! I’m going to do that tomorrow! I really appreciate your help.
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that did the trick! I called at 8am this morning and they called back this evening. They said I can drop it off within 10 days it’ll cost me nothing. WOW! thank you so much!
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Glad to help and glad that you were able to get out of your lease without penalties!
You also have the option of buying the vehicle off of the lease, right? Can that be done at any time? I just checked and the current lease payoff for my 2020 XC90 T6 is $41K and in the market, I could probably get $48 to 50K if I really needed to sell it or get out of the lease for some reason.
Yes, you can buy out the lease at any time. I believe usually it includes sales tax, if applicable, but something to double check/calculate. In my case, payoff was approx $38k, auction value was $39k (per Volvo Financial) best offer from Carvana/Vroom/Carmax was $36k range.
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