It seems that is that case from what @aronchi told us. He is a Volvo lease broker that works with dealers.
@Benedetto - dealers are completely prevented from buying a lease early unless it’s listed as a trade for a new volvo, correct? purchase price is irrelevant?
Interesting, from reading other threads people have had success selling to Carmax (apparently not carvana or vroom) so if a dealer won’t buy it then carmax is the only potential buyer?
Volvo not allowing lease transfers (or 3rd party buyouts, it seems) was the big reason I passed on a few deals last year. Lovely cars, but I didn’t want to get stuck with one for 3 years if life circumstances changed. Curious if the Carmax approach indeed works.
Anyone who pays lessee’s payoff can buy it, looks like. But not everybody would do it with tax and dispo fee included.
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Carmax can buy it for the customer payoff (on your VCFS account).
I called Carmax this morning, they said they DO buy Volvo leases, however I also talked to VCFS today and they said I CANT sell the car to anyone except an authorized Volvo dealership.
Does anyone have experience selling a leased Volvo to Carmax recently to confirm what is actually possible here, seems like either VCFS or Carmax is wrong
Search, at least one person sold to Carmax. But it is not straight forward because Carmax pays Volvo on your behalf, so there is the title transfer involved.
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Ok good to know. From what I’ve read, it seems it IS possible for Carmax to buy it but VCFS won’t tell you thats an option?
Yes, looks like this. Whoever you deal with at Carmax need to understand how to work with VCFS.
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That was in Connecticut IIRC which seems to have some unique rules. Eg MB transfers were stopped everywhere except in CT.
Yeah, in CT. Maybe something CT specific.
I sold a Volvo lease to a local 3rd party dealership that matched my Vroom offer, just a few weeks ago.
Volvo dealers wouldn’t take it unless trading it into another Volvo.
My process was, get quotes from Carvana, Vroom, Algo, etc…
After that, get a KBB Instant Offer. They typically low ball it.
Lots of local dealers will call you. Send the screenshot of the best online offer (Vroom in my case), saying the car is theirs if they match it.
And of course, if no local dealers take it, sell to the online dealers. I’ve sold 2 to Vroom and 1 to Carvana.
VCFS took the payoff from the third party dealers (incl. vroom and carvana)? How did you make that happen?
Yes, VCFS took the payoff from a local unbranded dealer. They even sent me an odometer statement to be included in with the payoff package.
Maybe it is different by state (I’m in GA), but VFCS honored the payoff I could see in their website in my case.
Once you have an acceptable offer, call them and go through the prompts. There is an option for selling to a 3rd party. Ultimately there is a option to speak with someone.
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Very interesting
Seems everyone has a different experience.
Few weeks ago Vroom gave me an offer, but when I actually called them to speak with someone they said they no longer can buy Bolvo as of a few months ago.
I showed my volvo to a volvo dealer today; he offered 4K below online 3rd parties…which aren’t allowed to buy it.
They didn’t say I had to get another Volvo; I made it crystal clear to them that I was not getting another Volvo.
Perhaps the dealer you sold it to bought it on your behalf, similar to the person who sold it to CarMax in CT.
Also: Did the Volvo payoff amount listed online always include the tax? For some reason I’m thinking my payoff was lower last month, but maybe In remember incorrectly. Bc payoff is just RV+sun of remaining payments right? So no way it would increase.
+$350 dispo fee + sales tax (if not collected on the full price at signing) + property tax (if applicable)
Agree, seems like entirely dependent on who you happen to speak to at the third parties/VCFS as to whether they can make it work or not.
Just curious, have you taken it to carmax or any others? Any luck with them?
Have not taken to CarMax yet, planning on doing that Wednesday
Taking to another Volvo dealer tomorrow
Just did KBB offer to see if any of those will pan out
Not everywhere … in GA, we only pay taxes when new registration gets issued to another party (other than the dealer).
For example, if I sell to Vroom, who takes my car to Texas and sell to someone outside GA, no taxes are owned to GA.