Some banks (Volks for sure) give you back part of the rental charges, since they didn’t “own” the upcoming interest on the “loan”.
If they do so, that payoff increases over time, because the discount is less.
However, after a full month and making a payment, payoff should go down.
Did you make a payment since you last saw it?
Spoke to 2 VCFS reps today who said 3rd party buyout not allowed
1 rep said changes became more solidified widespread earlier this month so some people may have had success before that
Anyone with experience with early termination? I put in a request to see what, if anything that would cost. She said it could be $0 or some amount depending on auction value of car.
Interesting, that might explain all the different experiences people have been having!
Where did you put in the request to see what early termination would cost? Do you know how long that will take?
Put in early termination request on the phone at VCFS.
She said they will call in a couple of days with what it would cost, if anything. She said they base it in what car would get at the auction.
Then can decide to proceed or not.
Good luck! hope it works out well for you.
Did you have to provide details on the vehicle condition/mileage etc. so they can figure out the auction value?
I always thought the early termination penalty was a calculated fee (based on RV, # of payments left) rather than a determined on what the auction value would be. Didn’t know that $0 early termination was even a possibility!
yes mileage and condition
Same here didnt know $0 was a possibility, alhtough I’m not getting my hopes up with the early termination
Going to try to reach out to Volvo dealers and see if I can atleast break even (the $2K equity with 3rd party would’ve been nice, but doubt volvo dealers will match that although I think some on LH have had luck with that)
Other option would be to buy it out then sell to 3rf patty but probably wont do that as theres time involved with getting the title transferred etc and 3rd party appraisal might change in that amount of time, etc
Yep exactly. Interested to hear how things turn out with the auction value and all that since I might be going down a similar road in the next few weeks.
Depending on the state and contract, you are probably liable for the lesser of those two sums.
So I called VCFS to ask what the early termination penalty would be. They got back to me to say there would be no penalty (after they looked into the wholesale value of the vehicle) and I am able to return the car to any dealership. They said this is good for 10 days (until July 13) and I would need to submit a new request if I wait till after the 13th. Does anyone have any idea on how much the wholesale value of the vehicle is likely to change in 2 weeks? Ideally I’d like to utilize the vehicle until the end of July which would mean submitting an inquiry around July 21 (~10 days before I no longer need the car). Just curious if this “no penalty” outcome is likely to be the same by July 21 or if things could move a lot between now and then?
Note: there won’t be any big increase in mileage between now and then (~100 miles)
Hard to be certain, and numbers have been bouncing around at Manheim, but if it’s 2-3 weeks I wouldn’t worry about a big price swing.
I’d worry about VCFS. He should return now and use Uber for 2 weeks.
More-so than usual?
This is early termination, which is in the lease contract. If it was a 3rd party buyout I’d agree, don’t wait.
I meant this part:
Thats what I was thinking as well - I’d hate to end up paying something because I got greedy and wanted to hold onto the car for another couple weeks. Just wasn’t sure if its likely to change.
I guess to be safe I might as well turn it in and uber/rent a car when needed.
No one can predict the future, especially for a Volvo car.
Actually, I can - it can only get worse.
Take it and run!
Update:
Returned my car last week to a dealership here in Houston. They faxed the odometer statement to VCFS and within 2 days the car was removed from my VCFS account. Haven’t heard anything about needing to pay additional fees after the end-of-lease inspection so I’m assuming that went well.
Shocked I was able to get out of the lease without a penalty but I guess it’s just favorable timing with the demand for cars right now!
Thanks hackers for all your help!
Autovin sends you a report with pictures. Did you have the inspection?
i didn’t read the entire thread, but a dealer can no longer buy a volvo out of lease. they can’t even buy an off-lease volvo. all cars have to go back to VCFS. something doesn’t feel right here.