Getting rid of Volvo XC60 Inscription Lease (Carvana doesn't buy Volvo leases)

[Sport778]

I have a 2021 Volvo XC60 Inscription lease expiring at the end of May. I’d love to avoid paying the return charge and just have a third party buyout the lease/car, presuming the price is right. I don’t think this should be hard given the car only has 23K miles. I tried Carvana and while the price offered was great, they evidently do not buy out cars owned by Volvo Financial Services and I’d have to buy the car first and sell it to them. I’m not sure about the tax implications of this and it just seems like a PITA . Any advice on the best person/company who could take this car/lease off my hands with me having minimal involvement? Thanks!

[harrydogyo]

Going to guess you’re best just returning it

List of Lenders that Allow for Third-Party Buyouts

As used car prices soar, many lessees are finding that their vehicles are worth considerably more than their current payoff amount. Instead of simply returning the vehicle at lease end, you may be able to sell the vehicle to a third party (such as Carvana, Shift, Vroom, and CarMax) for a profit. However, some lenders are making it difficult for consumers to access this “lease equity” by charging a higher lease buyout price to third-party buyers than to consumers, or altogether prohibiting third…

[Leaselurk]

@Sport778

Any advice on the best person/company who could take this car/lease off my hands with me having minimal involvement? Thanks!

Volvo financial services.

[Kctham18]

Sell it to a Volvo dealer or a chain with a Volvo dealership

Edit: scratch all that; only if you trade in.

[mllcb42]

You have three options with a volvo lease:

Turn it in at the end.

Buy it out personally.

Trade it in early on a new volvo.

Thats it.

[mllcb42]

@Kctham18

Sell it to a Volvo dealer

Only allowed if trading in on a new volvo unless there have been recent policy changes.

[forbs]

See if @Anthony_Lopez or Equityhaker can do something

[holeydonut]

Does IL allow someone to buy out a car then sell it within X number of days and not incur the sales-tax or use-tax?

Or would someone need a dealer license to move vehicle inventory at wholesale without getting taxed? For example, California gives someone 10 days to buy out a lease then sell the vehicle to a dealer. If done quickly there is no use tax on the lease buy out.

[Anthony_Lopez]

good question, with Illinois, they get you coming and going especially if you’re in the Chicago area.

We still have our ways around the tax though.

Feel free to call or text me at 949-544-1669

thanks

[mllcb42]

@holeydonut

Does IL allow someone to buy out a car then sell it within X number of days and not incur the sales-tax or use-tax?

Thats only a CA thing as far as i know

[Sport778]

MODS please close thread, thanks!