My husband (this is his account) has handled all of our finances for 25 years and is now unavailable to help me with these leases. The cars have to go because our lives changed in the blink of an eye and now money is way more important than this car that I love and he obviously won’t need his.
Both are in his name but I have a durable power of attorney
I have leases on a 2019 Volvo T8 and a 2021 Volvo T5 Inscription . I’ll need to check the mileage on his but mine only has around 2k miles. Both are pristine. His is white, mine is navy blue with blonde interior.
But I do know that the cars are worth more money than the Volvo pay off amount. They (Volvo) are encouraging me to break the lease and give them the cars with “certain related fees”. Right.
So I’m here.
I probably broke some forum rule or put this in the wrong place in the forum categories.
Please forgive my lack of etiquette and knowlege but I need advice and this forum was his resource, now I guess it’s mine.
You are very limited on options with Volvos. You’re essentially limited to either buying them out and selling them to whomever to capture the equity or turn them back in. When you say that they’re worth more than your payoff, how much more are we talking about? Based on who’s offer?
Thanks for the info. The only thing I have to go on is word of mouth and several people saying the car market is desperate.
I have had no one actually say “your cars are worth $xx,xxx”
I suspect you’ll find Mike will get your sorted above. If not, you can submit the vehicle info to carvana, etc to get some buyout info to at least give you an idea if it’s worth pursuing purchasing and reselling.
you’re at best break-even on the 2021. the other one should be sold. if TN is a state that delivers title very quickly, we should have a conversation. If it’s more than a month to get title, i likely can’t help.
Very sorry to hear about your situation. Group condolences.
Aronchi’s solution above is probably the best way to extract some money out of the situation, re title question, some states are slow on titling due to the pandemic and other backlogs.
If @aronchi can help you, excellent. While he’s post-booster
You can login to VCFS and get the payoff for both Volvos through the website. If you end up calling, another question to ask is whether your husband applied Multiple Security Deposits (MSDs) - if so you should get those refunded after the car is sold/returned
You can also get quotes from the car buying services, as-if you have title in your hand, just to see what they are worth on open market (takes a few minutes).
Once you know how much equity you have, if any, you can decide (I trust Mike, but he also doesn’t know how your husband structured those deals).
You can also contact your Volvo dealers to see if they can buy your leases without a trade (probably not - they were restricted to only buy-out leases on trade, but worth asking).
Before you unload both vehicles, please consider if you still need 1 car, and if so wait to return the one with little/no equity. It’s a terrible terrible market to be car shopping, please don’t hand that over and then decide you need something “cheaper” - only to discover nothing is cheaper.
I’m glad you felt like you could post this question and trust strangers to help you sort this out. A lot of good people here who won’t take advantage and point you in the right direction.
Contact the Volvo dealer- and ask them you want to sell the car to them. They bought my 2019 T6. I had like 7-8 payments left. After VFS got paid, I ended up with like $1900 paid to me. Dealer put it on the market the next day for 5k more than what they bought it from me. I don’t think you will profit much with Volvos. How many payments you have left on the T8 and what is the buyout price?
