First, I am not looking for sympathy as I write this. Just some help. In November, I lost my well paying job. I decided I would start my own consulting company, but as anyone who has ever started a business knows, it’s a slow burn. We would have been fine, until my wife was diagnosed with a brain tumor just a couple of weeks later. Medical bills have begun to pile up. She will be okay, thankfully.
I leased a 2023 Volvo XC90 in May of 2023. Current buy out is $54,700. In December I called and asked Volvo what my options were, and the only choice I got was an $11,500 ETF because of the stated wholesale value of $43,000 per VCFS.
Is there anything I can do? Any ideas I haven’t thought of? I have learned a lot through this process, mainly, that life is unpredictable and I should expect the unexpected moving forward. I just don’t quite know what to do right now. Volvo won’t allow a 3rd party lease buyout, and taxes in CO on the vehicle alone would probably be around $1600.
Between a rock and a hard place and appreciate any help you can offer.
ETA: KBB value is $49,900 Trade In, $53,520 Private Party. I do have a $7500 MSD on the vehicle.
I’m sorry to read about your situation. It’s terrible. You need to write volvo corporate a note detailing it and keep escalating it until they agree to take their car back.
I honestly haven’t even thought of that. I’m going to give that a try. I hate the thought of asking for sympathy from them, but I really don’t know what else to try. Thanks for your comment, and note. I really appreciate it.
Do you think just Volvo North America, to start? Sorry, just googling around.
Vovlo will take back the car with a “termination fee”
We did that with my dads prior to getting EQS. We just called them and they said they valued the car vs payoff and had to come out of pocket. Instead of us making 16 more payments of $871… they told us to pay $4200 or so and walk away from the lease.
Reach out to VCFS and ask if there are any hardship exceptions to turn-in your lease early, and briefly explain yours and your wife’s situations. You can call or message through the website. If they decline you, ask if there is an appeals process.
On rare occasions we have seen reports of vcfs taking leases back early. Can’t hurt to ask.
Ohhhh. Well everyone thought my dad died so they will take car back. I never said he died lol
MBFS took back the cause he couldn’t drive anymore due to replaced knee caps. They gave me a bunch of run around for a few weeks. We settled on just paying $1000 fee+disposition+ termination fee = $2300 or so. We were told $1000 originally but they said some “new rules were implemented”
They did give me the option to transfer but many members on here were asking for incentives, cover transfer fees, shipping, etc. Just told MB to charge our business card of the amount so we can write it off against our taxes as an expense.
