Looking to get some advice or any knowledge on selling out of my current Volvo lease. I know 3rd parties can not purchase the car, but Volvo Financial said a Volvo dealer could. I called a few local dealers and they either said they were not doing so or only I could buy the vehicle. I’m not looking to get into another Volvo at this time but with values the way they are was seeing if anyone had experience getting a dealer to buy their volvo leased vehicle. It’s a 2020 S60 T5 momentum with 15,500 miles and a buyout of around $24k not including taxes/ registration etc, but seeing trades higher than that. Any thoughts would be appreciated.
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I believe dealers can only buy if you’re getting into a new Volvo. Could be wrong though.
To sell it you have to buy it, even if it is selling to a Volvo Dealer.
If you trade it in to a Volvo Dealer, it must be for a new volvo (I believe they track the vins)
You can buy it or you can trade it in on a new volvo. Up to you.
That’s a low buyout price. What’s your MSRP?
Agree with other posters. Your options are limited with VCFS.
The lease isn’t up until January ‘23, original msrp was around $42k in January 2020 and buyout in January will be around $21k. I could buy it out now to sell right away, but believe that would make it a 2 owner and not sure if that would impact any trade I would get on it so much to not make it worth doing.
You’d also be liable for taxes, which could significantly, if not completely, eat away at any equity.
My goal was to end up purchasing a new Subaru Legacy but hoping to be able to part with the Volvo sooner than January, so could get the tax benefit on the trade.
Buying it means you lose the tax, before you start thinking about Trade in benefits.
I am 99% positive you can get out of the lease tomorrow. Call Volvo Financial; they can direct you on the process. I called them 20 months into a 36 month lease and they asked me to pay $400 and drop it off at the nearest dealer. My monthly payment was $353. I ended up selling it to Carmax (this is right before they shut out third party buyouts).
He obviously wants to get the equity and not just return it to Volvo.
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Check what VROOM, GMTV, etc. is asking. Carvana these days is nowhere near what it was 5 months ago.
You would have to write Volvo a check for the full payoff of the car, and then after would be able to sell it.
He can’t take advantage of any equity, but he can part ways before January.
I literally sold my 2020 s60 t5 r-design with 16000 something miles a month ago to a volvo dealer for 3000 above my payof… but mine was financed not leased… 1st attempt was on the same dealership i bought the vehicle… The sales manager told me sure i can get out of the car … but you have to get in a new lease… or finance… i asked him if he can just buy the vehicle from me without me getting into a new volvo and he said naah we have plenty of those right now… Second attempt i emailed enother dealership… they respond to me that i must come buy for an appraisal. Next day i went to the dealership they chech the condition of the car and they gave me an offer… I sold the car to them the same day. Later i chech their inventory for s60 models and they had only one… So i believe that depends on dealership inventory…
Of course he can, but he needs to buy the car out first. Just read the post above yours.
If you buy another a Volvo we can buy out yours
How long ago did VCFS off this? I have 2 months left on my XC60 and I’m releasing with another mfg and just want out of this car.
Nov 2021 I believe
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just have the new dealer roll your payments into the new lease and return your volvo for you