I have a lease with equity, from a manufacturer that doesn’t allow third party sales (Volvo). My options appear to be:
buy it outright now and wait for title to arrive
Or
finance it now, wait for title to arrive, buyer can pay off lien
It seems it could be months (!) to get a title in NY state.
Am I missing any options and does 1 or 2 impact the timeline in any way?
forbs
June 15, 2022, 2:28am
2
No, same time frame 60-90 days
1 Like
Leaseboy:
buy it outright now and wait for title to arrive
Or
finance it now, wait for title to arrive, buyer can pay off lien
Same timeframe - pick your poison
1 Like
HJS22
June 15, 2022, 4:33am
4
Try autonation see if they have Volvo dealerships
forbs
June 15, 2022, 11:37am
5
Makes no diff, Volvo has the strictest rules regard their leases
HJS22
June 15, 2022, 12:33pm
6
So does BMW but they are affiliated with Autonation in NY and you can do it that way. Autonation has dealers they are not like carvana, etc
number 1 will allow you to sell it faster.
2 Likes
forbs
June 15, 2022, 12:36pm
8
Makes no difference, volvo does not allow their own dealers to buy out, just trade in for another volvo
As i said, Volvo is really bad, BMW honestly is normal compared to them
1 Like
getting a lien release and getting dmv to adjust title to remove lien holder in NYS is a disaster. #1 is far quicker. in for cash, out for cash.
4 Likes
Ah, but in ny you don’t need a lien-clear title—you can have the encumbered title and sell the car as long as you have the payoff letter.
Disappointed to hear it’s 60 days or more for title what a
GMTV, for example, will not take an encumbered title. Better to have a ballpark # that you’re selling it for, and then use cash. It’s not 60 days. It’s prob a month.
1 Like
forbs
June 15, 2022, 12:41pm
12
Oh they finally cleared up the backlog?
long time ago. nys is fine. i mean, save for the rampant crime, high cost of living, etc, etc, nys is fine.
3 Likes
They’re both slow, 1 is faster. Fair enough!
HJS22
June 15, 2022, 1:30pm
17
Dealers can’t buy the cars at lease end?
Volvo dealers can only take a volvo on trade if youre getting a new volvo. They cant buy out leases.
2 Likes
HJS22
June 15, 2022, 3:40pm
19
I’m talking at lease end they can’t buy their own cars and sell them?
Volvo cant buy the lease out at lease end, unless youre trading it in in a new volvo.
They can accept a lease return, but not purchase it
1 Like