Selling 2019 Volvo XC60 Lease

Ask the Hackrs
1

I have done some searching and realize I may be beating a dead horse, but nothing has quite been my exact scenario.

Made my final payment on my XC60. Buyout price is $26.5k or so in MN sales tax is 6.5% so $28,222. I have offers from other dealerships at $35k if I want to “Sell it now”.

Problem is since the lockdowns my credit took a nosedive and unable to get approved for a loan to buy it out to be able to trade it in or sell (was hoping to trade it in on a 2016 XC90 for $30k until I fix my credit. (Still trying a couple options)

Are there any options anyone can think of? It is my understanding from reading that 3rd party is unable to buy the Lease with Volvo.

Thanks

2

Get a friend or family member to co-sign on the loan and split the $7k in equity? Better than nothing…

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3

Try a credit union for financing. Even if the rate is crazy high on the loan you are really only going to hold it short term. Just make sure it does not have a pre payment penalty.

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4

Did you try lightstream or is it you are afraid to tank your score even more with the application credit hits?

5

Ask @Benedetto if he can help you out.

6

Have you already been declined multiple places, or is this an assumption?

7

I unfortunately have.

8

Sorry to hear that. I only asked because sometimes people assume the worst and don’t try.

If further analysis suggests that you can buy it out, pay the tax, and still make money, you might try a lender that does subprime.

Watch for any upfront fees, but even an outrageous interest rate would only minimally blunt a healthy return if you can turn around the transaction quickly.

Make sure you understand how long it could take to get the title, and any other timing risks inherent in this type of transaction in your state, of course.

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9

Credit union, Santander, and/or a cosigner. Good luck OP!

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