Selling leased Volvo

Ask the Hackrs
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1

I know this has been discussed many of times but I was unable to find the answer if someone could please answer or point me in the right direction.
I have a pretty good deal on a Volvo XC60, but with supply and demand, the used value is allowing me to get out of it free and clear. I know I could sell to Carmax and they handle all the paperwork, but how do I go about receiving my MSDs back?

2020 T5 Inscription AWD XC60 w/ 2,050 miles
Payoff $41,135
Offered $41,500

Other option is lease transfer, but that seems more like a headache
I have 6k into inception, fees and MSDs with a payment of $336+ sales tax (looks to be untouchable in today’s market)

Please advise as I am interested in a 2022 but scared my value in 6 months may not allow me to get out without being upside down

2

Lease transfer is not an option with Volvo, nor are third party buy outs.

Your options are to turn the lease in, sell it to a Volvo dealer, or purchase it yourself and then sell to a 3rd party.

There was someone recently that claimed carmax bought out their lease, but they had purchased it first and then resold.

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3

Thank you as I was not aware of that. So if my local Volvo was interested in buying it out that would be my only option?

4

Do you need to get out of this lease? Your are losing money on his offer since you paid $2-2,500 DAS. And do you really want to go from ~$350/mo to ~$450-500 with the same DAS?

5

You can always buy out the lease and then sell it to whomever you’d like. Just have that pesky tax situation to deal with.

6

You’re correct, I will lose $2,000 plus 9 months of payments, which I guess you’ll never get your payments back. I dont have to sell, but we don’t use the vehicle and its about 450-500 of a payment we could save. Drove 2k miles in 9 months and 1500 of them were traveling to Disney

7

Barley breaking even, so I would lose all the taxes. It was just a question. Now that I know its not a simple task I guess I’ll just hold out. My dealer did say they would take it in on trade and pay it off but can’t come close to my current payment on a 2021

8

You don’t “lose” 9 payments - you used the car for 9 months at $350/month.

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9

Why are you considering spending more on a 22 if you’re not using the car you have? I get the justification of getting rid of it if you’re not using it at all, but to spend a bunch of money to replace it with basically the same vehicle but a little newer seems silly.

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10

I’m not sure what you think is different enough between the 2020 and 2022, but it’s not worth the bath you will take just transacting.

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11

To be honest something about this car doesn’t sit well with us. Doesnt seem to be built with the same quality of our 2018. The 22 would be alittle different, offering wireless charging, ventilated seats with Napa leather and supposedly a more advanced safety system.

I was just curious about selling as the value is decent. But after this information I think its best to just ride it out

12

Sounds more like buyer remorse.
Take any payoff you get and add 10%. Basically you are going to buy the car and eat the tax.

13

I am trying to find out those taxes in FL…
I have an offer from Carvana for $4k+ , lease is ending this coming month but Volvo are not allowing 3rd party.

If I buy the car and sell it immediately, I am still required to pay those taxes?
I know there is some states that they gave you a small period to sell it and dont pay those taxes right?

ty

14

Singular. State, not states. That’s CA
You owe taxes

15

Idk about buyers remorse. Its the same engine, drivetrain, rims as my 18 and gets worse fuel mileage. It gets condensation in the headlights and interior windows (yes the pano roof proper drains from all 4 vents) which my 18 did not do that. This could be a new 2020 feature but the auto stop is always off. Dont get me wrong, I’m happy about that but my 18 I had to shut it off every time I re started it. I believe my 18 was built in China and my 20 was Sweden but I could be wrong. It shakes very bad when breaking hard. Yes again im sure the dealer can fix most of these issues but still weird to have so many different problems on virtually the same car.
Plus the wife said if I sell her car and my f150 platinum that I can get a f250 platinum diesel :laughing:

16

They changed this due to complaints about it always being on. It probably also brought about a reduction in fuel economy.

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17

Definitely take in for service and document. I have one turn signal that gets condensation, but “not enough to meet warranty replacement”, but keep documenting issues.

The auto stop/start is much more abrupt than my prior Fords, but in my 2019 I leave it on (it’s a setting/preference in Sensus for your driver profile).

Curious if you drive in eco/comfort?

Rather than spending to get out, I’d take it in for service and if they cant fix it, work on a lemon law/collateral exchange if you just think this unit is haunted (@Ursus certainly noted the good one was built in China and the bad one in Sweden, since I scoured the US for the only Sweden-built XC60 at the time). Though the new one won’t likely have any different options than you have now.

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18

Warped rotors? Had this issue on both my Volvos, swedish and american made.
:chocolate_bar:

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19

I hated it on my '16 and love that it’s always off on my '19s

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20

Like I said it was a thought and my local Volvo has always done me well. It has to go in for service anyhow as it says I’m pass due for service which means the car sat on the lot for months before I leased it as its 9 months and 2k miles old