I am trying to get out of a 2020 XC60 Volvo Leased that ends in 02/2023 because I am moving out of the country. I contacted my dealer in late Spring and they were all excited because they really wanted my car (it’s like new and only 9000 miles) that they basically rolled out the red carpet through the phone for me.
I went yesterday to the dealer since it’s getting closer to my moving date to get official numbers and the mood was very different. It felt like I was asking for a human sacrifice.
Apparently the dealer now can’t buy it back. I tried with Carmax (I’m happy with their offer) and Carvana but they told me they won’t take a Volvo Lease.
I tried a different dealer over the phone and spoke to a nice man that explained it to me - told me to contact Volvo directly and offer to buy out my car and finance it, and then immediately turn around and sell it to Carmax.
I called Volvo this morning and the lady I spoke to was anything but helpful. Only option she gave me was to pay the Buyout price, or find a third party finance. They won’t turn it into a finance for me.
This is my first Volvo and Lease experience ever so I apologize if this a dumb post - but what options do you think I have to get rid of my lease? I can’t afford the full buyout right now, and I move in November.
An early lease termination is also an option, no? Just call up VFS and ask them for the early lease turn in price. It may be painful, but there’s a few people that have recently reported doing so and having it be not bad at all. Obviously isn’t going to be a path to any positive equity, but it’s at least an option for getting out of the lease.
There’s been a couple people here that have posted recently that they did so and it was basically a $0 cost option. Now, that may be state dependent, as some states seem to have laws on the books that the most you can end up paying is the delta between your payoff and the auction value, and with auction prices being high, there’s no delta to speak of.
That post gave me hope. I don’t even mind paying some amount within reason.
I still haven’t told VCFS that I want to terminate my lease - only that I want to buy it (per recommendation from my dealer). Since VCFS said pay it full or find a bank I went back to my dealer and the person I am dealing with is speaking to the manager to see what magic they can do.
Not sure what you need help with but she laid out your options unless she does not know about others like early termination . Do you have questions about how to finance your buy out? Any bank / credit union should be able to facilitate a used car loan depending on your credit situation. If you have money, you can also buy it out with your own funds and sell it to any other third party buyer. Like @Firstkill said, make sure your buyout quote from Volvo has everything inclusive. The elephant in the room is the sales tax and there are ways to legally avoid it in California but I feel too lazy to explain at the moment.
In a consumer-friendly state like CA, the lessor might be obligated to send any positive equity back to the lessee. In today’s market it might bring some.
Introducing the vhooloo lease transfer program. Works for all brands but lessor must be moving out of country. It is called a diplomatic exception to the lease (for diplomats and military and the like). Proof of relocation needed such as job letter from overseas, passport surrender, visa termination etc etc. I DMed OP. The rest of the gallery make sure popcorn is warm…
