Trying to get out of a 2020 XC60 Volvo Lease (that ends 02/2023) in Los Angeles

[mllcb42]

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.

Getting out of Volvo lease

Update! I was told Monday 08/02 that I could return my car to the dealership, sign the odometer statement and get the name of the person I left the keys with, without any any early termination fees. Tuesday 08/03, I dropped off the car at dealership, signed paperwork and took note of the associates’ name. Wednesday 08/04, I called VCFS to let them know I dropped the car off and gave them the name of the associate. I had to be transferred three times for them to fully entertain me because it seem…

[videodroner]

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.

[mllcb42]

Your dealer may be able to facilitate you buying out the lease with them providing the financing. Expect them to charge for that service.

You certainly can ask VCFS what the early termination cost would be so you can make an informed decision.

[Firstkill]

If there is equity in the car with the Carmax quote then go to any bank and get a loan. Watch out for sales tax.

[Mike_Ezginder]

@videodroner

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.

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.

[mllcb42]

@Mike_Ezginder

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.

Third Party Lease Buyout

I recently went through a third-party lease buyout in California. I often see the question on how this is done so I wrote a quick document of my experience: I think the main one I hear is how to avoid paying sales tax twice when selling to a private party. This can be avoided (in CA) by (a) selling you lease within 10 days of acquiring the title from the lessor (b) applying and being approved for a CDTFA-111 from the CDTFA. Note, if you sell to a dealer, the leasing company transfer the ti…

[max_g]

@mllcb42

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.

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.

[Omeletpants]

Where did you come up with that? Just make it up?

[vhooloo]

Are you moving out of the country permanently? I will take over your Volvo lease. I DM’d you.

[mllcb42]

@vhooloo

I will take over your Volvo lease.

Volvo doesn’t do lease transfers.

[max_g]

Lease Return Early termination & Notice of Sale

I just got off the phone with someone at GMFinancial. CA requires that if a lease is turned in more than 30 days early, they have to first sell the car at auction, then apply the amount they sold the car for to the cost of ending the lease. If the amount they get for the car is GREATER than the lease termination, they then credit the extra as part of ending the lease. But if the car sells for less that the RV, I will only be responsible for the Disposition Fee, applicable taxes, and items foun…

[DrHowe]

How much are you paying? Why not post on Swapalease or similar sites?

[mllcb42]

Volvo doesn’t allow lease transfers

[DrHowe]

Oh wow. Even personal ones, not just 3rd party buyouts? That’s rough.

Since you’re in California, you can avoid the tax. So just buy it out and sell it to CarMax, Carvana or whoever the highest bidder is.

[mllcb42]

@DrHowe

Oh wow. Even personal ones, not just 3rd party buyouts? That’s rough

Lots of brands don’t allow lease transfers. It’s probably a shorter list of who does than who doesn’t.

[vhooloo]

@mllcb42

Volvo doesn’t do lease transfers.

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…

[Zenek]

@vhooloo

Proof of relocation needed such as job letter from overseas,

I guess this is not hard to get. Will this really work just showing that letter?

[Phat]

@vhooloo

popcorn is warm

at the ready

[max_g]

Just ignore him.

[vhooloo]

Why, you planning to look for a job in Afghanistan? I can get you out of your lease …