Volvo early lease termination and security deposits

Hi just wanted to see if anyone has done an early lease termination with Volvo and how the return of security deposits worked. I had a 2019 Volvo S60 with $4500 in MSD and returned it end of Dec. I contacted Volvo for an early lease termination and they called and told me “no fee,” so I turned the car in. When I called about my MSD I was first told I would not receive it back, that it was part of the early lease termination. The second time I called I was told 14 business days, the third time 30 business days, and now the 4th time back to square one. My account has been noted as “I won’t get it back,” and “I will get it back.”

Does anyone have experience with early lease termination and MSD with Volvo? I feel completely in the dark and its a good deal of money. Thanks.

You need to add a few details

  • When was your lease due
  • Did you turn it in toward a new Volvo?
  • How many payments left?
  • How much were the payments?

MSD’s come back to you

My lease was due in July, so 7 payments left at a little less than $500 payment. I figured even with the remaining 7 payments and the turn in fee it would still be less than the MSDs of $4500.

Did not turn it in towards a new Volvo.

The whole thing was a little weird–I basically did the “Contact Us” on the VCFS webpage asking for early termination quote, and they called me a few days later and said no fee but you need to turn it in within a couple days. I didn’t think to ask about the MSDs at that time and just turned in the car.

1 Like

Gonna have to call and argue and argue. Basically you returned the car without any checking other than ‘no termination fee’. Once you do that, all bets are off, as it’s like turning in a car without inspection, many weird things can and will happen.

You didn’t ask ahead and looks like Volvo forgot about it or is trying to steal it or is using it toward your early termination fee (even though they said there wasn’t any or maybe they meant it was used toward it)

I think you would have a good case. In most other circumstances like trading a car, going into another lease, a separate document to transfer the security deposit would be signed over.

My experience with MSD refund from VCFS is that they are not prompt and have poor service in this area. They just don’t have this buttoned down like BMWFS.

Please keep sharing your experiences and asking questions.

So turns out after I turned my car in, every time I was getting transferred to the “lease end experience” department. After asking some more questions it turns out for an early lease termination, the correct department to talk to is the “Customer Care” department. They were able to file a case with the “Accounting” department and confirmed that they will cut the check within three business days. They said usually it takes 30 business days, but because of Covid and weather issues it took longer this time.

I’ll update when I receive it…

1 Like

Ah the ol’ “The weather ate my homework”

Also can you report back if they charged or deducted the disposition fee?

Volvo takes forever to send you MSDs back. I turned my S90 in at the end of the lease and it took like 3 months to get a check from them. It did take a few phone calls to check on status as well, which was disappointing to see from Volvo.

However, your situation is different. Aren’t they deducting the $3,500 you owed plus disposition fee? If they said otherwise, I would have tried to get that in writing. Also, turning in a car without inspection is a liability I wouldn’t want to have.

So I received my entire $4500 deposit back, it took 3.5 months. Covid, weather, etc. endless delays these days. I think the bottom line is if you do an early lease termination with Volvo, talk to the “customer care” department, not the default “lease end experience” department that you I was initially redirected to.

It ended up being a great lease deal–they took the car back 7 months early, didn’t do an inspection, and there was no disposition fee; no doubt due to high used car prices. I got 20% off the MSRP of the car when I leased it as it was a loaner–2019 sure was different times. It was my first time leasing so the whole lease end process seemed really “unofficial”. I had moved from CA to TX during the lease, so to turn in the car I drove to the nearest Volvo dealer, with whom I had never interacted before, dropped off the car, and then a couple days later my online VCFS account was terminated and I never received anymore paperwork from Volvo… until after several phone calls I got the deposit check.

2 Likes

Glad it worked out. Did you consider riding out 7 months of the lease and trying to make money on it?

Obviously not

As others said, it took a while… Throw in a move from VA to TX and USPS low key losing my mail for a month.

Early term return: 10/24/21
MSD check issued: 11/23/21
MSD check received in mail: 12/6/21

This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.