I’m back again asking about early lease termination. Now I only have 6 months left on my 2020 XC60 T5, car is in great shape with only 23,600 of 45,000 miles used.
I’m told by VCFS the early termination cost is the 6 months of payments and the $350.00 turn in fee, taxes on the termination fee. Thats all, but the lease agreement talks about an additional charge and every car lease website talks about penalties - so does anyone know are there additional early termination penalties? Wouldn’t they have to disclose this to me? Once paid they will send someone out to inspect the car and then I can return it to the dealer where I purchased. Other than what the inspector notes on the inspection report, is there any possibility of more being found once I turn the car in? I have leased many vehicles over the years and have never had excess wear and tear charges.
My other option would be to buy out the vehicle which I was told by VCFS would be $34,378.86, title it in my name and pay the taxes (9% I think in PA) then turn around and sell it. Over the summer this looked like a good way to go, but now the quotes I’m getting online (have not gone to Car Shop, etc to confirm yet) are showing I would likely be in a negative equity position greater than the early termination option above.
Finally I am confused as to where it says in the lease that I can’t sell to a third party? In my lease under return of vehicle at scheduled termination date there is the following “if, you decline your purchase option but a third-party, promptly at lease termination, pays the Assignee for the vehicle in an amount equal to the Residual Value plus the turn in fee, the Assignee will waive any excess wear and excess mileage charges”. If I chose to payout the 6 months remaining lease why can’t I then sell it to a third party?
Just trying to understand all my options. I appreciate all your knowledge and willingness to educate us non car people.