I have ~2K left on my payoff amount. I asked for an early termination charge and it was $340.89 based on the estimated wholesale value. I have three questions:
If I end the lease now, I’d like to confirm that my total amount would be $340.89, NOT $2000 + 340.89.
Wear and Tear fees would be determined after inspection correct? In order to avoid tire fees, should I just go ahead and replace the tires? I have about 16,500 miles on it over 2.5 years.
With early termination, is there still a wear and tear allowance at turn in? I read somewhere it used to be $1500?
I am asking Volvo simultaneously. Many times, this website gives a quicker and more detailed answer.
If the market value of the car is more than the payoff amount, then I would think there could be an early termination charge less than the payoff
Early Termination Charge = Market Value - (RV + Remaining Payments + Disposition, Taxes, and Fees).
For me, it would be = 38,400 - $38,033.31
Volvo Financial Services’ website makes it really difficult to find out all of this info. And they don’t specifically report the RV or any taxes and fees. Just the total payoff amount. I know the RV can be found on my contract, but that also is eluding me right now.
It’s the lesser figure. I’ve actively brought this up in forums over the last week. Whatever figure they give you, make the payment on VCFS website and then ground the vehicle. Get a receipt at dealer confirming it has been grounded!
I know. You also received a lot of flack despite it being a very valid discussion. I posted on that thread and then deleted it because I did not want to take it over. I wasn’t completely sure about whether it was termination + payoff or just termination - so wanted to confirm before spending time doing this + finding a new car.
I was more interested in the last two question about the wear and tear. Do you have any more experience?
It’s the figure they provide you over the phone to end the lease early. I did not have any wear and tear or termination charges after the fact. With that said, I’m sure they reserve the right to charge wear and tear if it’s offensive. They’re just going to send your car to auction anyway.
Please see response above. Yes, I did. Also, his question was never completely answered and the post got over-run by people criticizing him, rather than providing useful information.
I also have asked two additional questions that were not part of his discussion.
Also, based on the continued confusion by active users/brokers on this forum - that post was obviously not clear cut (probably because people decided to focus on criticizing the OP).
