Leased a xc40 about 16 months ago through Volvo financial. Is there anyway out of a current lease? Dealer told us we cannot trade in or sell the lease? Is Volvo financial the strictest lease company then?
Thanks !
You should be able to purchase it outright. 16 months is a way to go but Aronchi got me out 8 months early in May.
Not looking to get into another Volvo. Just want to wash hands clean of it. Have a very good relationship with dealer as family work for corporate. I’ve read mixed opinions, as some allow early buyouts some dont, ETC ETC.
You can buy out the lease or carry it to term.
Volvo doesn’t allow dealer buyouts unless you’re trading in on a new volvo
2 Likes
Yeah I’ve read both ways, but mainly that its not allowed.
Terminate your current lease just call VCFS and ask them
That’s on the to-do list !
Or get a buyout quote from VCFS. You can call or request one via messaging.
You can. But you’ll have to pay.
Most likely the lower of the two amounts:
A. Remaining contractual payments
B. Negative equity after the car is wholesaled
Sad. My dealer called yesterday and said they would give me payoff for it no problem, just not allowed to.
Out of curiosity, what is current payoff, and what does carvana say if you plug it into their tool (just say you own it, not lease).
This prob gives you a better idea whether Volvo would take it back with little to no cost.
Did same with an S90 a few years ago - purchased from VCFS and sold to a Volvo dealer. You will have to pay sales tax on the payoff amount… Wanted to trade it on my LC500, but Lexus could not match Volvo offer even with the sales tax offset
Just call VCFS and tell them you want out.
Early term for a Volvo is generally depreciation plus earned rent plus dispo.
However, Volvo has been letting lots of people out early.
4 Likes
Thanks for the insight!
Payoff is 36.1k
Carvana was 34.9k
Try Driveway and Carmax. Driveway was around $500 over my 24 XC40 payoff, but there is no sales tax for me. And this is with 72% RV. You may be able to break even by buying out and selling right away. But there is risk, obviously.
Yes tax is the obvious issue here lol
Well, do the math and see. Your payoff should include your sales tax, so anything over $36.1k is your equity.
carvana seems like they’re the highest. I’ll keep searching though.
They were not for my XC40.
1 Like