Hi hackrs, how are you guys? I’m in a dilemma and would love to get your input on this matter. I have a 2019 Volvo XC60 T6 Momentum which has only 4 months left. Thinking that I have pre ordered a Tesla Model Y for March 2022 delivery. Anyway, Tesla recently reached out and told me car is going to be delivered this month. So I’m in a jam right now. I know I can’t just get rid of my Volvo lease. Spoke to my Volvo dealer and they mentioned you gotta get into a new Volvo to get rid of the current one. I’m also a little sad that I won’t be able use the positive equity on this and use it towards the Tesla.
Questions are -
Should I pay off Volvo cash and sell it right away for that positive equity? Is that even possible within a week? What are the downsides?
Should I finance Volvo and do the above? Is that even possible within a week? What are the downsides?(Financing it sounds dumb but love to hear your thoughts)
Lastly, should I delay my Tesla and just hand over the Volvo lease when it matures?
Sorry about the noobness about my inquiries. I again really appreciate the community and much love to all.
I am not sure on Tesla’s current stance for delivery delays, but I would definitely figure out if they can hold the car for 1-2 months while you sell for Volvo.
You could also call VCFS and ask if they would be willing to terminate the lease early without penalty. It seems like a few people have had success with this given the current market.
Why within a week? (Question #1, #2)? If you’re creditworthy enough you can finance in a few days but getting title to re-sell will take more time.
Delaying your Y delivery seems the logical move, (but do you have an actual VIN)?
My understanding is that before VIN assignment you can place your order on hold, (I.E. “Ineligible” and keep your place in the queue). However, after VIN assignment, declining delivery might put your order at the back of the queue, (but you’d still retain your price lock).
I haven’t got the VIN number yet. Right now it says “estimated delivery December 12-26”. Really wanted to use the positive equity on the Volvo. It would have been almost the sales tax of Tesla. Sucks.
Never financed a car before. If I finance will I get the title or the bank will hold it? If I try to sell wouldn’t be another two months to get the title? Sorry not sure if I’m asking the right question.
You’re golden @amahdy, just call Tesla right now. Tell them what you posted here, and they’ll place your order on hold. I did exactly this just yesterday in person at my local Tesla store, (and the order now shows on hold in my Tesla account).
The finance vs. cash purchase is a separate question. If you pay cash to buy out your Volvo lease you will probably have to wait for physical title to sell it. On the other hand, if you finance, you’re correct that the bank will hold title, (but you could probably sell the car subject to loan payoff at any time without ever seeing a physical title). This is just an assumption that NY state uses electronic titles.
Having said all this, if you’re dying to get your new Y asap, that would be an emotional decision I can’t help you with, (but if would probably cost a lot of money).
Be careful with putting your order on hold… I’ve been reading that the general consensus with Tesla is that if you put it on hold, you get placed somewhere in the middle to end of the line, so it could be months before you get a new car depending on which trim and wheels you got. That being said, with Tesla, the delivery window jumps around quite a bit and isn’t too reliable until your window narrows to 1 week (We ordered a Model 3 and Y so been reading up on Tesla forums/pages)
For the Volvo, contact VCFS to see what the cost (if any) of an early termination is. I did an early termination on my 19 XC60 T6 (over what my miles should have been at the time). Retuned 9/2021, lease was supposed to be through 11/2022. If you aren’t trying to capture equity, that would be the easier way to get out without waiting for title.
Sales tax would be included in the retail lease buyout price.
Once they receive the title in Volvos name they will have to resubmit the title to the NYDMV. Turn around is about a month or so, THEN they will have a free and clear NY title assuming they buy out the Volvo cash. Don’t forget to contact us for a quote once you’ve got the title.
How long does it take to get a title in hand after buying the leased Volvo? I have XC90 T6 R-design and except Edmunds every Carvana shows $8k more in equity.
What do you guys think about financing the Volvo? How does the title works in that situation? Is it still a month or two turnaround time to be able to sell the Volvo?
