Volvo Lease Buyout (Early)

[Anonymous]

Do we need to go back to the dealership for to buyout our car (Volvo) lease early or can we work with the lease holder directly? Car is registered in VA and will be registered in VA after lease buy out.

DO we need to get the car inspected again?

Sales tax has been rolled into out monthly payments, so do we need to pay sales tax again?

[Anonymous]

We did this with another car brand and the dealer was going to charge us a $2,000 fee for inspection and lease transfer. The car company holding the lease would not deal directly with the consumer so we had to go through a financial institution. Even though there was only a few hundred dollars left on the lease, we had to take out lien with our bank and have the lease transferred to the bank. It was difficult because the bank had not done a transaction like this before so it required some repeated visits and phone calls. It also required me to go to DMV myself to change the title once the lien was payed off. But in the end, we saved thousands of dollars.

[Anonymous]

PP again. We did not have to do an inspection because the buyout value was clearly given every month in the online account. We did have to pay sales tax on the residual value at DMV when we registered the car.

[Anonymous]

Anonymous wrote:PP again. We did not have to do an inspection because the buyout value was clearly given every month in the online account. We did have to pay sales tax on the residual value at DMV when we registered the car.

In VA you pay all the sales tax upfront (i.e. rolled into you monthly lease payment). So why would you have to pay sales tax again?

[Anonymous]

If you lease through Volvo financial services you should be able to login and get a buyout amount. You can deal directly with them. You do have to go to the DMV with the title they send you. I did this recently and it was a pain, requiring 3 DMV trips, mainly my fault for not following the directions, but there were lots of steps.

[Anonymous]

Im about to lease a volvo with all the rebates the price is amazing. What happens if I decide to buy the car within a couple of months? Do I ust have to pay the leftover price? Or do I need to pay also the monthly lease payments left? Are there any fees/penalties?

[Anonymous]

Anonymous wrote:We did this with another car brand and the dealer was going to charge us a $2,000 fee for inspection and lease transfer. The car company holding the lease would not deal directly with the consumer so we had to go through a financial institution. Even though there was only a few hundred dollars left on the lease, we had to take out lien with our bank and have the lease transferred to the bank. It was difficult because the bank had not done a transaction like this before so it required some repeated visits and phone calls. It also required me to go to DMV myself to change the title once the lien was payed off. But in the end, we saved thousands of dollars.

How did you save thousands if there were only hundreds left?

[Anonymous]

To PP- can you please say more about incredible Volvo lease deals? What makes it incredible? And where? We are very interested but hadn’t considered leasing.
TIA

[Anonymous]

Anonymous wrote:

Anonymous wrote:PP again. We did not have to do an inspection because the buyout value was clearly given every month in the online account. We did have to pay sales tax on the residual value at DMV when we registered the car.

In VA you pay all the sales tax upfront (i.e. rolled into you monthly lease payment). So why would you have to pay sales tax again?

The tax is amortized. So yes, you pay part monthly but at buy out you pay on the residual value at the time of the buy out which hasn’t been taxed. In other words, if you haven’t made the lease payment you haven’t paid the tax.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We did this with another car brand and the dealer was going to charge us a $2,000 fee for inspection and lease transfer. The car company holding the lease would not deal directly with the consumer so we had to go through a financial institution. Even though there was only a few hundred dollars left on the lease, we had to take out lien with our bank and have the lease transferred to the bank. It was difficult because the bank had not done a transaction like this before so it required some repeated visits and phone calls. It also required me to go to DMV myself to change the title once the lien was payed off. But in the end, we saved thousands of dollars.

How did you save thousands if there were only hundreds left?

Markups, early termination, processing fees, etc.