SwedeSpeed - Volvo Performance Forum banner
1 - 20 of 27 Posts

·
Registered
Joined
·
719 Posts
Discussion Starter · #1 ·
Just got this response from Volvo Car Finance:<p>======================================<p>Thank you for contacting Volvo Car Finance.<p>Once the final payment is received, you are welcome to complete a normal termination. The lease termination process is designed to be very user friendly for the customer.<p>There are essentially 3 options available at lease end:<p>1. Turn in the vehicle and walk away (provided there are no charges for excess wear and tear or mileage)<br>2. Purchase the vehicle for the purchase option price specified on your contract. If this option is selected, the excess mileage fee or wear and tear charge is not applicable. <br><B>3. Extend the lease term for a maximum of 2 months with our and dealer approval.</B><p>We suggest you contact the original leasing dealer approximately 45 days prior to the termination date to ensure the termination process goes as smoothly as possible. Once the current lease has been terminated, you will negotiate with the dealership for the terms of the new contract/lease.<p>Thank you for visiting us on-line.<p>====================================== <p>Regard 2. That is clearly a bad move as I see preowned cars selling for under $25K. My Payoff is north of $31K<p>Comments?
 

·
Registered
Joined
·
4,395 Posts
Re: Cannot extend the lease more the 2 months (zamo)

Your dealer will give you a deal and match other similar cars usually...
 

·
Registered
Joined
·
2,443 Posts
Re: Cannot extend the lease more the 2 months (Kaizai)

I think you can talk to Volvo Finance, or your local dealer and make them an offer on the car. After all, they are going to have to sell it for market price anyway. These days they are usually interesting in talking.
 

·
Registered
Joined
·
1,901 Posts
Re: Cannot extend the lease more the 2 months (zamo)

My lease ends in 6 weeks and VCNA is now negotiating buyouts (which is a new operating philosophy). I have leased several cars via VCNA and they have never, ever negotiated lease buy-outs before. This is truly the dawn of a new era in our new economy.
 

·
Registered
Joined
·
21,166 Posts
Re: Cannot extend the lease more the 2 months (Freeworld)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>Freeworld</b> »</i></TD></TR><TR><TD CLASS="quote">I think you can talk to Volvo Finance, or your local dealer and make them an offer on the car. After all, they are going to have to sell it for market price anyway. These days they are usually interesting in talking.</TD></TR></TABLE><p>But residual insurance will cover this loss so it may make more sense for Volvo to eat it and recoup the difference fron the claim versus selling it to you at a lower price.
 

·
Registered
Joined
·
719 Posts
Discussion Starter · #6 ·
Re: Cannot extend the lease more the 2 months (MagoonR)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>bschurr</b> »</i></TD></TR><TR><TD CLASS="quote">My lease ends in 6 weeks and VCNA is now negotiating buyouts (which is a new operating philosophy). I have leased several cars via VCNA and they have never, ever negotiated lease buy-outs before. This is truly the dawn of a new era in our new economy. </TD></TR></TABLE><p>Is VCNA working with you directly or are you doing so with your dealer?<p><TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>MagoonR</b> »</i></TD></TR><TR><TD CLASS="quote"><p>But residual insurance will cover this loss so it may make more sense for Volvo to eat it and recoup the difference fron the claim versus selling it to you at a lower price.</TD></TR></TABLE><p>I can buy that as the reason why VCNA wont deal with me directly.
 

·
Registered
Joined
·
8,839 Posts
Re: Cannot extend the lease more the 2 months (zamo)

Hmm, I just extended my lease 6 months....<p>
 

·
Registered
Joined
·
8,839 Posts
Re: Cannot extend the lease more the 2 months (zamo)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>zamo</b> »</i></TD></TR><TR><TD CLASS="quote"><p>I can buy that as the reason why VCNA wont deal with me directly.</TD></TR></TABLE><p>Volvo Finance(not VCNA) won't deal with you directly because they are not set up to. Everything goes thru the dealer.
 

·
Registered
Joined
·
2,443 Posts
Re: Cannot extend the lease more the 2 months (MagoonR)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>MagoonR</b> »</i></TD></TR><TR><TD CLASS="quote"><p>But residual insurance will cover this loss so it may make more sense for Volvo to eat it and recoup the difference fron the claim versus selling it to you at a lower price.</TD></TR></TABLE><p>That's a fair point. But in this economy, with used car prices the way they are, if you keep using this insurance as a crutch, you will quickly not be able to afford it. The outcome of that is that residuals at lease inception have to drop precipitously. With the result being that Volvo can't lease cars anymore at a reasonable price.
 

·
Registered
Joined
·
1,397 Posts
Re: Cannot extend the lease more the 2 months (Freeworld)

Leases are so complicated - I still don't understand them. Residual values, down payments that don't get added to the buyback value or something or another if you want to buy the car from them, blah...
 

·
Registered
Joined
·
21,166 Posts
Re: Cannot extend the lease more the 2 months (Freeworld)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>Freeworld</b> »</i></TD></TR><TR><TD CLASS="quote">That's a fair point. But in this economy, with used car prices the way they are, if you keep using this insurance as a crutch, you will quickly not be able to afford it. The outcome of that is that residuals at lease inception have to drop precipitously. With the result being that Volvo can't lease cars anymore at a reasonable price.</TD></TR></TABLE><p>Insurance is generally locked in for multi year periods. Therefore, use it if you have it and worry about the next renewal later. The renewal rate generally takes the past experience into account.<p>
vivek9856 said:
Leases are so complicated - I still don't understand them. Residual values, down payments that don't get added to the buyback value or something or another if you want to buy the car from them, blah... [/QUOTE<p>Few people do; especially at 18yo.
 

·
Registered
Joined
·
1,397 Posts
Re: Cannot extend the lease more the 2 months (MagoonR)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>MagoonR</b> »</i></TD></TR><TR><TD CLASS="quote"><br>especially at 18yo.</TD></TR></TABLE><p>eh, 10 more days for that. <IMG NAME="icon" SRC="http://www.vwvortex.com/vwbb/biggrin.gif" BORDER="0"> <p>So who wants to explain what residual value is???
 

·
Registered
Joined
·
21,166 Posts
Re: Cannot extend the lease more the 2 months (vivek9856)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>vivek9856</b> »</i></TD></TR><TR><TD CLASS="quote">So who wants to explain what residual value is???</TD></TR></TABLE><p>Residual value is what the leasing company expects the car to be worth at the end of the term. You will finance the difference between acquisiton price (ie cap cost) and that residual. However, you also have to consider other things such as money factor, acquistion fee, disposition fee, excess mileage, excess wear and tear, etc, etc.
 

·
Registered
Joined
·
1,901 Posts
Re: Cannot extend the lease more the 2 months (bschurr)

Contract residual = $36K<br>VCNA offer = $29.5k<br>lease ends 6/18/09<br>15,400 miles on the car.<p>I think I am going to pass on buying it - Anyone interested?
 

·
Registered
Joined
·
21,166 Posts
Re: Cannot extend the lease more the 2 months (bschurr)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>bschurr</b> »</i></TD></TR><TR><TD CLASS="quote">15,400 miles on the car.</TD></TR></TABLE><p>Talk about throwing money away on a lease.
 

·
Registered
Joined
·
106 Posts
Re: Cannot extend the lease more the 2 months (bschurr)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>bschurr</b> »</i></TD></TR><TR><TD CLASS="quote">Contract residual = $36K<br>VCNA offer = $29.5k<br>lease ends 6/18/09<br>15,400 miles on the car.<p>I think I am going to pass on buying it - Anyone interested?</TD></TR></TABLE><p>Is the VCNA offer the price you would pay to purchase the car? If so, looks like a good price for the car -- I just purchased an 07 S80 V8 with a similar option package and slightly less miles for close to the same price.
 

·
Registered
Joined
·
719 Posts
Discussion Starter · #17 ·
Re: Cannot extend the lease more the 2 months (bschurr)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>bschurr</b> »</i></TD></TR><TR><TD CLASS="quote">Contract residual = $36K<br>VCNA offer = $29.5k<br>lease ends 6/18/09<br>15,400 miles on the car.<p>I think I am going to pass on buying it - Anyone interested?</TD></TR></TABLE><p>Is VCNA contacting you directly? <p>I went to my dealer and they are offering me $28.6K with 6year /100K. I believe is a bit steep. My buyout is $31.7K<br>
 

·
Registered
Joined
·
1,901 Posts
Re: Cannot extend the lease more the 2 months (zamo)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>arporro</b> »</i></TD></TR><TR><TD CLASS="quote"><p>Is the VCNA offer the price you would pay to purchase the car? If so, looks like a good price for the car -- I just purchased an 07 S80 V8 with a similar option package and slightly less miles for close to the same price.</TD></TR></TABLE><br>Yes, $29.5k is the VCNA offered price for me to purchase the vehicle at lease end. <p><TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>zamo</b> »</i></TD></TR><TR><TD CLASS="quote"><p>Is VCNA contacting you directly? <p>I went to my dealer and they are offering me $28.6K with 6year /100K. I believe is a bit steep. My buyout is $31.7K<br></TD></TR></TABLE><p>The figure was provided to me by my dealer via their contact with VCNA.
 

·
Registered
Joined
·
719 Posts
Discussion Starter · #19 ·
Found a brand new 2008 S80 with sport package. Offer it for $30K. Thinking about it
 

·
Registered
Joined
·
1,743 Posts
Re: (zamo)

i just got my letter from VCNA. My lease isnt up til October, but I paid ahead several times and only have two payments left. My letter just gives the standard options.<p>My residual is 27k. <p>Unfortunately, my selling dealer was shut down. Is my best bet to call VCNA and ask about a fair market price or go to another dealer. <p>Car is an 07 described in sig. Anyone think they will go lower than 27k?<p>I'm just not sure if i want to keep it, or get a used 07 V8.<p>Tim
 
1 - 20 of 27 Posts
Top