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      10-02-2019, 01:47 PM   #1
MoeTE87
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How can I get out of my lease early?

Looking for some help from you all.

Last year, my wife wanted out of her 2015 Lexus GX460. So we decided to sell it and put the money into the down payment on a replacement. We leased a brand new 2018 Volvo XC90 T5. She liked it at first, but she has slowly grown to dislike it and now hates driving it.

Since we leased the car and still have two years remaining on a three year lease, what can we do to get out of it and recoup the money that we put down on it? We've heard mixed reviews on swap-a-lease. Any other site recommendations?

Thank you,
Jeff
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      10-02-2019, 02:14 PM   #2
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Find the buy out price of your lease and compare it to how much you can trade/sell it for. Whatever the difference is, you'll either have to pay the difference or get money back. The other option is to get someone else to take over the lease, but I think with Volvo you'll still be responsible if that person doesn't make payments.

EDIT: It looks like Volvo doesn't allow lease transfers, so your only option is to sell/trade and hope it's not upside down. https://www.swapalease.com/help/leas...ncial-services
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      10-02-2019, 11:32 PM   #3
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You're pretty much out of luck in your situation. The post above sums it up well. Buy out the car then sell it. Almost certain you'll have negative equity and will owe Volvo money since you wont be able to sell it for what the current buyout price will be. You won't be recouping any money, you'll actually lose more money (unless ofcourse you have positive equity in the car).

Either that or just stick it out for the next 2 years.

Got to make sure you want the car before signing on the dotted lines! Just take it as a lesson learned for the future.
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      10-03-2019, 09:08 AM   #4
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Quote:
Originally Posted by alex2364 View Post
Find the buy out price of your lease and compare it to how much you can trade/sell it for. Whatever the difference is, you'll either have to pay the difference or get money back. The other option is to get someone else to take over the lease, but I think with Volvo you'll still be responsible if that person doesn't make payments.

EDIT: It looks like Volvo doesn't allow lease transfers, so your only option is to sell/trade and hope it's not upside down. https://www.swapalease.com/help/leas...ncial-services
Thanks for the info Alex. That's what I was afraid of. I haven't had time to really look into swapalease, it was on my list of things to do this weekend, but I do appreciate you checking on it for me. Thanks.
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      10-03-2019, 09:11 AM   #5
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Quote:
Originally Posted by premier3is View Post
You're pretty much out of luck in your situation. The post above sums it up well. Buy out the car then sell it. Almost certain you'll have negative equity and will owe Volvo money since you wont be able to sell it for what the current buyout price will be. You won't be recouping any money, you'll actually lose more money (unless ofcourse you have positive equity in the car).

Either that or just stick it out for the next 2 years.

Got to make sure you want the car before signing on the dotted lines! Just take it as a lesson learned for the future.
Premier3is, she did love the car when she first got it. But slowly over time she just hated all the quirks about the car. So there wasn't really any way to find that out on the two test drives we went on.

But as a lesson for the wife and I, we will probably just stick to buying our cars and not leasing. This was a one shot deal, volvo had some really good lease promotions going on that was hard to pass up. I think we will just stick it out for the next two years. I believe the lease is up Aug 2021.

Thank you!
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      10-03-2019, 12:26 PM   #6
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you're probably the first person that I heard complain about XC90 (though most of the other ones I knew were really non-car people)
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      10-03-2019, 12:48 PM   #7
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You can trade a lease into a dealer like any other car. They just go off the buyout vs. the loan amount. Same goes for private party sale, your "owed" amount is the buyout.
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      10-03-2019, 01:13 PM   #8
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Quote:
Originally Posted by MoeTE87 View Post
Premier3is, she did love the car when she first got it. But slowly over time she just hated all the quirks about the car. So there wasn't really any way to find that out on the two test drives we went on.

But as a lesson for the wife and I, we will probably just stick to buying our cars and not leasing. This was a one shot deal, volvo had some really good lease promotions going on that was hard to pass up. I think we will just stick it out for the next two years. I believe the lease is up Aug 2021.

Thank you!
Buying or leasing will net the same sad result if you sell it one year later. You buy the car for 60k or lease it for the same amount and you'll be equally upside down 1 year later.

The lesson here is to NOT get a new car if you can only hold on to it for 1 year or else you're gonna take a bath on resell.
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      10-03-2019, 01:18 PM   #9
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Wow your wife seems to have short love affairs with cars. Hope that's just limited to that.
Breaking leases early is almost always a money losing deal. No car is perfect. Part of being a car enthusiast is to embrace the charms/quirks and still love the sum of its parts. Kinda like marriage.
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      10-03-2019, 03:02 PM   #10
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OP uses a lot of “we”. Is that code for “I”? Not sure your wife would be breaking contracts early if the financial burden was just on “her”.
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      10-03-2019, 03:43 PM   #11
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Quote:
Originally Posted by clee1982 View Post
you're probably the first person that I heard complain about XC90 (though most of the other ones I knew were really non-car people)
I haven't driven an XC90 but I cross shopped the top of the line XC60 against the BMW 530e. At the time Volvo wasn't offering much so the decision to go with the BMW was relatively easy.

What struck me was how the car drove and handled. The car allegedly has 400 HP whereas the BMW allegedly has $250 HP (but I know that BMW sandbags its HP ratings). I found the BMW drove faster, or so it felt, and the Volvo had too many adjustments that had to be made through the touchscreen.

Good luck. But remember: happy wife/happy life.
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      10-03-2019, 04:01 PM   #12
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Quote:
Originally Posted by 48Laws View Post
OP uses a lot of “we”. Is that code for “I”? Not sure your wife would be breaking contracts early if the financial burden was just on “her”.
Thanks for that comment..
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      10-03-2019, 04:03 PM   #13
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Quote:
Originally Posted by SteveinArizona View Post
I haven't driven an XC90 but I cross shopped the top of the line XC60 against the BMW 530e. At the time Volvo wasn't offering much so the decision to go with the BMW was relatively easy.

What struck me was how the car drove and handled. The car allegedly has 400 HP whereas the BMW allegedly has $250 HP (but I know that BMW sandbags its HP ratings). I found the BMW drove faster, or so it felt, and the Volvo had too many adjustments that had to be made through the touchscreen.

Good luck. But remember: happy wife/happy life.
Thank you.

I talked to my wife about it and it just makes sense for us to keep the car until the lease is up. She is really wanting to get back into the Lexus GX460, so we are hoping for Lexus to do a facelift on the exterior and interior. The interior hasn't been touched in years so we will just wait it out.

Thank you everyone.
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      10-04-2019, 03:04 AM   #14
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Quote:
Originally Posted by MoeTE87 View Post
Premier3is, she did love the car when she first got it. But slowly over time she just hated all the quirks about the car. So there wasn't really any way to find that out on the two test drives we went on.


Thank you!
That's not a good sign. Hopefully she doesn't get the same 'feeling' when it comes to her relationship with you.
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