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Early lease termination

2285 Views 14 Replies 10 Participants Last post by  LordB, 
Choy188
Hi all,
Just a PSA, I've been having a rattling that's been driving me nuts on the car, dealer hasn't fixed it the 3 times it's been in for service, I wasn't too happy with the car to begin with so I went ahead and purchased another vehicle thinking the lease termination would be maybe a few thousand, polestar quoted me nearly 20k to cancel the lease, more than what my remaining payments amount to. I know buying the other car beforehand was a terrible idea, but if anyone would like to pick up my lease or has any advice itd be greatly appreciated. It's not a case of me not being able to afford both cars but obviously I only have the use for one so yeah.


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arijaycomet
Most leasing companies don’t let you just walk away from the car. In some cases you can transfer the lease to someone else, but in the past few years even those options have been pulled away. That said you should see if Polestar (Volvo) allows lease transfers. Though beware … some leasing companies remove any responsibility from the original party (BMW), where others do not (Audi).

Otherwise, a lease buyout is probably your best option. Instead of losing $20k, you’d buy the vehicle out and own it outright. At which point you can sell it to Carvana, CarMax, places like that. (Check out Current Automotive in Chicago, they might be interested; tell them Ari from Cleveland sent you). I’d still assume you will take a loss, $5-10k maybe but surely not $20k even after taxes etc.

Good luck!
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Choy188
arijaycomet said:
Most leasing companies don’t let you just walk away from the car. In some cases you can transfer the lease to someone else, but in the past few years even those options have been pulled away. That said you should see if Polestar (Volvo) allows lease transfers. Though beware … some leasing companies remove any responsibility from the original party (BMW), where others do not (Audi).

Otherwise, a lease buyout is probably your best option. Instead of losing $20k, you’d buy the vehicle out and own it outright. At which point you can sell it to Carvana, CarMax, places like that. (Check out Current Automotive in Chicago, they might be interested; tell them Ari from Cleveland sent you). I’d still assume you will take a loss, $5-10k maybe but surely not $20k even after taxes etc.

Good luck!
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Thanks for the advice, I'll look into it.


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Hellraiza
Polestar Financial does not allow lease takeovers or subleasing, and as stated above in order to sell it to a third party you need to buy it out first.
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stockae92
wait, which car company would allow a slap on the wrist (a few thousand dollars) and let you walk away from a lease?

never heard of that.

I have terminated a lease early before, but just like the last 2 months. And I was responsible for the remaining monthly payment and all the fee at the end of the lease. (my lease payment was higher than my insurance, so i just end the lease early, get into another lease from another company)
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HarryHood
I asked about an early lease termination for my 2021 model in Oct 2022, thirteen months in with 12k miles on a 10k/year lease and polestar quoted me $2600, which I thought was steep at the time. I had heard about people turning them in early for free or for a nominal fee during the summer 2022 when used ev prices were skyrocketing. Fast forward to last week with 19k miles on the odometer, and similar to the OP, they quoted upwards of $20k to terminate the lease early. Apparently the wholesale price is $29k, according to Polestar, which is what Carvana quoted too. Guess I’ll be keeping it! The reason for my inquiry was that we need more space with a baby and a big dog, otherwise it’s a superb car.
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DS9
arijaycomet said:
Most leasing companies don’t let you just walk away from the car. In some cases you can transfer the lease to someone else, but in the past few years even those options have been pulled away. That said you should see if Polestar (Volvo) allows lease transfers. Though beware … some leasing companies remove any responsibility from the original party (BMW), where others do not (Audi).

Otherwise, a lease buyout is probably your best option. Instead of losing $20k, you’d buy the vehicle out and own it outright. At which point you can sell it to Carvana, CarMax, places like that. (Check out Current Automotive in Chicago, they might be interested; tell them Ari from Cleveland sent you). I’d still assume you will take a loss, $5-10k maybe but surely not $20k even after taxes etc.

Good luck!
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Polestar used car values are in the toilet at the moment so if you do buy out now you'll be taking at least a $10K bath - better than the lease cancellation fee though. Carvana quoted me $35k for mine and Carmax was even less.
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C
Surprised the cancellation is more than just the remaining payments liability. But as others have said, Polestar resale values really hit the shitter in the past few months. Flood of rental vehicles went through the auctions with low miles for mid $30Ks.
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BadTrainDriver
Carsplain said:
Surprised the cancellation is more than just the remaining payments liability. But as others have said, Polestar resale values really hit the shitter in the past few months. Flood of rental vehicles went through the auctions with low miles for mid $30Ks.
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On a lease, all you're technically liable for is the remainder of the payments and any lease turn in/damage fees.

As far as values go, this is not just a Polestar thing. Tesla value took a similar huge hit in middle January for various response.
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LA EV FAN
Needing to get out of my lease early as I am moving to another country. My remaining payments total a little over $14K. Got an early termination quote from Polestar FS today and they want $21.8K to term early??? :ROFLMAO::LOL: This lease is the tightest of any brand I have ever owned. You are left with zero options. The insane depreciation of these cars is like no other car company I have ever experienced either. I will never be a Volvo/Polestar customer again. Not ever sure how depreciation like this is sustainable as a car company. Sad truth is I love the car.
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C
LA EV FAN said:
Needing to get out of my lease early as I am moving to another country. My remaining payments total a little over $14K. Got an early termination quote from Polestar FS today and they want $21.8K to term early??? :ROFLMAO::LOL: This lease is the tightest of any brand I have ever owned. You are left with zero options. The insane depreciation of these cars is like no other car company I have ever experienced either. I will never be a Volvo/Polestar customer again. Not ever sure how depreciation like this is sustainable as a car company. Sad truth is I love the car.
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How is this even possible?? How can you be held liable for more than the remaining payments?? Did you talk to a space or just directly to FS?
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BadTrainDriver
LA EV FAN said:
Needing to get out of my lease early as I am moving to another country. My remaining payments total a little over $14K. Got an early termination quote from Polestar FS today and they want $21.8K to term early??? :ROFLMAO::LOL: This lease is the tightest of any brand I have ever owned. You are left with zero options. The insane depreciation of these cars is like no other car company I have ever experienced either. I will never be a Volvo/Polestar customer again. Not ever sure how depreciation like this is sustainable as a car company. Sad truth is I love the car.
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"Have an accident." EVs don't take much to be totaled...
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LA EV FAN
Carsplain said:
How is this even possible?? How can you be held liable for more than the remaining payments?? Did you talk to a space or just directly to FS?
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RIGHT? My fiduciary is to make all the payments. If I did that and gave the car back early, the car would have less that a third of the allowable mileage. Why they want more is beyond absurd. I am lost on this brand and anything Volvo moving forward.
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LA EV FAN
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BadTrainDriver said:
"Have an accident." EVs don't take much to be totaled...
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Unfortunately I know this. My first 2021 P2 was totaled after someone turned left right in front of me.
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LordB
Part of me hopes someone writes mine off, would make me more money due to the insurance policy I have, rather than taking the financial hit the auto market has had in the uk in recent months
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