Volvo XC40 Forum banner
1 - 12 of 12 Posts

·
Registered
Joined
·
44 Posts
Discussion Starter · #1 · (Edited)
Unfortunately, due to COVID, I had to let go of my CbV XC40 T5 R-Design 10 months earlier. I transitioned into working from home and therefore, I'm barely driving the car, and I did not want to pay for an expensive paperweight. I decided to trade in my car to Carvana because they have the highest offer/appraisal, by as much as $3.5k! Anyways, here are my tips to how trade in your XC40 to Carvana:

  1. Do your Carvana appraisal on a Sunday night or early Monday morning. You only have 7 days to finish the entire process from sending the documents to setting up an appointment. If you miss this window, you have to reappraise your car, which may or may not be better because you could get a lower/higher offer. I made this mistake of doing it on a Friday evening, where offices are closed so I basically wasted 2 days. On Carvana's end, everything went smoothly during the weekends, but on Volvo? It was rocky (more on that later). They're only open on weekdays.
  2. Upload the required documents to Carvana ASAP. The required documents are: photo ID, car registration, photo of odometer reading, and "Consumer Lease Payoff". It will take about a day for Carvana to review your documents, and because Volvo will only provide us a "Consumer Lease Payoff" PDF on their website, Carvana will let you know that they need the "Dealer Lease Payoff". The only difference really is that the dealer lease payoff have extra fees. Also during this process, it is where I spent most of my time/effort because Volvo kept messing up. They kept telling me they will "send a fax" immediately to Carvana when in fact it will take 24 hours to process. And when it processed, they sent the Carvana the "Consumer Lease Payoff". According to last rep I talked to, only the dealer can request for it so I wasted a ton of effort because no one told me in the first place. There goes another wasted day for their mistakes.
  3. Setup a 3-way phone call by calling Carvana first. You could probably do this first before uploading the other documents but make sure you have the right documents in hand. I haven't done this but this may speed up the process. Either way though you'd have to setup a 3-way phone call by calling Carvana first (you'll have to wait about an hour), and just tell them you want them to contact Volvo so you can get the "Dealer Lease Payoff" because they don't provide to you or on their website. This could take awhile depending on how flooded Volvo is. Once the call is completed, it will take another day for Carvana to review all the documents.
  4. Get a cashier's check (if needed). I had to do this step because I owe a few hundred bucks because at the time because the payoff amount is higher the the appraisal/value of the car. You will get a text message from "Sebastian" (not sure if it's automated or a real person) if you have to pay the difference. You must send the documents to that text message before you can proceed on setting up an appointment. Once they review your documents again, you will get another message from that same number to set up an appointment. You'll also get an email, but I didn't any of them because I called them.
  5. Follow up! Because of my poor experience with Volvo, I called Carvana again to make sure they got all of documents they needed. They did verify they finally got all the documents and we can proceed with the appointment, which I did. Once you've set up your appointment, you'll get a confirmation email with the some tips and reminders.
  6. Say goodbye to your car. Hug, take photos of your car, or do whatever your parting way ceremony is lol
  7. Sign documents with the Carvana rep. On the day your car will be picked up, the rep who will pick up your car may roll up with the Carvana truck or arrive with an Uber. The rep will also be in full uniform. Mine arrived with the Carvana hauler. Also signing the documents is really easy actually.
  8. Release of liability. I live in California and only did it online via this link. I'm not sure how it works with other states. Now I was dead set on letting go of my Volvo so I did this the moment Carvana finished picking up my car. They technically have a 7-day get my car back/Return policy so if you're unsure about selling your car, I'd wait on releasing your liability.
And that's it! Hopefully these tips are helpful. If you want to know if Carvana paid off your car, login to your VCFS account on or after 7 days. If they did, you'll see a prompt to add a car to your online account when you login. Do note that "trade-in vehicles with current liens will be paid off once the sale is completed and after your 7-Day Money Back Guarantee. If you choose to swap vehicles, we will wait to pay off your trade until the end of your second 7-Day Money Back Guarantee. If you have a payment due within your 7 Day Money Back Guarantee, please make the payment as scheduled and your current lien holder will reimburse you for the overpayment once the vehicle is successfully paid." - Carvana FAQ

EDIT: Because I traded my car to Carvana, I actually just got a pretty hefty refund from Volvo because I ended the CbV 10 months earlier. So if you decide to trade in your car or buy it out early, you'll get a check from Volvo.
 

·
Registered
Joined
·
125 Posts
Thank you so much for a very detailed explanation. It is greatly appreciated that you spent your valuable time trying to help the rest of us --very admirable of you. I apologize for my ignorance but recently I have heard of Carvana but not sure how it would work with Care by Volvo. I am planning on getting the 2021 XC 40 once it's offered and thought I would just roll over my current XC 40 to the new one. Wouldn't that be simpler I wonder?
 

·
Registered
Joined
·
44 Posts
Discussion Starter · #3 ·
Thank you so much for a very detailed explanation. It is greatly appreciated that you spent your valuable time trying to help the rest of us --very admirable of you. I apologize for my ignorance but recently I have heard of Carvana but not sure how it would work with Care by Volvo. I am planning on getting the 2021 XC 40 once it's offered and thought I would just roll over my current XC 40 to the new one. Wouldn't that be simpler I wonder?
I'm glad to help! I wish a write up like this existed so I wouldn't have made those mistakes, so I wrote one for those who are thinking of getting out of their lease/CbV. But yeah sorry just saw this, and I didn't get a notification about your reply.

Maybe it is easier, not sure because I didn't go that route. All I know is that if you do go that route, you do have to sign another 2 year CbV contract with them every time you swap a new car. Honestly, if you don't mind the payments/signing a new contract, then why not go that route? I only went with Carvana because I didn't want to pay for an expensive car I barely drive.
 

·
Registered
Joined
·
44 Posts
Discussion Starter · #4 ·
Just an update. With Care by Volvo, the insurance is prepaid as we all know. Because I traded my car to Carvana, I actually just got a pretty hefty refund from Volvo because I ended the CbV 10 months earlier. Better late than never right, but yeah just letting you guys know. So if you decide to trade in your car or buy it out early, you'll get a check from Volvo.
 

·
Registered
Joined
·
1 Posts
This is very helpful but I just received information from Carvana that they do not work with Volvo Car Financial Services. Here is the response from 03/22/21:
Thank you for taking the time to submit your vehicle for a value with Carvana. At this time, we are not able to move forward with purchasing your leased vehicle as Carvana's policy does not align with (US Bank / Nissan Motor Acceptance Corp/ Infiniti / Ford / Ally Financial/ Volvo/ Lincoln/Tesla)'s policies, and this prevents us from being able to purchase leased vehicles from this provider.
 

·
Registered
Joined
·
44 Posts
Discussion Starter · #6 ·
This is very helpful but I just received information from Carvana that they do not work with Volvo Car Financial Services. Here is the response from 03/22/21:
Thank you for taking the time to submit your vehicle for a value with Carvana. At this time, we are not able to move forward with purchasing your leased vehicle as Carvana's policy does not align with (US Bank / Nissan Motor Acceptance Corp/ Infiniti / Ford / Ally Financial/ Volvo/ Lincoln/Tesla)'s policies, and this prevents us from being able to purchase leased vehicles from this provider.
Interesting. Many things happened for the past year and it's possible that both Carvana and Volvo made some changes due to COVID-19.
 

·
Registered
2020 Volvo XC40 T5 R-Design
Joined
·
52 Posts
Yeah same here. I have care by Volvo and ordered a Polestar 2 and P* informed me that Volvo will not work with them on allowing the trade in with my Polestar. Very upset with this.
 

·
Registered
Joined
·
548 Posts
Yeah same here. I have care by Volvo and ordered a Polestar 2 and P* informed me that Volvo will not work with them on allowing the trade in with my Polestar. Very upset with this.
Most leasing companies have stopped allowing cars to be sold to a third party. You are always allowed to buy your own car, as that is written into contract. They cannot prevent you from buying out your own lease (some taxes/fees may apply). But, selling cars to a third party is not ideal for them as they make more money in the secondary market (many leasing companies, like Ally, Volvo, etc, already have secondary market contracts with places like Carvana, so you as a middle stage would inhibit that relationship).

I have found that a good option in these cases are lease transfers, using sites like Swap a Lease. But again make sure what policies are in place at this time, subject to change, that might make this feasible (or not). Good luck!
 

·
Registered
2020 Volvo XC40 T5 R-Design
Joined
·
52 Posts
Most leasing companies have stopped allowing cars to be sold to a third party. You are always allowed to buy your own car, as that is written into contract. They cannot prevent you from buying out your own lease (some taxes/fees may apply). But, selling cars to a third party is not ideal for them as they make more money in the secondary market (many leasing companies, like Ally, Volvo, etc, already have secondary market contracts with places like Carvana, so you as a middle stage would inhibit that relationship).

I have found that a good option in these cases are lease transfers, using sites like Swap a Lease. But again make sure what policies are in place at this time, subject to change, that might make this feasible (or not). Good luck!
Hello,

Called Volvo Financial and even a lease transfer is a no from them. Volvo said "the vehicle is owned by us and we wont allow any 3rd party buyer or lease buyout/transfer and is outlined in section 32(g) of the agreement. You cannot assign, transfer, sublease, rent or pledge the lease or vehicle without our consent, nor interfere with the ownership of the vehicle.

After i was told this on a recorded line with work as we lease quite a bit from Volvo i asked about our business account as I'm the fleet manager and she came back and said they could be able to work something out with the cooperate account.

Seems this has now changed as now that the value has risen on the cars they want to cash in on this.
 

·
Registered
Joined
·
548 Posts
@Szeb --- legally they cannot stop you from buying out the car, though. In most states you are only paying sales tax on the payment, so the buyout remaining value would be subject to sales tax on top of that. But they cannot stop you buying your own car, unless it was written as such. I've only ever seen high end exotic cars (eg: Putnam Leasing) do it where you aren't allowed to buy the car. Surely your lease Shows a residual value that you could buy the car. So you can ask for a "buyout" for your "self/personal" and they'll quote you a figure. Then you could do that, wait for title to be in your name, then turn around and do whatever you want as the car is now yours. Problem is the value of the car + tax may not be adequate to justify. But, you may be surprised. Just one more option for you --

But yes, Volvo, Ally, and many leasing companies are wanting to collect their $$$ from the used car market -- so that doesnt help us private people -- its a bummer!
 

·
Registered
2020 Volvo XC40 T5 R-Design
Joined
·
52 Posts
@Szeb --- legally they cannot stop you from buying out the car, though. In most states you are only paying sales tax on the payment, so the buyout remaining value would be subject to sales tax on top of that. But they cannot stop you buying your own car, unless it was written as such. I've only ever seen high end exotic cars (eg: Putnam Leasing) do it where you aren't allowed to buy the car. Surely your lease Shows a residual value that you could buy the car. So you can ask for a "buyout" for your "self/personal" and they'll quote you a figure. Then you could do that, wait for title to be in your name, then turn around and do whatever you want as the car is now yours. Problem is the value of the car + tax may not be adequate to justify. But, you may be surprised. Just one more option for you --

But yes, Volvo, Ally, and many leasing companies are wanting to collect their $$$ from the used car market -- so that doesnt help us private people -- its a bummer!
Took almost a month to purchase my car. First they were trying to talk me out of it buy saying they will take over the remaining payments of my lease and will put me in a new Volvo. Told them no i already ordered a Polestar. Then when that didn’t work they gave the okay to send the documents and the check. Mailed it FedEx NDA and was delivered. took them almost a week to show on my account. I called and they didn’t receive the odometer statement.. that was sent with the check.. so i said okay i have a copy of it and ill send it again. Nope it had to be the odometer statement that they are mailing me. So had to wait for that then when i finally received it i called for a fax number to fax it in. This time I didn’t give my account number and called from my work phone and just asked for a fax as i said i was faxing in documents. 2 weeks later received my title and that day i sold my XC40. I miss it but i love my Polestar 2.
 

·
Registered
2022 Blue Blue C40- Ordered 01-12-2022 - Picking up 2-7-2022- Driving Boston to LA.
Joined
·
15 Posts
Unfortunately, due to COVID, I had to let go of my CbV XC40 T5 R-Design 10 months earlier. I transitioned into working from home and therefore, I'm barely driving the car, and I did not want to pay for an expensive paperweight. I decided to trade in my car to Carvana because they have the highest offer/appraisal, by as much as $3.5k! Anyways, here are my tips to how trade in your XC40 to Carvana:

  1. Do your Carvana appraisal on a Sunday night or early Monday morning. You only have 7 days to finish the entire process from sending the documents to setting up an appointment. If you miss this window, you have to reappraise your car, which may or may not be better because you could get a lower/higher offer. I made this mistake of doing it on a Friday evening, where offices are closed so I basically wasted 2 days. On Carvana's end, everything went smoothly during the weekends, but on Volvo? It was rocky (more on that later). They're only open on weekdays.
  2. Upload the required documents to Carvana ASAP. The required documents are: photo ID, car registration, photo of odometer reading, and "Consumer Lease Payoff". It will take about a day for Carvana to review your documents, and because Volvo will only provide us a "Consumer Lease Payoff" PDF on their website, Carvana will let you know that they need the "Dealer Lease Payoff". The only difference really is that the dealer lease payoff have extra fees. Also during this process, it is where I spent most of my time/effort because Volvo kept messing up. They kept telling me they will "send a fax" immediately to Carvana when in fact it will take 24 hours to process. And when it processed, they sent the Carvana the "Consumer Lease Payoff". According to last rep I talked to, only the dealer can request for it so I wasted a ton of effort because no one told me in the first place. There goes another wasted day for their mistakes.
  3. Setup a 3-way phone call by calling Carvana first. You could probably do this first before uploading the other documents but make sure you have the right documents in hand. I haven't done this but this may speed up the process. Either way though you'd have to setup a 3-way phone call by calling Carvana first (you'll have to wait about an hour), and just tell them you want them to contact Volvo so you can get the "Dealer Lease Payoff" because they don't provide to you or on their website. This could take awhile depending on how flooded Volvo is. Once the call is completed, it will take another day for Carvana to review all the documents.
  4. Get a cashier's check (if needed). I had to do this step because I owe a few hundred bucks because at the time because the payoff amount is higher the the appraisal/value of the car. You will get a text message from "Sebastian" (not sure if it's automated or a real person) if you have to pay the difference. You must send the documents to that text message before you can proceed on setting up an appointment. Once they review your documents again, you will get another message from that same number to set up an appointment. You'll also get an email, but I didn't any of them because I called them.
  5. Follow up! Because of my poor experience with Volvo, I called Carvana again to make sure they got all of documents they needed. They did verify they finally got all the documents and we can proceed with the appointment, which I did. Once you've set up your appointment, you'll get a confirmation email with the some tips and reminders.
  6. Say goodbye to your car. Hug, take photos of your car, or do whatever your parting way ceremony is lol
  7. Sign documents with the Carvana rep. On the day your car will be picked up, the rep who will pick up your car may roll up with the Carvana truck or arrive with an Uber. The rep will also be in full uniform. Mine arrived with the Carvana hauler. Also signing the documents is really easy actually.
  8. Release of liability. I live in California and only did it online via this link. I'm not sure how it works with other states. Now I was dead set on letting go of my Volvo so I did this the moment Carvana finished picking up my car. They technically have a 7-day get my car back/Return policy so if you're unsure about selling your car, I'd wait on releasing your liability.
And that's it! Hopefully these tips are helpful. If you want to know if Carvana paid off your car, login to your VCFS account on or after 7 days. If they did, you'll see a prompt to add a car to your online account when you login. Do note that "trade-in vehicles with current liens will be paid off once the sale is completed and after your 7-Day Money Back Guarantee. If you choose to swap vehicles, we will wait to pay off your trade until the end of your second 7-Day Money Back Guarantee. If you have a payment due within your 7 Day Money Back Guarantee, please make the payment as scheduled and your current lien holder will reimburse you for the overpayment once the vehicle is successfully paid." - Carvana FAQ

EDIT: Because I traded my car to Carvana, I actually just got a pretty hefty refund from Volvo because I ended the CbV 10 months earlier. So if you decide to trade in your car or buy it out early, you'll get a check from Volvo.
Carvana vs CarMax? Correct me if I'm wrong but you can just drive your car down to CarMax and they do everything for you. Just make sure you have the correct documents with you. I think they cut you the check on the spot. Or offer to pay it off but you should be able to walk out of carmax within about 2 hours I would think without having to deal with a company on the internet? The only difference is that you have to spend 15 bucks or whatever to take your Uber back home.

Sounds like a lot of work doing it through Carvana. Did they offer that much more?
 
1 - 12 of 12 Posts
Top