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Question about trading in my XC60

medfordlakesmedfordlakes Member Posts: 25
edited July 2021 in Volvo
Hello,
My lease is up September 6th. My residual is around $26,000 and the car is selling for between $34,000 and $36,000. Is there anyway of capitalizing on that equity when I turn in the car?
Thanks for your help.
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Answers

  • kyfdxkyfdx Moderator Posts: 265,681
    medfordlakes said:

    Hello,
    My lease is up September 6th. My residual is around $26,000 and the car is selling for between $34,000 and $36,000. Is there anyway of capitalizing on that equity when I turn in the car?
    Thanks for your help.

    Why don't you get offers from Carmax or Carvana now, to be certain of the actual value? Maybe, one of them will buy it, and you won't have to turn it in, at all. Just go shopping for a new car, with possibly some equity.

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  • medfordlakesmedfordlakes Member Posts: 25
    Volvo financing does not have an agreement with any of the Carvana type business so I would have to buy the car then sell it to the dealer. I cant write a $26,000 check
  • kyfdxkyfdx Moderator Posts: 265,681
    medfordlakes said:

    Volvo financing does not have an agreement with any of the Carvana type business so I would have to buy the car then sell it to the dealer. I cant write a $26,000 check

    Then you don't have a lot of leverage. Are there any dealers besides Volvo that can buy your car?

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    Did you get a good deal? Be sure to come back and share!

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