Terms of Settlement Agreement: Buy End of Lease?

[john-dude]

2013 Golf lease up as well, 47,800 (10k year)

Take a loan out to purchase it. Or find a friend who can. There's free money to be had!
Or sell it to me and we'll split the profit

Want to thank surfstar and the friendly folks that have helped so far!.........

I am going to talk to a friend to see if he could help with the buy. I am concerned that this is a "loophole" and I cannot guarantee 100% it will work. Worst case would be stuck with the car. It is a 2013 Golf tdi has currently 47,800 miles. Car has a few issues as well; tires have tread but not much left, might need new shocks/struts (San Francisco driving) automatic trans seems a bit off last few months and minor scratches (black car) has the wear and tear option. All this ha been very stressful! Appreciate any advice or ideas! Thanks JC

 

[clone1008]

Want to thank surfstar and the friendly folks that have helped so far!.........

I am going to talk to a friend to see if he could help with the buy. I am concerned that this is a "loophole" and I cannot guarantee 100% it will work. Worst case would be stuck with the car. It is a 2013 Golf tdi has currently 47,800 miles. Car has a few issues as well; tires have tread but not much left, might need new shocks/struts (San Francisco driving) automatic trans seems a bit off last few months and minor scratches (black car) has the wear and tear option. All this ha been very stressful! Appreciate any advice or ideas! Thanks JC

We can call it a "loophole" but legally it is written right into the settlement. So really there is zero risk.

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[john-dude]

Buying end of lease, selling back to VW....

For the folks who have done this, can you tell me the process in detail? The portal only has 2 options; ending lease early OR keeping car waiting for a fix. Our lease is up in three weeks and not sure if it is too late to purchase the car. I have a friend that is willing to put up the money for the purchase and have it gifted to them. Lease has purchase option of $13,500 (negotiable?) How can I find out for sure and exactly what VW will buy the car back for?

Am going to start a discussion on the main page if I don't hear back form a few people.

2013 Golf 4door,tdi base . current mileage 47k (will be 10k miles over contract) Thank You!

 

[clone1008]

For the folks who have done this, can you tell me the process in detail? The portal only has 2 options; ending lease early OR keeping car waiting for a fix. Our lease is up in three weeks and not sure if it is too late to purchase the car. I have a friend that is willing to put up the money for the purchase and have it gifted to them. Lease has purchase option of $13,500 (negotiable?) How can I find out for sure and exactly what VW will buy the car back for?

Am going to start a discussion on the main page if I don't hear back form a few people.

2013 Golf 4door,tdi base . current mileage 47k (will be 10k miles over contract) Thank You!

PM sent

 

[JulieChicago]

PM sent

Clone, could you send me info, as well? Or post it? On the fence with my lease ending 07/05. Does anyone know if it's possible to do this if loan is taken out for buyout? Doesn't seem likely but thought I'd ask... Also, can "gift" be made to husband?

 

[Fourplay]

Clone, could you send me info, as well? Or post it? On the fence with my lease ending 07/05. Does anyone know if it's possible to do this if loan is taken out for buyout? Doesn't seem likely but thought I'd ask... Also, can "gift" be made to husband?

You can buy the lease out with a loan. VW Credit doesn't care how you acquire the funds needed to buy out the lease.

So, your process would look like this:

1. Take out loan
2. Purchase car off lease
3. Assign the title/registration to your husband
4. Husband makes a claim on the VW site as an eligible owner
5. VW pays your husband the full buyback amount

 

[Fourplay]

For the folks who have done this, can you tell me the process in detail? The portal only has 2 options; ending lease early OR keeping car waiting for a fix. Our lease is up in three weeks and not sure if it is too late to purchase the car. I have a friend that is willing to put up the money for the purchase and have it gifted to them. Lease has purchase option of $13,500 (negotiable?) How can I find out for sure and exactly what VW will buy the car back for?

Am going to start a discussion on the main page if I don't hear back form a few people.

2013 Golf 4door,tdi base . current mileage 47k (will be 10k miles over contract) Thank You!

You are an eligible lessee, therefore, your portal only shows options for lessees. You must transfer the ownership of the car and the new owner must make a new (separate) claim on the VW website.

You can find out what VW will buy the car back for by using one of the many calculators available online, or by making a dummy account and entering the VIN on the VWGOA website.

 

[JulieChicago]

Thank you for info...wheels are in motion!! Will post as things progress...

 

[hhead]

John,
I can vouch for Fourplay's advice on lease buyout...it does work. I paid off my lease with VW, gifted the car to my fiance and and received a final offer for $28816. She got the final offer forms signed and notorized and we now have an appointment scheduled for June 20 buyback. It is well worth it if you have the means to buyout your lease. I am so thankful for this forum. I had originally setup a buyback as the lessee and had an appointment set to turn in for $3600. I canceled that claim and went with Fourplay's advice...Thank you

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Sounds good!
My sister has a car on lease, and we'll be doing the sale option in a month or so.
Thank to all for the advice!
Did those who did this, and already had planned a turn in on lease, need to cancel the claim before the sale?

 

[clone1008]

Sounds good!
My sister has a car on lease, and we'll be doing the sale option in a month or so.
Thank to all for the advice!
Did those who did this, and already had planned a turn in on lease, need to cancel the claim before the sale?

I started an online chat and asked them to cancel my claim. When that was done, I then opened a new claim in my fiance's name.

 

[Fourplay]

Sounds good!
My sister has a car on lease, and we'll be doing the sale option in a month or so.
Thank to all for the advice!
Did those who did this, and already had planned a turn in on lease, need to cancel the claim before the sale?

I cancelled mine to be on the safe side - I would advise cancelling the lease claim.

Once the car has been bought back and you have money in your account, you can then file a former lessee claim.

 

[hhead]

Thanks again.
And to be clear, registering the car, i.e. $1000 gift cards. Is different than, opening a claim and filing for the lease money.

 

[DanB36]

They are two completely different and unrelated things.

 

[john-dude]

Dealership said we cannot do a purchase end of lease?

Our lease says option to purchase for $13,500 end of lease on our 2013 Golf. Anyone know if they can refuse to sell it to us? Thanks again for help!

 

[surfstar]

Our lease says option to purchase for $13,500 end of lease on our 2013 Golf. Anyone know if they can refuse to sell it to us? Thanks again for help!

They are free to sell it and you're #1 on the list. If you traded it in, they'd simply list it for sale for someone else (and then someone would buy it and wonder *** was the previous owner thinking when they traded it in!)

 

[2literv8eater]

You can buy the lease out with a loan. VW Credit doesn't care how you acquire the funds needed to buy out the lease.
So, your process would look like this:
1. Take out loan
2. Purchase car off lease
3. Assign the title/registration to your husband
4. Husband makes a claim on the VW site as an eligible owner
5. VW pays your husband the full buyback amount

I guess I may be doing it the longer route, and probably cost more money due to registration fees.

1. Taking loan through VW Credit (currently at this stage)
2. Registering in my name
3. Take out loan in Wife's name
4. Pay off VW and transfer registration to Wife
5. Wife files buyback claim

Wasn't sure I could do the buy off lease and have it transferred to Wife right away as technically she would be the first owner as VW owns it during lease.

Do you see any issues doing it this way?

 

[clone1008]

I guess I may be doing it the longer route, and probably cost more money due to registration fees.

1. Taking loan through VW Credit (currently at this stage)
2. Registering in my name
3. Take out loan in Wife's name
4. Pay off VW and transfer registration to Wife
5. Wife files buyback claim

Wasn't sure I could do the buy off lease and have it transferred to Wife right away as technically she would be the first owner as VW owns it during lease.

Do you see any issues doing it this way?

I really don't see an alternative if you don't have the money initially to buy out your lease. It obviously is going to cost you double tax, title and registration fees. I would hate giving up the extra money for it but if it nets you more than a lease buyout then you're still ahead.

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[y2kbird]

in many states, retitling it from to a spouse or family member is exempt from sales tax....

 

[2literv8eater]

My wife will be purchasing it for $1 I could also gift it I guess.

 

[clone1008]

My wife will be purchasing it for $1 I could also gift it I guess.

How are you going to do this if you have a loan on the car? Your loan is going to have to be paid off in order to be able to gift it to your wife. If you are going to be getting another loan in your wife's name to payoff your first loan, she will be buying the car for the amount of your loan.

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[2literv8eater]

Loan from VW Credit to purchase residual amount of lease.
Then take out a personal loan to pay off VW Credit, not an auto loan as there would be a Lien on the title.
Once VW loan is paid off I can sell it to wife for $1.
Return car and use buyback payment to pay off personal loan.

 

[surfstar]

Don't be "cute" and sell it for a $1 - that looks suspicious. Check if NJ allows you to gift a vehicle to family w/o taxes, as many/most states do.

Buying/selling a car and stating significantly lower than fair market value can cause the DMV to look closely at the transaction, and see if someone was dodging sales taxes.

 

[clone1008]

Loan from VW Credit to purchase residual amount of lease.
Then take out a personal loan to pay off VW Credit, not an auto loan as there would be a Lien on the title.
Once VW loan is paid off I can sell it to wife for $1.
Return car and use buyback payment to pay off personal loan.

Ahhh... that makes sense. Don't charge for the wife... gift it.

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[Fourplay]

Loan from VW Credit to purchase residual amount of lease.
Then take out a personal loan to pay off VW Credit, not an auto loan as there would be a Lien on the title.
Once VW loan is paid off I can sell it to wife for $1.
Return car and use buyback payment to pay off personal loan.

Skip the VW credit loan step then.

Get personal loan, buy car, register in your name, transfer to wife, wife does buyback, pay off loan.

VW Credit doesn't care what source your funds come from, so the personal loan would be fine.

 

[2literv8eater]

Don't be "cute" and sell it for a $1 - that looks suspicious. Check if NJ allows you to gift a vehicle to family w/o taxes, as many/most states do.

Buying/selling a car and stating significantly lower than fair market value can cause the DMV to look closely at the transaction, and see if someone was dodging sales taxes.

Wasn't being "cute", just taking the definition of sale as an actual purchase being required, but I guess gifting works.

Skip the VW credit loan step then.
Get personal loan, buy car, register in your name, transfer to wife, wife does buyback, pay off loan.
VW Credit doesn't care what source your funds come from, so the personal loan would be fine.

That makes sense, I was thinking that the loans would have to go along with registrations but your right no point in 2 loans.

 

[clone1008]

Wasn't being "cute", just taking the definition of sale as an actual purchase being required, but I guess gifting works.




That makes sense, I was thinking that the loans would have to go along with registrations but your right no point in 2 loans.

One loan makes total sense. Gifting also works, that's what I did. Buyback appointment set for Tuesday.

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[2literv8eater]

How long did it take from completing the paperwork to buyback date?

 

[clone1008]

60 days total from vw lease buyout to vw buyback

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[clone1008]

Update... buyback took place Tuesday 6/20/2017 received email from Chase Bank on 6/21/2017 at 11:30 pm. Entered my bank account information and deposit for $28816 was in my account on 6/22/2017 at 5:30 am. Went back to VW claims and submitted a previous lessee claim. Claim is approved for $3600 pending verification of my driver's license. Again thank you Fourplay and DanB for your help and guidance through this process.

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[Fourplay]

Update... buyback took place Tuesday 6/20/2017 received email from Chase Bank on 6/21/2017 at 11:30 pm. Entered my bank account information and deposit for $28816 was in my account on 6/22/2017 at 5:30 am. Went back to VW claims and submitted a previous lessee claim. Claim is approved for $3600 pending verification of my driver's license. Again thank you Fourplay and DanB for your help and guidance through this process.

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Glad you were able to benefit!