Exit A Lease Now And Avoid Penalties
To exit a lease is a new idea that is gaining ground. Although many
people still don't know that you can conduct business this way, more and more car buyers are becoming aware that this thing exists. It's a win/win situation for consumers and automakers alike. Initially, automakers' finance companies were resistant to the idea of their customers' leases changing hands but now, they've come aboard the bandwagon.
According to Swapalease's Executive Vice President of Operations Scot Hall, some 80 percent of leases can be transferred completely with no strings attached. But approximately 10 percent of leasing companies require the original leaseholder to retain some liability for the vehicle even after it is transferred. Nissan/Infiniti and Honda/Acura fall under this category. Whether you can even break a lease financed by Honda Financial Services depends on where you live, so check with the company before listing your car or attempting to assume a Honda/Acura lease swap .
Another 10 percent of leasing companies don't permit leaseholders to exit a lease at all: usually bank-based companies such as Chase Auto Finance and Huntington Bank Leasing, or smaller credit unions. This is an important factor to remember if you decide to lease a new automobile in the future.
Letting folks do lease transfer makes particularly good sense for Mercedes Benz and BMW ; in 2007, leasing made up a whopping 32 and 60 percent of their respective sales.
is a leader in online lease assumption. Swapalease facilitated 6,000 swaps last year, according to Swapalease's Executive Vice President of Operations Scot Hall. The sites have grown primarily through word of mouth, Internet searches and the media. Ironically, many car dealers aren't aware of these sites.
If you want to get out of a car lease
, check Swapalease. It is possible to get out of your auto lease early - without incurring large financial penalties or hassle. Without the possibility to exit a lease presents a big financial hurdle. Early termination of the lease will cost you plenty, in most instances, thousands of dollars.
At Swapalease, here's how it works: People who are looking to exit a lease are matched up with people who would like to pick up a similar vehicle for the short term. Swapalease.com
also offer Customer Support assistance to help finalize the transfer process.
Consumers who want to take over lease can browse the thousands of listings currently posted at services such as Swapalease.com. These vehicles are typically late model with low mileage commonly still under factory warranty.
Swapalease.com executives point out that not all finance companies
allow consumers to exit a lease early, so be sure to check before starting the process. You can learn about your finance company's policies, and see if you qualify for a lease transfer , by visiting Swapalease.com and clicking on the "Leasing Company Information" button.
With your chance of lease assumption possible in every 9 of 10 leases, it's great news for consumers and a big boost for automakers.
If you want to exit a lease, you need to be aware of a few things:
Whether the person who wants to do a lease take over have good credit, if your current lease company allow the transfer and if you will be responsible for anything after the transfer. 10 percent of leasing companies require the original leaseholder to retain some liability for the vehicle even after it is transferred like Nissan /Infiniti and Honda /Acura.
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