03.27.06

Get out of a Car Lease - Why?

Posted in Car Leasing at 3:55 pm by LeasingRus

A few people have asked me point blank - why get out of a car lease? Really, what is the purpose of getting out of a car lease ocne you’ve tied yourself in it? Well, the simple answer is that everyone has their own reasons.

Whether getting out of your car lease means that you have other financial obligations that has suddenly appeared, or maybe the stork has brought you a new born where you need to change up your car into a mini van, or possibly you just want to change up your car lease for something newer.

Whatever your reason for wanting to transfer a car lease, there are options available to do so without incurring the stiff penalties of the leasing company. It’s really not that hard to bust out of a car lease, and trade your car lease over to someone who wants to take over a car lease.

Curious, anyone care to share their reasons for wanting to get out of a car lease? Post your comments below.

03.05.06

Car Lease Transfer Services over the Web Can Grease Transfer of an Car Lease

Posted in General, Car Leasing at 11:10 pm by LeasingRus

When M. Simonne Hinkle went looking for a new car, she knew exactly what she wanted and how much she ought to pay. The trouble was, in nearly a year of looking, auto dealers were asking for a bigger down payment and monthly payments than she thought her dream wheels warranted.

But during one of her many Internet searches for the right make and model, the Los Angeles technology executive found an alternative — a car lease transfer service that matches customers like her with drivers who want to jettison their auto leases early.

Within a month, after working with Swapalease, she was the proud owner of the exact Mercedes CLK convertible she longed for — and for about $5,000 less than the best price she had been able to negotiate at a dealership.

Car leasing has gained popularity in the last decade, as about 1 in 4 auto shoppers take advantage of down payments and monthly installments that are typically lower than they would face if they were buying a comparably priced car or truck.

But what happens to drivers who fall out of love with their wheels? Or those who have a change in circumstances — losing their jobs, moving cross-country or finding that the two-seater no longer accommodates a growing family? That’s where lease transfer services come in.

Lease transfer services such as Auto Lease Busters, Swapalease and LeaseTrader and Lease Busters have sprung up in the late 1990s to provide a legal way out for drivers who might otherwise face stiff early-termination fees. The services, which are generally Web-based, advertise the vehicle and provide the information and paperwork necessary to legally transfer the lease from one buyer to the next.

That web based car lease transfer services approach has certainly paid off for many, including Clemente, who has left his Lexus in the rearview mirror and is a happier owner of a BMW X5 sport utility vehicle.

“My 2-year-old needed the space,” said Clemente, who has had seven cars in 10 years and has become an avid fan of lease transfer services. “This is a pretty amazing new thing. I’ve recommended it to friends.”

03.02.06

Who are the Players in Setting up a New Car Lease? You’d be Surprised!

Posted in General, Car Leasing at 8:02 pm by LeasingRus

Before a customer can lease an auto through a dealer, several parties are involved to determine the residual value and the interest rate of the proposed auto lease. And understanding how residual values and rates are determined will help in negotiating a lower price.

  • Where does the money come from to pay the manufacturer?
  • Who Determines the auto residual value?
  • Who are Typical Money sources?
  • Who does the lessee really pay?
  • Who decides the interest rate on the lease?
  • The Dealer’s role
  • Money source vehicle preferences

More details players setting up a car lease.

Car Lease Lessons

Posted in General, Car Leasing at 7:43 pm by LeasingRus

NBC Sandiego - While leasing a car may have its advantages, being able to get out of a contract was never one of them. Now, a company called Lease Trader links people who want to get out of their car leases with people willing to take them over. The original driver would not face any penalties if the person taking over the lease failed to keep up with the payments. “You’re actually transferring it,” said Lease Trader Owner Sergio Stiberman. “You’re having somebody assume the remainder of that contract with the approval of the leasing company.” 

“In my case, the seller was willing to offer an incentive, and we discussed how much that was,” said LeaseTrader.com buyer Jon Heller. “That was part of the deal. It seemed very fair.” 

Kevin Kelley found a Lexus RX 330 with 36 months left on it. He is in the process of taking over that lease. 

“They went to their lease company,” Kelley said. “The lease company transfers the paperwork to me and I pick up the payments with no money down.” 

Stiberman said most leases changing hands have between 16 and 18 months left. High-end cars with low miles are the most desirable.