03.02.06
Car Lease Lessons
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.