Leasing a vehicle is an enticing proposition. You get to drive a brand new car against low monthly payments, then you have the option to trade it in after driving for two to three years—before it breaks out of warranty. But, signing a car lease agreement is a little like getting married. Wondering how?
Well, if you suddenly decide to call it quits, early termination will cost you big money in terms of penalties and other fees. Even if you have the option to trade in your leased vehicle for a new one, it doesn’t make much sense because it would add more penalties to the cost of the new vehicle.
Does it mean you are stuck with your leased vehicle forever like a bad marriage? Not really. There is a way out. Since you have equity in your leased car, you can quit a lease early and pocket some cash too. A car lease swapping site is your best bet.
What is a Car Lease Swapping Site?
The concept of this online marketplace is pretty straightforward: Sellers or leaseholders list their vehicles along with car specs and payment details on the car lease swapping site, so buyers or people willing to take over a car lease can see it and negotiate a deal with you if it meets their requirements.
The idea is to connect the two parties and facilitate the process of the legal lease transfer. QuitALease.com is an emerging leader in car lease swapping sites that allow lessees to transfer their lease even faster than they could set up their next OkCupid date.
Is There a Cost Involved?
Of course, car lease swapping sites charge a fee for these services. Also, you need to pay some fee to leasing firms for the lease transfer. Despite these disbursements, the total cost to quit a lease is far less than bearing early termination penalties.
Take James Keith for instance. The 34-year-old from St. Petersburg, Florida was only six months into a three-year lease on a Chevy Tahoe when his circumstances suddenly changed and he started thinking about quitting the lease early. Although he tried to trade in the car, it was simply outrageous what he would have had to pay—$10,000 to $15,000 just to settle the lease.
Fortunately, someone told James about QuitALease.com and within a few days after posting his ad, he found someone to take over $550 monthly payment car lease. The best part was the whole transaction cost him just $250, and the process was completely seamless.
Can Everyone Transfer Car Lease?
According to experts’ team at QuitALease, about 80 percent of the automobile leases are transferable and carries no special conditions or restrictions. While another 10 percent are transferable with only one string attached—although a major one: original lessee can transfer the lease, but he or she will remain liable partially.
BMW, Infiniti, and Nissan are three automakers that demand post transfer liability. Honda and Acura, on the other hand, normally don’t require it but this depends on the state in which you live. That said, the trend of post-transfer liability is fading away in the secondary leasing market.
As far as the final 10 percent leases are concerned, they are not allowed to transfer at all. Because not all contracts allow you an early exit, even if someone is willing to take over the lease. So it’s important to carefully examine your lease contract before listing your ad on a car lease swapping site.
If you couldn’t find terms like lease transfer or assumption in your paperwork, don’t hesitate to call your leasing firm and ask them about it. There’s nothing better than legally transferring your lease because it doesn’t hamper your credit history.
Furthermore, if your lease is transferable make sure the person you are transferring it to should meet all the requirements of the leasing firm before assuming the lease. Additionally, your vehicle should be in tip-top condition, else you have to bear heavy penalties.
Check the Lease Requirements Prudently
The car lease swapping sites can aid you with many aspects, but when it comes to transferring a lease contract, keep in mind that it’s a legal process and like buying a car, there is no turning back once the contract is in black and white. So make sure to check all the requirements of the contract before transferring your lease.