Maybe you’re in over your head with your car lease or you just don’t want find that the vehicle no longer suits your needs – you leased a sporty car and now have a new baby, bought a boat or acquired a couple of dogs. Can you get out of your lease? Maybe, and maybe not.
One way many consumers extricate themselves from monthly lease payments they no longer want or can afford is to do a lease swap. What exactly is a lease swap? In essence, it is getting someone else to legally assume the lease term on your vehicle.
Getting out of your lease this way involves utilizing a lease transfer option that is permitted by a majority of leasing companies. Here’s what happens:
- The lessee (you) transfers the lease so someone who has been deemed credit worthy.
- This individual takes over the lease from where the original lessee (you) leaves off.
- You are then free of the lease and able to buy or lease another vehicle you want or to be free of any vehicle obligation whatsoever.
A lease swap is also attractive to consumers who find that the shorter terms involved in taking over someone else’s lease. This is called a lease assumption. In addition, the fact that many auto lease payments were subsidized upfront through cash and/or trade equity and the lease swap option could look even more enticing.
As to which services offer swap leases, the two online leaders are LeaseTrader and SwapALease.com. You will need to pay a relatively inexpensive fee, about $100 for sellers and about $50 for buyers, but it’s one way to get in or get out of a vehicle lease when you want or need to.