Whether you are interested in getting out of a car lease or assuming one from someone else for a vehicle you want, a lease swap service can help you navigate the process quickly, conveniently and easily.
While there may be minor differences in the packages and services each lease swap service offers, the two leaders in online lease trading and lease assumption are LeaseTrader and SwapALease.com. Most of the vehicles listed for lease swap are newer ones that are still under warranty, have low mileage, and may be fully-loaded, popular models. For sellers, they can get out of a lease they no longer want or can afford, without having to pay steep leasing company termination fees. Buyers can get into the vehicle they want, skip hefty down payment and lengthy leases, and may even get a seller incentive to close the deal.
From there, the basic steps for the lease seller or buyer are fairly straightforward.
Once you’ve detailed your vehicle, taken some good photos, check out the lease swap websites and determine which one works best for you.
Initiating a lease swap entails a few steps, but they’re not all that difficult when you go through a lease swap service.
- Begin by listing your vehicle on the lease swap website. Enter your vehicle and contact information, select a listing package and make payment. Lease swap companies offer various listing packages at different price points, so be sure to inquire about the differences. The listing will be valid as long as it takes to get you out of your lease.
- Monitor the activity on your “ad” on the lease swap site. Depending on the number of “hits” your ad receives, you may wish to edit or enhance your listing for better exposure to buyers. Check your mailbox for buyer inquiries.
- Once a serious buyer registers with the lease swap service, you will be provided contact information for the buyer (name, phone number and email address). That’s why it’s important to check your mailbox regularly. When you find an interested buyer, initiate the transfer. This process involves a credit check of the potential buyer, which determines whether the buyer is eligible to assume your lease. Discuss with the buyer transfer details, such as shipping, vehicle inspections, and any buyer incentives (should they be necessary).
- Following the buyer’s credit approval and the agreement between you and the buyer to make the lease transfer, the lease swap service will guide you through the process with your leasing company. Sign the necessary paperwork, pay any applicable leasing company fees and turn over the vehicle to the buyer. You are then free and clear of your lease.
Steps for the buyer
If the idea of assuming a lease with a shorter term for the vehicle you want is attractive, looking into a lease swap is the way to go.
- First, search through the vehicles available on the lease swap site. Search criteria allow you to search by year, make, model, payment, location, and/or months remaining on the existing lease.
- The next step, once you find a vehicle you’re interested in, is to register as a buyer on the lease swap website. During the registration, you will be asked to provide basic information that will later be used for credit approval and the transfer of the lease from the current lessee to you. Buyer registration cost is minimal and includes access to contact information for the seller, customer support from the lease swap service, a buyer mailbox, and internal processing through the transfer process.
- With the vehicle you want to lease in mind, you then initiate the transfer, which includes a credit check. During this time, you should discuss with the seller details of the transfer, including whether shipping and/or vehicle inspections will be required, as well as if any buyer incentives are necessary.
- After credit approval and your agreement to make the transfer, the swap lease service will guide you through the process with the seller and the leasing company. You provide the information required, sign the appropriate documents, and then take possession of the vehicle.
Getting the best lease swap involves having a little patience, staying on top of your listing and checking your mailbox, being persistent, and being ready to go when you spot the right buyer/seller.