When you lease a car instead of buying it, you don’t have to worry about common car concerns. But you’re also not building equity in your lease. It’s impossible to trade in a leased car for the money in the same way you might trade in a car you own. But if you find yourself mid-lease ready to trade, here are a few things to keep in mind.
Know your payoff amount and trade-in value
Be sure to obtain the payoff amount left on your existing contract and make note of date through which your payoff amount is valid. This amount can make a difference in how much of the difference you will be paying. If your payoff amount is higher than the trade-in value, it will be more expensive to trade out and it will be unlikely to break-even.
What to do at the dealership
Many cases, lessees stick with their same dealership that they leased from but there also is to option of taking it to other dealership as long as they carry the same brand. Just be sure to go to the dealership that has the car you want. When you are there, make sure to let the salesperson know that your current vehicle is leased and provide her/him with your payoff information.
Two ways the dealership can handle your lease
The dealer can give you the trade-in value for your car and payoff your lease to buy a car from the leasing company. For your new car deal, the difference between your trade value and payoff lease will be either positive equity or negative equity. The dealer can also write a check for the remaining payments and turn your car into the leasing company. The amount can be included in your new car deal.
Knowing that you aren’t truly stuck in your car lease can feel freeing! Swapalease.com is the largest online lease marketplace and they have what you’re looking for. Functioning as a sort of matchmaking service for cars, Swapalease.com helps individuals get more cars at an affordable price.
The online marketplace has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, contact Swapalease.com at 866-SWAPNOW.
Usually, with bad credit, it is nearly impossible to lease out a car but there is hope! If you are approved for a lease with your low credit, here are a few things to prepare for.
Bad to fair credit gets you a lease that is more expensive than a driver who has good credit. You will find yourself paying a higher interest rate and possibly a security deposit if your credit is really bad.
When you are approved you might end up as a subprime lessee. Subprime loans are loans made at higher interest rates for borrowers with bad credit and don’t qualify for the ordinary loans and you might deal with unfavorable terms.
Typically companies don’t approve someone with bad credit, but companies like Kia Motors Finance have made an impact with approving those who don’t have that good to excellent credit. If you can get a lease, make sure to stay on top of it!
The best way to calculate how much you can afford is to put together a budget of all your other expenses, such as housing, food, and investments. Whatever is left after accounting for all non-car expenses will be the amount you can spend on leasing a car. Keep in mind to avoid too many miles to avoid the overage fees and avoid excessive wear and tears.
Did you know when leasing a car with low monthly payments, this gives you the chance to improve your credit! To find out which vehicles you could afford, contact Swapalease! Swapalease.com is the largest online lease transfer marketplace. The online marketplace has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.
The rate at which millennials prefer leasing cars continues to increase. In 2016, 1/3 of millennials chose to lease a car over buying a car. Here are a few reasons leasing is becoming their go-to method:
Millennials have become accustomed to budgeting in order to pay for monthly payments such as credit cards or their cell phone bills. Lease payments are typically lower than the monthly loan payments for the same car if it was bought. These lower payments benefit their financial lifestyle and they don’t see it as overwhelming. Overall, leasing is less expensive for them.
These young buyers are more also flexible with the idea of owning a car. 25% to 39% of millennials will keep the car for five years or less so it makes sense to lease it. They also want to have cars with the latest tech and once a new car comes out with upgraded tech, they will move on to that one.
The benefit of owning (but really leasing) a new car at a low price point with the latest features is a win for millennials. But they should also keep in mind that any car payment, whether on a loan or a lease, needs to fit financially with their lifestyle so they can pay off their debt and save up for retirement.
If you’re one of these Millennials that is more interested in leasing a car than buying one, check out Swapalease.com where you have the ability to take over the remainder of somebody else’s lease anywhere across the United States. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.
As a reminder, coverage is mandatory on a leased car. When you lease a vehicle, it BELONGS to the leasing company. They want to make sure their investment is covered. You need to go out there and buy an auto-insurance policy. Leasing companies often require high liability insurance and some may require a lower deductible. Here are three coverages you should make sure you have (required to have) for your current or future leased car.
This insurance protects you if your leased car collides with another vehicle or object. It also protects you if your vehicle is overturned. You will most likely have a deductible.
Like collision insurance, this also is subject to a deductible. Comprehensive coverage involves if your car got involved in a situation involving fire, theft, and weather damage.
Guaranteed Auto Protection (GAP)
GAP insurance is often seen as one of the most important coverages, but not all states have the option of getting it. GAP protects you if your leased vehicle is totaled or stolen.
As a result of a collision or comprehensive car insurance, repairs must be made by only using Original Equipment Manufacturer (OEM) parts.
After you’ve selected car accident insurance, and you expect to still be driving your car after the manufacturer’s warranty has expired, make sure you are also covered against expensive breakdowns and repairs that your auto insurance doesn’t cover.
If you need help finding the right car and the right insurance for it, help us help us help you! For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.
Ever wonder why your auto-insurance premium keeps going up year after year? Here are a few factors that are affecting your premium to increase and some of them aren’t even your wrong-doing.
Okay, this one is on you. As you know, if you have a low credit score and/or poor credit history, it typically placed you in the lower tier compared to excellent credit drivers and you can end up paying hundreds more than they ever will.
Another reason your premium goes up is simply the company itself and their cost of doing business. Insurance companies pay out billions of dollars in claims each year. With pay out increasing over generated premium, they need to collect the money they are missing out on from somewhere.
Even if your rates are going up, you tell yourself that you really like the insurance company and want to stay with them for as long as possible. Well, the longer you remain a customer, your premium increases based on the likelihood of you not shopping around for another policy with a different insurer. They think you won’t mind, which puts you in a place of price optimization.
One more reason your premium will continue increasing is because of how cars have evolved. Cars today are becoming more technologically and it is expensive to fix and receive the parts for those cars in particular. They take longer to repair and the body shop is going to make sure the time they are using will be paid for.
With auto-insurance premiums increasing, it makes sense for some buyers to switch to leasing opportunities. Swapalease.com is the largest online lease transfer marketplace. The online marketplace has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.