Monthly Archives: October 2017

Exiting Your Car Lease Properly

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So you have been with your leased car for a long while and the time has come.

Around the 45 to 60-day mark, before your car lease ends, it is the time to decide what you want to do with your leased car. If you are unsure of what to do at the end of a car lease, here are five options available.

  1. Return your leased car to lessor: You have the option to return your leased car to the lending company and end your lease officially and taking the car off your hands.
  2. Buy-Out-Car: Do you really like the car you leased and want to buy it to have forever? Well, you can. When you buy-out your car, it will cost you the “residual” amount, the value set in the lease.
  3. Extending Lease: Do you need a couple more days or months with your leased car until you have another vehicle to use? You may extend the lease for a limited amount of time for the same monthly rate (typically).
  4. Re-Leasing: So you want to keep the same car but don’t want to buy it or figure out how to extend your lease. You can re-lease the car, but as a used-car lease instead. You can possibly get a better deal this way!
  5. Stay With Company: Throughout the duration of your lease, you really have enjoyed how the company has handled your lease. At the end of your lease, you want to lease again, but you want a different car. You can trade in the car you leased and get a new lease and a new car.

Fortunately, you don’t have to be stuck in your lease. 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 car 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 exit, contact Swapalease.com at 866-SWAPNOW.

What Happens To A Car Lease After The Lessee Passes Away?

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There are the unfortunate situations where the lessee of a car passes away.

What happens then? Who takes care of the lease? Is it swept under the rug?

If there is a co-signer in the mix, there is a possibility that they will be given the responsibility of taking care of the remaining monthly payments of the lease. But what if there is no co-signer?

Reading The Fine Print

If the deceased has left behind a spouse, they may be notified of the outstanding balancing left on the car lease. The contract on the car lease that deceased signed should be read over carefully, looking for the leasing company’s terms in an ending a lease early. Early termination fees can also apply.

Deceased’s Estate

There is the responsibility of the executor of the deceased’s will. The executor distributes the deceased person’s property based on the will and arranges for the payment of debts and expenses. They will contact leasing company, informing them that the lessee has passed.

The estate of deceased will most likely have a claim filed against them, though there is a small possibility of the estate being able to break the lease on behalf of the primary lessee, that possibility usually comes with a cost.

Once leasing company has filed a claim, the executor can pay off the balance through the estate funds. After the claim has been paid, a call should be made to the leasing company to return the leased car.

Chance of No Payments

Even if the outstanding balance of the car payments are not paid, expect there to be additional fees such as process repossession paperwork, cutting new keys, and reconditioning chargers for any excessive wear and tear.

Getting out of a lease is tricky, but what is trickier is the lessee passing away and figuring out who will be handling their lease payments.

 

Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online and doing their best to accommodate situations where the lessee, unfortunately, passes away. 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.

Single Payment Car Leases

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As you pick out your new car, there is the option to pay in full, upfront and drive home with no worries.

The option to make this one large single payment is also an option for a leased car upon signing. Paying the entire amount of the lease up front rids of the concern of making late payments and ruining credit.

Within this single payment option, there are two approaches to this option.

Approach #1

In this approach, you will pay for the depreciation value of your car, sales tax, and the total amount of monthly payments upfront. You will still need to pay interest on residual but will not have to pay interest on depreciation.

Approach #2

Monthly payments would be computed by leasing company that will include sales tax, then multiplied by that number by entire leasing term to calculate. This approach is easier to compute, where you are paying the same amount of lease if all monthly payments were added up.

 

As paying off your leased car upfront seems like the way to go, putting all that money down at signing can all go down the drain if the inevitable happens, like if your car is stolen or is totaled. The insurance company will only cover the market value of your car.

Now that you got a little insight on this option when getting your leased car, be sure to review all your options for the best deal possible. Luckily, Swapalease.com can help! Swapalease.com is the online marketplace with 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.

DIY Engine Oil Check

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Taking your car to get your oil checked is a routine you should get used to. You are probably familiar with what to do when you want your oil checked. You take your car at a local mechanic or at the dealership where you purchased your car and in a jiffy, they will let you know your oil level. This has probably left you thinking, “Can I do it myself?”. Here is a DIY guide to checking your engine’s oil.

Step 1: Warm Engine 

Turn on your car to warm up your engine, not too hot or you can hurt. Once your car is turned off, open your car’s hood and find the oil dipstick (you can pull this from the engine).

Step 2: Using Dipstick To Check Oil

Once you pull dipstick from the engine, wipe off the oil from it. Once you have a clean dipstick, insert it back into the tube it came from and push it all the way in.

Step 3: Reading Your Dipstick

Pull out the dipstick and observe both sides of the dipstick to check where the oil has stopped. There are various indications that can help you determine your oil level. You can either have to pinholes, two markings reading “L” (Low) and “H”(High), two marking reading “Min” and “Max”, or crosshatching.

Step 4: Inspect Oil Color

Typically, the oil in your engine should be brown or black, or in between the two. If you pull out the dipstick and the oil seems light and milky, more than likely the coolant has leaked into the engine. This can be fixed at an auto service shop where they can drain the oil properly.

Step 5: Figuring Out The Oil You Need

If your oil is low, refer to your owner’s manual to inform yourself on which grade of oil you should be using. Your designated oil should look something like “OW-20” or “5W-30”. You can visit your local auto part store or any store that sells engine oil. If you want to buy a bundle, buy them in quarts for that is usually almost the amount you need every time you refill your engine oil.

Step 6: Pouring In The Oil

On top of the engine, you should be able to see your oil filler cap. Remove the cap and take a quart bottle of oil that you have purchased. With a funnel in hand, pour in your oil from your quart bottle a little at a time. Avoid overpouring, for this is not good for your engine. once you have added half a quart, let the oil settle and check the oil level with your dipstick (pr3eferably wiped off beforehand). Keep pouring small amounts at a time until your engine is full. Half a quart should do, but if you are still low or have just reached the minimum fill level, go ahead and use the rest of the quart. When you are filled, put the oil filler cap back on and make sure it is closed correctly.

Needing a Second Quart?

If your engine happened to be on empty in the beginning of the oil fill process and the first quart wasn’t enough, go ahead and add the second quart. Be sure to add a little as you go, stopping in between to check levels.

Checking your oil at home seems pretty easy right? Remeber, changing and checking your oil are two different worlds. If you do not know how to change and drain your engine’s oil, take it to an auto service shop.

 

Head over to Swapalease.com and check out all the of great lease vehicles they have to offer. Swapalease.com is an online marketplace that allows drivers to list their current lease and helps match them with buyers looking to take over the remainder of that lease. 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.

 

 

Fall Car Care Month

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It’s Fall Car Care Month! As winter approaches, it’s critical to make sure your car is in a condition where your car won’t break down, especially if you break down in a bad winter snow storm. Below is a checklist for your car to ensure your car is ready for winter. Visit your dealership or local auto mechanic.

Check Hoses and Belts Look for any cracks, any fraying or signs of wear and tear.

Replace Battery If Needed Be sure there is a clean connection and no corrosion.

Check Exhaust System Be on the lookout for any unusual noises, leaks, broken or damaged supports or hangers.

Check Steering and Suspension Steering and suspension systems should be checked annually. Make sure to check shock absorbers, struts and chassis parts.

Check Tires As some may know, the winter months and cold weather and mess with your tires. Be sure to check all the pressure in your tires and check your tread. Also, look for any bulges or bald spots. If there are any uneven balances in wear, it would help to have a wheel alignment.

Check HVAC (Heating, Ventilating, and Air Conditioning)

Check All Fluids Brake fluid, wiper fluid, power steering, antifreeze/coolant, engine oil.

Interior and Exterior Lighting Check to make sure interior lighting and lighting displays on the dashboard is working properly. Also check exterior lighting to ensure headlights, taillights, turn signals, and reverse lights are working.

 

If your current vehicle is not suitable for winter driving or you are just not happy with your car try out another one with Swapalease.com. Headquartered in Cincinnati Ohio, Swapalease.com is an online marketplace that allows drivers to list their current lease. 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