It is almost time. The end of your lease is almost here but you have one problem. You love the car and don’t want to give it back! It has become part of your life and you aren’t ready to give it up, but at the same time, you don’t want to buy it either. So the question is, can you lease out the same car?
Typically, at the end of a lease, you either hand the car back from the dealership you got it from or you negotiate a deal to buy it. You however like the idea of leasing. How does that work with what you have now? It’s simple really, it is the process of re-leasing the existing car, in other words, a “used car lease”. Here are some quick tidbits about re-leasing.
- When a new lease is drawn, your car, of course, has lost value so there will be a new depreciation.
- The cost of the lease agreement will be reduced slightly and you can possibly expect lower monthly payments.
- Try negotiating your mileage limitations
- If you can’t re-lease your current vehicle, see if leasing company can reclaim vehicle at end of lease or sign a new agreement and trade for a newer model or same model.
However, a good thing to keep in mind is that most lenders avoid leasing used cars to avoid risks and some can charge a higher interest rate to re-lease.
You can also extend your lease if you don’t want to have a new lease made up.
Headquartered in Cincinnati Ohio, Swapalease.com is an online marketplace that allows drivers to list their current lease or look for a lease that fits what they need! 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