2013 was dubbed the Year Of The Car Lease, which means 2014 might be known for the Year Of The Car Lease Pull Ahead. What is a lease “pull ahead” program and how might it impact you as a driver?
Scot Hall, Executive Vice President of Swapalease.com, offers the following insight.
Car lease pull ahead programs are used by manufacturers and dealers to entice leasing drivers into turning in their leases early in order to “re-lease” another vehicle. It’s a forgiveness opportunity on what’s remaining on the contract, usually offered to lessees with fewer than five months remaining on the contract.
Manufacturers such as BMW, Ford and Lincoln utilized lease pull ahead programs in 2013, and several other manufacturers, such as GM, may be planning aggressive pull ahead programs for car lease finance strategies in 2014. These programs are beneficial to the industry as they help turn new inventory and elevate brand retention among consumers. Swapalease.com believes there will be roughly 20% more lease pull ahead program options in 2014, particularly as a result of an expected three million leases scheduled for return in the coming year.
“Swapalease.com is an advocate of lease pull ahead programs, and the company’s ‘lease transfer’ marketplace pioneered the flexible lease contract option nearly fifteen years ago,” said Scot Hall, Executive Vice President of Swapalease.com. “Today, thousands of lease drivers use the service as a way to escape their current contract in order to immediately turn around and shop for a different vehicle that meets their new automotive needs.”
Should consumers take advantage of a lease pull ahead program? There are three primary reasons why drivers might want to consider:
You’re ready for a new car now. You have four months remaining on your lease but you’d like to shop for a different car immediately. You’ve enjoyed the time you spent with your current car, but you started getting the itch to shop around and would love to make a switch before one more day passes.
You want to stay with the same brand. Some people fall in love with a certain brand and stay within that brand’s family, car after car. You might be one of these people. If so, a lease pull ahead program would benefit you because manufacturers love repeat business. If you take advantage of a lease pull ahead program, it’s a win-win situation, particularly since car makers can make an attractive offer to pull you into a new car lease.
You want to stick with leasing. Whether your current car was your first lease or your sixth lease, if you love to have a different car every few years then a lease pull ahead program allows you to maintain this lifestyle at an even quicker pace. Best of all, you can make a switch without breaking your contract.
Of course, if you have more than six months remaining on your lease you most likely won’t qualify for a pull ahead program. However, Swapalease.com offers similar car lease transfer benefits and allows people to escape their contract by transferring it over to a third party, all without harm to your credit.
Here are the top ten manufacturers Swapalease.com believes will be aggressive with lease pull ahead programs in 2014:
For more information on lease pull ahead programs or to learn how you can have a successful car lease trade, contact Swapalease.com at 866-SWAPNOW.