Top Reasons Customers Transfer Their Car Leases
By: Rob Pasquinucci
Your new job comes with a company car; you can no longer afford your current vehicle; you want a different auto to better serve your family’s needs. Whatever the reason, you need a new car. But if you lease your current car, you’ll have to return it to the dealer. That could lead to penalties or even damage your credit report.
For thousands of consumers, lease transfers are the answer. Buyers benefit from the process as well — they are often able to afford a more luxurious car for a shorter term.
“Since automobiles are the second-biggest expense for most families, many find that transferring their lease is crucial. Our job is to make it easier for them,” said Ron Joseph, CEO of Swapalease.com. "We can connect anyone who wants to get out of a lease to those who want a shorter-term agreement on a car. We can even help expedite the process.”
Top Three Reasons to Swap
With more than $1 billion in auto leases transferred since it was founded, Swapalease.com sees a variety of reasons why consumers want to switch their car leases. The company looked at several recent lease transfers to find what motivates people to change their ride.
- Economic impact: Not surprisingly, nearly a quarter of Swapalease.com customers cited economic reasons for transferring their lease. This included everything from concerns about poor gas mileage to their payments on their current vehicle adding too much to the budget. “I lost my job and could not afford my payment. Everyone at Swapalease.com was really friendly and helpful,” said a Swapalease.com customer who lives in Washington. “I had my lease transferred in one month.”
- Changing auto needs: For others, a change in their automotive needs is the reason they transferred their lease. This might be a need for a larger vehicle to accommodate a growing family, getting a company car, or even deciding to eliminate a car altogether. “I know of one person who was moving to Colorado where a four-wheel-drive vehicle was necessary,” Joseph said. “He was able to transfer out of his lease and get what he needed.”
- Health issues: Another large group of Swapalease.com customers find that health problems prevent them from using their cars any longer. “This is often true for older family members who can no longer drive,” Joseph said. “We often can help them transfer their lease so they aren’t paying for a vehicle they can no longer use.”
Lease Sellers Swap Tips
If you are one of many consumers interested in a lease transfer as a trouble-free way to get out of your car lease, consider the following tips from recent Swapalease.com customers.
“Swapalease.com walked me through the process in one phone call,” said Alan Dranoff, a recent lease transfer customer. “Its customer support was very helpful, and it was a totally painless experience.”
Lease sellers also recommend checking with your leasing company and potential lease buyers at the beginning of the process.
“You’ve got to conduct due diligence,” said Sheldon Stone, who recently listed his Mercedes on Swapalease.com. “You need to find out how long it will take to process the transfer and to prequalify anyone who wants to take over your lease.”
Dranoff agrees. “Talk to the leasing company for your vehicle and get its requirements in writing, so you know exactly what you need to make the swap and how long the process will take on its end.”
A car is a family’s second-biggest expense. As the above scenarios demonstrate, it’s good to have options to turn a lease issue into an opportunity.