Definitely try swapalease as much better exposure. I dont think leasetrader even gets half the crowd. You might even get lucky with a local party as well.
Pros. There are plenty of benefits of taking over a lease, including the following: Lower price tag – Compared to buying new, a lease takeover can help you save quite a bit of money. Lower start-up expenses – There's no need to come up with a down payment with a lease takeover, unlike other financing options.
This scam is very well orchestrated. LeaseTrader charge $40 to run your credit then fail it on until you agree to pay lease transfer commission upfront! Once you agree they pass your credit and once you talk to owners deals don't exist. Company uses bait and switch scam..
Fees and Costs
SwapALease charges $59.95 to register as a buyer. It's a one-time fee, and the account is active until you successfully match with a leased vehicle. SwapALease throws in a free credit check and a couple of ebooks as part of the package.
Yes, Swapalease is a legitimate company. It has been an Accredited Business with the Better Business Bureau since 2001.
Whoever buys your lease agrees to make the remaining monthly payments. While some finance companies won't allow such transfers, the vast majority do. The trick is finding someone who's interested in taking the car and the lease over from you. Fortunately there are websites that can make that relatively easy.
What are the benefits of taking over a lease? Start-up Costs: You don't need to have a down payment, and generally, startup costs are lower with Lease Takeovers. Lower Monthly Payments: You avoid the large monthly payments of a car loan. ... Lease Incentives: Sellers may offer extra incentives to the lease-buyer.
When you take over a lease, you don't get to renegotiate its terms. Instead, you inherit the same monthly payment and lease terms that the original lessee negotiated. Unfortunately, some people don't negotiate as well as others — if at all.
Lease sellers are often in a difficult situation and will offer incentives to someone willing to take over a lease, says Reed. ... A lease takeover doesn't require a down payment, but there are some transfer fees. However, you can negotiate to have the seller pay these fees.
Whoever takes over your lease will typically need to meet the same credit standards that you were required to meet when you began your lease. Your leasing company will usually check the credit of the person who wants to take on your lease. Some lease swap sites, like leasetrader.com, also verify the person's credit.
At Swapalease, we suggest you have a credit score above 620 to avoid high interest rates and that you have a 660 to acquire the best best rates.
Transfer of Lease: If you have someone who is interested in taking over the lease contract and obligations to the lease agreement, please contact us at 800-874-8822 to learn more about transfer criteria and options.
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