There are many of us who would like to get a car but the trouble is that not all of us are financially stable to get a car loan to lease a new car’s deal. If you are stuck in this situation, you are not alone. The good thing is that there is a solution to this dilemma. A favorable option here would be to go for car lease swapping.
Car lease swapping is all about trading a lease that already exists. Lease swapping, lease trading and lease assumption are different names for the same thing. It is a tactful way of saying that I am driving a car I can’t afford. The owner of an existing leaser will simply be transferring the lease as well as the car to you and moving forward, you will pay the remaining lease.
To be honest, there are lots of people who are willing to transfer their car lease but for different reasons. It is either because they are struggling to make the lease payment or they want to buy or lease a different car. The question is, where can you find such people who are interested in car lease swapping? It is not necessary to go back to your leasing company to get rid of the lease. In fact, this can actually make you pay a hefty fine. The best alternative is to look for lease swapping websites. These are basically online platforms that connect lease sellers with buyers and vice versa.
QuitALease is a good example of such a platform where a large number of buyers and sellers of lease connect each day and land on good leasing deals. You just have to sign up, look for the car you are interested in, reply to the offer and initiate the car lease transfer. QuitALease just plays the role of connecting these buyers and sellers. The actual process is then handled by the leasing company. The credit rating of the lease buyer is accessed to check his eligibility. If the application is approved, the leasing company prepares transfer documents and sends it to both the lease buyer and seller. Once the papers are signed, they are returned to the leasing company and then the keys to the cars are given to the new buyer.
Car leasing websites have made it easy for the lease buyers and sellers to find each other in a few clicks. The key is to find the right ones that are trusted and that have the best car listings.
How is Lease Swapping Beneficial?
Car lease transfer is a favorable option for both buyers and sellers of a car lease. Before you end up getting a car loan or purchasing a new lease, consider car lease swapping once. Here is how it’s beneficial for both buyers and sellers:
For Lease Buyer
- You can find a low mileage vehicle.
- It is possible to get a car that still has a warranty.
- If the car is new, it will, of course, be in a good mechanical condition.
- It will be a short-term lease that has its own perks.
- A new vehicle will be yours in a short period of time because you also have the option of buying this car at the end of the lease.
- Lease sellers may even be willing to offer a cash incentive to the buyer for taking over the lease.
For Lease Seller
- You will save yourself from the transfer fee. If you simply need cash for your car or you have run into a financial difficulty for which you have decided to transfer your car’s lease to someone else, returning the lease to the dealer or a leasing company will pile you up with a heavy fine. Swapping the lease will save you from paying a penalty.
- There is no faster way for the lease seller to get out of his lease than car lease swapping.
It’s a win-win situation for both. The lease seller can get a new car or get rid of the financial burden caused by the current car and the lease buyer will get a good deal without being stuck with a car for 3 years or more. There aren’t really any drawbacks of assuming a lease because it is a totally genuine process. The only painful thing is to find a good deal but thankfully, lease swapping websites have solved this trouble too.
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Also see: CAR at PAR with BIKE: New lease of life for Economical Drive
