Leasetrader or Swapalease.com

[patoirish]

Received the e-mail from ISA last night! Reserved on 6/23/16 and configured on 6/28/18. Was somewhat hoping for a later delivery since I still have a year on my current lease but I think we'll take it so we don't miss out on the tax credit.

Does anyone have experience using leasetrader or swapalease.com? Curious of peoples experiences or what they have heard and if this is my best option to get rid of my current lease.

 

[Dana1]

Received the e-mail from ISA last night! Reserved on 6/23/16 and configured on 6/28/18. Was somewhat hoping for a later delivery since I still have a year on my current lease but I think we'll take it so we don't miss out on the tax credit.

Does anyone have experience using leasetrader or swapalease.com? Curious of peoples experiences or what they have heard and if this is my best option to get rid of my current lease.

Yes, I used leasetrader to end a lease. The upfront fees were less than swapalease but because the potential buyer has to pay for credit check, etc, that reduces buyers I think.

• I did the “middle package” with no add ones for $99.95. Tell them you saw the price advertised somewhere...don’t pay $150.
• You’ll need to offer a buyer incentive to offset their upfront fees. One way or another you pay so...
• When you finally find a buyer don’t pay for concierge, etc. Waste of money. You’re sending all docs in, etc. I didn’t elect to pay those fees but my buyer did and it did nothing for him.
• Understand the ability to sell your lease with your OEM. BMW is decent but not all companies are. Get the info straight from your leasing company, not from one of the companies that wants your credit card info.
• Take the time to write up a great, thorough description. Take lots of really nice photos.
• Leases sell better when they are 12 mths or less. If you have 24 mths left, or not much mileage left I wouldn’t hold my breath. These factors affect what your incentive fee is. Be realistic. Price your lease where you, as a buyer, would think it’s a good value.

Cheers,

Dana

 

[MissyMcBee]

Received the e-mail from ISA last night! Reserved on 6/23/16 and configured on 6/28/18. Was somewhat hoping for a later delivery since I still have a year on my current lease but I think we'll take it so we don't miss out on the tax credit.

Does anyone have experience using leasetrader or swapalease.com? Curious of peoples experiences or what they have heard and if this is my best option to get rid of my current lease.

I’m sure if you don’t want your car, someone who has been waiting for months would love to take it off your hands....

 

[devilmountain]

I have 16 months left on a lease and opted just to continue paying for it. I looked into these services but found out I am still responsible for the lease if the person defaults. We just use the lease car as an extra car right now and trade off commuting to work in it I had it sold back to a dealer but they said they had too many of my model in stock and asked if I can hold off a while.

 

[Dana1]

I have 16 months left on a lease and opted just to continue paying for it. I looked into these services but found out I am still responsible for the lease if the person defaults. We just use the lease car as an extra car right now and trade off commuting to work in it I had it sold back to a dealer but they said they had too many of my model in stock and asked if I can hold off a while.

No, incorrect. The leasing company, in my case BMW, ran a credit check on buyer. He passed. They sent each of us paperwork which we both signed. Once they transferred the least to him, the lease was “assumed”, BMW sent me email telling me I could give car to him. It was legally his.

 

[Elena]

VW Audi allows transfer but original lessee is still obligated for any missed payments, and mileage and condition when turned in.

 

[nikolanj]

I had 7 months left on my lease and just opted to turn it in early. Either way (keeping the car as an extra car, or turning it in early, would end up costing me the same amount - the 7 remaining payments). The net savings, however, came from being able to take the leased car off of my car insurance which, in NJ, was a decent savings.

 

[Dana1]

VW Audi allows transfer but original lessee is still obligated for any missed payments, and mileage and condition when turned in.

Oh wow. Glad I didn’t have VW. That surprises me but I learned something.

 

[patoirish]

Thanks all - I currently have a Ford so I'll have to look into their rules tomorrow.

 

[MissyMcBee]

Any experience with Honda Leases...? I’m keeping my CRV as long as needed to be sure I’m good with my Model 3 ( when I get it) and we like to have an extra vehicle but it would be nice to unload it eventually. 13 months in on a 39 month lease...

 

[devilmountain]

Thanks all - I currently have a Ford so I'll have to look into their rules tomorrow.

I have a Ford lease, you are responsible for missed payments. I cannot remember if you are responsible for damage or not. You can only sell the car back to a dealer or purchase the car cash. I prefer to just eat the cash than put my credit at risk. The payment is super low and the insurance isn't costing me a ton.

 

[devilmountain]

Any experience with Honda Leases...? I’m keeping my CRV as long as needed to be sure I’m good with my Model 3 ( when I get it) and we like to have an extra vehicle but it would be nice to unload it eventually. 13 months in on a 39 month lease...

That is a total bummer that is is such a new lease. I seriously didn't expect to get my car until 2019 that is why I decided to lease a car myself. I would call the leasing company, I assume Honda. They will go over you options. Ford is super strict and gives very few options. Also check to see if you are financially responsible for the lease if you transfer it.

I originally was going to have one of the online places buy my car and that is when they told me that Ford is impossible to work with.

 

[S70D]

I can RECOMMEND swapalease over leasetrader hands down. I have assumed one car and listed two all on swapalease. I am looking for a short term lease on a model S (anybody?) until Tesla offers leasing on a Model 3. Total Leasetrader fees are higher for both buyer and seller, so not sure why people would use it. Since it's the sellers choice, I ask the seller to pay the buyer fee on leasetrader because they lock you into paying the backend fees, whereas swapalease does not. My experience anyway.