Web sites can help you get out of Car Lease
By Phyllis Furman
Austin American-Statesman
Saturday, September 01, 2007
The following story was originally published in the New York Daily News, and published here in the Austin-American Statesman.
NEW YORK — Lease payments on a car you no longer want can kill your budget, but several Web sites can help people get out from under them. "We're like the Match.com of car leases," LeaseTrader.com chief executive Sergio Stiberman said.
LeaseTrader and rivals including Swapalease.com and LeaseTrade.com can help people who are suddenly facing a financial bind or who no longer need a car.
"People who want to get out of a lease are in a real jam," said Philip Reed, consumer advice editor of auto information Web site Edmunds.com.
Cars recently showcased on LeaseTrader, which had 20,000 transactions last year, included a 2005 BMW Z4 convertible with 19 months remaining on its lease going for $350 a month, and a 2007 Mazda CX-7 with 33 months remaining on the lease at the same price.
Sellers pay a fee of $79.95 to list their cars on the site. Buyers, who undergo credit checks before they can contact a seller, pay $39.95 for a 60-day membership.
When a match is made — it usually takes a few weeks — each side pays LeaseTrader $149. There's another charge of $199 to have a LeaseTrader inspector check the car.
Keep in mind: The leasing company will also charge from $45 to $595 in fees. Though most leasing companies allow transfers, a few, including Honda Financial, won't participate, Stiberman said.
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This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com.
This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com