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Site Helps Car Sellers, Buyers Meet Halfway
MINNEAPOLIS (WCCO) ― If you're looking for a way to save money, you might be interested in an economical way to break the lease on your car.
In the past 12 months, a Web site called LeaseTrader has been seeing a huge increase in the number of vehicle owners who want to break their lease early in an effort to downsize. It could be a sign of the times that even people with luxury vehicles can fall into that category.
The site also helps people who want to lease a vehicle for a short time frame.
"We have a relatively short summer here and I wanted to enjoy it from a vehicle without a top on it," said Jessica Sherman of Golden Valley, Minn., who decided to lease the car of her dreams: a BMW. "Yeah, it's the M-series so it has a little extra horse power."
Sherman took over the lease from the car's owner in Illinois a few weeks ago. The lease ends in October. She'll have it during the perfect season for a convertible, but she had another motive.
"It can go very fast. Let's just say I wasn't use to people wanting to race you when they come up on the highway," she said. "I was looking for this exact car."
Sherman found a short-term lease on a luxury vehicle at LeaseTrader. On the flip side, sellers can also use the site to get rid of a lease they can no longer afford.
It's no surprise that people driving around in gas-guzzlers are anxious to unload their leases. A spokesperson for the site provided this example: an SUV owner with a year left on their lease might pay $5,000 to break their lease the conventional way. Using this site, it can cost as low as $230 to find someone to take over the lease instead.
Sherman didn't get a deal on the monthly payment -- it's about the same as what she'd pay a car dealer -- but she is thrilled with what she drove away with, for the brief time she wanted it.
"Yes, it's an indulgence just for the summer," she admitted.
The Web site has been around for a decade. Only recently, most leasing companies have agreed to allow these trades to take place.
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