There are all kinds of new wrinkles in the auto industry, thanks to the growing sophistication of the Internet. Case in point: Contractors are taking over the remaining months of someone else's lease to do spring remodeling projects, according to Leasetrader.com. By getting a one- or two-year lease at payments as low as $320 a month, contractors can keep their costs low -- just in case the economy turns sour again.
Leasetrader.com, which arranges the transfer of leases from one party to another, said there is "a spike in demand" for pickup trucks during May. The amount of time it takes for the original person leasing a truck to find someone to take over their lease contract has dropped from 17.7 days to 16.3. This arrangement makes sense to contractors who are busy now but don't know how long the work will last.
A consume wanting to get out of a lease can list the vehicle on Miami-based Leasetrader.com, along with the amount of time remaining in the contract and what the monthly payment will be.
We surfed the site for bargains and found a 2008 Ford F-150 SuperCab XLT for $320 a month with $0 down. The lease allows 39,006 miles, and 14,000 miles are left to the new person who leases this truck. Leasing a 2010 Ford F-150 would cost at least $680 a month with as much as $1,200 down. Even buying the 2008 Ford F-150 would run at least $23,100 from a private party.
From the other end of the transaction, consumers trying to get out of a lease contract don't have a lot of good options. It is costly to simply return the vehicle, since the finance company will often want the total of all the remaining payments. It's hard to get someone else to take over the payments because of tricky legal and credit requirements. Leasetrader.com has streamlined the process, charging $39.95 for a 60-day membership to review listings and $249 (less a $100 rebate) to complete the transfer.
For more information about Leasetrader.com see Get Out of Your Lease the Cheap and Easy Way.
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