LeaseTrader.com on KHOU in Houston, Texas.
There is a new way for those who have leased a car to get out of their commitment without paying thousands in penalties. At the same time, those looking to pay less for a good used car can also get a good deal.
Buyers and sellers are connecting on a website called LeaseTrader.com. The site matches those with a leased car with those willing to take over the lease.
The seller benefits by avoiding the huge penalties, often thousands of dollars, they would normally encounter if they bailed out of the terms of their lease early.
The buyer benefits by avoiding down payments and initial fees often attached to car leases. In some cases the seller is so motivated to get out of their lease that they will even offer cash incentives that lower monthly lease payments for the buyer.
Both the buyer and seller pay fees to register with LeaseTrader.com. A company spokesman said buyers pay $39 plus a $149 transfer fee when they get the car they want. Sellers pay $89 to post their listing. It does not expire and is active until their car lease is transferred. The seller also pays a $149 transfer fee. LeaseTrader.com takes care of the paperwork associated with transfering a car lease from one party to another.
Houston computer engineer Bernard Sims acquired a sporty BMW through LeaseTrader from a woman in Humble. "She had a three year lease term. She had the car for about a year and a half," Sims said. She did not want to keep the car because it had too many gadgets for her, he said. Sims likes the car so much he plans to purchase it once the lease term expires.
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