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Swapalease.com ??
Has anyone ever used this site?
I'm looking lease for less than a year.
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Re: Swapalease.com ??
There are several sites like this and a friend of mine was dumping his Mercedes. Basically if you want it for less than a year the people putting it on the site for less than 12 months are REALLY desparate or being transferred. If you do it right, they will give you some "boot" to reduce the total lease payments.
Assumption of a lease will probably be contingent on meeting the lessors qualifications as they will probably run the credit checks on you and do not want to let the orginal lessee off of the hook.
Not a bad idea for a 1 year lease. I would also make sure that if you assume the lease there are not "hooks" when it terminates. i.e. lease termination fees, tires, etc. etc. that will make this good deal turn into a stinker.
Good luck.
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Re: Swapalease.com ??
I tried to get out of a lease through swapalease.com. I ended up not being able to get rid of it, but I met a guy who assumes leases a lot. It can be a good experience. The things he was concerned about was body damage and the tires. He wasn't worried about little chips....said that leasing companies use the credit card test. If the scratch or dent can be covered by a credit card, then it's considered normal wear and tear. Also, it should still be under warranty when you are due to turn it in.
But what Sitri said about those with less than 12 months left being "REALLY" desperate is not true. From what I understand, those leases with the shortest terms are the most desirable (afterall, that's why the buyers are there...for a very short lease), so even though the sellers are "desperate", the most desperate are the ones with 4 years left on their lease because nobody wants to assume that kind of lease (they would just get a brand new car lease.)
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Re: Swapalease.com ??
Good comment Emily, to further explain, I was using that within the context of "boot". Once you have 12 months left on the lease, there is usually no incentive for you to bail out with a significant "boot" offer because you might as well keep the lease and enjoy driving the car. If the current lessee is not upside down in the car, I wonder if it would make more sense to have a dealer buy it out and blend it into a new lease instead of going through this process.
If they are in a desperate financial situation, they probably don't have money to give you an incentive to buy.
Also, with all of the zero down leases, I guess the attractiveness of the deal would depend on the current lease payment which would depend on the length of the lease and amount put down.
Oh, well its too early and I don't know if this makes sense... buyer beware.
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Re: Swapalease.com ??
yup, the risks involved in assuming a lease involve being forced to incur penalty charges on the basis of mileage or condition of the vehicle which the former leaseholder caused but which you will be required to pay for when the lease terminates. As others posted, these issues should be a major subject for financial negotiation with the original leaseholder. I can't prove this, but if the truth were known a significant percentage of original leaseholders looking to 'swap' are probably trying to get out from under an 'inverted' financial situation by sticking an unsuspecting sucker with the penalty charges.
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Re: Swapalease.com ??
Thank you guys!! I always get the best advice on SW.
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