Swap Meat: How to Get Out of a Car Lease

You've leased a new car, but you decide you really don't like it. Or maybe you realize you can't afford the payments, or parking it at your downtown loft is a hassle, or that you're a Zipcar guy after all. What are your options? If you turn the car back in, breaking the lease will cost you anywhere from a bundle to a truckload. A much cheaper alternative might be a lease swap. What's a lease swap? Well, unlike a wife swap, it's permanent: Essentially, you find someone with good credit who wants your car and is willing to assume the lease payments, and you walk away. Several websites can help you find people looking to slip behind the wheel of your financial responsibilities. Among them are ­swapalease.com, ­leasetrader.com, and ­takemypayments.com. Lease Throwdown: Ford Mustang V-6 or VW GTI for $350/Month? 2006–2012 Mazda MX-5 Miata: A Certified Pre-Owned Guide Dealing in Myths: Debunking Common Car-Buying Advice All three examples work similarly. You register on the site and pay to advertise your vehicle's lease details: make, model, options, condition, payments, location, lessor, months and miles remaining, etc. Before you sign up, though, you have to get permission from your lease company. Never move without the lessor's approval, and be aware that some lessors don't allow lease swaps at all. According to Swapalease spokesman Scot Hall, the chance of finding a buyer for your lease is about 40 percent, with many matches made within the first 30 to 45 days. Happy swapping. Pre-Swap Checklist: 1. When you offload a lease, be sure your lessor specifies in writing that the buyer assumes full responsibility. You don't want to be held liable if the buyer defaults or hits someone, for example. Lease transfers typically take two to four weeks. 2. Many details in a lease transfer are negotiable, including incentives, transfer fees, inspections, and transportation. Be prepared to bargain. 3. Buyers need to know how many miles they drive per year so they can stay within the lease's mileage allowance. 4. The buyer, in addition to authorizing a pre-purchase inspection, should check out each car personally. Cars driven by smokers, pet owners, and heavy-perfume wearers might not be acceptable. 5. As a buyer, be aware that you'll have to return the car in as-new condition. If the seller modified the car in any way, you'll get dinged for things such as aftermarket wheels, a non-factory stereo, tinted windows, and even worn-out tires. The Pros and Cons of Swapping: FOR THE SELLER PRO: You get out of your lease relatively cheaply. CONS: Paying for ads and transfer fees. Ads on major swap sites cost anywhere from $35 to $400. And to compete with other sellers, you might also have to offer the buyer a cash incentive. FOR THE BUYER PROS: No down payment and shorter lease commitments. The monthly payments are based on the original lessee's contract. Longer leases mean lower monthly payments. CONS: You must pass a rigorous credit check and pay for transfer fees, a car inspection, and possibly transportation costs. Manufacturers and leasing companies that allow lease reassignments may charge up to $600 to cover credit checks, title transfers, and other paperwork, though some do it for nothing. from Car and Driver Blog http://blog.caranddriver.com

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