Swapalease can help its member either swap car leases or sell leases to others without assuming another one. If you are interested in getting out of a lease without having to pay termination fees, Swapalease may be able to help. Seller’s fees range from $50-$100 to list the vehicle and $95 for the transaction. Buyers can search the site for a fee ranging from $35-$80.
When a lease buyer finds the vehicle of their choice on the site, Swapalease will help them though the process with the lease seller. Lease buyers are able to find short term leases with low payments and no upfront costs. By assuming the remainder of a lease they also have the benefits of getting a new model car without a lot of mileage on it.
The process to transfer a lease can take anywhere from a week to a month to complete. Once the credit application has been approved from the leasing company they will proceed to draw up the transfer documents for each party.
Since the policies of each leasing company differ, the original lessee may or may not be a guarantor on the new documents. If they are a guarantor the transactions is a “transfer of equity” and the original lessee is still responsible for the vehicle should the equity holder not be able to meets their obligations. If the original lessee is completely removed, it is called a “lease assumption” and it releases the original lessee from all responsibilities.
Leasing companies also charge fees including a credit application fee and a lease transfer fee that can cost up to $600. Some of the leasing company fees are listed on the Swapalease website, if it isn’t there, contact customer service at Swapalease for details. Any ownership changes will always include additional fees such as vehicle licensing, registration fees and state use taxes. Lease end fees typically include disposition fees, excess mileage fees, and excess wear and tear fees.
Swapalease also has a “Peace of Mind” program available directly through them. This program covers liabilities from remaining car lease payments, excess wear and tear fees, excess mileage fees, disposition fees and excess physical damage fees. The cost of the “Peace of Mind” program varies with each vehicle and the lease terms of that vehicle.
Selling your lease may be a risky move especially if the documents show you are a guarantor. If the lease buyer does not make payments or runs off with the vehicle you are responsible for the consequences of their actions.
Swapalease has a number of complaints in regards to it services, the process and the negative end results of the transaction. Some of the lease sellers were left to file bankruptcy after the car payments were not paid and others had to continually make payments on the car for which they were never to see again.
Some insurance policies won’t cover any damages from lease assumption agreements which makes you completely liable with no help one so ever. The transfer of lease is often considered a car sublease, which is illegal, and can cost you more than it is worth. Research other possible solutions to get out of a lease before transferring it to someone; it may be best in your best interest to complete the lease terms and simply suck it up.