Came across a website called leasetrader because I’m looking into getting a lease- at first glance it seems like a no brainer assuming everything fits perfectly in place. Are there any things that I should be wary about or know before digging into this further? Has anything stayed away from this - if so why?
Assuming miles aren’t an issue***
What vehicle are you trying to lease transfer? Many brands don’t allow this.
Leasetrader and Swapalease are both viable options. Lessors have a transfer fee that you need to calculate in your math. A majority of the time you will be responsible for that fee though feel free to make someone a reasonable offer. We also have transfer section on this site as well, which is free. The good deals go quick on all these sites so be prepared to move quick if you find one.
Many listings on those sites are actually for brand new leases usually listed as 36 or 39 months. It’s in the fine print.
I believe you need to pay for full access to both sites.
I’m looking at BMW X3 and x4s, but I would be the one taking over a lease and I’m seeing a bunch of cars listed on there.
Ya, bmw is good to go, although their credit approvals can be more challenging than getting new. Otherwise, the sites are legit, you just need to verify the condition of the vehicle, etc as you’re responsible for it at lease turn in.
Why do you guys think more people don’t do this?
You’ll find lots of people here that do.
In general, I don’t think most people are aware it’s an option and lots of the leases people are trying to transfer are usually really poor deals.
Checks out. Good deals people tend to keep for themselves.
Did you read any of their reviews?
Most of the trades there are good, HOWEVER
Some people do this to :
- Pay off their negative equity off the last loan (Basically make the new leaser take it)
- Hide the fact that the car might be damaged and take pictures around the dmg.
- Don’t have the car and ask you for cash upfront that will vanish.
- Not send you the car (This has happened ONCE that I know of, but its a data point)
So just like any deal you have to do your duedilligence, such as hire an auto inspector for a few hundred, make sure you have newer pictures of the car, and make sure that you can transfer the car, some OEMs won’t allow it.
Lot of people do this and good deals get offer within few days of listing. I used Swaplease few yrs back to get rid of my Mini Cooper with only 5k miles and 1.5 yr left on 36/12. Car was in mint condition and was let go for $319/month . Reason I started WFH and don’t need the 2nd car anymore so why pay for lease and insurance. Win - Win situation for both me and the local buyer. Buyer need it for his wife and he himself was driving Porche 911. He was shocked to see the perfect condition of the car and why I am selling.
Their are always great deals but one need to keep looking and act fast.
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