Ditch that lease
· By: Jack Nerad for Driving Today
· Date: 2004-10-11
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Many drivers are now stuck driving vehicles they don't want to drive because they can't figure out how to get out of their leases. Now, for drivers who want to terminate their lease early and get into a new car, it has never been less expensive to do so. LeaseTrading.com, which has already built an on-line marketplace for auto lease trading, has introduced Instant LeaseRelease, a new service available at select auto dealers that enables you to exit your lease for a fraction of the cost you might normally pay to end your obligation.
Before Instant LeaseRelease, if you wanted to return your car early, you would be responsible for the negative equity on your car, which could total tens of thousands of dollars. Instead, LeaseTrading, working with your existing dealer, will enable you to exit your lease instantly for as little as half the cost. You simply pay a low transfer fee that can even be financed with your next car purchase. You will save 50 percent compared to paying the negative equity when you return your car to the finance company early.
How does it all work? LeaseTrading takes in your old car, makes your payments, and then finds a new buyer to take over the lease. If it can't find a buyer, the company will pay the lease off, ending your obligation. Since 1999, LeaseTrading has helped tens of thousands of people in and out of their leases through its online auction site. With the introduction of Instant LeaseRelease at auto dealers across the country, the online site will have even more exclusive listings.
"We have created a vibrant secondary market for auto leases," says LeaseTrading CEO Michael Penfield. "For the first time, drivers looking to buy or lease a new or used car now have a third option: assume a lease with a short term, no down payment, and low monthly payments."
Seventeen million U.S. consumers drive leased cars--one out of every three cars driven off the lot, and, according to LeaseTrading, more than 25 percent of leaseholders would opt out of their current lease if it were not for exorbitant termination fees.
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