NY Times: Car Leases Can Be the Most Binding of Contracts

Guess you guys and the author never heard of Swapalease.
Got rid of 2 leases in the past 8 months using Swapalease, first my 2014 volt so I could get a 2016 volt.
Then I got rid of my moms 2015 Prius for her last month, after she had a stroke last summer and can no longer drive.
Of course the caveat is you have to have a decent lease to begin with to make the payment attractive enough that someone would want to take it over. (No one is going to take over a $500/month payment on a volt)
You guys are lucky to have forward thinkers on here to show you there are other ways than what the doom and gloom naysayers are preaching.

The volt was through us bank and they are kind of tough on the credit check for the interested party. My payment was $249/month and I had at least 8 people trying to take over the lease but ultimately only 1 was approved. Since Swapalease works directly with us bank the paperwork was very fast and all done online in less than 2 weeks.

The Prius on the other hand was through Toyota financial and they seem much more lenient on the credit check but everything had to be done by mail and took a total of five weeks.
The payment on the Prius was only $199/month and the first person that looked at it wanted it, was approved and took it.

Yes at $261 per month you should have no problem, and it would be the top listing because they show the lowest price first!

I started getting responses almost immediately.
I did not have to chip in to sweeten the deal but I have seen other listings, with higher monthly payments, offer an incentive to effectively lower the remaining monthly payments.
It always comes down to how good of a deal you got when you initially signed your lease.
Low monthly payments with a decent amount of miles left will always make it easier

And the only other 17 with a lower payment than yours is already "swap pending" so yours should go quick.
And it looks great too.

kns said:

Are you sure? It is my understanding is that if the person who takes over the lease fails to pay the monthly rental or for assessed damages at the end of the lease, then the leasing company will come knocking on your door pdq.

KNS

Click to expand...

Is that like "many people are saying"

I can speak for Toyota financial and US Bank, and both of those, total liability transfers to the party taking over the lease which is why they have such tough criteria to qualify for the person taking over the contract