Leasing is a popular way for people to get into a new vehicle — even though it’s probably money expert Clark Howard’s least favorite way for you to get transportation.
A look at Swapalease
Despite Clark’s reservations, a lot of people still choose to lease.
“One key bit of advice I have if you’re going to lease is to stick to leasing terms of 36,000 miles over three years,” money expert Clark Howard says. “Any longer than that and you’re really doing yourself financial harm.”
Of course, not everyone follows that rule! So what happens if you find yourself stuck in a lease and you want to get out?
Swapalease offers a marketplace where you can transfer your lease to another party and exit it without penalty, or you can get into somebody else’s lease.
Here’s a look at how it works:
1. Make sure your lease is eligible for Swapalease
This is a critical first step. You’ll need a few required pieces of info to get started:
- Year of your vehicle
- Lease company
- Your name
Don’t worry, most leases do qualify for a transfer!
2. Create your listing
Once you know your lease is eligible for transfer, it’s time to create your listing. Your listing will include the following info:
- Specific vehicle features
- Remaining miles and months on your lease
- Monthly payment
- Detailed personal description of your vehicle
Once you create your listing, it will stay up on Swapalease for as long as you have your ride.
But note this well: Swapalease is not a free service. There are several packages you can purchase based on how many bells and whistles you want on your listing.
TIP: The “Swapper’s Club” for a one-time fee of $199.95 is the cheapest all-in membership. It includes the $200 “success fee” if your lease transfer goes through. You’re allowed to post 12 pictures with this plan.
The next cheapest package is the $99.95 standard membership. But the standard membership does not include the $200 “success fee” and you’re only allowed to post one picture. That makes the true price closer to $299.95 for a lot less visibility.
3. Transfer your lease
Swapalease gets traffic from hundreds of thousands of customers each month. If one of them is interested in your lease, a Swapalease expert will help you complete the lease transfer process.
Now the hard part is done; you just have to complete the transfer documents provided by your leasing company. Then, hand over your keys to the lease buyer and your transfer is officially complete!
Leasing isn’t for everyone — in fact, money expert Clark Howard only recommends leasing in a very limited number of circumstances.
If your financial circumstances change and you need to exit a lease, Swapalease could be your answer.