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Getting into (or Out of) a Car Lease

This is an article from AARP which I think could be useful if one is found wanting to get out of a car lease.

ARTICLE:

It’s the vehicle version of online dating. Sites such as LeaseTrader.com and Swapalease.com match people eager to escape an auto lease (without paying thousands of dollars in dealer termination fees) with bargain hunters who avoid dealer fees and a down payment by assuming a lease for its remaining term.

Both sites have seen a surge in traffic. Here are some need-to-know facts before you make a deal.

FOR SELLERS. Brokerage fees run from $100 to $240 on the sites. But watch out for this hazard: some lease companies will hold you liable for damage and unpaid fees even after the transfer.

FOR BUYERS. Some sellers will pay you to take over the lease – an incentive that may cover the leasing company’s transfer fee and what you may owe in state taxes. Before you sign, check the mileage allowed on the lease and get the vehicle inspected.

Source: Don Beaulieu

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