Lose That Car Lease

At LeaseTrader, the seller pays $59 to list the car. Buyers can get started for a 60-day membership fee of $29.95. The price includes a credit verification, which lets sellers know you're a serious candidate to take over their lease. If you become a "premium" buyer for $79, you get one free vehicle-inspection report.

Pricing a Lease

As the seller, you want the buyer to pick up your monthly payment for the remainder of the lease term. The buyer is looking for a good deal. So what's involved in pricing the transfer of a lease?

The number of months remaining on the lease and the monthly payment amount are key factors. But the value of the lease also depends on the number of miles remaining on your lease. The more allowed miles you've used, the less value to a buyer. You may have to offer an incentive to the buyer, such as giving him an upfront check that effectively lowers the monthly lease cost. If a lot of money is being transferred as an incentive, an escrow service is available at each site.

What's Left to Do?

There are a few things to keep in mind after you've agreed on a deal:

At SwapaLease, you must handle the paperwork. LeaseTrader charges the buyer and seller a $149 fee, which pays for a representative to handle all aspects of the transaction.

Confirm that the car is in the advertised condition by a personal visit, digital photos or an independent inspection service offered by both sites.

Check on leasing-company transfer fees, which range from $35 for Toyota (TM) to $595 to transfer a lease handled by General Motors(GM).

Register the car and pay appropriate taxes in the buyer's location, or the leasing company will add the tax amount for his state to each monthly payment.

Agree on how the car will be transported to its new location and who will pay the cost. LeaseTrader works with FedEx (FDX) to arrange delivery to distant locations.

If you're thinking that it would be easier to ride out your current lease than to get rid of it, you might be right. But if you absolutely must get out of your lease, it's nice to know that LeaseTrader and SwapaLease are right at your fingertips. That's the Savage Truth.

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