This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

How to 'Swap' Your Auto Lease

With more and more Americans in tough financial straits, a growing cottage industry has developed around an unlikely market -- the auto lease "swap" sector.

It's not an unusual premise. People who lose their jobs or suffer a medical calamity, just to name two instances, need to cut expenses fast. One way to do that, if you lease a car, is to find another buyer to assume your lease.

These days, it's not as difficult as it sounds. Companies like or act as brokers who, after taking a hefty fee of up to $250 or so, will get you out of an onerous lease, saving you from early termination penalties and any remaining payments.

So how do you get in on the swap? First, review your lease documentation thoroughly to check and see if it allows transfers. If the contract isn't clear, pick up the phone and call your auto lease company and ask (chances are they'll go for it, as long as the lease buyer has good credit).

A note of caution: your lease contract may allow you to swap, but it may hold you responsible if your lease buyer defaults on the contract or if he or she damages the car. Get that "out" clause in writing before you agree to a swap, and you'll have to get your car lease company's approval if the contract doesn't make it clear whether you can engage in a swap or not.

To get started with a swap, go online and check out the afore-mentioned or and list your vehicle data and any pertinent contract information. The web site then flashes your lease information across the Internet, presumably to folks interested in getting a good lease takeover deal. Swap companies will contact you as interested buyers pop up, and help you handle the swap details, all from the comfort of your home.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $124.25 0.00%
FB $81.66 0.00%
GOOG $542.56 0.00%
TSLA $187.59 0.00%
YHOO $44.13 0.00%


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs