Car lease trading — a way for drivers to cut their auto lease payments — is becoming more popular in the midst of the current economic uncertainty. People don’t know what’s happening tomorrow with their jobs, homes or finances, so they’re opting to get into a shorter leases with less commitment, and lease trading is a great way to do it.
Cincinnati-based Swapalease.com expects nationwide growth to be up 30 percent from last year, projecting 100,000 transactions for 2009.
Miami-based Leasetrader.com is projecting 60,000 nationwide lease transfers for 2009, up 24 percent from last year.
John Sternal, vice president of marketing and communications for Leasetrader.com, said they have a waiting list of people interested in picking up short-term leases.
“In this economy, people are really hesitant to sign up for a long-term financial commitment,” he said.
Lease trading allows a lease holder to get out of an auto lease if they can find someone to take over the monthly payments. The new owner is only responsible for the remainder of the lease contract — not a down payment like the original lessee — and can choose to purchase the car at the end of the lease.