Website Helps Owners Replace Gas Guzzling SUV's
MIAMI (CBS4) ― The high price of gasoline has many drivers downsizing and some of those people who are trying to downsize are stuck with a lease they can no longer afford. But there is a way that SUV and truck owners with hefty payments can find a way out.
It's called LeaseTrader.com, a company headquartered in Miami, that helps consumers transfer their Car Lease to another person anywhere in the country. It's helping people transfer out of their sports utility vehicle lease as a result of today's high fuel prices.
Gas wasn't a big deal two years ago when real estate agent Marisela Montoya leased her SUV. "It was a little over $2 a gallon. Now I'm paying almost double it."
First, came the housing crash, which wiped out a lot of her business. Then fuel costs cut into what little she had left. Montoya was left feeling stuck with a truck she simply couldn't afford. "I can't afford a $500 payment on top of a $200 or $300 gas payment," said Montoya.
To break the lease, Montoya would have to fork over up to $5,000 and thousands of people are in same situation.
The only way for a person to terminate an auto lease early is to pay out the remaining terms or roll the negative equity into a new vehicle, which can be an expensive option. However, through LeaseTrader.com, consumers can easily transfer out of their Car Lease without paying the hefty financial penalties that come with early termination.
Currently, the company is seeing a surge of SUV lease-holders looking for a way out.
"We've tracked about a 24% increase in customers now looking to downsize their vehicle," said John Sternal from Leasetrader.com.
Sites like this charge a few hundred dollars and match them with people who want to take over the payments, for however long is left on the lease. Some are pretty attractive, like 16-months left on a Pathfinder for under $300. Others may have a hard time finding a suitor, like an Escalade with a monthly payment of more than $1,100.
With her job, Montoya can't even cut back on how much she drives. She has to drive her clients all over town to look for properties.
Montoya's Leasetrader listing eventually got a breakthrough. With ten months left on her lease, she found a taker and will be free to find that small car she needs.
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This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com.
Print | posted on Tuesday, May 27, 2008 9:20 PM