Who can use LeaseTrade.com?
As a seller, any individual with an in-process lease, whose lease company allows lease transfers, can use LeaseTrade.com. Businesses are also open to use LeaseTrade.com to market their vehicles as well. As a buyer, anyone looking for a good value on a late-model used vehicle can browse LeaseTrade.com.
I'm a new/used car dealer. Can I use LeaseTrade.com?
Yes! Dealerships are welcome to register as a LeaseTrade.com seller and post new and used lease vehicles that are available. For ad quantities over 50 vehicles per month, please contact LeaseTrade.com business development for special corporate rates and incentives.
Are there any transaction fees, transfer fees or processing fees charged for successful transactions on LeaseTrade.com?
No! There are no additional or hidden transaction, transfer, or processing fees on LeaseTrade.com.
How are incentive payments from the seller handled?
Incentive payments from the seller are usually made in the form of cash, check, or money order to the lease buyer upon successful assumption of the lease. This payment is usually made at the time the vehicle is handed over.
Is it possible to terminate my lease directly with the lease company?
You do have the option of contacting your lease company directly and terminating your lease but the lease termination penalties usually make that an expensive and painful process. Each lease company has their own policies, but most will charge an early termination penalty in addition to other fees. It is very common for these charges to total several thousands of dollars. This is the primary reason why LeaseTrade.com can be such a valuable service.
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How do lease transfers work with the lease company?
The basic lease transfer process is relatively the same for all leasing companies. The individual wishing to assume the lease submits a credit application to the leasing company. The leasing company will make a decision on the credit worthiness of the applicant. If approved, lease transfer documents are prepared and sent to the new lessee for signature. Once signed, the lease contract is returned to the leasing company and processed. Once accepted by the lease company, the seller hands the vehicle over to the buyer and the transaction is complete.
How long does the average lease assumption transaction take?
Lease assumption transactions usually happen very quickly. They can take as little as a few days to as long as 4 weeks. Most of the time, it depends on the particular lease company.
Are there any additional fees involved in lease transfers?
There may be some fees required by the leasing company to transfer the lease. Lease company fees can include both credit application and lease transfer fees. Each leasing company has their own fee structure so please refer to the Lease Company information on our site or contact your lease company. Who pays these fees are normally a negotiable item between buyer and seller.
Am I able to negotiate any of the terms concerning lease transfers?
The original contract terms of the lease, including monthly payment, mileage allowed and lease-end date remain fixed and are inflexible items of the contract. However, the buyer and seller are free to negotiate other details of the lease transfer. A few examples of commonly negotiated items are, who pays the lease transfer fee, who pays for delivery of the vehicle, who pays for a vehicle inspection check, as well as incentive cash payments. Sellers also can opt to offer cash incentives upfront to further incent a buyer or offset an over mileage scenario. These side details are made directly between the buyer and seller.
How is the lease transfer initiated?
The lease seller usually contacts his or her leasing company and initiates the lease assumption process. Once a buyer has agreed to take over the lease, the buyer must submit a credit application to the lease company. Once approved, the lease company will forward a new leasing contract to the lease buyer. Once signed and returned, the lease company will notify the lease seller that the lease has been successfully assumed and that the seller can hand over the vehicle to the lease buyer.
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When is the lease transfer final?
The lease transfer process is final when the lease company receives all required lease transfer documents and fees for the transaction.
Who is responsible for potential lease-end charges?
The lessee at the end of the lease term is responsible for any lease-end charges that may exist. Lease-end charges may include disposition fees, excess mileage fees and excess wear and tear assessments. All potential lease-end charges will be outlined in the lease contract. To guard lease buyers against excess wear and tear assessments, LeaseTrade.com has partnered with a leading purchase insurance company. Please visit our partner section for information on this valuable program.
How are long-distance lease transfers handled?
When a long distance separates the buyer and seller, specific arrangements can be negotiated to inspect the vehicle and deliver it to the buyer. There are many different arrangements that can work. Most often, buyer and/or seller drive or fly to meet each other, have the vehicle inspected and sign the lease assumption papers once they are happy with the vehicle. After that, the buyer can drive the vehicle home or have it transported by a vehicle shipping service. If you are interested in getting your vehicle inspected or having it shipped, please visit LeaseTrade.com's partners that can assist you with these services.
How do I check lease company policies?
Visit the Lease Company section of the website to see the specific details about the lease company you're interested in. Familiarizing yourself with fees or policies (such as geographic restrictions) can save you time by not pursuing a vehicle that you cannot assume.
Have a question that isn't covered in the Learning Center?
Send your question to LeaseTrade.com support and we will answer your question directly!
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What information will I need to list my vehicle on LeaseTrade.com?
Before listing, you will want to have the following information:
1. Contact information you will use for communicating with lease buyers - Including name, phone number, and email.
2. Information about the vehicle - Including year, make, model, color, features, and current mileage.
3. Details of the lease - Including the lease company name, base monthly payment, lease-end date, lease-end purchase option, and lease allowable miles.
What does it cost to place a seller's ad on LeaseTrade.com?
Placing a vehicle ad on LeaseTrade.com is similar to placing a classified ad with your local paper or on an internet classified website. For a list of fee structures, please click here .
How does the LeaseTrade.com process work for sellers?
1. List your vehicle on LeaseTrade.com.
2. Respond to vehicle inquiries that will be made by email and phone.
3. Negotiate directly with buyers and agree to a deal.
4. Begin the lease assumption process. Contact your lease company to begin and complete the lease assumption.
5. Turn over the vehicle: Give the vehicle to the buyer and walk away!
Can I add pictures to my vehicle listing?
Yes! To do this, just login to your Seller Account and click on the "Photos" button underneath your vehicle listing. Each ad package offers a different number of vehicle photos per ad.
What is a 'seller cash incentive'?
A seller cash incentive payment is a dollar amount offered by the lease seller to incent people to assume his or her lease. How this works is that once a buyer agrees to assume the lease (the lease assumption contract is signed), the seller pays the lease buyer cash for completing the transaction. This is used to help sweeten the deal. Offering a seller cash incentive may be a good option for sellers that are over their pro-rata mileage for the lease (for example, a 36 month lease with 1,000 miles per month with 20 months left in the lease should have 20,000 miles left in the lease to make it 'correct'), the seller cash incentive can correct any mileage imbalance to 'correct' the lease for the buyer.
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Can I offer an incentive to make my ad more attractive?
Yes! In many cases it makes sense for a seller to sweeten the deal by offering an incentive payment. Typical incentives include offering to pay transfer fees, make payments for the buyer or even offer cash for taking over the lease. If your payment is not competitive or you have used more miles than outlined in the lease contract, offering an incentive is a good way to offset these negatives and improve your chances of success. Ad listings include a notation of any incentives offered by the seller.
When my lease transfers, what happens to my lease security deposit?
Not all vehicle leases require security deposits. If a security deposit was originally required, each lease company has their own policy as to how they handle security deposits during a lease transfer. Information about how each of the lease companies handle security deposits is included in the Lease Company section . If a deposit is not returned to the seller, the buyer and seller are always free to negotiate this detail as well.
How do I cancel a vehicle ad?
If your vehicle has successfully been assumed, you can use the seller login to view the vehicle ad. On the "Seller Account" screen, click the "Cancel Ad" button for the ad to be cancelled and follow the instructions provided. This will remove the ad from LeaseTrade.com and from your "Seller Account" screen.
Do I retain liability once my lease has been transferred?
For lease companies that allow transfers, when a lease is transfered from seller to buyer, the liability of the lease also transfers with the vehicle to the buyer. This allows the lease seller to completely remove themselves from the responsibility of the lease car as well as the financial terms of the lease itself.
In some cases, there are still some lease companies that retain the original lessee as a secondary guarantor. This is an unpopular policy for a number of reasons but if your lease company has this type of policy, there are some things you should know. 1. When somebody assumes the lease, they become the primary guarantor. Meaning that they are first in line for payment responsibility on the lease contract. 2. The original lessee stays on the contract as the secondary guarantor. 3. In the event that the vehicle is trashed, totalled, or stolen, the current lessee's insurance will cover the expense. Lease companies are very particular about the required insurance limits and verify insurance coverage regularly, so this is an important safeguard. 4. In the event that the lessee's insurance does not cover the full payment amount, the lease companies utilize 'gap insurance' to cover the amount between the insurance payout and the full payment value. You can see this lease feature on the back of your lease contract. So, the bottom line is that being a secondary guarantor is safer than you might think. As a disclaimer, always verify these details with your lease company as policies do vary between companies.
If the idea of remaining on as a secondary guarantor is just not a possibility, perhaps the LeaseTrade.com ReLease Program may be right for you.
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What should I do if I forget my seller account password?
From the Seller Login area you can click on "Forgot Password?" to request your password. Just enter the email address you used when you registered your LeaseTrade.com account and your password will be emailed to you.
What is the difference between LeaseTrade.com and a payment guarantee service?
There is a world of difference between us and a payment guarantee service! We are a lease assumption marketplace so lease sellers advertise their car to lease buyers and when a deal is agreed to directly between you the seller and a buyer, the lease is legally transferred from seller to buyer through the original lease company. Thus, the lease company rewrites the contract and the new lessee takes the responsibility of the car and the lease payments after the assumption process is complete. This is done WITH the lease company approval and will terminate your lease contract early removing you from future liability.
Are there any buyer registration fees on LeaseTrade.com?
Absolutely, not! Buyers are free to browse any and all vehicle ads on LeaseTrade.com. There is no mandatory buyer registration or credit application. In addition, lease buyers can place FREE lease wanted ads and be notified when a vehicle fitting their description becomes available!
How does the LeaseTrade.com process work for buyers?
1. Use the LeaseTrade.com search to find a vehicle to your liking.
2. Contact the seller via phone or email
3. Negotiate directly with the seller and agree to a deal.
4. Fill out the paperwork provided to you by the lease company and return it in a timely manner.
5. Pick up the vehicle and enjoy!
How do I search for available lease vehicles?
LeaseTrade.com provides a quick and efficient search method for lease buyers. Click on the Find a Lease link at the top of any webpage, select the preferred search type and scroll through the available lease car listings. To view vehicle details, click on the vehicle link and you will see the complete vehicle details of the selected ad.
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How do I contact a "Lease Seller"?
LeaseTrade.com allows the buyer and seller to freely communicate to discuss the vehicle, lease terms, and any other questions that you may have. This is unlike our competition that often acts as a middleman and does not allow direct contact between buyer and seller. In addition, they may charge fees for communicating as well as be a source for communications delay. On each vehicle ad on LeaseTrade.com, the seller's phone number and email are clearly posted for your use.
Where is the vehicle turned-in at lease end?
Each leasing company has their own turn-in policies. However, if a lease company allows a buyer to assume a lease, they usually have provisions for a new lessee to turn in the vehicle locally.
How do I check if a vehicle has ever been in an accident?
The first thing to do is openly ask the seller if the vehicle has ever been damaged or in an accident. Second, LeaseTrade.com has also partnered with
Carfax.com who provides comprehensive vehicle history reports for any vehicle.
What if I don't find the vehicle I'm looking for?
A specific vehicle that you're looking for may not be available today, but may soon! LeaseTrade.com receives new postings every minute so there is a good chance one will become available. If you know what you're looking for, post a Lease Wanted ad by clicking here. When a vehicle to your specifications becomes available, we'll notify you instantly via email!
What would you like to do next?
Return to the Learning Center
Post a vehicle ad
Search for a lease car
