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Save Money by Trading a Car Lease

Lease swaps are win-win deals for car shoppers and leased car drivers!

By
Laura Adams, MBA
3-minute read
Episode #132

Lease Trading for Buyers

Another reason to consider lease trading is that buyers get some nice benefits too. For example, you can take over a car lease with no money down, since you don’t go through a dealer. You can also find a shorter-term lease, if you don’t want to commit to a typical three to five year agreement. You browse through the online car listings to find something that interests you. Once the company that holds the lease approves you to assume it, you sign the paperwork, and work with the seller to transfer the vehicle.

Lease Trade Considerations & Costs

You can even trade a car lease with someone who lives in a different state; long-distance transfers are not uncommon. You can arrange to have the vehicle inspected by a dealer or a mechanic close to the seller and have it delivered to you by a shipping service. Most online trading sites offer resources for the different services you might need to get the deal done. 

If you want to trade your lease, always do it with the leasing company’s knowledge and approval. It’s best to contact them first to make sure that they allow lease transfers—otherwise you could end up being responsible for the payments anyway. You can find the basic transfer policies, restrictions, and fees, for many leasing companies at leasetrader.com.

Listing a leased vehicle online offers no guarantee that you’ll find someone to take it. But there usually are many people in the market for short-term, affordable car leases. Paying for transaction fees and advertising costs associated with doing a transfer will be much less than buying out your lease and paying an early termination penalty.

Be sure to check out my Quick Tip about cutting the cost of your auto insurance for more information.

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More Resources:

Lease vs. Buy Calculator

Car Lease Calculator

Car lease rates explained

Girl with Car Keys image courtesy of Shutterstock

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About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.