Announcement from Swapalease.com
More Manufacturers Are Launching Used Lease Pilot Programs
Swapalease.com, the nation’s largest car lease marketplace, announced today it has launched a Used Lease Swap program that makes it easier for drivers of used leases to exit their lease contract by finding someone else to take over the remaining portion of the lease.
Demand for used and certified pre-owned vehicles are increasingly in more demand as the industry continues to struggle with supply of new cars and trucks due to the semiconductor chip shortage. Manufacturers are also looking to cater to consumer demand, which is constantly interested in a monthly payment-centric method of shopping for a vehicle. As such, several manufacturers over the last few months have begun testing pilot programs for leasing used and certified pre-owned cars and trucks.
Lease payments are typically smaller compared when financing the vehicle because the driver is only paying for the portion of the vehicle they agree to use. This is important because used vehicle prices increased 3.74% in the first half of March compared with average prices during all of February, according to Cox Automotive’s Manheim Used Vehicle Value Index.
“Our Used Lease Swap program goes a step above some of today’s innovative leasing programs because it introduces even more flexibility into the needs of today’s driver,” said Scot Hall, Executive Vice President of Swapalease.com. “It’s great that the industry is looking at ways to bring about more certified pre-owned lease options, but even after you sign on the dotted line, regardless if it’s a new or used car, life changes happen and we want to give people more freedom and flexibility to change their driving needs at a moment’s notice.”
Swapalease.com’s Used Lease Swap program works similar to its initial swap program for original lease contracts. A person lists their lease on the website and finds a match for a second individual who agrees to take over the unused portion of the lease contract.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal.