Swapalease Review: How to Get Out of Your Car Lease Early
I wanted to tell about my experience getting out of my car lease using Swapalease. For those of you who don't know, Swapalease is a new site which allows you to dump your lease and let someone else (a willing buyer) take it over. It might cost you a few hundred to a few thousand bucks, but being able to get out of the lease obligation without having to go through the trouble of selling your car and potentially losing a lot of money, is worth it.
If you can find a family member or trusted friend to take over your lease for you, that's a good option. But if they default on the lease, it will affect your credit score. Transferring leases can be risky and affect your credit if you're not careful. Lenders also have complicated and strict rules about lease transfers that you need to read through before doing a lease transfer on your own. Swapalease is nice since they simplify the process and take care of the legalese and details for you.
No credit score dings
My credit score was not affected by my transaction. I found a buyer who took over my lease (2008 Audi) for $800, and the whole process took about 7 days from the day I listed. It was easy and clean, I walked away with a clean credit score and no liability, nothing on my record.
Swapalease was reviewed in the Wall Street Journal and the company has good marks for providing a quality service to thousands of customers. I found it was easy to get a service rep on the phone when I had questions about my listing.
After I listed my car, I was contacted by three interested buyers in the first 24 hours. After following up with each, one guy came through with an offer which I accepted. The rest was paperwork and contract process, which Swapalease largely handles for you. You just sign and the lease is no longer your problem.
Hopefully this is not a service you'll need to use often, but when you're in a bind, Swapalease is a good option. Quick, easy, no credit impact, and you can unload a big liability in a hurry, I give it a thumbs up.
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Swapping your car lease is the absolute best way to get out of a lease. In the old days, car dealers seemed more willing to work with you and you could usually make a deal at the lot. Thanks to the special offers these days and declining resale values of their used cars, this just doesn't work anymore. If you leased a car and want out or a cheaper payment, swapalease makes a lot of sense.