How to Get Out of a Car Lease

" He needed battle a tough economy as the downturn that is mentioned uptick for one auto business -- journal as a vice president at least traitor dot com and joining us. -- from Miami and with me in our studio is Andrew Card -- A lease trader customer showed John how -- do it -- things working -- we now."

" Well that's pretty simple you know there's there's a lot of people out there as we don't know dealing with this recession and we've all heard stories about the foreclosures and housing situation but. You know a lot of people realizes that the the car payment is typically the second highest payment for a for average family and and you know we're we're sitting over here and there's a lot of people with leases who may have thought that the police when times were good and you know it's kind of hard -- car payment then and there for those people who were kind of trapped underneath that type payment right now. We're giving them an option to lease trader dot com Dell lost an average I don't get out of network has to work. Plus like a matchmaking service really you've got somebody that Dell wants to get out of their least they post the vehicle details with pretty pictures of the car online. And then on the flip side there's other people who were browsing the web site for free. That are trying to. That have interest in taking over one of these short term leases and and we -- the two parties together and then net and then walk them through the transfer of process."

" How do you come up with this idea you get second -- that you that life -- yet -- knack for matchmaking added that that kind of intensity."

" It actually was born out of a personal experience the CEO and founder was was leasing of BMW and had about ten or 1410 or twelve months remaining on the lease and you know he went back to the dealer that originally sold on the -- and they said well you know if you want out of it right now you can break the -- you'll have to write me a check for 14000 dollars today. But I can get -- so. You know he he left the dealer saying no thanks there's got to be a better way and he Saddam -- lease trader dot com."

" that's as familiar I didn't managers lesbians at the that they don't want it's very similar what -- little -- describe what it. How did you finally straighter and and what made you use them."

" Well unfortunately -- a victim of the economic downturn seen yet that victim. I lost the considerable amount of sellers so it was difficult for me to pay the card bills and pay singing decided -- that this Caribbean daddy of them and you would do what. I contacted BMW and they actually recommended. A -- dot com."

" Oh they did you -- one of my questions for you is why not go back to the dealer that at least in the car originally."

" Most of the time dealerships in the leasing companies wants the Lisa said they really don't want to work with you can tell them that you're having a hard time in the assailant who we feel bad about that sends -- check. I'm so. They -- but they will give you the option of getting out of the lease if you could find somebody qualified. To take over the lease and that's how we saw at least it takes over."

" She went -- went on the website you pick your car there that how long did it take for you to actually get matched up."

" It took I I was contacted by this individual within about three days. And from start to finish it took about two weeks."

" Yet John did enter having a liability what happens if that person gets matched up with I don't know if it isn't screened or had been. I didn't have a publications to take the leasing it is their liability for and her life anyway once. Once he starts his matchmaking process."

" What everybody's got a check their contract to make sure that there that there are leasing company allows for transfer. But lease -- dot com has some some. Some some. Things in place that that prevent a lot of those problems first and foremost we. We pre check the credit of the incoming buyers status of that. You know when when now when it's people like ensure first contacted by somebody they know right away that that the incoming -- has to credit take over the payments. And Joe -- how much."

" Did this did this help you went from paying what on a lease on a BMW to now what kind of -- have -- pan."

" I downsized to a Toyota so it was a savings of about 500 dollar from a elect attacked by an F. Every time I go to the gas station as -- as the the end that you I -- the BMW but for now we worked out well."

" For now if you any advice to John that being the vice president of this company -- it'd be."

" I know what they're doing a great job date they walk you through every section -- each step. They actually familiar I know they were familiar with the BMW and how to process works and it worked. Walk you through all the people were did you receive this he should be receiving the next people were within a few days and write down the line they help you until it's complete."

" Now IA and -- you that you mention BMW for the foundering Andrew Ross had to be ended he does this work better with certain car companies over others."

" I know we've got to a wide range of vehicles you can find virtually every make and model on on on this site you know leasing tends to -- a little higher towards the luxury and hiring vehicles but but you'll find every kind of car on our site."

" 45000 transactions last year how many -- this year."

" We're projecting and we're on pace to handle about 60000 nationwide this year I think you'd get paid per match up is that how -- Teddy got to make money."

" Well it's it it's a fee for it if you're similarly cancer and you want get out of your lease its. It's 79 dollars to post your vehicle. And then at the time -- transferred to an additional 149. And on the flip side if you want to take over release its 39 dollar membership. Which also covers the cost of a credit check. And then also won 49 to to at the time of transfer for the incoming byers well felt like it was a good option analysts it was a solo performance I -- thanks so much for sharing that threat to get a different story out of the -- sector appreciate but the coming -- today pleasure I didn't."