Many automobile buyers have driven down the road of leasing. Actually, leasing a vehicle has many advantages as well as disadvantages to the buyer. The term "lease swap" comes into play when searching for the best lease options. The most important thing is to remember how to check the fine print on any lease swap.
There are multitudes of lease swap websites and a simple search engine will display most of them. If you are the seller in a swap situation there are fees to be assumed. There is a listing fee from the site that you choose as well as some applicable fees that you, as the seller will have to pay to the leasing company that wrote the contract. Each company will have a slight difference of fees, but should be reasonable. These are the questions that will have the answers in the "frequently asked questions" section of the website.
If you are looking to take over another person's lease then there are several things to consider.
- First, you may want to contact the leasing agent to make sure all of the fees are included in the websites description.
- Second, you will want to inspect the vehicle for damage. Damage may include dents, paint, interior shape, and smoke damage. Every manufacturer has strict guidelines on how much damage, if any, is acceptable and the cost to the potential leaser if there is damage present upon turn in.
- Mileage is another important aspect to consider. Every lease plan has a max mileage, which is pre-determined before the paper work is signed by the original party. If a vehicle has a thirty thousand mile plan and a three-year lease then mileage is important. Miles can be purchased if you happen to go over the contract limitations, but this will cost you additional fees, which should be avoided if at all possible.
I have leased several vehicles and have become familiar with the manufacturers "do's and don'ts." Read the fine print and do your homework. You can never make too many calls to assure that what is being described to you is in fact legit and not just being said to make a swap happen. You will want to physically inspect the vehicle. The chances of it being miss-represented are slim, but still possible. Remember, after the paperwork has been signed it's your responsibility. You can never be too safe, especially with assuming someone else's lease because it's a legally binding contract.