Industries all over the world have suffered immensely at the hands of the COVID-19 pandemic that some experts believing we are heading towards another global economic recession. Poor economic prospects have made people conscious and cautious even as to where they should be using their money.
People who had been planning to buy a new car have decided to hold the idea until the market gets stable. Those who cannot hold the idea of buying a car are going towards car leasing. Today, we are going to take a look at what car lease swapping is. Then, we are going to compile a step-by-step guide on how you can use car lease swapping platforms. You would also learn about the good and bad of the car lease swapping.
First of all, let’s take a look at car lease swapping:
Car lease swapping
source:moneywise.ca
The option has made it easier for people to get their hands on a car rather than without an outright purchase or by getting a new lease. This can be done by assuming an existing lease from someone who is willing to exit.
Advantages of Car Lease Swapping
Compared to purchasing a car, this has numerous benefits and also integrates other benefits linked with car leasing. Let’s take a look at them:
· You don’t have to make down payment while assuming a car lease. This is true in most cases.
· You can buy the vehicle when the lease term ends.
· If the vehicle’s market value is higher than its residual value, you can even sell it for profit.
Disadvantages of Car Lease Swapping
No model or product is perfect. And discrepancies may exist. It holds for car lease swapping as well. Here are some of the disadvantages of it:
· There is a limitation on the number of miles you can drive in a particular period. Extra miles over the fixed come at an incremental cost.
· The maintenance costs are higher with car lease swapping. The leasing company takes care of the regular wear and tear, but you would have to pay for other major expenses. Also, the condition of the vehicle at the time of lease transfer is an essential factor.
Quitalease is a unique platform where you can take complete advantage of the benefits linked with lease swapping. The platform is quite helpful for both lease sellers and buyers as it has hundreds of listings in each domain, and every day new entries make to the list. It leads to a quick match between the sellers. Also, there are abundant filters to choose from so you can customize your search according to your requirements. You can find your ideal set of wheels according to a specific location as well.
Car Lease Takeover
source:instamotor.com
The lease swapping option is ideal for those who no longer want to continue car lease payments or unable to do so due to financial restraints. So, instead of terminating the car lease that could hit your bank account in terms of cancellation fees, they can sell their car lease to someone else. And the person who buys the car lease does not have to make any down payments. So, lease swapping benefits both parties.
The lease buyers and sellers can interact with each other through platforms Quitalease. The platform comes with plenty of features that allow you to find the right deal. The lease buyer and seller can contact each other directly. First of all, you will have to search the listings in your area and then customize them according to the car make, model, color, and fuel type you are interested in getting. There is no other platform that provides this much ease to the users. Once you have mentioned all the specifications, Quitalease will help you in finding the best match.
How to use Apps Like QuitALease
Step #1: Visit Quitalease.com
Step #2: Head over to the Search tab. And type in your preferred choice of vehicle. You can use different filters to tweak your search to get the closest match.
Step #3: Go through the listings to decide
After typing in your specs, the site is going to display all the options that match your requirements. You can go through them and make your pick.
Step #4: Initiate Car Lease Takeover
Now, it is time to talk to the seller. This leasing platform lets you contact he lessee directly. Once you both have agreed and decided to do the car lease swap, you have to send an application to the car lease company. The company is going to check and verify all the details and then pass the verdict on whether you are eligible for a car lease takeover.
Once the company approves, it will then prepare all the necessary documents and then send it to both parties. The parties have to sign them and hand them over to the leasing company.
Step #5: Acquiring car keys
After this, you can now get the car keys from the original lessee. And from now onwards, you are going to assume the lease payments of the car.
With Quitalease, you get to drive a car sooner and also help someone come out of financial problems. And as the platform lets you directly contact the original lessee, you can discuss all the details, negotiate, and finalize a deal that is beneficial for both. But even with a lease swapping platform like this, you may have to pay attention to some restrictions. You should know that you cannot modify the car in any way. And if you do so, you would have to bear the expenses of removing them once the lease term ends.
If you end up buying the car, that is another story. The above-mentioned platform could be a big help to you if you want to get your hands on a set of wheels fast and within your budget. And since the payments are of short term, it is easier for the buyers. People have found buyers for their lease within weeks as per the customer reviews. So, car leasing swapping is something you would not regret as it is highly likely that you would find a good deal for your driving needs.
