Leasetrader's value lies in its ability to create a marketplace for lease transfers, and I submit that it's the best marketplace (as compared with Swapalease, whom I have also used and been frustrated by)Both the buyer and seller pay to participate in the marketplace; the buyer, additionally, pays to initiate the transfer processLeasetrader's negative customer experience comes from their ability to continually obscure the fact that they really do very little to aid the transfer processTheir carefully crafted FAQs commit to very little but make the buyer and seller feel as if they do a lotThe doctored customer "testimonials" page (there is nowhere for me to leave a negative customer review and they only showcase supposed "positive" ones) make them seem more legitimate than they areIf you call customer service, you are more likely to receive a voicemail system than a live person (and that live person, at least for me, has always been an argumentative middle eastern or eastern european gentleman)Customers are presented with the option to pay a very nebulous "concierge service" fee which gets you exactly nothing; luckily mine was refunded as soon as I pointed that outAnd finally, at the conclusion of my lease transfer I inquired about how the cash incentive the seller was offering would get to me (assuming all along that Leasetrader would be the intermediary for that money transfer)The listing disappeared from my transfer page and now I must chase down the seller for some $1,that he really, legally, isn't obligated to give me
My family needed an extra car for a little over a year It would have cost over $1K per month to rent a car from a rental car co, so we decided to look into this to get a better car for a lot less money I signed up on May 15, we found the car we wanted on June 8, and I took possession on June 28, and I got my new plates on July We got exactly the car we wanted, at a very reasonable rate, for months, which is perfect for us No money down, and no money at the end I'll spare you the details, but I had a few starts because (1) the first seller had already bought a new car, so he couldn't afford the time to let this process work (i.e., he would have been carrying leases for several weeks), and (2) the second seller was ready to go, but BMW had a recall out on airbags, and would not proceed until that had been fixed (and no parts were available) SO, you need patience, luck and some lead time to find the right seller/buyer Once we started, our transaction took month In my opinion, Leasetrader is simply a place for buyers and sellers to meet in an efficient, safe manner It was worth the $to join and then $tx fee, but don't expect hand-holding or advice You need to be your own project manager Make sure you turn off the "auto-renew" feature, so they don't bill you for a renewal (unless you want it) Also, they require a "quick" credit check through Transunion that is "free" but you also have to cancel that "auto-renew" or they will bill you $19.95/mo I recommend that you limit your search to a reasonable radius from your location so you can go see the car and do a quick inspection before you get serious I ended up getting a car from a neighboring state, and it worked out fine There is a fair amount of paperwork to transfer the lease My seller was highly motivated, and so was I Our transaction took exactly weeks from soup to nuts We were working with Ford Credit, and they were excellent, and realistic about timetables Leasetrader has feedback about the various car companies, so check that out before you start (because as a buyer, you can limit your search to companies with high/fast/efficient ratings) Ford is willing to fax documents, and does not charge a lease termination fee if you return the car at the end of the lease, but some of the other companies do, which the buyer bears The registration process is a little frustrating I live in CT, and I had to have Ford send the new title info to CTs central title office, and then my local DMV had to access it, print it, etc Definitely call your state DMV to ask what address to put on the paperwork so you don't waste time All in all, we think we got a great deal, and it was worth the time and minor frustrations here and there
Leasetrader's value lies in its ability to create a marketplace for lease transfers, and I submit that it's the best marketplace (as compared with Swapalease, whom I have also used and been frustrated by). Both the buyer and seller pay to participate in the marketplace; the buyer, additionally, pays to initiate the transfer process. Leasetrader's negative customer experience comes from their ability to continually obscure the fact that they really do very little to aid the transfer process. Their carefully crafted FAQs commit to very little but make the buyer and seller feel as if they do a lot. The doctored customer "testimonials" page (there is nowhere for me to leave a negative customer review and they only showcase supposed "positive" ones) make them seem more legitimate than they are. If you call customer service, you are more likely to receive a voicemail system than a live person (and that live person, at least for me, has always been an argumentative middle eastern or eastern european gentleman). Customers are presented with the option to pay a very nebulous "concierge service" fee which gets you exactly nothing; luckily mine was refunded as soon as I pointed that out. And finally, at the conclusion of my lease transfer I inquired about how the cash incentive the seller was offering would get to me (assuming all along that Leasetrader would be the intermediary for that money transfer). The listing disappeared from my transfer page and now I must chase down the seller for some $1,700 that he really, legally, isn't obligated to give me.
My family needed an extra car for a little over a year. It would have cost over $1K per month to rent a car from a rental car co, so we decided to look into this to get a better car for a lot less money. I signed up on May 15, we found the car we wanted on June 8, and I took possession on June 28, and I got my new plates on July 8. We got exactly the car we wanted, at a very reasonable rate, for 13 months, which is perfect for us. No money down, and no money at the end.
I'll spare you the details, but I had a few false starts because (1) the first seller had already bought a new car, so he couldn't afford the time to let this process work (i.e., he would have been carrying 2 leases for several weeks), and (2) the second seller was ready to go, but BMW had a recall out on airbags, and would not proceed until that had been fixed (and no parts were available). SO, you need patience, luck and some lead time to find the right seller/buyer. Once we started, our transaction took 1 month.
In my opinion, Leasetrader is simply a place for buyers and sellers to meet in an efficient, safe manner. It was worth the $35 to join and then $150 tx fee, but don't expect hand-holding or advice. You need to be your own project manager. Make sure you turn off the "auto-renew" feature, so they don't bill you for a renewal (unless you want it). Also, they require a "quick" credit check through Transunion that is "free" but you also have to cancel that "auto-renew" or they will bill you $19.95/mo.
I recommend that you limit your search to a reasonable radius from your location so you can go see the car and do a quick inspection before you get serious. I ended up getting a car from a neighboring state, and it worked out fine.
There is a fair amount of paperwork to transfer the lease. My seller was highly motivated, and so was I. Our transaction took exactly 4 weeks from soup to nuts. We were working with Ford Credit, and they were excellent, and realistic about timetables. Leasetrader has feedback about the various car companies, so check that out before you start (because as a buyer, you can limit your search to companies with high/fast/efficient ratings). Ford is willing to fax documents, and does not charge a lease termination fee if you return the car at the end of the lease, but some of the other companies do, which the buyer bears.
The registration process is a little frustrating. I live in CT, and I had to have Ford send the new title info to CTs central title office, and then my local DMV had to access it, print it, etc. Definitely call your state DMV to ask what address to put on the paperwork so you don't waste time.
All in all, we think we got a great deal, and it was worth the time and minor frustrations here and there.
Leasetrader's value lies in its ability to create a marketplace for lease transfers, and I submit that it's the best marketplace (as compared with Swapalease, whom I have also used and been frustrated by)Both the buyer and seller pay to participate in the marketplace; the buyer, additionally, pays to initiate the transfer processLeasetrader's negative customer experience comes from their ability to continually obscure the fact that they really do very little to aid the transfer processTheir carefully crafted FAQs commit to very little but make the buyer and seller feel as if they do a lotThe doctored customer "testimonials" page (there is nowhere for me to leave a negative customer review and they only showcase supposed "positive" ones) make them seem more legitimate than they areIf you call customer service, you are more likely to receive a voicemail system than a live person (and that live person, at least for me, has always been an argumentative middle eastern or eastern european gentleman)Customers are presented with the option to pay a very nebulous "concierge service" fee which gets you exactly nothing; luckily mine was refunded as soon as I pointed that outAnd finally, at the conclusion of my lease transfer I inquired about how the cash incentive the seller was offering would get to me (assuming all along that Leasetrader would be the intermediary for that money transfer)The listing disappeared from my transfer page and now I must chase down the seller for some $1,that he really, legally, isn't obligated to give me
My family needed an extra car for a little over a year It would have cost over $1K per month to rent a car from a rental car co, so we decided to look into this to get a better car for a lot less money I signed up on May 15, we found the car we wanted on June 8, and I took possession on June 28, and I got my new plates on July We got exactly the car we wanted, at a very reasonable rate, for months, which is perfect for us No money down, and no money at the end I'll spare you the details, but I had a few starts because (1) the first seller had already bought a new car, so he couldn't afford the time to let this process work (i.e., he would have been carrying leases for several weeks), and (2) the second seller was ready to go, but BMW had a recall out on airbags, and would not proceed until that had been fixed (and no parts were available) SO, you need patience, luck and some lead time to find the right seller/buyer Once we started, our transaction took month In my opinion, Leasetrader is simply a place for buyers and sellers to meet in an efficient, safe manner It was worth the $to join and then $tx fee, but don't expect hand-holding or advice You need to be your own project manager Make sure you turn off the "auto-renew" feature, so they don't bill you for a renewal (unless you want it) Also, they require a "quick" credit check through Transunion that is "free" but you also have to cancel that "auto-renew" or they will bill you $19.95/mo I recommend that you limit your search to a reasonable radius from your location so you can go see the car and do a quick inspection before you get serious I ended up getting a car from a neighboring state, and it worked out fine There is a fair amount of paperwork to transfer the lease My seller was highly motivated, and so was I Our transaction took exactly weeks from soup to nuts We were working with Ford Credit, and they were excellent, and realistic about timetables Leasetrader has feedback about the various car companies, so check that out before you start (because as a buyer, you can limit your search to companies with high/fast/efficient ratings) Ford is willing to fax documents, and does not charge a lease termination fee if you return the car at the end of the lease, but some of the other companies do, which the buyer bears The registration process is a little frustrating I live in CT, and I had to have Ford send the new title info to CTs central title office, and then my local DMV had to access it, print it, etc Definitely call your state DMV to ask what address to put on the paperwork so you don't waste time All in all, we think we got a great deal, and it was worth the time and minor frustrations here and there
Leasetrader's value lies in its ability to create a marketplace for lease transfers, and I submit that it's the best marketplace (as compared with Swapalease, whom I have also used and been frustrated by). Both the buyer and seller pay to participate in the marketplace; the buyer, additionally, pays to initiate the transfer process. Leasetrader's negative customer experience comes from their ability to continually obscure the fact that they really do very little to aid the transfer process. Their carefully crafted FAQs commit to very little but make the buyer and seller feel as if they do a lot. The doctored customer "testimonials" page (there is nowhere for me to leave a negative customer review and they only showcase supposed "positive" ones) make them seem more legitimate than they are. If you call customer service, you are more likely to receive a voicemail system than a live person (and that live person, at least for me, has always been an argumentative middle eastern or eastern european gentleman). Customers are presented with the option to pay a very nebulous "concierge service" fee which gets you exactly nothing; luckily mine was refunded as soon as I pointed that out. And finally, at the conclusion of my lease transfer I inquired about how the cash incentive the seller was offering would get to me (assuming all along that Leasetrader would be the intermediary for that money transfer). The listing disappeared from my transfer page and now I must chase down the seller for some $1,700 that he really, legally, isn't obligated to give me.
My family needed an extra car for a little over a year. It would have cost over $1K per month to rent a car from a rental car co, so we decided to look into this to get a better car for a lot less money. I signed up on May 15, we found the car we wanted on June 8, and I took possession on June 28, and I got my new plates on July 8. We got exactly the car we wanted, at a very reasonable rate, for 13 months, which is perfect for us. No money down, and no money at the end.
I'll spare you the details, but I had a few false starts because (1) the first seller had already bought a new car, so he couldn't afford the time to let this process work (i.e., he would have been carrying 2 leases for several weeks), and (2) the second seller was ready to go, but BMW had a recall out on airbags, and would not proceed until that had been fixed (and no parts were available). SO, you need patience, luck and some lead time to find the right seller/buyer. Once we started, our transaction took 1 month.
In my opinion, Leasetrader is simply a place for buyers and sellers to meet in an efficient, safe manner. It was worth the $35 to join and then $150 tx fee, but don't expect hand-holding or advice. You need to be your own project manager. Make sure you turn off the "auto-renew" feature, so they don't bill you for a renewal (unless you want it). Also, they require a "quick" credit check through Transunion that is "free" but you also have to cancel that "auto-renew" or they will bill you $19.95/mo.
I recommend that you limit your search to a reasonable radius from your location so you can go see the car and do a quick inspection before you get serious. I ended up getting a car from a neighboring state, and it worked out fine.
There is a fair amount of paperwork to transfer the lease. My seller was highly motivated, and so was I. Our transaction took exactly 4 weeks from soup to nuts. We were working with Ford Credit, and they were excellent, and realistic about timetables. Leasetrader has feedback about the various car companies, so check that out before you start (because as a buyer, you can limit your search to companies with high/fast/efficient ratings). Ford is willing to fax documents, and does not charge a lease termination fee if you return the car at the end of the lease, but some of the other companies do, which the buyer bears.
The registration process is a little frustrating. I live in CT, and I had to have Ford send the new title info to CTs central title office, and then my local DMV had to access it, print it, etc. Definitely call your state DMV to ask what address to put on the paperwork so you don't waste time.
All in all, we think we got a great deal, and it was worth the time and minor frustrations here and there.