The global auto industry has taken a major hit from the COVID-19 pandemic. Similarly, the global economic recession caused by the crisis is being considered to be more damaging than the Great Depression. The new economic reality has forced consumers to shelve plans to purchase new vehicles. As a result, those who need to get their hands behind a different set of wheels are opting for car leasing options. In this department, the car lease transfer model has taken the market by storm. In this article, we will explain what the car lease swapping model is. We will then provide a step-by-step guide on how to use one of the most popular car lease swapping platforms. Furthermore, we will also highlight some important advantages and disadvantages of car lease swapping before listing some important things you should consider before opting for a car lease swap.

Car lease swapping

The car lease swapping model has seen steady growth over the preceding years. This is because it presents a good alternative to purchasing a new car or opting for a car lease. So how does it work? Well, simply put, the original person who has a vehicle under the lease can transfer that leased vehicle to someone else. The new lessee then continues making payments on the same vehicle. This model has many advantages and disadvantages, but we will get to them in a moment. But first, let’s take a look at how you can use one of the top car-lease swapping platforms called Quitalease.

Quitalease

Quitalease is a relatively new but expansive platform that includes valuable features that can be used to help in getting your hands on the right vehicle at the right time. Similarly, it also offers a broad range of functions that eases the burden on individuals wishing to transfer their leased vehicle. There can be many reasons why someone would want to transfer or purchase a car lease, but we will list that in a different section.

How to take over a car lease using Quitalease

Here is a step-by-step guide on how you can do so.

Step 1: Visit the Quitalease website and register your account by typing in your contact details.

Step 2: Log in to your Quitalease account and select the “Search listings” option on the top of the page. The website will now direct you to a different page that lists all available vehicles.

Step 3: Tweak the filters on the menu bar on the left side of the page. There are plenty of filters to choose from. These include car make, model, color, interior, exterior, transmission type, fuel efficiency, mileage, fuel type, and most importantly, the monthly payments.

Step 4: Quitalease will use the algorithm to find the right set of vehicles suitable for your needs.

Step 5: Browse through the list and select your preferred vehicle. You can also save listings for later viewing.

Step 6: Once you have decided to take over a car lease, you can use the messaging function to communicate with the original lessee. You can ask for more information about the car and the agreements with the leasing company.

Step 7: The leasing company will be contacted once a deal between the two parties has been reached.

Step 8: You will send your financial details to the leasing company. The company will evaluate your profile to determine if the lease transfer can go through.

Step 9: If the leasing company approves the lease transfer, you can get your hands behind the wheels of a new car! You are now responsible for making payments on the leased vehicle.

How to transfer a car lease using Quitalease

Here are some important steps to follow if you want to transfer a car lease to someone else.

Step 1: Head over to the Quitalease website and register your account.

Step 2: Take clear pictures of your car.

Step 3: Select the “Post an Ad” option from the menu bar after logging in.

Step 4: Post pictures of your car and add details regarding mileage, car type, make, model, exterior, fuel, gear transmission, etc. The more information you add, the better your chances of striking a good deal.

Step 5: Tweak with the filters until you find a match and regularly check your inbox for expressions of interest.

Step 6: Coordinate with the leasing company if a suitable buyer is found.

Step 7: Transfer the car lease to the new lessee. You do not have to pay any more.

Car lease swapping advantages

Car lease swapping offers many advantages as compared to a direct purchase. Furthermore, it incorporates many of the benefits associated with car leasing too. For example, there are many incentives offered by those wishing to transfer a car lease. In one way, the buyer would be helping the original lessee by getting rid of the lease. Similarly, you can purchase the vehicle at the end of the lease term and may end up selling it for a profit if its market value is higher than its residual value. However, the biggest advantage of car lease swapping is that there are no down payments most of the time as the original lessee would’ve already paid for them. You simply get your hands behind the wheels of a car that you may not be able to afford otherwise, without having to pay the exorbitant costs upfront.

Quitalease is an exceptional platform where you can take full advantage of the benefits associated with car lease swapping. The platform is excellent because it has hundreds of listings in each domain and new entries are added each day. As a result, matching buyers with sellers is a quick process. Moreover, there are plenty of filters to choose from, so the platform’s algorithm generates the right list for your needs. There are other important tools available with Quitalease as well. For example, you can even set to find a car based in a specific location too.

Read More: How Average Depreciation Rate Affect the Value of Your Car?

Car lease swapping disadvantages

The lease-swapping model itself is quite thoughtful but it still has some existential limits. For one, it’s based on the car leasing model that has its own limitations, like the yearly mileage. Then, it’s also very likely that you may not find the car you are looking for since it’s based on the number and types of listings available. If you are a picky buyer, you might have to compromise a bit. But even after all being said, lease-swapping is the cheapest way to drive your favorite car around.

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