ALBUQUERQUE, N.M. (KRQE) – As the economic and financial fallout continues to persist during the COVID-19 outbreak, an increasing number of drivers who are feeling the financial effects are now looking to escape their vehicle lease contracts early. Senior vice president of operations at Swapalease.com, Scot Hall discusses some of the trends they are seeing in the automotive industry right now.
Swapalease.com is a nationwide vehicle lease transfer marketplace that matches a person wanting out of a lease with a credit-qualified individual interested in taking over the remaining contract. The person escaping the lease gets to walk away from their contractual commitment and the person taking over gets a relatively new vehicle with low mileage, low monthly payments, and no down payment.
Swapalease.com is reporting a 66% uptick in people listing their vehicle for transfer and contacting the company seeking options to escape their contract. This comes amid the economic fallout resulting from COVID-19.
Hall explains that leasing has many advantages as people typically like to change their vehicles every three to four years and it allows them to get into a new vehicle quicker than if you were in a negative equity position if you had a longer-term installment loan. Swapalease.com also offers a full-time call center made up of account and customer service representatives that can answer any questions you may have regarding lease transferring or leases in general.