Oct 28, 2003
The Bottom Line My recommendation is that if there are any extraordinary considerations involved in your auto lease then do not use "Swapalease" to try to sell your lease!
There is a company listed on the net that goes by the name of "Swapalease". For a fee you can list your currently leased vehicle on their site.The public may peruse their site for free to view all listed vehicles and if they decide to make an offer to purchase a lease they must then pay a registration fee before "swapalease" will put them in contact with the leased vehicle's owner. "Swapalease" also provides information on their website about various lease financing companies and they also offer to serve as a broker helping the two parties come to an agreement to sell/buy the lease.
I had a very negative experience with "Swapalease". My vehicle's lease was for 36,000 miles. I had 48,000 miles on the vehicle. I also offered a considerable financial incentive to potential lease buyers to compensate them for the excess miles on the leased vehicle. I paid "Swapalease" to list my vehicle and when I viewed the listing they listed it as having a negative number of miles remaining per month left on my lease for a new lease owner to use if they purchased my lease! I immediately called them and told them that I had not listed my vehicle that way. It was apparent to me that their computer program they used to calculate average number of miles per month remaining on a lease could not deal with my excess miles so it came up with a negative number. Their manager concurred with me but stated that that was the way the program was written and there was nothing he could do (I guess he had never heard of re-writing a program)! I indicated that I would like the average number of miles per month remaining on my lease to be omitted from my listing because most readers would be confused by a "negative" number of miles remaining. Again, the manager indicated that their listings were automatically produced by software and that this information could not be omitted from my listing! At that point I told him that I was sure that most readers would be very confused by my listing and I told him that I would like a refund of my fee paid to him and that I wished to cancel my listing. He told me that I could cancel my listing BUT that I would not be given a refund of my fee!
Given the options I had I chose to continue listing my vehicle. Obviously after several months of being listed my lease did not sell. This was for a 2 and one-half year old BMW that only had 8 months remaining on the lease! I did have several hundred people view my ad and 2 people contacted me and one person tried to buy my lease but was turned down for credit by BMW Financial Corp (see above review about them!)
I can't help but wonder how many other people who viewed my ad did not pursue it because they were totally confused by the idea that there could be a negative number of miles per month remaining on a lease!