Leasing a car was once a concept that favored business motorists or companies looking to add sizeable fleets. Today, it is becoming a popular alternative to conventional car financing. The car leasing and rental market size was valued at $682 billion in 2023 and is expected to grow to $728 billion in 2024.
Car leasing, with its numerous advantages, is a smart and savvy choice for most potential car buyers. It allows you to drive the best or latest car without the hefty price tag associated with ownership, making it a financially prudent decision.
Regular car repairs can be expensive and difficult to manage. However, with leasing, the maintenance and servicing costs are covered in the monthly payments you make.
After adding the advantages you can get from car leasing, you will be eager to make a deal instantly. But leasing a car can come with its fair share of difficulties. It is not always rosy, with various hassles.
But there’s a better alternative: lease trading. This way, you can enjoy the benefits of car leasing without the usual headaches. There are many platforms for lease trading, but we’ve picked the 5 best ones to make the job easier for you.
The Top 5 Car Lease Trading Platforms
Online car lease swapping allows you to access the best deals without leaving the comfort of your home. Online leasing trading platforms offer ways to transfer or take over a lease and do all the legwork to let you get the best lease deal.
However, only a few specialize in car leasing, allowing you to enjoy its many benefits. Here are the top five car leasing platforms
1. QuitALease
QuitALease is a popular online platform that allows users to buy or exit a car lease hassle-free. The platform was solely built to provide a cost-effective way to do so. Another purpose was to identify individuals who wanted to take over existing car leases with fewer lease periods and lower monthly payments.
QuitALease is recognized for its easy-to-use services, comprehensive listings, and carefully placed ads that achieve maximum visibility among potential lease buyers. The process for selling or assuming a lease takes not more than 2 weeks. From start to finish, QuitALease provides complete guidance and ensures the process complies with the lease policies.
2. Swapalease
Swapalease is a reputable classified ads platform that offers detailed information and options for car lease swapping and assumptions. To transfer a lease, you must post an ad with the car photos and key information about the car configuration and lease term. Once the ad is posted, potential car lease buyers will contact you.
If you want to take over a lease, you can browse the listings, compare deals, and select the best based on your budget. Swapalease is not a party to the lease transfer but only charges a fee to connect the car lease seller with the buyer.
3. Leasetrader
Leasetrader is a leading marketplace for swapping or assuming a car lease. The platform has positive reviews from different users, and the process of exiting a lease is quite quick. You only need to post an ad, upload pictures of the car, and provide lease agreement details for potential buyers.
Conversely, if you are looking for a short-term lease, you can search the vehicles listed on the platform. There is an option to compare deals to select the one that attracts you. Leasetrader works on delivering all the relevant information that makes it easy for the user to dictate the terms for lease swap or assumption.
4. Takemypayments
Takemypayments is a promising online platform for lease takeovers, assumptions, and trades. The marketplace was designed to assist buyers in assuming car leases from anywhere in the country. You get information and guidance on whether to exit a current lease or assume one.
The process involves searching the listing, contacting the seller, negotiating the terms, sending a credit application, and completing the lease documents. Takemypayments offers to arrange a vehicle inspection and professional shipping upon completion of the car lease.
5. Leaseexchange
Leaseexchange is a mobile application that allows you to transfer or take over a lease with minimum effort. The app lets you post an ad for your auto lease from your phone in minutes. You must make an account and communicate with potential lease buyers or sellers to swap or assume a lease.
Lease Exchange features hundreds of short-term lease options from 6 months to 3 years. Some lease owners even offer a monetary incentive for buyers to take over the lease. You can download the app for free and search a wide listings with cars from all the popular brands. The listings come with complete car specifications and lease terms.
All these platforms have much to offer the same when it comes to lease swaps or assumptions. Picking one then becomes a challenge, as trying each out can be quite an investment in time and cost.
Considering the above factors, we can decisively say that QuitaLease offers the most holistic experience in terms of customer experience, accessibility, options, and ad visibility. In the next section, we’ll discuss in detail why QuitALease has earned our recommendation.
Why Makes QuitALease Our Top Pick?
QuitALease is the best car leasing platform overall because it provides detailed information about lease transfer and takeover. The expert team ensures lease buyers are correctly matched with lease sellers, which is why it is faster to swap or assume a lease.
Free Listing
Once you register, there is no sign-up cost. You can post and make your ad go live within seconds.
Extensive Search Options
QuitALease offers a comprehensive listing with wide search criteria. You can filter the search according to:
- Make and model
- Fuel type
- Body styles
- Interior/exterior color
- Price per month
- Assembly and Transmission
- Total mileage and Mileage per month
- Fuel efficiency
Reliable and Secure
The information you send is secured and will remain private.
Fast Lease Transfer/Takeover Process
After registering, if you want to transfer a car lease, simply post an ad, and a potential lease buyer will contact you. You can communicate and negotiate a deal. The lease buyer will send a lease transfer application to the leasing company.
Once a credit check is done, a lease transfer is approved, and you will sign the documents with the buyer. The transfer process will be completed once the documents are processed. The entire process takes 1 to 2 weeks.
To assume a lease, search the listings according to your needs and budget. Click on the ad that suits you, read the car specifications and details, such as monthly payment and lease duration, and send a message to the lease seller to discuss the deal.
Once you agree, you will send a lease transfer application to the leasing company. The process will begin after you qualify for the lease and the buyer provides proof of insurance and transfer documents and fulfills any other requirements of the leasing company. You pay the lease transfer fee and take over the car keys.
Factors to Consider Before Registering on a Car Leasing Platform
With advancements in technology, almost everyone goes online to order anything from food to clothes to even movie tickets. It is no wonder that people like to get details from the internet when leasing a car. Plus, online car leasing reduces the stress you likely get from local leasing companies and dealers.
However, with online scams at the back of your mind, you want to connect with a reliable car lease platform. Many websites and portals claim to simplify the car lease for you, but most are lead generation or referral platforms. Once you register and give your details, you only get incessant calls from dealers and no actual deal.
It is important to review the following factors.
Listings and Search Criteria
If you want to take over a car lease, the first step is to find the car that best suits your needs and budget. An online leasing website with bigger listings can help you search from a wide mix and make an informed decision.
Similarly, you must have the option to filter the search and get results that match your expectations. With elaborate search criteria, you can save considerable time and effort and get the most suitable car.
Lease Terms and Conditions
Most online car leasing platforms offer two options: car lease transfer and car lease takeover. You need to fully understand the terms and conditions of both options before signing up for the online service. Even after registering, you need to read the lease agreement and ask questions about credit score, vehicle’s residual value, penalty for exiting the lease early, and lease buyout options.
User Reviews
The measure of the popularity and success of an online platform is to read user reviews. Learn what previous customers are saying about the service. Read Google reviews or those comments posted on the review websites to get a better idea. This will give you clarity and determine your chance of securing a deal with them or not.
License
If the car leasing website you are reviewing does not have a license, then they will only use your information and give it to a third party.
Website Interface
The interface and design of the website or online car leasing portal matter. The car lease deals should have detailed information rather than immediately requesting to first sign up for the service. The platform’s design should make it easy to search listings and make a lease transfer or takeover process.
Final Thoughts
Due to technological advancements, registering on an online car leasing platform is becoming increasingly popular. It only takes a few seconds to create an account and use it to transfer or take over a lease. You not only get to view detailed photos but also read all the details about the car specifications and lease agreements.
Platforms like QuitALease, Swapalease, Leastrader, Takemypayments, and Leaseexchange help you get a potential lease deal. However, QuitALease leads the rest as it offers a more diverse and fulfilling experience whether you want to swap or assume a lease.