Swap your auto lease

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Swap your auto lease

By Kevin White

WICHITA, Kansas, Feb 25, 2008 -- Although we all intend to honor the commitments we make, sometimes they just don't work out. That includes automotive commitments, like leases.

"It's a contract that you've done with the bank and they expect you to live through it," said John Fahrer, UsedCarLease.com.

But life can sometimes make that commitment hard to keep.

"I was blessed with a young son and it's hard to drive around with a baby seat in a two-seater. I just can't do it," said Evan Katz.

So Evan got out of the lease on his Nissan 350Z -- not by turning it in early: That would have cost a bundle. He used something relatively new: A lease swapping service.

"They have people who are looking to get rid of their cars, their leases. And people search and apply and assume leases."

Before you can use one of these new generation, lease-swapping sites, you've got to make sure that your lease allows someone to assume it, and if so, that you'll be off the hook.

You will pay fees, however: $200 to $300 is common. You may have to buy your lease down to entice people. And of course, your car will have to be in great shape.

Still, for people like Evan, it beats the alternative.

"It would have been very difficult. It just made life a lot easier being able to drive my son around."

These services might also be a good deal if you are looking to lease a car, especially short term. You will pay a couple of hundred dollars in fees but you'll be in and out of the car in a year and you won't make that big down payment.

Related link:
UsedCarLease.com

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