Frequently Asked Questions
Questions about Swapalease
What exactly is Swapalease.com?
Swapalease.com is the first and only full-service online marketplace of in-process vehicle leases. Our goal is to match individuals who are currently leasing vehicles they wish to get out of, with individuals who are looking for short-term leases with attractive payments and no money down. For more background information on Swapalease, see
About Us.
Who can use Swapalease?
As a Seller: Anyone with an in-process lease, whose leasing company allows lease transfers, can use Swapalease to "sell" their lease. If you have any questions about whether or not your leasing company allows lease transfers, you can check the
leasing company information at this site, or
Contact Us, and we'll be happy to assist.
As a Buyer: Anyone looking for a good value on a late-model used vehicle can shop Swapalease for short-term leases. If you’d like more information on what to look for in a lease assumption value, check out our Tips for Lease Buyers.
How does the Swapalease process work?
In short, Swapalease allows Lease Sellers to offer their in-process leases for assumption online where potential Lease Buyers can view them and make contact with them. We then guide the Sellers and Buyers through the lease transfer process. Please visit
How it Works for a step-by-step guide to the Swapalease process.
Do I have to "swap" leases with someone?
No, you do not have to "swap" leases. Each vehicle being offered for assumption is handled as an individual concern. If you are offering a vehicle on Swapalease, and would also like to assume one of the leased vehicles on the site, you can do this, but the two transactions are managed separately.
Can I be both a "Lease Seller" and a "Lease Buyer" with Swapalease?
We encourage you to be both a Seller and a Buyer with Swapalease, so you can take full advantage of what we have to offer. Even though the sell and buy transactions are handled separately, we have built the web site to make it possible for you to use a single account for all of your lease transfer needs. You can monitor all of your account activity in one place, using a single username and password.
How does Swapalease protect customer information?
Swapalease protects customer information in a variety of ways. During customer transactions, data is protected using 128-bit Secure Socket Layer (SSL) encryption supplied by Verisign. Once stored on our server, data is secured using state-of-the-art firewall protection provided and monitored by Nortel Networks, preventing unauthorized access to sensitive information. In some cases the "lock" icon may not appear on your web browser. To verify that a page is secure, you can right-click with your mouse from within the page and select "properties" to see encryption details for the page you are viewing.
Should I feel secure about giving Swapalease my credit card information?
Swapalease has taken precautions to protect your credit card information both during and after financial transactions. 128-bit SSL encryption protects the information during processing, and a state-of-the-art firewall protects information on our server. For credit card processing, Swapalease utilizes the services of Verisign, Inc., the industry standard widely recognized for providing solutions for secure online payment processing with various web clients.
How often is the website updated?
The Swapalease listings are updated in real time. When Sellers list their vehicles, they appear immediately on the website. Buyers can view the latest listings by clicking on
New Listings from the vehicle search page of the website.
Can I use Swapalease as a Canadian resident?
Yes, we have expanded the site to reach Canadian residents. Just choose Canada at the footer of any web page to be directed to the Canadian side of the web site. Please note that leases can only be transferred in the country that they originated in. In other words leases starting in Canada must remain in Canada and leases starting the United States must remain in the United States.
Why do I need Swapalease to help transfer my lease?
Your vehicle will get national exposure, meaning it will be seen by thousands of interested lease buyers. Swapalease will walk you through the transfer process with your leasing company. Not only will Swapalease assist you in finding an interested lease buyer and guide you through the lease transfer process with your leasing company, but also help assure that you are transferring your lease properly per your leasing company’s policies. In no way does Swapalease support transferring leases without your leasing company’s knowledge and/or the sub-leasing of your leased vehicle.
Questions about Leasing and Lease Transfers
I'm new to leasing -- Where can I find out more about leasing in general?
We highly recommend
www.lease-advisor.com for any consumer that is considering leasing. This leasing content website allows you to learn about leasing pros and cons, enabling you to make an informed decision on whether to lease or buy your next vehicle.
Is it possible to terminate a lease prior to the full term of the contract?
It is possible to terminate any lease prior to the scheduled end date, however there are normally significant financial implications to the lessee when doing so. Each leasing company has their own policies, but most will charge some form of early termination penalty. It is not unusual for these charges to be in excess of several thousand dollars. This is a primary example of why Swapalease can be such a valuable service. If you'd like more detailed information, we recommend
www.lease-advisor.com -- a valuable leasing content website that addresses the subject of early lease termination in depth.
How do lease transfers work?
The basic lease transfer process is the same for all leasing companies. The individual wishing to assume the lease submits a credit application to the leasing company. The leasing company will make a decision on the credit worthiness of the applicant. If approved, lease transfer documents are prepared and signed by the original and assuming lessees. The transfer is complete when the signed documents are returned to the leasing company and processed. There are variations in the fees and details for each leasing company. The Swapalease service is on board to assist with these variations and details as you navigate through the transfer process.
How can I find information on my leasing company?
Swapalease has included the basic lease transfer policies for many leasing companies within
Leasing Company Information on this site. If the company you are looking for is not listed please
Contact Us, and we'll be happy to get you more information.
Are there any additional or “hidden” fees involved in lease transfers?
There are two kinds fees involved in transferring a lease with the aid of Swapalease. These include the nominal fees charged by Swapalease to list vehicles and facilitate the lease transfer process, and those fees required by the leasing company who holds the vehicle lease. Leasing company fees can include both credit application and lease transfer fees. Each leasing company has their own fee structure, and they vary broadly from one company to the next. If you’d like to find the fees for a specific leasing company, many are listing with
Leasing Company Information at this site. If the company you are looking for is not listed, please
Contact Us.
As with any change of vehicle “ownership”, there may be vehicle licensing or registration fees required by your state. Policies and fees vary by state. The leasing company which holds the lease can advise you on how to manage these details, since technically they “own” the vehicle. Some states may require payment of taxes, in addition to the use tax normally included in monthly lease payments. These are a matter of policy in each state. Swapalease does not have expert knowledge of these taxes. If you are unsure about your state’s policies, you can check with the agency that handles taxes for your state, or ask a local auto dealer who should be able to advise you on how taxes are handled in vehicle purchase or lease transactions.
There are potential lease-end fees that you should be aware of as well. Click
here for more information on potential lease-end charges.
Are “Buyers” and “Sellers” free to negotiate any of their own terms concerning lease transfers?
Normally the terms of the lease, including monthly payment, mileage allowed and lease-end date remain fixed and are controlled by the leasing company. However, the Buyer and Seller of a lease are free to negotiate many details of the lease transfer, as long as they do not interfere with the rules set forth by the specific leasing company or are in violation of any laws. A common example of a negotiable detail surrounds who will pay the leasing company's transfer fees. Sellers are also free to offer or require cash upfront as a part of the lease transfer deal. These agreements are made between the individual Buyer and Seller, therefore Swapalease does not have any control in these details and assumes no responsibility for such agreements.
How is the lease transfer initiated?
The Lease Seller starts the lease transfer process by initiating the lease transfer with a serious Buyer from within their “SwapGarage”. Once a Buyer has agreed to take over the lease, the Seller
signs-in and selects the Buyer from the list of Registered Buyers within their “SwapGarage”. Swapalease is then notified to begin working with both the Buyer and Seller to facilitate the details of the lease transfer.
How long does the lease transfer process generally take?
The time frame for lease transfer varies broadly from leasing company to leasing company. Some leasing companies can complete the process in as little as a week while others may take several. The timing is dependent upon three factors. The first factor is the credit decision process, which generally takes 24 to 48 hours. The second factor entails creation and processing of the required lease transfer documents, which generally takes 3 to 5 business days. Lastly mail and turnaround times must be included. Typically, figure on at least 7-14 business days to complete the entire process. If you’d like information on the typical time frame for a specific leasing company, please
Contact Us and we will be happy to share our experiences with you.
When is the lease transfer final?
The lease transfer process is final when the leasing company receives all required lease transfer documents and fees for the transaction. Swapalease will advise you on how to complete the necessary documents and when to submit the fees in each situation. Swapalease has done extensive research regarding all major leasing company's procedures, so please
Contact Us with any questions or concerns.
What happens to the security deposit when a lease is transferred?
First, not all leases require security deposits. Each leasing company has their own policy for how to handle any security deposits during a lease transfer. Some return the deposit to the original lessee and require a new deposit from the assuming lessee. Others allow the security deposit to transfer to the new lessee. Information on how many leasing companies handle security deposits is included within
Leasing Company Information at this site. The disposition of any security deposit is often a point of negotiation between the Seller and Buyer as well.
Who is responsible for potential lease-end charges?
The Lease Buyer would be responsible for any termination charges at lease end. The Lease Buyer is assuming the remainder of an in-process lease, and will be responsible for the lease-end terms as included in the original lease contract. Lease-end charges may include disposition fees, excess mileage fees and excess wear & tear assessments. All potential lease-end charges will be outlined in the original lease document.
Is it possible to transfer a lease to another part of the country or outside the United States?
Restrictions on lease transfer boundaries are set by the particular leasing company involved. Swapalease is not aware of any leasing companies that allow you to transfer the vehicle outside of the United States. In most cases, leasing companies will allow lease transfers within/between states inside their lending area. Know restrictions for each leasing company are included in
Leasing Company Information at this site.
How can I be sure the mileage on the vehicle is current?
Swapalease.com recommends the you inspect the vehicle or have a third party inspection company do this for you. Either way this will ensure that you know the current mileage. We also recommend that you come to an agreement with the seller as to how much the vehicle will be driven during the time it takes to complete the transfer process.
Can I get the vehicle inspected by a third party?
If you need to have the vehicle inspected by a third party you can go into our Helpful Tools section where you will find a company that we recommend.
How are long-distance lease transfers normally handled?
When a long distance separates the Buyer and Seller, normally arrangements to inspect the vehicle and get it to the Buyer are worked out between the parties involved. We have seen many different arrangements work, ranging from the Buyer or Seller driving to meet each other, having the vehicle inspected by a dealer or mechanic and having the vehicle transported by a shipping service. If you are interested in getting your vehicle inspected or having it shipped, please contact us via phone or email and we will set you up with the service. For more info, go to the Helpful Tools page.
Where is the vehicle turned-in at lease end?
Each leasing company has their own turn-in policies, however, if a leasing company allows a Buyer to assume a lease, they normally will have some provision for a new lessee to turn in the vehicle locally.
Do service and protection packages (examples: extended service contracts, maintenance agreements, wheel & tire insurance) transfer over to the new lessee once the lease transfer is completed?
Whether or not service and protection packages transfer over to the new lessee is up to the service or protection package provider. In some case the provider will be the manufacturer and in other cases the provider may be aftermarket or a third party. Regardless, to find out for certain about a particular package contacting a same make service department is recommended as well as encouraged.
Questions from "Lease Sellers"
What is the "SwapGarage"?
The "SwapGarage" is an area within the Swapalease website, where Sellers can view and manage activity on their account. The "SwapGarge" is accessed through the Signs-In area, on the top right of any page, with the username and password established when the account was created. Details about the number of "hits" or views an ad has received, as well as a listing of Registered Buyers is included in the SwapGarage. It is also from this area that the lease transfer process is initiated by the Seller, once a Buyer has agreed to assume their lease.
How effective is Swapalease? (How successful are Sellers at finding someone to assume their lease?)
Swapalease has helped numerous Lease Sellers successfully transfer their leases to satisfied Buyers. See
Success Stories for a sampling of customer feedback. Much of an individual Seller’s success is determined by the value presented in the lease and vehicle being offered. When the monthly payment is competitive and a reasonable number of miles remain on the lease, it is more likely that the right Buyer will find the deal in a short amount of time. Sellers can increase their odds of success, or improve the value represented by their vehicle and lease, by offering incentives to their basic deal. Sellers wanting to further increase their visibility can place their auto in the Swapalease Featured Auto Section. Please see Tips for Sellers for more information on incentives and what Lease Buyers look for.
How do “Lease Sellers” save money using Swapalease?
Lease Sellers can save money by finding someone to complete their lease, instead of the more costly alternatives involved in early lease termination. If a lessee simply wants to pay off the remainder of their lease, there are normally early termination fees assessed by the leasing company in addition to the remaining monthly payments owed. These costs can result in financial “penalties” climbing into thousands of dollars. Policies vary by leasing company, so to be certain of the terms of your individual lease you should consult your lease documents or lessor’s customer service group.
If you’d like more detailed information on early lease termination options, we recommend
www.lease-advisor.com -- a valuable leasing content website that addresses the subject of early lease termination in depth.
How do I list my vehicle with Swapalease?
To list your vehicle, simply click on Sell a Lease from any page on the site. From there you will be led through a three-step listing process where we will collect contact information, vehicle information, and details on your lease. At the end of the listing process, you will be asked to select from one of three listing packages varying in price. The primary difference between the different options is the amount of exposure your listing will receive, and the length of time your listing is active on the site. If you have any questions or difficulties during the listing process, please Contact Us for assistance.
Can I add my own picture to my vehicle listing?
Yes, to do this, just email us the photo along with some reference to the vehicle (your name or the SAL Vehicle ID) to
[email protected]. If you do not have an electronic file, but would still like to see a photo of your actual vehicle listing, we can scan it for you and upload the image to your listing. You can mail the photo to the address found at
Contact Us.
How do I find my listing?
There are two ways for a Seller to view their vehicle listing. You can
Sign-In with the username and password chosen when creating your account. This will take you to an “Account Management” area. From there you can select “view listing” to see your ad. You can also go directly to your ad by clicking on
Vehicle Search and enter your Swapalease Vehicle ID into the appropriate area on that page.
How do I change information on my vehicle listing or account?
You can edit your listing or update your contact information when you
Sign-In with the username and password chosen when creating your account. To edit the listing, click on “Edit Ad”. Simply change any details required and submit the form. The process follows the same steps, which you followed when you originally input your information. To update contact information, click on “Edit Personal Information”, make any changes required and submit.
Can I offer incentives to make my listing more attractive?
Yes! In many cases it may make sense for a Seller to sweeten their deal by offering an incentive. Typical incentives include offering to pay transfer fees, make payments for the Buyer or even offer cash for taking over the lease. If your payment is not competitive, or you have used more miles than appropriate, offering an incentive is a good way to offset these negatives and improve your odds for success. Listings with incentives are indicated with a “$”, which draws additional Buyer attention to the ad.
How do I offer an incentive?
Incentives can be noted in the “additional information” area of your vehicle ad when you are listing your vehicle. To get the “$” marking, you will need to advise Swapalease that you have included an incentive by checking the appropriate textbox and entering your incentive in the "additional information" area. You can email us at
[email protected] if you have any further questions.
How do I deactivate/remove my vehicle listing from the web site?
It is necessary to contact Swapalease.com directly by telephone or email to deactivate/remove your vehicle listing from the site. When corresponding with Swapalease it is helpful to have your Swapalease Identification Number (SALID#) available. Please note the following contact information: Telephone (866) 792-7669 Email
[email protected].
How do I initiate the lease transfer?
To initiate the lease transfer, you will need to
Sign-In at Swapalease with the username and password established when you created the account. Then go to your “Seller Mailbox”. There is an option within the “Seller Mailbox” to “Initiate Transaction with Serious Buyer”. When you click on this option, you will see a list of Buyers who have registered with Swapalease, and have expressed interest in your vehicle. The Buyer that has agreed to assume you lease should be listed there. You will select the appropriate Buyer and complete the initiation by entering your credit card information and approving the Success Fee to Swapalease. (This fee will not be refunded, should the lease transfer fall through for any reason. However, it will be credited toward future lease transfer initiations.)
NOTE: SWAPPER’S CLUB members do not have to pay the success fee when initiating a lease transfer.
If the correct Buyer is not listed among your Registered Buyers, it may be necessary for them to complete registration before you can start the lease transfer in this manner. In this case, you should feel free to
Contact Us and we will do what is necessary to get the transfer moving.
What is the "SwapGarage"?
The "SwapGarage" is an area within the Swapalease website, where Sellers can view and manage activity on their account. The "SwapGarge" is accessed through the Signs-In area, on the top right of any page, with the username and password established when the account was created. Details about the number of "hits" or views an ad has received, as well as a listing of Registered Buyers is included in the SwapGarage. It is also from this area that the lease transfer process is initiated by the Seller, once a Buyer has agreed to assume their lease.
How will Buyers contact me?
There are two ways for a potential Buyer to contact a Lease Seller using Swapalease. The first way is for a Buyer to email a question to a Seller via the website, using the “Ask Seller a Question” feature. The Buyer’s questions will be forwarded to the email address listed in the Seller’s contact information. The Seller simply replies to the email, and the response is returned to the interested Buyer’s email address. The second way that a Buyer may get in touch with you is through direct contact. “Registered Buyers” can request the contact information for the Seller of any vehicle on the site. When they make a request they receive the name, phone numbers and email address for the Seller. At the same time, the Buyer’s contact information is emailed to the Seller, and the Registered Buyer’s name and information are posted in the appropriate “Seller Mailbox”. This way, both the Seller and Buyer can make direct contact to discuss the vehicle and lease transfer details. Both of these methods are initiated from the vehicle ad.
Am I still held liable once the lease has been transferred?
Whether or not the original lessee is liable once the lease is transferred depends on the leasing company involved. Most leasing companies completely remove the first individual from the account and some choose to leave the original lessee liable as a guarantor. When the original leaseholder is removed, the lease transfer is typically referred to as a "lease assumption". When liability remains with the original lessee, the process is known as a "transfer of equity". You can find details on the liability policy for many leasing companies within
Leasing Company Information at this site. If you don’t find information for your leasing company or would like to know how to avoid potential post transfer liability please contact us at (866) 792-7669.
What if my leasing company does not permit lease transfers?
Please contact Swapalease.com directly because we have other options that may help you exit your lease even if your leasing company does not support lease transfers. It is important to note that the programs we have available to address these situations work within the guidelines set forth by your leasing company, will not jeopardize your credit, and have nothing to do with subleasing.
An example of another option or solution in these situations is the Swapalease.com New Lease Program. Please call us toll free at (866) 792-7669 for more details.
Questions from "Lease Buyers"
How do “Lease Buyers” save money using Swapalease?
The individual "buying" a lease may be able to save a great deal of money utilizing Swapalease's services. When you assume the remainder of an in-process lease, you get the benefits of a late model, low mileage vehicle with no down payment, payments which may have been subsidized by the original lessee with a cash down payment and a short-term lease with a lower payment which originally reflected a longer term lease. Visit Tips for Lease Buyers for an illustration of the value in assuming an in-process lease.
How do I search for a vehicle at Swapalease?
There are two basic ways to search for a vehicle at Swapalease. You can search by category of vehicle, by using the “Browse By” bar at the left hand side of each page, or you can narrow the search by using the
Vehicle Search functions. To access vehicle search from the home page just click on “Search for a Vehicle”. From any other page, click on “Vehicle Search”. Vehicle search enables you to search by make/model of vehicle and/or geographic location.
How do I contact the “Lease Seller”?
Once you find a vehicle that interests you, there are two ways to get in touch with the Seller. All Seller contact is initiated through the vehicle listing itself. The first method of contact is to use “Ask Seller Questions”. The second method of contact is to become a Registered Buyer, so that Buyer and Seller can make direct contact. Once a Buyer is registered with Swapalease, they are able to obtain contact information for any Seller with a vehicle listed on the site. This feature is accessed by clicking on “Get this car”. In order to complete a lease transfer with a lease Seller the Buyer will need to be fully registered with Swapalease.
What is “Ask Seller a Question”?
The “Ask Seller Questions” feature is a free and anonymous services that allows interested Buyers to email a question to the Seller of a vehicle that interests them. The feature is accessed from the vehicle listing page, and is located on the right side of the vehicle listing. To use this feature the Buyer will be asked to provide a minimal amount of contact information and select a question(s). This correspondence will be forwarded through the Swapalease system to the Seller and any response will be sent back through the system to the interested party.
Can I contact a Seller without registering?
It is not necessary to become a “Registered Buyer” to make email contact with a Seller. Interested Buyers who would like to learn more about a vehicle before registering with Swapalease, can use the “Ask Seller a Question” feature. For more information about this feature click
here.
What is the "SwapGarage"?
The "SwapGarage" is an area within the Swapalease website, where Buyers can view and manage activity on their account. The "SwapGarge" is accessed through the Signs-In with the username and password established when they initially registered. Details on "Ask Seller" emails sent and contact information requested is included in this area.
What are the fees for Buyers?
There are two types of fees involved in the lease transfer process for Buyers. These include separate fees for Swapalease and the leasing company involved. Swapalease collects a registration fee from Buyers. Leasing company fees will vary by leasing company, and may include a credit application fee and/or a lease transfer fee. Information on many leasing company fees is included at this site within
Leasing Company Information. If you can’t find information on the leasing company you are interested in, please
Contact Us and we will be happy to assist.
As with any change of vehicle “ownership”, there may be vehicle licensing or registration fees required by your state. Policies and fees vary by state. The leasing company which holds the lease can advise you on how to manage these details, since technically they “own” the vehicle. Some states may require payment of taxes, in addition to the use tax normally included in monthly lease payments. These are a matter of policy in each state. Swapalease does not have expert knowledge of these taxes. If you are unsure about your state’s policies, you can check with the agency that handles taxes for your state, or ask a local auto dealer who should be able to advise you on how taxes are handled in vehicle purchase or lease transactions.
There are potential lease-end fees that you should be aware of as well. Click
here for more information on potential lease-end charges.
I am concerned about my credit, can I still take over a lease?
Properly taking over a lease through the leasing company does require solid credit. Solid credit typically equates to a credit score of 680 or higher. If you are unsure about your credit you can use
GoFreeCredit.com to learn more. Please note that a US credit history is required by most leasing companies.
Do I have any control over which leasing company is utilized?
Each of the vehicles on the site is currently under lease by a specific leasing company, and is being offered for lease assumption by the current lessee. In lease assumptions, the original lease terms and conditions apply. A Buyer is not agreeing to a new lease, but is agreeing to take over the remainder of an existing lease, through the existing leasing company.
What if I can’t find what I’m looking for?
New vehicles are listed with Swapalease every day, so if you don’t find the lease you need today you can use the
Notify Me feature. When you register with “Notify Me” you will be alerted by email when a vehicle matching your preferences is listed.
Questions to Swapalease Support
What if I need to contact someone at Swapalease?
Customer service is the priority at Swapalease. You can contact us by phone or email with questions, concerns and feedback. Please see the
Contact Us page for a complete listing of phone numbers and email addresses.
What do I do if I forget my "User ID" and/or "Password" information?
From the
Sign-In area you can click on
Forgot Password? to request your username and password. Just enter the email address you have included in your Swapalease account, and the username and password will be emailed to you. If you have any difficulty obtaining the username and/or password, please
Contact Us.
