Tips for the Lease Seller
Effectively Placing Your Ad
Check your Leasing Company’s Policies
Keep Your Information Up to Date
Make Your Auto Stand Out
Tips for Making Contact with Buyers
Most Important!!! - Respond quickly to all inquiries
Tips for Showing Your Vehicle/Negotiating a Deal
What to Expect During the Lease Transfer
Finalizing the Transfer
Handing Over the Keys
License Plates/Registration
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Tips for Lease Buyers
Searching for a Vehicle
Checking Leasing Company Policies
Contacting Sellers
Tips for evaluating the vehicle
Things to Look For
The Credit Decision
Finalizing the Transfer
Handing Over the Keys
License Plates/Registration
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The “Lease Seller” is the person offering their vehicle/lease for transfer.
The basic process from listing the vehicle through completing lease transfer
is outlined in “How It Works”.
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Effectively Placing Your Ad Back to Top
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The more accurate and complete your listing, the higher the
likelihood that the buyers contacting you will be serious about your
vehicle.
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Have your lease contract handy when listing –
it contains important dates and details that will make the listing
process easier.
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Include the “Lease-end Buyout” in your listing.
The cost of purchasing the vehicle at lease end is an important
consideration for buyers (if you are unsure about the amount for
lease-end buyout, your leasing company can provide this information)
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Compare your lease deal with others on the site – you can add incentives
to “sweeten the deal” if you feel that the lease you are offering is not
competitive or if you need to make a quicker sale.
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Commonly used incentives include cash to the
buyer, cash to cover excess mileage used or payment of transfer fees.
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Add information about incentives into “Additional Vehicle Info”,
then alert Swapalease, so that we can mark the listing with a “$”.
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Accuracy is very important. If you don’t have
all the information when you first list, be sure to find and update your
listing with the correct information.
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Check for information on your Leasing Company’s particular policies
by clicking on the “Leasing Company Information”.
This link can also be found on the left hand browse bar. Not all leasing
companies support lease transfers, while others allow a transfer but
continue to hold the original lessee liable for future payments.
Familiarizing yourself with any restrictions, fees or policies
(such as geographic restrictions) can save you time by not pursuing
a buyer who cannot qualify for your lease. If you should have any
questions, Swapalease would be happy to answer them. Back to Top
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| As always, if you have difficulties or questions at any time during
the listing process, please “contact us” and
we will be very happy to assist!
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Keep Your Information Up to Date Back to Top
Keep your
listing current by using your Manage Account feature to update mileage,
More Info, and changes in your incentive offering.
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Make Your Auto Stand Out Back to Top
Remember, your auto is one of several choices a
prospective buyer may have for their next vehicle, so you need to make
your auto as attractive as possible.
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Keep your auto in top running condition. Make
all required service checks; take care of any service needs.
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Keep your auto exceptionally clean. A great appearance helps sell your car.
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Tips for Making Contact with Buyers Back to Top
You will be contacted by buyers in one of two ways:
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“More Info” Requests – Customers will use the Swapalease internal
e-mail to contact you for early stage questions about your vehicle.
For example:
- Is this a non-smoking vehicle?
- Has the vehicle ever been in an accident?
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“Registered Buyers”
- These buyers have registered with Swapalease
and have submitted a credit application to gain
access to your contact information (name, e-mail
and phone number).
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Once they have reached this point, they are very serious about
taking over your lease.
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| Most Important!!! - Respond quickly to all inquiries Back to Top |
Respond to all buyer inquiries quickly.
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Immediate response to all questions greatly
increases your chance for success.
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Check your e-mail on a daily basis for messages
from interest buyers.
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Please be courteous in your response.
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Tips for Showing Your Vehicle and Negotiating a Deal Back to Top
Once you’ve been contacted by a
registered buyer, the following are tips to help “sell” your vehicle and
make the deal happen.
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Vehicle Condition
Just as with any product a clean
car “inside and out” will give a great first impression. Your vehicle
should be kept in “Ready for Sale” condition.
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Lease Agreement and Service Records
Have copies of your lease agreement and service records available
for buyer inspection.
This helps put the buyers mind at east that the vehicle was well
maintained and the paperwork is in order.
Remember –
most dealerships and service centers can supply you you’re your records
at no cost.
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Long Distance Transactions
If your lessor allows transfers to other states, there are inspection
and transportation services to help bring longer-distance buyers and
sellers together. Contact us for more information if you need help
in this area.
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What to Expect During the Lease Transfer Back to Top
Now that you have agreed to move forward with the
registered buyer, the following are some tips on what to expect.
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Swapalease Support
Our dedicated and experienced staff
are available by e-mail or phone to assist your with expediting the
transfer process. Let us know how we can help.
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Documents Involved
Every leasing company has different policies and paperwork for their
transfer process. The typical documents involved are:
- Lease transfer agreement
- Odometer Statement
- Insurance verification
- Registration forms
- Others, depending on the individual circumstance
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Finalizing the Transfer Back to Top
Each Leasing Company has their own policies regarding finalizing the
lease transfer process. Some will require your signatures Notarized;
others may require you to meet at an auto dealer or bank branch.
Swapalease helps guide you through the process to make it as easy as
possible for you.
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Handing Over the Keys Back to Top
Once you and the buyer have completed the Leasing Company requirements
for the lease transfer (i.e. signed the appropriate transfer documents,
buyer has provided proof of insurance, both parties have paid the
appropriate fees, and any other specific requirements of the leasing
company), you’re now ready to hand over the keys to the new lessee.
Generally speaking, we recommend you as the Seller ensure all transfer
documents are completed and are properly forwarded to the leasing company. It’s also prudent to confirm that the leasing company received and processed the transfer two weeks after you forwarded the documents.
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License Plates/Registration Back to Top
Typically the license plates on the vehicle are the property of the
leasing company and should remain on the vehicle. For the specifics of
your state’s policies and for cross-state transfers, please contact the
local Department of Motor Vehicles office or your leasing Company.
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The Lease Buyer is the individual who will be taking over a vehicle lease.
There are four basic steps in completing the “buying” process. For
a step-by-step overview, please see How It Works.
Below are some tips for you to consider as you use Swapalease to find
just the right vehicle lease for you!
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Searching for a Vehicle Back to Top
Each Lease Buyer will have their own needs and preferences to consider.
Some prefer a particular make/model of vehicle, while others are more
interested in a specific number of months left in the lease, or a
specific range of monthly payments, or miles allowed per month.
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How to search – Swapalease is very flexible in providing you with the
ability to search by location (click on vehicle search and provide state
or zip code, then click the custom search button); you can then Sort
Results by Year, Make of Auto, Monthly Payment, and Months Remaining by
simply clicking on the Sort Results bar.
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Notify me – If you don’t see what you are looking for, let us know!
Click on the Notify Me button to tell us what you are looking for. We will
let potential sellers know what autos people are looking for, and let you
know when the auto that fits your needs is posted on the site!
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Important! Check Leasing Company Policies – See an auto that
particularly interests you? Click on the “Leasing Company” link on the
left browse bar to see the specific requirements of the leasing company
for the auto you’re interested in. Familiarizing yourself with fees or
policies (such as geographic restrictions) can save you time by not
pursuing an auto that you cannot qualify for. Back to Top
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Contacting Sellers Back to Top
There are two methods to contact sellers. You can find these two
conveniently placed buttons at the bottom of each auto listing:
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“More Info” Requests – You may use a Swapalease internal e-mail
system to contact sellers early in your search, to ask questions
such as:
- Is this a non-smoking vehicle?
- Has the vehicle ever been in an accident?
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“Registered Buyers”
Once you are serious about pursuing an auto, register
with Swapalease and submit a credit application to
gain access to the Seller’s contact information (name,
e-mail and phone number). The Seller will also receive
your contact information.
Note that your Buyer registration is good on multiple vehicles.
If your initial vehicle doesn’t work out, you don’t need to
re-register with Swapalease, simply contact another seller.
Now you can get together and discuss a deal.
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Tips for evaluating the vehicle Back to Top
You’ve found the auto that fits your needs – now what? Follow these
easy steps and you’ll be on your way to a successful experience:
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Things to look for Back to Top
As a buyer, you will be assuming a lease contract. A good source of
general information on leasing can be found at www.leaseguide.com;
if you’re unfamiliar with leasing, we suggest you spend a few minutes at
this site.
First thing you’ll need to do is to contact the Seller to arrange a
meeting in at mutually convenient time and place to view the auto, the
lease contract, and the service records. You should allow 45 minutes to
an hour for this meeting; make sure when you call the Seller and ask that
they bring the lease contract to the meeting.
The Lease Contract: All your rights and obligations are specified in the
Lease Contract, so it’s important that you read and verify your
understanding of the lease contract before finalizing a deal.
The Basic Terms of the Lease. Check the sellers contract for the
ending date (the date the lease agreement ends); the total miles allowed,
the cost per mile of additional miles beyond the standard allowance; the
monthly payment; the end-of-lease terms, including the buy-out value (buying
your leased auto at the end of the lease can be attractive), any end of lease
disposition fees; excess wear and tear provisions; security deposit requirements.
The Vehicle: As with any auto purchase, take a good look at the
condition of the vehicle. You will be responsible for the condition of the
vehicle at lease end. Unless you’re mechanically inclined, we recommend you
get the car checked by a third party; contact Swapalease if you’d like a
recommendation for an inspection service. Verify that the current mileage
on the odometer meets your expectations.
Additional Questions to Ask the Seller: If you haven’t already,
now is the time to discuss any other questions that may be important to
you, including confirming which person will pay the transfer fees, how
you will handle security deposit transfer, etc.
Once you’re ready to move forward, and agreed with the Seller on a
transfer, the Seller will contact Swapalease to let us know of your deal.
Remember, if you have any questions during the process, you can e-mail or
call Swapalease; we’re here to help you!
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The Credit Decision Back to Top
Credit decisions are the responsibility of the individual leasing company
utilizing their unique credit decision criteria. Swapalease speeds up the
credit decision process by forwarding your information on your behalf to the
leasing company so you get an answer quickly and conveniently. Please inform
Swapalease if you would like to include another individual or note special
circumstances.
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Finalizing the Transfer Back to Top
Each Leasing Company has their own policies regarding finalizing the
lease transfer process. Some will require your signatures Notarized;
others may require you to meet at an auto dealer or bank branch.
Swapalease helps guide you through the process to make it as easy as
possible for you.
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Handing Over the Keys Back to Top
Once you and the seller have completed the Leasing Company requirements
for the lease transfer ( ie signed the appropriate transfer documents,
buyer has provided proof of insurance, both parties have paid the
appropriate fees, and any other specific requirements of the leasing
company) , you’re now ready to take over the keys to your new vehicle.
Generally speaking, we recommend the Seller ensure all transfer documents
are completed and are properly forwarded to the leasing company.
As the Buyer, you should expect to begin receiving monthly lease payment
statements. If you don’t receive your monthly statement by a week before
the payment due date, please call your new leasing company to ensure your
statement is being processed properly. Remember, it is your responsibility
to make the lease payments.
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License Plates/Registration Back to Top
Typically the license plates on the vehicle are the property of the
leasing company and should remain on the vehicle. For the specifics of
your state’s policies and for cross-state transfers, please contact the
local Department of Motor Vehicles office or your leasing Company.
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