SWAPALEASE.COM IDENTIFIES TREND WHERE DEALERS ARE BUYING OUT MORE EXISTING LEASED VEHICLES TO ALLEVIATE INVENTORY SHORTAGES
New Trend Helps Brands Like Honda and Nissan See the Value of Modernizing Their Lease Policies
Cincinnati, OH (October 20, 2021)
Swapalease.com, the nation’s largest car lease marketplace, released today new data that uncovers a growing trend in auto leases that is directly tied in with the ongoing microchip shortages and new-vehicle dealership inventory challenges.
Over the past 12 months Swapalease.com is seeing a nearly 500% increase in the number of leases getting bought out in its nationwide online marketplace. These leased vehicles are listed typically between 15 and 20 months old, and in many cases have less than 25,000 miles making them an extremely attractive source of used vehicle options on the dealer lot.
Customers greatly benefit on both end of the spectrum: 1) buyers at dealers have access to more used vehicle inventory and more selection to choose from; and 2) people listing vehicles on the Swapalease.com marketplace from brands with unfavorable and outdated lease policies are having more success escaping their lease contracts.
Brands such as Honda, Nissan, and Kia have traditionally made it extremely difficult for their lease customers to transfer leases for a variety of life reasons that have nothing to do with vehicle or brand preference. In many cases people want to remain with the same brand for their next vehicle, but the frustrations associated with transfer obstacles force people to eventually choose a different brand in their next car or truck. The current dealer lease buyout climate is offering these brands a glimpse at how modifying their policies might benefit them going forward.
“Many people simply want or need to change vehicles because they are having a new baby or are moving to a different part of the country and their existing car or truck no longer works for them,” said Scot Hall, Executive Vice President of Swapalease.com. “They are happy with the brand they are with, but the difficult experience drives them into another brand. Hopefully, the current situation helps these brands see the value in modifying and modernizing their lease policies especially once the market normalizes.”
About Swapalease.com:
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.
