|
|
November 5, 2004
Find car leases by shopping online
Whether you are buying or selling a vehicle, you can save money
using a variety of sites on the internet.
CYNTHIA RAMSAY SPECIAL TO THE JEWISH BULLETIN
Want to buy a car, but don't have enough cash for a downpayment?
Currently leasing a car, but need to get out of the agreement? Several
web sites exist that can help a person in either situation.
Leaseboys.com,
leasebusters.com,
swapalease.com
and takemypayments.ca
are all in the business of "auto lease transfers." The
sites are user-friendly and walk you through the steps on both sides
of the potential transaction; the relinquishing of a car lease and
the acquiring of one. Most of the lease-transfer businesses online
cater to American customers only, but these four have Canadian offerings.
As you casually search the sites though, you should be aware that
leases can only be transferred within their country of origin –
so that Hummer in Miami, Fla., is not an option for Canadian lease
buyers.
Reasons for opting to transfer your car lease, rather than terminating
it before its term is over, include the cost of doing so –
which depends on how many months remain in the lease agreement,
and the penalties charged by your leasing company. You may need
to get out of your lease because you're changing jobs and moving
to downtown Toronto, where you won't need a car. You may have just
gotten a big raise, allowing you to upgrade to a better car sooner
than you anticipated.
If you're looking to buy or lease a car, taking over a lease may
prove a more suitable option in that there is no need for a downpayment,
the length of the lease will be shorter and some sellers offer cash
incentives to lease-buyers.
Credit card needed
While the lease transfer process may be cheaper than either terminating
your lease early or buying a new car from a dealer, it is not free.
All of the sites charge various fees. Leaseboys.com has two rates:
$149 Cdn for a basic web site listing only; and $279 Cdn for web
listings, as well as an ad in a couple of print publications. Leasebusters.com
charges $295 Cdn for advertising in several publications and on
several web sites – at Bulletin press time, there was
a special for Western Canada comprising a $100 discount. Swapalease.com
is publicizing two rates: $49.95 US plus a $95 US success fee that
is charged upon the initiation of a lease transfer (regardless
of whether the transfer goes to completion); and a special $99 US
offer that would include unlimited posting of your ad and no success
fee. Finally, takemypayments.ca charges $34.95 US (plus $4.95 US
per photo) and a one-time document fee of $89 US.
In addition to these costs, there may be other charges to consider,
including fees for a credit check, transfer fees charged by your
leasing company, shipping charges, third-party inspection fees and
lease-end charges such as excess mileage fees and excess wear and
tear assessments. Still, it can save you money to swap your lease
rather than terminate it: likely, the cost of transferring the lease
will be in the hundreds, while turning in your car early could be
in the thousands of dollars. The least expensive option, of course,
is to finish your lease if you can.
Patience is a virtue
As with buying a used car, you may have to wait some time before
the car (lease) of your dreams shows up on the market. All four
sites mentioned above make it easy for you to search for what's
available by vehicle make, year, maximum monthly payments desired,
lease end date and other criteria.
Looking for a Volkswagon, for example? Of the four sites, two came
up empty for British Columbia: there were no leases for Volkswagons
of any make on swapalease.com and takemypayments.ca (although you
could check out a 2003 GTI available in Toronto). Leasebusters.com
came up with two 2002 Jettas – both for sale in Vancouver –
while Leaseboys.com offered a list of 10 Volkswagon leases for transfer
in British Columbia, including three Jettas and a couple of Beetles.
The sites detail every car's attributes, the costs per month for
each lease, any other charges, the total kilometre allowance, lease-end
purchase options, etc.
Other than car availability and site charges, there seems to be
no huge difference in what's offered by each lease-transfer web
service. For those to whom location matters, swapalease.com and
takemypayments.ca are both U.S.-based companies, while leasebusters
is based in Mississauga, Ont., and leaseboys has three mailing addresses,
one in Los Angeles, one in Calgary and one right here in Delta:
#15-7355 72nd St.
For more information, check out any of the four web sites or call
toll-free 888-357-2678 for leasebusters.com
and 604-952-5269 (or toll-free 888-952-5269) for leaseboys.com,
toll-free 800-503-7556 for takemypayments.ca
and 513-381-0100 for swapalease.com.
^TOP
|
|
