Across the world, the coronavirus outbreak has halted all industrial activity. Consequently, the global economy has come to a standstill. However, some industries have been hit particularly hard. The automotive industry is one such part of the economy. Manufacturing plants are shut, spare parts are difficult to obtain, and the global logistics supply chain has been greatly disrupted. Similarly, economic uncertainty has become an important factor in a decline in consumer demand. In this article, we will evaluate if car lease swapping is a viable alternative. We will explore the model, and review one of the top car lease swapping platforms called Quitalease.
Car lease swapping model
The car lease swapping model is an ingenious way of making the most cost-efficient car lease deal. Purchasing a new vehicle in these times is a very expensive option that many will not take.
Similarly, getting a car from a leasing company can also be difficult because of high down-payment costs. However, under the car lease-swapping model, no down-payments are required since the car is already under lease. A person who wishes to transfer his leased vehicle can simply do so to another individual.
In short, the original lessee transfers the car to a new lessee who then continues making the remaining payments to the leasing company. It is a win-win situation for the seller, the buyer, and even the leasing company.
This is because the seller wishes to get rid of the extra daily costs; the buyer wishes to purchase a vehicle without massive down payments, and the leasing company would ideally like to continue receiving monthly installments to stay in business.
Quitalease car lease swapping platform
So far, so good, but where can you exercise the car lease swapping option? Most car dealerships are closed and will remain so for the near future. Everything is already moving to the digital realm and this is true for car lease swapping as well.
Quitalease is one such digital platform that brings together the buyer and the seller to strike the most effective deal. Let’s see how Quitalease can be used as well as the features it offers, from both the buyer’s and the seller’s perspective.
How to take over a car lease?
So you have decided to take over a car lease. How do you go about it via Quitalease? Here is a step-by-step guide on how you can do so.
Step 1: The first thing you need to do is to register your account on the Quitalease website by entering your contact information such as email address or phone number.
Step 2: Select the “Search listing” options at the top of the home page.
Step 3: The platform will then list all available vehicles. However, you can use the filters listed on the left-hand side of the page to narrow down your search.
Step 4: You can filter according to make, model, body style, transmission, color, mileage, fuel efficiency, and even your zip location. Furthermore, the price-by-month option can be used to find the right car within your budget.
Step 5: Quitalease will generate a list of vehicles that match your requirements. You can sort the list according to the number of views or the latest listing on the website.
Step 6: Take your time and scroll through the list. You can save any vehicle that you like for later viewing too.
Step 7: Click on the message or the call icon under the ad to communicate with the original lessee.
Step 8: Make sure you ask the right questions about the vehicle.
Step 9: If you reach an agreement, you will have to send your financial documents to the leasing company for evaluation.
Step 10: If the evaluation is successful, you can drive away in your new car. You will now continue making the payments.
How to transfer a car lease
Want to get rid of your car lease? The following step-by-step guide will help you do that.
Step 1: Visit the Quitalease website and register your account by entering your contact details.
Step 2: Clean up your car and take clear pictures from all angles. Adding pictures of the interior will also be a great option.
Step 3: Log in to your Quitalease account and select the “Post an Ad” option.
Step 4: Upload pictures of your car and add all relevant information such as make, model, car type, color, interior, mileage, cost, fuel efficiency, or transmission type. Also mention if you have installed extra features on the vehicle. This is important because the platform’s algorithm will increase the likelihood of finding the right match.
Step 5: Keep checking your inbox to entertain any interest in your car.
Step 6: Negotiate with the interested party, and if a deal is reached, inform the leasing company.
Step 7: Wait for the company to evaluate the new lessee’s profile.
Step 8: Simply hand over the car keys when this is done. You are no longer obligated to make monthly payments.
Quitalease is a very effective platform through which you can do the above. It is also quite simple to use. But if you are not sure if you want to go ahead with the deal, here are some important benefits of car lease swapping that you should keep in mind.
Benefits of car lease swapping
Many people are unable or unwilling to continue making payments on a car they leased during better times. However, a failure to continue making payments can affect their credit ratings, so they need some way to get rid of the lease.
In this regard, the car lease transfer is the best option. On the other hand, a buyer does not have to make exorbitant down payments or go through piles of documentation to get a vehicle. The current economic condition already makes the purchase or new leasing options quite difficult.
The global auto industry has taken a major hit from the crisis and it is unlikely to recover from this quickly. This is because the supply chains and the logistics will require a complete revamp, and it takes time to do so.
Similarly, digital infrastructure to shift the automobile business online already exists. Customers, car dealerships, auto companies, and even leasing companies will try to take advantage of this. As for car leasing, it will also experience rapid growth as customers flock to get their hands on a new set of wheels.
In this regard, Quitalease may prove to be a very popular platform. It already has hundreds of listings, and new ads are being added each day. If you are looking at the car lease swapping as a realistic option, Quitalease may just be the right place for you.