CINCINNATI, Ohio – Swapalease.com, the nation’s largest car lease marketplace, unveiled its newest program aimed at helping automotive retailers whose customers are looking to change vehicle leases before the contract has fully expired. The new program, called “Mobility Leasing by Swapalease”, is a unique marketplace infrastructure dealers and OEM partners can utilize to help customers add more flexibility into their lease contracts.
Our new program eliminates all of this friction on both sides and enables dealers to immediately help their customers add more flexibility into their driving needs.
For a variety of financial or life event reasons, it is estimated that nearly eight out of every ten1 lease drivers want to exit their lease contract before it is completed. However, buying out a car lease contract to change vehicles is a serious headache that comes with considerable financial consequences. Life events like marriage, a new child, job transfer and income changes have all prompted consumers to change into a new or different vehicle.
A recent Swapalease.com industry report1 found that dealers turn away roughly 38% of the customers who are interested in getting a new vehicle simply because they have more than a few months remaining on their lease contract. The new Mobility Leasing by Swapalease program is designed to immediately help dealers help these customers into a new vehicle.
How It Works
When a customer walks into a Swapalease-participating dealership and leases a new vehicle, their salesperson informs them they can return the lease after satisfying an initial grace period (usually 12 months). When the customer returns to exercise their option, the dealer immediately begins the process of helping them out of their lease by listing the vehicle on the Swapalease.com lease transfer marketplace, where there is historically more buyers looking for gently-used leases to take over. Shortly thereafter when a match is found, the customer is free to work out a deal on their next vehicle with the salesperson.
This process eliminates the frustration and expensive penalty consumers face when they want to buy out their lease early, and it helps dealers offer immediate assistance to those customers hoping to exit their lease because a life event has changed their automotive vehicle preference.
“Auto dealers have had several years of solid sales performance, including 2020 when the pandemic was believed to be far more destructive earlier in the year,” said Scot Hall, Executive Vice President of Swapalease.com. “Despite all of this, many dealers are still missing out on millions in additional or lost revenue by having to turn away customers who want to shop for a new vehicle but feel stuck in their lease contract. Our new program eliminates all of this friction on both sides and enables dealers to immediately help their customers add more flexibility into their driving needs.”
Dealers interested in participating in the Mobility Leasing by Swapalease program may call 866-792-7669 ext. 1000 for more details. Drivers interested in exiting their lease even if their local dealer is not a participant may utilize the Swapalease.com Consumer Direct marketplace located at www.Swapalease.com.