Lease Trading

The bad economy may make it a good tie to pick up a car lease from someone who needs to get rid or their ride.

Lease trading has been around a while and basically it requires a person to take over someone else's lease.

The lease holder can even pay down the terms of the note, making the monthly payments very reasonable.

We spoke with a person who took over a lease today and while he is happy with the deal, he says anyone considering it should take a few things into account.

First, try to find a car locally.  While you can pick a car from anywhere, getting titles and registration can become a problem.

Second, be patient.  It can take several weeks to sign all the paper work and receive your car, so if you need a ride right now, make sure you know how long things will take.

Third, ask questions.  Since you are taking over another persons lease, make sure you know how many miles you can drive and the responsibilities you have concerning any damage.

There are several national companies that set up lease holders with those looking to take over a lease, here are some links:

http://www.leasetrader.com/

http://www.swapalease.com/

And check out some of the tips included in this article:

http://www.edmunds.com/advice/leasing/articles/47011/article.html