• How Does a Car Lease Swap Work

    A car lease swap is a process in which an auto lease is transferred from one driver to another. In order to qualify for a car lease swap, the new driver must qualify for credit approval with the finance company. Car lease swaps are helpful if a consumer can no longer afford the lease payment they have. Lease swapping has become more common as car lease payments have risen and consumers are looking for more affordable options. While lots of car lease swaps are often initiated between friends, online marketplaces like Swapalease.com are also helpful when looking to assume or swap a lease.


    If you are considering a car lease trade and taking over someone else’s lease payments, it is important to note some of the requirements when assuming a lease. In addition to having an income that can support the monthly lease payment, you must also meet the credit approval requirements of the finance company. Additionally some leasing companies like a GMAC charge a lease transfer fee. Additionally, if the prior lessee has damaged the vehicle or gone over their miles, you may be responsible for any excess wear and tear charges at the end of the lease, just as the original lessee obliged to in their contract.

    The Transfer Process

    When you are ready to complete a lease swap, the current lessee must contact their finance company and make sure that a lease swap is possible. In some areas certain finance companies do not allow their leases to be transferred between drivers. If the lease swap is possible, you will be required to complete a credit application for the finance company. A dealership may also be able to help with this. If you meet the requirements for credit approval you will be sent an informational packet that must be completed in order to transfer the lease. When complete, this information should be returned to the leasing company and a transfer fee, if necessary, must be paid. In most cases this constitutes the end of the lease swap. However, you may need to apply for a new registration or license plates in your name to accompany the leased vehicle; these regulations vary by state. In order to make sure you’re properly registering entitling the vehicle, please contact your local Department of Motor Vehicles.


    A car lease swap is an easy way to drive a vehicle that is more expensive than you could otherwise afford. With lease payments continually rising, a swap can guarantee you a lower monthly payment for the remainder of the lease. This may allow you to save up for a down payment on your next lease or purchase, which can make your next payment more affordable. Before completing a lease swap transaction, make sure you are comfortable with the vehicle and comfortable with the current lessee. You should also inspect the vehicle for damage, as you may be held responsible for it at the end of the lease.