LeaseTrading.com introduced on Tuesday Instant LeaseRelease, a service that allows drivers to exit their consumer leases early for half the cost.
LeaseTrading will work with select dealers to enable a driver to pay a low transfer fee that can be financed with the next car purchase. The driver can save 50 percent compared to paying the negative equity when the car is returned to the finance company early.
Before Instant LeaseRelease, a driver would be responsible for the negative equity on a car returned before the expiration of the lease.
The LeaseTrading service takes in the old car, makes the payments, and then finds a new buyer to take over the lease. If it can't find a buyer, LeaseTrading will pay the lease off, ending the lessor’s obligation.