6 New Reasons Emerge for Escaping Leases
Swapalease.com indicated that individuals typically are looking to escape their leases simply because they can no longer afford to make the payments, they’re bored or are ready for a different vehicle, or they’ve had a major lifestyle change such as a new baby on the way.
But site officials spotted six new reasons gaining traction. While many of these reasons are unorthodox for the Swapalease.com marketplace, the company says they all have some rationality behind them.
Those six circumstances include:
• Toll charges: Drivers look to avoid a messy financial situation if automatic toll charges are accidentally passed on to the lease company.
• Taxes: Some states double tax your lease on the price of the car and your monthly payments, or on the entire vehicle MSRP.
• Avoid wear and tear fees from dealer: Drivers look to escape their lease to avoid end-of-term dealer return fees.
• Insurance premiums are higher: Some drivers fail to realize that insurance premiums can sometimes be higher on a lease because the bank requires more coverage.
• Transportation costs from moving: Because of moving over several states, some people wish to avoid putting excess “moving miles” on their lease.
• Death in the family: When a family member passes, the estate will look to transfer out of the lease to get the payment off the family books.
“It’s natural to think a person wants to change their car simply because they want or need something different in their lives,” Swapalease.com executive vice president Scot Hall said. “However, each year we begin to see new trends that pop up on why drivers utilize our marketplace to exercise their option to transfer out of their lease.”