ROCHESTER, Minn. - Leasing a car is a pretty common thing, but there are options when it comes to getting out of a lease in case you find yourself in a pickle during the pandemic and can't afford your payment anymore.
According to Executive Vice President of Swapalease, Scot Hall, there's been a 66% increase of people listing their vehicle online to transfer their lease. Hall explained their job right now is to help those wanting to get out of their lease early, find someone who is in the position to take over the remaining amount left on their lease.
Hall said there are three main reasons why people try to get out of their lease - financial reasons, wanting a new vehicle, or having a lifestyle change. The majority of the reason for the current increase is that people are taking the preventative steps ahead of time before it's too late and they can't make their payments. "I think people that have put some effort into keeping their credit scores high, making sure they're paying their bills." Hall said. "I think those generally are the type of people planning ahead, looking to make sure they keep their credit history where it is and not run into trouble. I think it kind of fits with the demographic, if you will, of leasing."
If you want to see what other options are out there about getting out of your car lease early, you can reach out to the dealership where your car is from. For more information on Swapalease, you can view their website.