(1) A closed-end lease or walk away lease stipulates the lessee is responsible for making a specified number of lease payments over a period of time based on a fixed end of lease period. ( link….see lease glossary) regardless of market conditions at the time of lease termination. If there is a loss of value from depreciation, other then from excess wear and tear or mileage, those negative values are absorbed by the leasing company. In an open-end lease, you take the risk and are responsible for any difference between the estimated residual value and the actual value once the vehicle is returned and resold. Switchtrader.com would recommend closed-end leases.

(2) Typically early car lease termination can result in penalty charges and thousands of dollars in termination fees. So posting your car with Switchtrader.com is a smart way to offer your car to someone willing to assume your auto lease without you incurring penalties and fees. By using your built in lease transfer option in most lease agreements, you can have someone take over your lease legally with the approval of your lease lender.

Switchtrader.com provides the technological platform and marketplace to facilitate the coming together of lease sellers and lease buyers to further their interests in exiting and entering automotive leases, we are the ONLY! Lease transfer marketplace that allows video uploads of lease seller’s vehicles in addition to the standard digital images; certainly the combination of both a short video clip complete with voiceover capability coupled with the digital images provides a powerful and compelling presentation to lease buyers as they search for the perfect Scion lease.