Leasetrader.com provides auto lease transfers, matching car buyers with owners wanting out of their leased vehicle.Î¾ CEO Sergio Stiberman said it was a personal experience that inspired him.
"And I did what everybody does — you go to the car salesman that sold you the car, you know, asking him for financial advice or, you know, helping you get rid of these payments.Î¾ And of course, he did what a salesman does — tries to sell you another car, and tries to get you to write a check for the remaining payments that I had on the car.Î¾ So I said 'if I'm going to write a check and give you the vehicle so I can then start making payments on another car, I might as well just keep this car to begin with,' which is what I ended up doing."
Stiberman says consumers simply post vehicle information on the site, then transfer ownership and lease contract to an eligible buyer.Î¾ He says the site has three to four times as may buyers as those trying to sell their leases.Î¾Î¾
"No down payment.Î¾ These lease term that you're picking up is short, so it's not a long-term contract that you're getting into.Î¾ And third, you could pretty much customize your searches.Î¾ You're not locked to standard — 36, 48, 39-month contract.Î¾ You know, you find vehicles by whatever criteria you're looking for."
Stiberman says about a third of all vehicles sold last year were sold through a lease program, but increasingly longer-term lease contracts often make it difficult for people to fulfill their lease agreements.