Thursday AM April 23rd, 2009

image of car tire provides auto lease transfers, matching car buyers with owners wanting out of their leased vehicle.ξ 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.ξ 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.ξ 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.ξ He says the site has three to four times as may buyers as those trying to sell their leases.ξξ

"No down payment.ξ These lease term that you're picking up is short, so it's not a long-term contract that you're getting into.ξ And third, you could pretty much customize your searches.ξ You're not locked to standard — 36, 48, 39-month contract.ξ 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.


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