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Hundreds of thousands of people who suffered a drop in credit have emerged as consumers again – just a few years removed from the dark days of the recession. Many of these people have found a way to shop for a car without going through traditional credit checks at the dealer, and they’re getting some pretty nice wheels, too.
Credit is the lifeblood of car shopping. But consumers who acquire a used lease through transfer are only subject to credit approval as opposed to the dealer credit process, which analyzes a person’s credit to determine what kind of pricing they qualify for.
By taking over a used lease, a person’s credit doesn’t leave them vulnerable to a higher payment slot. In many cases, a car shopper might get a BMW 3 Series at a lower price than they normally would have at the dealer.
Recognizing this trend, Swapalease.com is an automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal.
The coming months will be interesting to track to see if this trend continues, and to see if consumers continue to take advantage of the program to replace their current and aging cars.