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Economy Drives Rise in Auto Lease Swaps

With consumers eager to cut expenses during this tough economy, car lease swaps are on the rise. A website called created a win-win for two Los Angeles families.

Monrovia, CA, April 24, 2009 --( With consumers eager to slash their expenses during this tough recession, car lease swaps are on the rise. A website called created a win-win for two Los Angeles, CA families.

Driving their car was a dream, but for Steve and Morgan Carlington, making the payment was becoming a nightmare.

"I lost my job of 15 years and I wasn't able to find a job quick enough to continue keeping all our cars," said Steve. So the couple with two children, decided it was time to get rid of one. "We had to, it was a difficult financial spot for us," Steve said.

The Carlingtons listed their BMW on and within days people from across the country were bidding for their car.

"It was a beautiful car... it was a very nice car," Morgan said.

Using's service, the Carlingtons transferred their lease to Adam Brooks. Adam is a network engineer who says assuming a car lease saves money. "Usually you have to put in anywhere from $3,000 to $5,000 down to even get the lease in the first place," Adam said.

Not only did Adam skip the down payment and upfront dealership fees usually associated with obtaining a new lease, he negotiated two months worth of free payments with the Carlingtons.

"In this economy, people are much more flexible, and that's why a TakeMyPayments sort of site, I would assume, is doing really well," Adam said.

According to their business is booming in the numbers of lease transactions seen since starting in 2000.

As for the Carlingtons, they may have lost a beautiful car, but they saved their credit. "I've run my credit since, it's completely off. It's a paid lease, it's done," Steve said.

The Carlingtons had to pay Mercedes a small transfer fee in order to put Adam in their driver's seat. "I just think it's a great alternative," Steve said.

Adam says his experience with went so well, his wife wants to lease swap for their second car. She has her eye on a Mercedes SUV.

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Myles Teague

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