by Paul Williams
With so many people leasing cars these days, you’re bound to have people who want to terminate their leases early, or lease for a shorter term than average. Easyrelease.ca was established in January 2003 to respond to these demands. It’s a new service now advertised on Autos.
Explains Easyrelease.ca President, Jason Tang, “We’re trying to bring buyers and sellers of leases together to create a more fluid marketplace for people. We’re using an online model because you can continuously change the listings, 24/7. Currently we have vehicles listed that are located in Ontario, Quebec, Alberta and British Columbia, but as long as the vehicle is available in Canada, it can be listed with easyrelease.ca.”
Indeed, most lease companies permit early lease terminations, but there are often substantial costs and fees associated with this. The better alternative, says Mr. Tang, is finding someone who’ll take over the lease, which is the main service of Easyrelease.ca.
However, there are some conditions.
“The person taking over the lease has to be qualified by the leasing company handling the vehicle,” says Mr. Tang. “But other than that, it’s basically a negotiation between the current lease owner, and the buyer. Sometimes the person who wants out of the lease will even offer incentives.” (These are identified in the listing).
Not surprisingly, the most popular vehicles are SUVs. An advantage of a shorter-term lease through easyrelease.ca is that it may get the buyer into an SUV without the initial down-payments and other associated costs.
Compact cars like Volkswagen Jettas are also popular, as are some of the less expensive brands like Mazda and Pontiac.
“You can get some really good deals on cars like these,” says Mr. Tang.
An example is a current listing for a silver 2002 Mazda Protege, with ABS and 30,000 km for $200 per month over 33 months. That works out to just over $6000 for almost three years of driving to a maximum of 80,000 km. It’s unlikely you could get numbers like those from a new-car dealer.
At the other end of the spectrum, somebody’s changed their mind on a 2002 Porsche 911 Turbo with only 4,500 km. You’re looking at $2,360 per month over 33 months for this silver bullet, located in BC.
Listing fees on Easyrelease.ca are $90.00 for 60-days, or $150.00 until the vehicle is leased, which includes a Lease Transaction Guidance Service, supplied by Mr. Tang to help conclude the deal. It typically takes four to six weeks before the vehicle is re-leased, although sometimes only a week is required.
Mr. Tang has a comprehensive background in vehicle leasing and finance, and Easyrelease.ca will be sponsoring Easyrelease.ca.dedicated to this topic. Mr. Tang will offer advice and opinions where he can, so if you’ve got questions, check the new forum after checking out
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