Anyone know about Leasetrader.com?

[Onthelake]

I am a one vehicle family right now and find myself needing a dependable car capable of making some road trips. With my job situation not real stable right now I don't want to get into a new car and really don't want to commit to 3 years of payments even for a used car. I came across Leasetrader. They match up people who want to get out of a car lease with people who want a short term lease. The idea is to take over someones lease for the remainder of the term. I've come up with some of the shortfalls like making sure there is a warranty for the entire term of the lease and also make sure the vehicle is in good condition when you take it over but still trying to decide if this is a good idea.
Any facts or opinions from those who lease that could help me make this decision?

Rod

 

[Gary_in_Indiana]

I lease vehicles but I am always the lessor, not the lessee so I'm effectively the leasing company not the user. Generally speaking, I'll tell you the same thing I tell anyone who asks me; Do NOT lease a vehicle. For the vast majority of people it just doesn't make sense.

All of that having been said, let me suggest a few thing to consider and some questions to ask;

Is there a mileage limit and if so who is responsible for what overage and to what extent?

Is it an open- or closed-end lease?

What is the buyout figure if there is one?

Who is responsible for any charges at the end of the term for things like excessive wear and tear (a VERY subjective area)?

What maintenance is included and what isn't?

Where does the vehicle have to be returned and will the cost of doing that be your responsibility?

Are you going to be expected to pay any security deposit or reimburse same to previous lessor? How about any portion of money the original lessor paid up front?

I'm sure I've only glossed over the surface here but I think this'll give you a start.

 

[Onthelake]

Thanks for the suggestions Gary. A couple of those things I had on my list of questions. A couple I didn't think about. I'm going slow on this thing since I don't want to make a mistake that will end up costing me big $$$.
Rod