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PLEASE read this. Do not do business with this company. I read the negative reviews ahead of time, but I decided to go forward thinking all the complaints were from people who didn't read the fine print and then were angry afterwards. Let me tell you, I read the fine print and I still got hosed by this company. I am very meticulous about reading agreements and thought I knew what I was signing up for. Not the case!
I got charged a bunch of fees from the company, and they were for them doing absolutely nothing!! I paid the listing fee to advertise my lease. Fine, I agreed to that. However, I was matched with a buyer (after about 9 months of unqualified buyers asking for ridiculous incentives). I called Lexus and was told that I could go through them directly. LeaseTrader would basically only act as a middleman for paperwork and would just slow down the process. So the buyer and I decided we would do it ourselves and save the fees from LeaseTrader. We lived only 15 minutes apart so it made sense for us to meet in person and fill out paperwork and get the process done as quickly as possible.
Everything went well until I got a call from a LeaseTrader manager. He told me he was a "buyer" and asked if my car was still available. I told him no that I was transferring vehicle to someone. This is when the problems started. I was charged fees at this point, even though the buyer and I had completed the lease transfer ourselves! They make it seem like if you choose to use them to facilitate the process, then you get charged fees for their "help". THIS IS NOT TRUE!! They charge you the fees no matter what, and you have to do all the paperwork with the leasing company yourselves. What are they charging for??? I paid a listing fee, around $150, and the buyer paid a large fee for an account and credit checks already. I was told the fees were for LeaseTrader matching us up... We already paid those fees, for both a seller account and buyer account.
This manager lied over and over. He literally called me pretending to be a "buyer" interested in my vehicle. I called back the number from caller ID after hanging up and it was LeaseTraders number! I asked why he pretended to be a buyer. He told me that he didn't, he was just asking if the vehicle was still available. He NEVER said he was from LeaseTrader. He was basically trying to find out if I found a buyer, which I had. He then started the process from LeaseTrader and hence all the fees... We already were finished with the process but now LeaseTrader wanted money from both of us.
He threatened me and told me he could charge me $250 penalty for not reporting the car, and $100 fee for each buyer that contacted me about the vehicle. He told me he was doing me a "favor" by charging me less fees. This place lies!!! They are very sketchy. I told them I was an honest guy and had I known that they were going to charge me all these fees I would have cancelled the listing and just worked with my buyer 1 on 1 like we did. He said that I couldn't do that. I asked how he knew I was transferring and he told me he read my messages on LeaseTrader and saw that I told someone the vehicle was not available, so they read all your correspondence through the website.... very shady.
I was going to dispute the charges with my credit card company but here's the kicker. In big bold print on the invoices they email, there is a statement. "Disputed charges will be turned over to a collection agency and all attorney fees will be billed to the seller." Obviously they know this happens all the time if they print this. So if I dispute it with my credit card company, even after I blocked any further charges from them with my credit card company, they will send you a bill later for who knows how much for their fees in the dispute. I could only imagine how much that would be for their attorney fees. So I decided to just eat the charges and pay them.
So basically they charged my fees for services they didn't perform. As other people have stated on here, it seems like they will do all the paperwork and help with the lease transfer. Nothing could be further from the truth. Basically they collect fees because they found you a buyer. Fine, that was the listing fee I paid. Why are they charging me other fees for absolutely nothing?!?!
Again, this is the most shady company I have dealt with. Having a manager call me and pretend to be a buyer just shows how they operate. I told him that was illegal and I was going to file a complaint with the police for him misrepresenting himself. He told me, "I choose my words very carefully when I talked to you. I never said I was interested in taking over your lease. I was just asking if it was still available." Really? That's how a business operates? I told him he should have stated he was calling from LeaseTrader and explain to me that if the vehicle wasn't available, I needed to take down the listing. Fine, no problem. He never said anything like that. After we talked, fees started coming in.
I can't tell you how much I would like to warn you to stay away from this company!!! They were rude to me, actually laughed at me, when I told them how disappointed I was in their actions. They really need to be more upfront about the fees. I am always very careful to know what I am signing up for. I read everything they sent me. They never made it clear that there would be fees coming down the road even if you decided to do the transfer on your own. Basically they make it seem like they will do everything for you once a buyer is found. If that was the case, fine. I'm all for paying a company for work they perform, I have no problem with that. But to pay a bunch of fees for nothing is ridiculous.
They know what they are doing. they are very good at hiding their policies and then taking advantage of people. If you read other reviews, everyone says the same thing. They make it seem like they make everything easy for a lease transfer, but it's the opposite. All they do is connect a buyer to a seller, and that is paid for with the listing fee and buyer account fee. All the other fees is just taking advantage of the customer, and they know it.
Once you make a listing with this company, they have you!!! Even if you decide not to lease your vehicle later be prepared for more fees. It's not as simple as they make it seem. Make sure you know what you are getting into if you decide to use this company. Ask questions and make sure you understand how the process/fees work. If you understand what you are getting into, I doubt most people will use this company. Do your research ahead of time, it will save you hours and hours of time, and a lot of money!!!
I paid for a 3 month membership thinking my 700 credit score would be sufficient to be approved. Failed. After trying again with updated information they wanted to charge me 30 dollars again just to re-run a soft pull on my credit. This site has scam written all over it. Save your money!
From reading the services listed on their website I was under the impression that they were a mediator that would help facilitate the transfer process but they are not. If you want to list a car and potentially find a buyer you can use them. If you're unsure of how the lease trading process works, they are very unhelpful and expensive. $200 to list your vehicle, $20 a month for the search engine submission. If they find a buyer it's another $250 commission fee, $120 if you'd like the "concierge service", and $150 for a vehicle inspection. These are just seller fees. The buyer is subjected to their own fees.
The "concierge service" is pointless. For the $120 fee somebody is supposed be assigned to your account to help facilitate the process. This is not the case and the customer service is horrendous. Nobody answers the phone. It goes straight to voicemail. When I eventually talked to someone they were very rude and unhelpful. You will have to do everything between the finance company and the buyer. Do not expect anything from them even with the extra $120 for the "concierge service."
First I paid $35 for a two month subscription (there's no guidance as to what package to buy on the site and I only wanted one car that I had seen on there). So I did that (I failed the first credit check and had to pay $30 more for a second one) - who charges for a credit check??? WARNING: Watch for the auto renew setting which defaults to YES without notifying you. Once I had that I found out the car I wanted was no longer available and hadn't been for some time. There are very few cars that I wanted on there and the two I saw that were vaguely close to what I wanted have both failed to respond to any communication through the 'Buyer portal'. So I completely wasted a month and $65 - and don't bother calling them - they're abrupt and unhelpful.
I joined for a month account paying around 39 dollars (don't remember the exact amount). I shortlisted a car (some like 8 months, and 250 dollars a month), they wanted to do credit check (I really don't understand why they need a credit check for 2000 dollars, it is very weird!), and said that I failed the credit check - but said that they can't give any details!
I know my credit score, and have access to my credit report. My score is above 700, no bad entries and stuff like that. I emailed them to tell me their method to fail me, there was no good response, except that I can ask for another credit check or take a guarantor! I sent them another email saying that I am not interested in their account any more, asked them to remove my credit card details from their website, and close my account, there was no response! Of course, they never pick the telephone, I called at least 3 three times during day time, they say every time that their office is closed! I just feel cheated by this website, who at the end of the day has not just taken away 39 dollars, but did a pull on my credit without any good reason, and more than anything else wasted a lot of my time for no good service. I wonder what are the checks and balances in the system to allow such companies to operate.
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I am shocked with the way they handle a car transfer. From not answering the phone to transferring you to the 3 man operation. All 3 were rude and disrespectful. The reviews on this company are 100% true. Don't waste your time and money. They talk back, talk over you, and try to belittle you. No one should go through that if you are a paying customer.
STAY AWAY FROM THIS SITE. They show you attractive deals and then when you want to contact the seller, they want your credit card info. I played along and lo and behold, that car lease I wanted to take over had just been purchased by someone else. Scam, scam, scam. The car, according to the LeaseTrader site, had been on there for 4 months and just by wild coincidence the car sold within the 1 hour it took for them to approve my credit. If it smells like a duck and looks like a duck, it's a duck. They're just figuring out how to charge you a membership fee for nothing.
On June 27, 2015, LeaseTrader charged me $19.95 for service I did not order, and threatened me with legal/collection action if I contested the charges. Because of this, I canceled the ad I had placed with LeaseTrader that was to last until my vehicle was successfully leased. I never received any material services from LeaseTrader, and I canceled my service with them and removed my ad on June 27, 2015.
On May 3, 2015, I registered on LeaseTrader.com to explore the possibility of selling my leased vehicle. On May 4, 2015 at 10:14 a.m., I received a telephone call from LeaseTrader. Their representative tried to sell me on placing an ad with them, and claimed that they would have no problem finding me a buyer for my vehicle. On May 4, 2015 at 10:16 a.m., I received an email from LeaseTrader asking me to call them back as soon as possible. On May 4, 2015 at 5:39 p.m., I received an email from LeaseTrader stating that they had a candidate interested in my vehicle, and asking me to call them back as soon as possible.
On May 27, 2015, I placed an ad with LeaseTrader and paid them $99.95 to list my vehicle until it sold. LeaseTrader responded with an email confirming my order, stating that this fee was non-refundable and threatening to take collection action, and charge me attorney fees if I contested the charge. On May 28, 2015, I received an email from LeaseTrader stating they had submitted my vehicle ad to search engines. This email also stated that I would be charged $19.95 for the next search engine submission unless I canceled this service before then. On May 28, 2015, I tried calling LeaseTrader to cancel the automatic monthly search engine submission service that I had not ordered, but my call was not answered. I then went online and canceled the search engine submission service by unselecting the check box provided.
During the next month I received zero inquiries about my lease car from any potential buyer. There was no indication that LeaseTrader ever even listed my vehicle, and they certainly did not make any effort to fulfill their promise to find me a buyer. On June 27, 2015 at 12:15 a.m., I received an email from LeaseTrader stating that they charged me $19.95 for search engine submission service. This same email stated this fee was non-refundable and threatened to take collection action, and charge me attorney fees if I contested the charge. On June 27, 2015 at 2:33 a.m., I tried responding to LeaseTrader by email and asking them to refund the unauthorized $19.95 charge for their search engine submission service. This email was returned as undeliverable.
On June 27, 2015, I attempted contact LeaseTrader by phone several times but could not get a person to answer. I then canceled my ad with them by removing it online, and contacted my bank to contest the unauthorized $19.95 charge for search engine submission, and the $99.95 ad fee. Despite LeaseTrader's promises to easily find a buyer for my vehicle, there was never any indication that they provided any service after I placed the order. LeaseTrader made it impossible for me to continue to advertise my vehicle with them by making unauthorized charges to my credit card and threatening me. I never received any material services from LeaseTrader, and I canceled my service with them and removed my ad on June 27, 2015.
I am currently seeking a refund for the fee of $99.95 that they charged me on May 27, 2015. LeaseTrader focuses all of their resources on aggressive billing and customer intimidation. Their rating with the BBB is not indicative of any customer experience with them; it only shows that they have a staff of lawyers assigned to respond to complaints. They do not really provide an effective advertising solution, and consumers should avoid them.
I signed up to get out of my lease. I was charged for an additional service (as a Buyer) that I did not purchase. I contacted the company to have the charge removed and was told that approval would need to be obtained to remove the charge. Interestingly, I was only disputing approximately 15% of the total amount charged. As I did not feel that the company was going to remove the charge for Buyer services, I contacted my credit card company to dispute the portion of the charge for Buyer services. My credit card company informed me that the matter had been resolved.
As I am monitoring hits to my account, I actively sign in to check the activity. I tried for two days to log in to my account and was unsuccessful as I received a message that my account did not exist. I contacted the company and was informed that my account had been removed because the company would be charged for me disputing the charge. When I questioned this improper business practice, I was immediately informed that my account was active again. I was asked to sign a letter stating that I am not disputing the unauthorized charge and received an email with a letter for me to sign. Honestly, I'm not sure if I'm receiving the service I purchased! Buyer Beware!
I was told by Lease Trader that it was very simple to trade your car over. That the car companies would do a transfer with no problems. What they didn't tell me and I had to find out by researching was the below. ** As you can see the seller is still held liable for the car even after it is traded. This is a big risk to the seller. I am glad that I came to this site and researched Lease Trader before I signed up with them or any other lease trading company. I hope that other people are smart enough to do research first before conducting business with any company. Good Luck to all.
The purpose of this post is express my distaste for the services provided by LeaseTrader.com. LeaseTrader.com is nothing more than VERY expensive gimmick. The lure in to the notion that they "handle" the lease assumption process when all they do is charge outrageous fees for nothing. Now one would expect that with such fees would come some perks... this could not be further from the truth. The only thing that LeaseTrader.com does is makes an easier process overly complicated while collecting huge fees. I also forgotten to mention that they require you to be pre-approved with them which means they collect all of your personal information and do a credit check. This downright comical because they do not do the actual approval rather the institution that is holding the lease does the approval. All they are doing is collecting your information and selling it for advertising and informational purposes. Don't waste your time and money on such a pathetic, useless and unnecessary service.
ABSOLUTE RIP OFF. First you are made to pay a fee to join as a buyer, even if you have already paid once to join as a seller. Only after paying this fee that AUTO RENEWS every month by default, I was still unable to directly contact seller by calling the number or by emails, but only through writing which they filter and most messages will not deliver. Also can't ask for any more info like Carfax that can only be sent by seller via emails. Anyways, you gotta pay twice... exorbitant $35 for initial signup as buyer, and then again some more $$$ for credit check. Why in the world is my credit needed to contact seller after I have already paid $35?
LeaseTrader is absolutely rip off. Even after paying the fee to join, I was still unable to directly contact seller by calling the number, only through writing which they filter and most messages will not deliver. You must submit to them all your personal information including your social security number to be approved to call the seller. Also besides the fee, they have an outrageous commission you have to pay if you will get the vehicle. Extremely disappointed. And they do not tell you about all these steps and fees before you sign up and pay first membership fee. Absolutely outrageous. Do not waste your time and money with them. There are plenty of sites to post, I will not be saying which ones as to not promote other site.
I signed up as a member. They requested my credit information which I refused to supply and am glad I did not do so. I never got any responses to my questions from the two cars I was interested in . I was told I would have received responses if I provided my credit information. As a result, I got no value for my membership. Then I was advised by email that my membership was automatically extended month to month at $20/month and that if I refused, I would be subject to debt collection and reporting to the credit agencies. Stay away from these guys. I can only imagine what would have happened if I leased a car!
LeaseTrader lures customers by promising to help them get out of a vehicle lease easily (potential seller) or to helping them acquire/assume a vehicle lease (potential buyer) easily. This implies a transfer of lease responsibility and therefore cannot be done without involvement of the lease/finance company, assuming this company would allow it. The website wording is crafted to make customers believe that LeaseTrader will assist during the entire lease transfer process and that you just sit back and relax. Their wording is almost indicative that LeaseTrader will act as a transfer agent. This is absolutely not so. Both seller and buyer need to deal with the lease company directly to affect a transfer. The only thing LeaseTrader actually does after you enter into a so-called transfer process with them is tell you to contact the finance company yourself and process all transfer documentation directly with them.
For this so-called service, LeaseTrader charges a humble fee of $249 to the seller and $249 to the buyer as well, so they rip-off almost $500 from both parts to a transfer for doing nothing! Well, you would say that this is a fee for providing a website for listing the cars, right? Well, here are the rest of the listing fees, even before you can start a transfer: Leasetrader has charged the seller (person who lists the car) $100 for the listing (non-refundable). This is in addition to the above-mentioned transfer fee. LeaseTrader charges the buyer (person looking for a car) a website subscription fee for 1 to 6 months (non-refundable) to be able to contact any buyer on the site. Otherwise, you cannot initiate the contact. This is in addition to the above-mentioned transfer fee. You would hope that the subscription fee is all you need to contact the buyer. Well, no. LeaseTrader requires to run a credit check on the buyer to allow the person to contact the seller (note that buyer is still believing that LeaseTrader will help with the transfer process, so naturally they need to run a credit check). Well, it turns out this credit check is for nothing because the Lease Finance company will have to run their own credit check on the buyer. This alone is absolute commercial malpractice and tantamount to fraud.
Other questionable practices of this company: First, you cannot update billing information online on their site once you have provided it. If you want to change to a different credit card, you have to call them and give them the additional info. They lock your billing information away from you. They will charge your credit card directly on a transfer (if they think one is going on) without warning you or notifying you beforehand (credit card charged without authorization). Second, customer support is impolite and unresponsive. I made three calls to support. Even before initiating a transfer with them, the attitude towards the customer is as if the customer is doing something wrong. I also perceived like they easily play ping-pong with the calls and will quickly transfer to another department before you finish saying your question if you hint anything that is related to another department.
Finally, if you use their site for communication with another party (seller or buyer), (I never saw any authorization or warnings about this) they can monitor your communications without your express consent. Customer support admitted without realizing it that they do that and they could make decisions about your account based on your communications on their site. Be warned about using this service! If you do decide to use it, know what you're paying for and do not use their messaging function!
I listed my leased car on their website. Their advertised information states the following: “Lease trader fees are very simple and very affordable; there is an upfront cost when you list your vehicle for take-over of about $89.95 and a commission of $249.95 when the lease is transferred. A $100 instant rebate is available to those who pay the commission when the transfer process begins. Check out more details visiting seller fees.” Based on this information, I advertised on their site. I was charged their fees. But when the buyer withdrew his offer to transfer, they refused to refund my money although the lease was not transferred. It clearly states "When the lease is transferred."
I used leasetrader.com to see if I could find a buyer for my lease. I signed up online for a onetime fee of $39.95. No takers on my car and three months later I was charged $109.00 on my credit card for pictures of my car that I never uploaded and a request for a Gold advertisement I never requested. I never received an e mail responding to my inquiry about the legitamacy of the charges. Long story short, this company takes liberties with your credit card information and then threatens to sue when one refuses payment.
I was out $109.00. I paid this amount for absolutely nothing.
I placed my car add with Lease Trader.com. They right away charged me $80 to place the order. They claimed that any buyer they refer to seller is credit certified by them. I got a buyer who was interested in taking over the lease for my car. In order for us to proceed, lease trader charged me $149 for the transfer process and they also charged the buyer a $25 credit verification fee and another $150 for the transfer process. Later in the process the buyer was rejected by the leasing bank because of his credit problems.
Lease Trader during the whole process were non commited to the extent that they did not even purse the application process and leave at the buyer and seller to do all the leg work. In other words they charge thaeir fees and dont bother to provide any service. I will not recommend Lease trader to anyone because they are only interested in getting as much money without providing any service. A perfect example is as soon as you are registerd with them, you will statrt receiving e-mails from them as to how you can improve your chance of selling your car by buying additinal packages from them at additional cost and yet on the other hand they did not bother to send a single e-mail notifying of the sale process.
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