LeaseTrader Reviews

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.

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 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.