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COVID-19 forces people to escape their vehicle lease contracts

Covid-19: forcing people to escape their vehicle lease contracts (Jake Manuel Brasil KMVT/KSVT)
Covid-19: forcing people to escape their vehicle lease contracts (Jake Manuel Brasil KMVT/KSVT)(KMVT)
Published: Apr. 9, 2020 at 3:55 PM MDT
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According to

COVID-19 is forcing drivers to escape their lease contracts early.

Swapalease.com helps individuals interested in leaving their current vehicle lease agreements.

They are now reporting a 66% increase in the amount of people seeking their services due to financial motivators.

They say the high traffic to their website comes from individuals becoming proactive in case they are unable keep making car payments if this pandemic continues.

"So I don't think people are to the point yet," said Scot Hall, senior vice president of operations at Swapalease.com. "In fact, I’m pretty sure they are not to the point yet where they are necessarily having trouble paying their bills, and this, that and the other. I think what we are seeing is a lot of people planning ahead, looking ahead, and making sure they have their bases covered and trying to do the right thing to be on the proactive side."

Most leases out there are fully transferable leases, but there are some exceptions, Hall said.