Some owners of big SUVs are using a service to help terminate their leases so they can get into smaller, more fuel-efficient vehicles.
Despite the price of gas still near $4 per gallon, millions of SUV drivers are hesitant to escape their vehicle simply because they think the cost of exit will outweigh the benefits.
Even if a consumer has several months remaining on an SUV lease, nationwide programs such as LeaseTrader.com aid in transferring the lease to someone else, essentially letting the original lessee walk away from the contract.
LeaseTrader says the price to walk can be less than half of one car payment.
For some, the cost of breaking an SUV lease can be as high as $10,000. “When you break your lease, you're essentially paying out the balance of the remaining payments,” says Sergio Stiberman, LeaseTrader.com's CEO and founder.
Lessees list their vehicle on the site for $79, try to find someone else to take over the remaining portion of the lease and transfer ownership for $149.
