MIAMI -- Consumers are now being asked to make larger down payments for vehicles when car shopping because of the tightening credit crunch.
Cash-strapped consumers struggling with the current economic conditions are finding it harder to shop for a vehicle because of the larger down payments required.
This has created more interest in options among buyers. A website, LeaseTrader.com has seen a 30 percent increase in the number of people investigating how to use its site to take over a vehicle lease and avoid making a down payment.
LeaseTrader.com executives believe this trend will grow in the next 12 months if the credit crunch persists or deepens. “The economy is bad right now, but there are people that still want to buy or lease a vehicle for different reasons,” said Sergio Stiberman, CEO and founder of LeaseTrader.com. “With the current credit situation and down payment requirements, you have a perfect storm that hurts both the auto industry and the consumer.”
Stilberman’s company facilitates vehicle lease transfers that allow car shoppers to pick up the remaining portion of someone’s lease and finish out the remaining terms. The buyer gets a car without making a down payment.
While it’s free to browse LeaseTrader.com when looking for a car you might want, in order to connect with someone wanting out of a lease, you have to pay $39 for credit verification and a 60-day membership. If you go through with transfer there is a $149 fee.
For more information visit
www.leasetrader.com , or call 800-770-0207.
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