Dranoff went back to the dealership, but they wouldn't cancel the lease... Leaving him with an unused car and a rather hefty bill.
He explains how much it was costing, "$373 a month, plus the insurance. So it came out to about $550 a month. It's a lot of money."
That's when Dranoff turned to a website called SwapALease.com.
Scot Hall of SwapALease says, "Our primary function is to help match up the person who wants to get out of the lease with the person who wants to get into that lease. Think, if you will, of a dating service for matching up leases."
Dranoff took photos of his dad's car and posted them on the site, along with the lease details. Listing fees for the site run about $100 per car.
"You have to tell them how many miles, are on the lease, how many miles are left on the lease, 155353 how much time is left on the lease, and the price per month," he says.
Within five weeks, an Exton, Pa., man had taken Dranoff's car for a test-drive, and agreed to take over the lease. Most leasing companies do allow these transactions, but they don't necessarily make them easy.
Dranoff says, "I think it just is that if someone is capable of, or has the credit or the money to, lease a high-end car, the company figures, why shouldn't we move another unit?"
Hall adds, "We, on average, find someone to take over a lease within 30-45 days of when that vehicle is listed. The average transfer process , to complete that wth a leasing company, is somewhere on the average of two weeks."
Within about 5 weeks, the car was out of Dranoff's driveway and he was off the hook for the payments. Plus, the lease-buyer had gotten a great deal, since Dranoff had made a sizeable downpayment.
Hall says, "When you take over a lease, you're magifying the short-term nature of leasing. Secondly, you may be able to take advantage of a downpayment or trade-in that somebody put down on that lease, making that payment even more attractive."
To check out SwapALease.com, click here.