Oregon Public Broadcasting

The poor economy and rising gas prices are driving more people to swap out of expensive car leases. 

The latest sign of people downsizing:  A website that helps people transfer auto leases reports a double-digit increase in listings from the Northwest.  Correspondent Tom Banse has our story.

One year into a four-year lease on a Chevy Tahoe, Teresa Cronin had second thoughts.  The white water rafting guide from North Bend, Washington liked the SUV, but not the expenses that came with it,  including the $750 a month lease payment.

Teresa Cronin: “This was right when gas hit $4 a gallon.  That was part of the incentive for me to get out of a large SUV.”

Cronin was delighted to discover there are companies that play matchmaker for people trying to exit a lease early.  She used one called LeaseTrader.com to find a person to take over her payments.  Cronin had to sweeten the deal for the buyer.

Teresa Cronin: “I did have to put a little bit of incentive – kind of a cash incentive -- to try and buy down the payment so that I was competitive with what they were selling for and leasing for new.”

Cronin replaced her SUV by buying a used Subaru Outback.

LeaseTrader.com says Cronin epitomizes a trend.  The Miami-based company reports a surge in demand from people trying to economize and downsize. 

Listings in the Northwest region rose more than 35 percent over the past six to ten months. 

Most auto leases are transferable after paying fees.  On car lease swapping sites, the buyers and sellers haggle over who pays what.