Welcome to the Car Lease Advisors Peer To Peer Ride Share Program. After being in the lease transfer business for some time we realized that over 60% of potential buyers we talk with will not be approved for a lease transfer. See, here’s the rub; when you go to a dealership and lease a car there is much more flexibility in being approved. When you attempt to have a lease transferred into your name all bets are off the table.
Many times you need a minimum credit score of 700 plus. There is no negotiating this point with the lease company. They have no motivation to approve anything but the best. Therein lies the conundrum. From this frustration was born our ride share program. And we have some good company; Google, General Motors & Ford have all teamed up with two National Ride Share companies.
How we protect the seller/owner
- Each Rider goes through an approval process to become a rider and participate in the program. We check the Riders income and proof of employment. We look for a minimum of twelve months of stable employment.
- Each rider must obtain full insurance matching the same requirements as the under lying lease or finance agreement. The lease company is named as the loss payee & the owner as an additional insured.
- At the buyers expense we install a fleet grade GPS system. This allows for the monitoring of miles driven and the exact location of the vehicle at all times.
- We place a GEO fence around the car. Sounds fancy, eh? If the car drives beyond a certain boundary we are immediately notified.
- We avoid the hassle of end of lease expenses by charging the buyers credit card on file if they exceed 500 miles in overage fees. We found its much easier to charge the rider as they go.
- We offer each rider an end of lease inspection as to avoid excess charges from the dealership and what may be minor issues which could be remedied at a fraction of the cost.
- Each buyer must pass our DMV scrub. Any DUI’s in the last five years is an automatic rejection of the Rider. A ticket for speeding in excess of twenty five miles an hour can also disqualify a rider.
- A criminal background is performed on each an every rider. Offenses connected with automobiles normally disqualify’s the Rider. Class five felonies or higher is an automatic rejection of the Rider.
- We utilize a Law Firm to provide escrow services and assist in the approval process of each rider.
- Automated text alerts are sent to each rider two days before a payment is due and too a law firm associate which confirms the payment has been made.
To date our default rate is less than one percent, better than the National average most banks or finance companies could claim. And if we have to recover a car from a Rider we do this at our expense. We simply place a new rider into the vehicle.
Best of all the program will cost you nothing. Upon joining the program you pay a membership fee of $299, which is refunded to you upon Car Lease Advisors placing a rider and making a match with your vehicle.
If you have any questions please do not hesitate to contact us, we welcome the inquiry.