June 25, 2010 11:28 ET

Unemployment Benefits Expire Forcing More to Walk Away From Car Leases

LeaseTrader.com Sees Jump in Listings in June From People Whose Benefits Run Out

MIAMI, FL--(Marketwire - June 25, 2010) -  LeaseTrader.com, the nation's most popular marketplace for escaping a car lease contract, is seeing for the first time a jump in the number of people escaping their lease because of unemployment benefits coming to an end. The company says it expects to process an increase of 7.3 percent of listings in June from people whose unemployment benefits have ended or are about to end.

The national unemployment rate is currently at 9.7 percent and many people who remain jobless continue to look for ways to make ends meet. The majority of unemployed drivers tell LeaseTrader.com transfer specialists they're desperate to find new ways to cut their bills, even if it means trading away their transportation. What's more, they're focused on saving their credit from ruin, which is why they look to trade their auto lease before default or repossession.

"Unemployment benefits have been keeping millions of Americans afloat since the recession began," said Sergio Stiberman, CEO and founder of LeaseTrader.com. "When the clock runs out on benefits, people still jobless look to find ways of further cutting their bills. The ability to transfer a car lease contract can save a person more than $500 each month while keeping their credit intact."

The current jump in leasing listings coincides with the decline of HR 4213 jobs bill, which would have further extended unemployment benefits to millions. The majority of LeaseTrader.com vehicle listings from those who've lost unemployment benefits are from states hit hard by economic slowdowns, including Florida, California, Arizona, Nevada and Michigan.

LeaseTrader.com's Lease Transfer Program allows vehicle lease holders to find a credit-qualified person anywhere in the country to adopt the remaining portion of the lease contract. It's a great way for people stuck in a financial bind to walk away from their lease contract without incurring expensive termination fees and ruining their credit by going into default.

About LeaseTrader.com
LeaseTrader.com, the most recognized name in car leasing, easily and affordably matches car shoppers with individuals looking to escape their auto lease. Privately held and founded in 1998, LeaseTrader.com is headquartered in Miami. For more information visit www.LeaseTrader.com, on Twitter @Lease_Trader, or call 800-770-0207.