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Unedited news and product information from vendors. Sees Increase Stemming From Foreclosures
Nov 07, 2007 (12:11 PM EST)

CINCINNATI, Nov. 7 /PRNewswire/ -- Over the last several months has seen a significant increase in the number of lessees using the service to exit their automotive leases due to home foreclosures, noted sales manager, Andrew Hall. "Obviously, it is very important for our sales team to understand why a consumer wishes to get out of their lease. This understanding allows to provide the best service where the mortgage concerns are commonly echoed," said Hall.

Jeff Hartman, a customer service representative with, agreed with his sales department colleague's sentiments as a result of client feedback he has received. Mr. Hartman stated that the mortgage crisis is helping business on both the seller side as well as the buyer side of leases. In other words, customers are not only looking to get out of leases to save money due to escalating housing expenses, but are also seeking to buy attractive lease deals in an effort to continue driving a nice vehicle for lower payments due to a tighter budget. executives commented that the trend they are witnessing resulting from foreclosure concerns is interesting for several reasons. First, the states with the highest percentage of home foreclosures are nearly identical to the states with the highest penetration of automotive leases, using California as an example. Second, housing expenses are a much greater concern to the average consumer than anything else, including increasing fuel costs. Lastly, the more individuals using for financial reasons as opposed to just wanting to make a change solidifies our position as a necessary consumer marketplace.

Company representatives noted that is working on ways to reach more clients facing a potential foreclosure. The marketing department has been shifting marketing dollars, as well as reaching out to banks and mortgage companies as one solution to help combat this growing problem. is the world's largest automotive lease marketplace and the pioneer of facilitating lease transfers online as evidenced by the company's patented processes. Conceptualized in 1997, it has evolved into a leading automotive consumer online destination servicing all aspects of the automotive leasing lifecycle including education, research, pricing, acquisition and lease transfer. has been featured in stories by CNN, MSNBC, Time and the Wall Street Journal as well as cited by leading search engine provider, as an online marketing case study.

The company is headquartered in Cincinnati, Ohio, and is privately held. For more information please call 866-SWAPNOW (866-792-7669).

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