Swapalease.com Provides Consumers a Way to Get Out of Their Auto Leases Early; Innovative Online Marketplace for Auto Lease Transfers Growing Rapidly in 2001

    CINCINNATI--June 13, 2001--An increasing number of consumers across the U.S. are discovering it is possible to get out of their auto lease early without incurring large financial penalties or hassle, thanks to Swapalease.com (www.swapalease.com), the first and only full-service online marketplace dedicated to transferring auto leases.
    The most recent market data shows that of the 17 million consumers currently driving a leased vehicle, upwards of 15% of those lessees want or need to get out of their auto lease early. Thus creating a huge demand in what is developing into a needed consumer marketplace for automotive lease transfers. Swapalease.com has seen an increase of more than 50 percent over the past three months in both the number of consumers visiting the site and the number of auto lease listings posted at the online marketplace.
    "The Swapalease.com concept is one that has been desperately needed by auto leasing consumers for a long time but just didn't exist before," said Al Hearn, president of LeaseGuide.com. "Beyond the obvious benefits, it also provides peace of mind to people who are reluctant to lease by creating a hassle-free way to exit their lease if they ever need it."
    Via the Web, Swapalease.com facilitates transactions between sellers and buyers of automotive leases. A one-time fee of $49.95 enables consumers to list details about their vehicles and lease terms at the Website, for as long as it takes to find a buyer. This fee also includes a picture of the vehicle and establishes a personal mailbox for a seller to check daily buyer activity and progress.
    Consumers interested in assuming existing leases can browse more than one thousand listings currently posted at the Swapalease Website, sorted by vehicle make, model, monthly payments, months remaining on a lease, and the state where the vehicle is registered. Throughout the process, Swapalease's customer service staff is available to assist both parties with the support needed to complete a transaction.
    "Consumers' car needs are evolving constantly, and we think they will enjoy the value and flexibility Swapalease can bring to their auto leasing experience," said Ron Joseph, CEO and co-founder of Swapalease.com. "Our growing customer base is evidence of the fact that we are providing a powerful new service to consumers when it comes to their automotive needs."

    About Swapalease.com:

    Based in Cincinnati, Ohio, Swapalease.com is the first and only full-service online marketplace for transferring automobile leases. Swapalease.com matches and enables transactions between lessees wanting to get out of their leases prior to the maturity date with consumers interested in taking over such leases, through a quick and easy process. Committed to providing automotive lessees the most efficient channel to transfer leases, Swapalease.com is forging relationships with financial institutions and auto dealerships in an effort to give consumers more options in acquiring their next vehicle of choice. Established in September 2000, the company's management team brings more than 50 years experience from the automotive industry. To learn more about Swapalease.com, visit www.swapalease.com.