SOURCE: LeaseTrader.com

LeaseTrader.com

January 28, 2010 16:45 ET

LeaseTrader.com Places a Hold on Lease Transfers of Toyota Vehicles Being Recalled

MIAMI, FL--(Marketwire - January 28, 2010) -  LeaseTrader.com, the nation's most popular online marketplace for car leasing, today announced extra measures to help keep customers safe concerning vehicles under recall from Toyota Motor Corporation. LeaseTrader.com will not allow the lease trade of any Toyota model vehicle involved in the current recall until documentation proving inspection or repair.

The recall affects Toyota's 2009-2010 RAV4, Matrix and Corolla models; the 2005-2010 Avalon; 2010 Highlander; 2007-2010 Tundra and the 2008-2010 Sequoia; as well as some 2007-2010 Camrys (only those with gas pedal assemblies made by a specific Toyota supplier; your dealer can check). Currently no Lexus or Scion models are involved in the recall.

LeaseTrader.com customers interested in taking over the remaining auto lease contract of any Toyota models involved in the recall will be notified by their account representative. Customers with Toyota vehicle models on the recall list will not be able to transfer out of their Toyota lease vehicle until they can provide documentation of inspection and repair, if necessary. 

"The safety and well-being of our customers is always ultra-important and we're committed to doing everything we can to help our customers manage the current Toyota recall issue," said Sergio Stiberman, CEO and founder of LeaseTrader.com. "Our transfer department has quickly implemented important steps to help customers understand the facts of the recall and proper next steps for those people currently driving a Toyota vehicle included in the recall."

A nationwide matchmaker of car leases, LeaseTrader.com helps people escape their contract by getting matched with a credit-qualified individual interested in "adopting" the remaining portion of the lease contract. The company currently has a growing waiting list of people looking for short-term leases because of the financial benefits that include no down payment and significantly shorter lease terms. Those wanting out of their lease may do so without expensive termination fees and damage to credit.

About LeaseTrader.com

LeaseTrader.com 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.