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Lease Busters Inc (Leasebusters) are the true originators and pioneers of the vehicle Lease-Take-Over business model.
In 1990 the founders of the organization came up with a concept that exposed lease-take-overs to the vehicle leasing marketplace of Ontario. By exposing existing vehicle leases to the marketplace, a lease-take-over vehicle became a viable alternative to the leasing customer (buyer) and at the same time, ‘liberated’ the original customer from their vehicle and contractual obligations. The original customer was then able to purchase or lease another vehicle which was just the beginning of the “win-win” Leasebusters formula.
The timing couldn’t have been better as the Canadian economy was overheating in the late 1980’s with high housing prices, double digit inflation, a staggering national debt (including government budget deficits) and interest rates from 12% to 15%. In addition to housing prices increasing to ‘out-of-control’ levels, new vehicle pricing was increasing exponentially. It was not uncommon for the new car manufacturer’s to mandate one or two vehicle price increases in the same model year. As the price of cars increased, the need for new car leasing became even more important because vehicle leasing monthly payments are significantly lower than ‘finance contract’ monthly payments. Vehicle leasing was a positive solution to higher new vehicle pricing.
The 1990’s were truly pioneering years for Leasebusters and the vehicle leasing industry in Canada. The new car manufacturers were promoting leasing to thresholds never seen in the retail car business while the economy was in its biggest funk since the Great Depression. Leasebusters forged ahead with as much steam as possible while the 1990’s recession forced many leasing customers into job losses, pay-cuts, downsizing and financial challenges. The need to help customers out of their vehicle leases began to grow and Leasebusters was in a position to help and grow the fledgling business while they helped.
Leasebusters mantra throughout the early to mid 1990’s was all about leasing and lease-take-over education. It is was at this time when leasing customers were made aware that getting-out of their leases was prohibitively expensive and their dealership and leasing company was not equipped to assist their customers with an affordable alternative. Vehicle leasing was relatively new to the greater marketplace and lease-take-overs were an “unknown”. Leasebusters effectively spread the word about their solution and received a great deal of assistance from the press. Several articles, interviews and stories were written about the Leasebusters solution and (as a result) the business grew. Over time the factory leasing companies began to accept the lease-take-over solution as a means of customer assistance and customer satisfaction which essentially eliminated an original obstacle to the Leasebusters process.
As the Canadian economy came out of the recession in the mid 1990’s, interest rates began to decline to single digits; the new car leasing business began to surge. Leasebusters and the lease-take-over market changed focus during the growth years by offering the lease-take-over solution as a means of upgrading or changing a customer’s vehicle lease as opposed to just a downsizing action. The only significant challenge Leasebusters had at the time was the difficulty in marketing lease-take-over vehicles to a larger audience in an affordable fashion.
The late 1990’s and the beginning of the new millennium addressed the Leasebusters marketing challenge. The information technology industry started growing at levels never seen before and with this growth came (among several technology tools) personal computers, email and the internet.
The Leasebusters team has always been blessed with the foresight and nimbleness to make changes. As the internet was becoming a consumer medium and business tool, Leasebusters immediately applied for and received their domain name; www.leasebusters.com was born in the late 1997 and Leasebusters entered the new millennium with a new mission and an enhanced business plan.
The early 2000’s earmarked a lease-take-over renaissance. Leasebusters.com was the recipient of several thousand new visitors and the new car manufacturers were pumping out new cars and offering subsidized leasing interest rates resulting in great lease deals available to the full marketplace. As Canadian customers leased more new cars (at great lease prices), a significant percentage of these customers wanted to change these cars more often. Leasebusters became the “change-solution” to these customers and the internet allowed Leasebusters to expose the changes to all of Canada (not just locally).
As Leasebusters gained popularity, the new car dealership community began to use Leasebusters as a solution for their customers who wanted to make vehicle changes. The new car dealer-body originally just referred customers to Leasebusters however; in 2001 Leasebusters blueprinted a business plan that formalized the new car dealership involvement in the lease-take-over process (the dealer affiliate program and initiative).
Leasebusters.com receives well over 300,000 visitors every month and the traffic keeps on increasing. The organization has also enjoyed several other significant milestones since the year 2000 including:”
- A national business expansion program
- A national new car dealer development and affiliate department
- A fully bilingual website (English and French)
- A Quebec satellite office
- A traditional national advertising and promotion campaign
- A Public Relations team
- An interactive and user-friendly website (continuously being upgraded)
- A factory leasing company strategic alliance program – Leasebusters and GMAC ( Canada’s largest vehicle leasing company) signed a Strategic Alliance in October 2006.
The last and probably the most significant milestone Leasebusters accomplished in their storied history is the actual vehicle lease-take-over transaction. The lease-take-over (LTO) transaction has been accepted by the marketplace as a legitimate third choice in the vehicle acquisition selection process. Today the Canadian market has three (3) vehicle acquisition choices to consider when they are researching their next vehicle:
- Choice: New car
- Choice: Used Car
- Choice: Lease-Take-Over
Lease-Take-Over Definition & Synonyms
Since 1990, many different names (or phrases) have been attached to the lease-take-over. Leasing companies refer to lease-take-overs in different manners or fashions and the Canadian marketplace often refers to a lease-take-over in their own personal way. Effectively, they all mean the same thing……
A lease-take-over, by definition, is the action whereby a new customer takes-over or assumes the balance of an existing vehicle lease belonging to the original customer. The original lease package (in the majority of cases) was a new vehicle lease executed by the original customer and the lease-take-over transaction transfers all the original terms, conditions and parameters of the original lease to the new replacement customer (aka: the “assignee or new lessee”).
Below is a list of other names that means the same thing as a lease-take-over (LTO):
- A lease transfer
- A lease assumption
- A transfer of equity
- A transfer of lease obligation
- A swap of a lease
- A trade of a lease (or a trader)
- A lease exchange
- A lease driven to a new buyer
- Saying good bye to a lease
- Take my payment
- Release my lease
- Link my lease