TradeMyLease launches free car lease transfer marketplace

Michigan developer Michael Mikhjian has launched TradeMyLease, a zero-fee marketplace for car lease takeovers that charges neither listing fees nor transfer commissions. The Troy-based platform also adds human verification to every listing, aiming to cut costs and reduce fraud in a market where early lease exits can be expensive.

Why it matters: - TradeMyLease could lower the cost of exiting a car lease and taking one over by removing marketplace fees on top of lender transfer charges. - The platform targets two pain points at once: expensive early termination for sellers and a short-term car option for buyers. - Human review on every listing is meant to make lease takeovers safer in a market that depends on trust.

What happened: - TradeMyLease launched this month as an online marketplace for car lease takeovers. - The site is live at trademylease.com. - Founder Michael Mikhjian, who also leads Troy-based MKN Web Solutions, built the platform around a zero-fee pricing model. - Listings and transfers are free for both parties.

The details: - TradeMyLease does not charge listing fees, success fees or transfer commissions. - The only fee in a transfer is the lender fee collected by the lease bank. - The company says early lease termination averages about $2,400. - Bank-approved lease transfers typically cost a few hundred dollars in lender fees instead. - Established transfer marketplaces often add listing fees of about $75 to $99, plus success fees or transfer commissions of $150 or more. - Sellers must upload a photo of the vehicle's VIN plate and odometer before a listing can go live. - Each VIN is cross-checked against the federal NHTSA database. - A person on the TradeMyLease team approves listings, usually within 24 hours. - Published listings show a verification panel with confirmed items and unverified items labeled clearly. - The panel can show verification for the VIN, odometer, window sticker, lease contract, payment history and driver's license. - Mikhjian said a checked payment badge means a human reviewer saw a bank statement confirming the payment amount. - The platform also offers a lease takeover calculator, a directory of major lease banks' transfer policies and fees, and buyer and seller guides.

Between the lines: - The launch is a direct challenge to lease-transfer marketplaces that monetize both sides of a deal. - The human-verification layer suggests TradeMyLease is trying to compete on trust, not just price. - Free tooling around pricing and lender rules can make the site more useful even for users who do not complete a transfer immediately.

What's next: - TradeMyLease will need to prove that a no-fee model can scale while keeping verification fast. - The marketplace's value will depend on how quickly it can build inventory, match buyers and sellers and maintain trust. - The company is directing users to trademylease.com for listings and transfers.

The bottom line: - TradeMyLease is betting that a free, manually verified marketplace can undercut established lease-transfer sites and win users who want a cheaper exit or a shorter car commitment.