COLUMBUS, Ohio--Swapalease.com, the online auto lease marketplace established in 1999, announced March 29 that over 50 percent of all leases posted on its Web site now result in a lease transfer being initiated.

"The success we have had in transferring auto leases is a direct result of the enormous size of our marketplace and our rapid expansion," said Wil Schroter, CEO of Swapalease.com. "The demand for lease transfer has been overwhelming since more and more customers realize they can now easily move into and out of their lease obligations without facing financial penalties."

Swapalease.com lets lease customers transfer their obligations to another party wanting to assume the lease at no money down. Over 3 million lease buyers visited Swapalease.com in 2003 and the site has drawn over 50,000 sellers since its inception. It is now the largest lease-transfer marketplace on the Internet, according to the company.

Swapalease has performed lease transfers in all 50 U.S. states and plans to serve Canada in the near future.