Clunker hangover

The government's Cash for Clunkers program provided up to a $4,500 rebate for anyone who agreed to lease a car for at least five years. But now that a year has gone buy, and the money has probably been spent, many of the lease-holders want out. Except that it's not easy. From the OC Register:

[John Sternal, LeaseTrader.com spokesman], notes that a five-year car lease is a really bad deal for most people who usually lease a car because they want to drive the latest model. He says it will be very difficult for Cash for Clunkers lessees to trade a lease with four or more years left on it because most traders want a shorter lease, he says. The only other choice is to break the lease, but then the lessee must immediately pay the remaining payments, which often amounts to more than $10,000.

LeaseTrader.com, which is in the business of trading leases, has been getting the most inquiries from folks with Camrys, Escapes and Accords.