Putnam Leasing Partners With Mecum Auctions on Buyer Preapproval

Putnam Leasing, a luxury and exotic car leasing firm, has announced a brand-new partnership with Mecum Auctions. Under this partnership, Putnam Leasing clients are eligible for preapproval at all Mecum Auctions, including the recent Mecum Monterey 2026 Auctions, held throughout Monterey Car Week. Rather than requiring clients to submit a traditional letter of credit to participate, Putnam Leasing will issue a letter of approval directly to Mecum Auctions on the client’s behalf, streamlining the entry process for auction participants, the company said in a press release.

With more than 40 years of experience in the luxury and collector vehicle industry, Putnam Leasing is among the longest-standing automotive financing firms in the United States. This new partnership with Mecum Auctions brings together financing and auction expertise to deliver a more seamless ownership experience for new and existing Putnam Leasing clients, noted the release. Within the luxury automotive sector, collaborations of this kind reflect a broader industry shift toward integrated services that provide collectors with exclusive access to premier auction opportunities alongside specialized financing options.

“The best way to use Putnam’s preapproval is at a live auction,” explains Steven Posner, CEO of Putnam Leasing. “If someone is interested in going to an auction and bidding on a car, they have to provide a letter of credit to an auction company to give them the paddle. If they are a previous Putnam customer and qualify for another vehicle, we issue the preapproval directly to the auction so they can bid with confidence knowing a reliable lender is behind them.”

Collectors accustomed to traditional financing may find the leasing process unfamiliar and complex. Putnam Leasing says that it addresses this by prioritizing client guidance at every stage and cultivating long-term relationships built on trust. Leasing offers several distinct advantages over traditional financing, including a lower barrier to entry into the exotic car market and reduced monthly payments, enabling clients to access higher-value vehicles at a lower monthly cost, the company said.

Putnam Leasing also offers a “Substitution of Collateral” agreement, which allows clients to exchange vehicles mid-lease should their preferences change, as well as the option to terminate a lease early without penalty.

During this year’s Monterey Car Week, existing Putnam Leasing clients could obtain preapproval for the Mecum Monterey Auctions, which took place Thursday, Aug. 13, through Saturday, Aug. 15. These auctions featured approximately 600 consignments spanning prewar classics to high-end exotics, in addition to roughly 100 vintage and antique motorcycles. Beyond the Monterey event, Putnam Leasing clients will also benefit from expedited access to additional Mecum auctions at events held nationwide, the company said.