Can You Take Over a Car Lease?

Lease Agreement

 

Looking to lease a vehicle without committing to a full lease, which usually lasts between 24 to 36 months? You may be interested in a car lease takeover. A lease takeover is when you take on the remainder of another driver’s lease. This can be a great temporary option for many drivers in the Buffalo and Cheektowaga areas, but there are a few things you should know before deciding to take over a car lease. Joe Basil Chevrolet discusses the basics of a car lease takeover in this helpful guide.

How Does a Car Lease Takeover Work?

A lease takeover is actually quite similar to standard leasing, as you are not buying the vehicle outright. You pay to drive the vehicle for a certain amount of time or miles. You will also have to adhere to set mileage limits, which are generally about 1,000 miles a month. However, with a lease takeover, the amount will depend on how much the previous driver drove the vehicle before you. The monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. When the lease ends, you will need to bring the vehicle back to the dealership, or you can choose to purchase it at a discounted price.

Car Lease Takeover – Advantages and Disadvantages

If you have thought about taking over a car lease, there are a few pros and cons to consider before making a final decision.

Pros: 

  • No down payment
  • No new car upfront depreciation and other costs
  • Likely still under warranty
  • Possible cash incentives from the original lease

Cons: 

  • Transfer fees
  • You inherit the monthly payment as it is
  • Possible wear and tear from the previous owner
  • Mileage restrictions

If you temporarily need a dependable vehicle and don’t want to spend a fortune, a car lease takeover can be a smart undertaking. If you have any questions about a lease takeover, do not hesitate to reach out to our finance experts for more information.

Lease a New Car with Joe Basil Chevrolet

No matter if you decide on a car lease takeover or a brand new lease, we are here to help. Ask us about our car lease takeover deals and more. We look forward to helping you find a vehicle you love at a price you can afford. Contact us today!

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