Can You Take Over a Car Lease?

Woman shaking mans hand over a car contract clipboard with car keys

 

Clovis drivers who would like to lease a new Acura, but don’t want to commit to a full lease term, may want to opt for a lease takeover. A car lease takeover is when you take on the remainder of another driver’s lease. Why would a car lease takeover be beneficial? This option is great if you’re desiring something temporary, but there are some details that you should consider before deciding to do a lease takeover. Learn more about the ins and outs of the car lease takeover process—and how to get the best car lease takeover deals—with the finance experts at Fresno Acura. 

What is Involved with a Car Lease Takeover?

A lease takeover is similar to leasing a new car in that you’re not purchasing the vehicle outright. Instead, you’re paying to drive the vehicle for a certain amount of time or miles. Typically, Madera commuters are restricted to about 1,000 miles a month, but this number will vary based on how many miles the previous driver put on the vehicle. The monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. At the end of a car lease takeover, you can either return the vehicle to your local Visalia dealership or purchase the vehicle with a lease buyout.

What are the Pros and Cons of a Car Lease Takeover?

When deciding between buying vs. leasing, there are pros and cons to both options. Here are some of the upsides and downsides of taking over a car lease: 

Pros: 

  • You don’t have to make a down payment
  • There is no new-car upfront depreciation and other costs
  • The vehicle is likely still covered under warranty
  • You could potentially receive cash incentives from the original lease 

Cons: 

  • You may have to pay transfer fees
  • You inherit the existing monthly payment, as is
  • The vehicle could have wear and tear from the previous owner
  • There are mileage restrictions you’ll have to adhere to

Bottom Line: A lease takeover is beneficial if you’re looking for something temporary for your daily commutes or weekend travels. Although, it’s important to keep in mind that just because you don’t pay the initial costs upfront, you might have to pay other fees at the end of the lease. 

Secure the Best Car Lease Takeover Deals at Fresno Acura

If a car lease takeover is just what your lifestyle demands, at Fresno Acura, we can help you parse out all of your options and get a great car lease takeover deal. Stop by the dealership in Fresno or contact us to get the process started today.

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