Can a Car Lease be Taken Over?

May 13th, 2021 by
Finance Paperwork with Glasses

If you like the idea of leasing a vehicle, but without committing to a full lease, then you might want to look into the lease takeover option. A car lease takeover is an interesting way for two drivers to both benefit, as one driver takes over the remainder of another’s lease. This can serve as a pretty good temporary option, if you just need something to hello you commute around Carroll, but there are some things you consider before you engage in a lease takeover. You can learn the basics of a lease takeover with Macke Motors, Inc., to see if it is right for you, and then you can work with our finance team about any car lease takeover deals available.

Car Lease Takeover: How Do They Work

A lease takeover actually works pretty similarly to a new car lease, in the sense that you’re not buying the vehicle outright. Instead, you’re paying to drive the vehicle for a certain period of time and miles based on the lease contract. This number depends on how much the previous leaseholder drove, but you can typically expect to be restricted to around 1,000 miles a month. Monthly lease payments are determined by the estimated depreciation of the vehicle by the end of the lease term, plus an interest rate just like a normal lease. And when the lease is over, you bring the vehicle back to our dealership near Fort Dodge, or you opt to buy it instead. 

Pros & Cons of Car Lease Takeover Deals

Like with any other option when you’re buying or leasing a car, there are ups and downs to taking over a car lease. Below you’ll see a few examples of the good, and the bad, when it comes to selecting a car lease takeover deal over other options.

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 need something that is temporary and meant for low travel limits like weekend trips or daily local commutes to Lake View, then a lease takeover may be a great option. However, while you may save money on the front end, by enjoying a low monthly cost, you may face other fees. Find out more by contacting us to speak to our finance experts, so that you can get all of your questions answered.

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