Can You Take Over a Lease?

Car dealer giving car key to buyer

 

Are you interested in leasing a new vehicle, but you aren’t quite ready to commit to a full lease? If so, a car lease takeover could be a great option for you. When you take over a car lease, you’re becoming responsible for the remainder of another driver’s lease. This could be a good temporary option if you’re looking for a car to drive around the Evergreen Park area. However, there are some things you should keep in mind if you’re considering taking over a lease. Keep reading to learn the basics of taking over a car lease with the finance experts at Oak Lawn Toyota.

How Does Taking Over a Car Lease Work?

You’ve decided that a car lease takeover is your best option, but how does the process work? Taking over a lease is a similar process to leasing a new car in that you’re not buying the vehicle outright. Instead, you’re paying to drive the vehicle for a certain amount of time or miles. Typically, Evergreen Park drivers are restricted to about 1,000 miles a month, but this figure will vary depending on how much the vehicle was driven by the previous driver. 

How much will your monthly lease payments be? The monthly payments are determined by the estimated depreciation of the vehicle at the end of the lease term, plus the interest rates. Just like with a regular lease, you can return the leased automobile to your local Orland Park dealership at the end of the lease term or purchase the vehicle. 

What Are the Pros & Cons of a Car Lease Takeover?

Whenever you’re leasing or buying a vehicle, there are some upsides and downsides. To help you determine whether a car lease takeover is right for you, here are the pros and cons:

Pros: 

  • You don’t have to worry about a down payment.
  • There’s no new-car upfront depreciation and other costs.
  • The vehicle is likely still under warranty.
  • You’ll have access to possible cash incentives or car lease takeover from the original lease.

Cons: 

  • You may have to pay transfer fees.
  • You inherit the monthly payment as it is.
  • The vehicle may have wear and tear from the previous owner.
  • You’ll have to adhere to mileage restrictions.

Bottom line: If you need a temporary ride for your Countryside commute, a car lease takeover is a great option for you. Although, you should keep in mind that just because you don’t have to pay any initial costs upfront, you might end up having to pay other fees later on during the lease.

Lease Your Next Car with Oak Lawn Toyota 

Whether you’re interested in a car lease takeover or you’re looking to exchange your trade-in car for a lease, the team at Oak Lawn Toyota can help you! Contact us today if you have any questions.

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