Can You Take Over a Lease?
Leasing a new vehicle has plenty of amazing benefits compared to buying a new vehicle. However, if you don’t want to commit to a full lease, then you have the option of taking over a current lease. Taking over the rest of another driver’s lease is known as a lease takeover. Learn how a car lease takeover works with the experts at Suntrup Nissan, and visit our dealership near St Louis for all of your buying and leasing questions.
How a Car Lease Takeover Works
How does taking over someone else’s lease work? The process of taking over a car lease is similar to leasing a new car in the same sense that you don’t buy the car altogether. When you take over a lease, you’re paying to drive the vehicle for a certain amount of miles or a certain length of time. The monthly payments for the lease takeover are determined by the vehicle’s estimated value by the end of the lease term plus interest rates. When the lease is over, you’ll simply return it to your local Jefferson County area dealership.
Keep in mind that taking over another lease works the same way as a regular lease in the sense that you’ll have mileage restrictions. Usually, the restrictions are set to about 1,000 miles per month, but that can vary depending on how many miles the previous driver put on the car.
Car Lease Takeover Advantages & Disadvantages
To decide if taking over someone else’s car lease is the right option for you, here are some of the advantages and disadvantages of a lease takeover:
Advantages:
- Still under warranty coverage
- Possible cash incentives from the original lease
- No down payment
- No new-car upfront depreciation and other costs
Cons:
- Possible wear and tear from the previous owner
- Mileage restrictions
- Transfer fees
- You inherit the monthly payment as it is
If you’re looking for something temporary and don’t plan on putting too many miles on the St Charles roads, then a lease takeover could be a great option for you. Check out our car lease takeover deals at Suntrup Nissan, and visit our finance center for all of your questions and concerns.
Discover Your Options at Suntrup Nissan
Contact us to see if taking over a car lease is the right option for you, and check out our car lease takeover deals to see how much you can save.
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