Can You Take Over a Lease?

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

Leasing a car is a great way solution for temporary ownership, and assuming the rest of another driver’s lease gives you the advantage of taking over ownership for a few months until you find something more permanent or decide to buy the car at the end of its lease. While there are a lot of benefits to a car lease takeover, there’s also much to consider — which we’ll cover briefly. Then, you can reach out to our finance department at Ray Laethem Buick GMC, Inc. to learn more about your leasing options, and be sure to ask about our guaranteed credit approval.

 

 

What is a Car Lease Takeover?

A lease takeover is similar to leasing a new car with the main difference being that you’ll have less time and/or fewer miles on your lease depending on how far along in the term the previous driver was. Your monthly payments will be based on the estimated depreciation of the vehicle over the lease term and your interest rate, which your credit will determine. At the end of your lease, you’ll have the option to return the car or finance it and become its proud owner.

Car Lease Takeover Pros & Cons

As mentioned above, there’s much to consider before deciding whether to agree to a car lease takeover. Some of the pros and cons include:

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 only need a short-term car for your Detroit commute, a car lease takeover could be an optimal choice. You’ll get to avoid upfront costs, but you’ll still need to beware of fees down the road. The Ray Laethem Buick GMC, Inc. finance team can walk you through some car lease takeover deals to help you choose the best option for your budget and needs.

Lease a New Car with Ray Laethem Buick GMC, Inc.

If you’re considering leasing a new car or a car lease takeover, feel free to contact us at Ray Laethem Buick GMC, Inc. to get answers to your vehicle financing questions. Also, feel free to check our new vehicle inventory online, and if you see something that piques your interest, you can apply for financing online and get pre-approved in minutes.

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