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Can You Take Over a Car Lease?

Signing Finance Documents for Car

 

Many drivers are interested in leasing a vehicle around Providence, but they do not want to commit to a full lease. If this applies to you, you may be interested in a lease takeover. What does a car lease takeover involve? You would be responsible for taking over the remainder of another driver’s lease. If you are temporarily in need of a vehicle, this could be a great option. Before you decide on a lease takeover, there are a few things to consider. INFINITI of Warwick discusses car lease takeover details and car lease takeover deals to help you decide if this option is right for you. 

Car Lease Takeover: The Basics

A lease takeover shares some similarities with leasing a brand new vehicle. For example, you are not buying the vehicle outright. With a lease or a lease takeover, you’re paying to drive the vehicle for a certain amount of time or miles. In most cases, you will be able to drive approximately 1,000 miles a month. 

However, with a lease takeover, your mileage limits will depend on how much the previous driver drove the vehicle before you took over the lease. Your monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. When the terms of your lease are complete, you will turn the vehicle back in at the dealership or you will have the option to purchase the vehicle at a discounted rate.

Why Should I Consider a Car Lease Takeover? 

Does a car lease takeover sound like the right option for you? Listed below are a few of the advantages of a lease takeover that make it an attractive option. 

Pros: 

  • No down payment
  • No new-car upfront depreciation and other costs
  • Likely still under warranty
  • Possible cash incentives from the original lease

Keep in mind that while there are many reasons to consider a lease takeover, this option also has a few downsides that should also be taken into consideration. 

Cons: 

  • Transfer fees
  • You inherit the monthly payment as it is
  • Possible wear and tear from the previous owner
  • Mileage restrictions

Once again, if you are in need of a temporary vehicle in the Coventry or Cranston area, a car lease takeover could make a lot of sense for you. If you have questions about a lease takeover and if it is the right choice for you, do not hesitate to contact our finance department. We would be more than happy to discuss this with you. 

Lease a New Car at INFINITI of Warwick

No matter if you opt for a traditional new car lease or a lease takeover, you can expect a great deal at INFINITI of Warwick. Contact us today for more information, and be sure to peruse our new vehicle specials.

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