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Can You Take Over a Lease?

Signing Finance Documents for Car
 

Do you like the idea of leasing a new vehicle, but aren’t sure that you want to commit to a full lease? If so, a lease takeover could be the right choice for you. When you take over a car lease, you’ll take on the remainder of a driver’s lease. If you’re just looking for a car to cruise around Portland, this could be a good temporary solution. However, just like a traditional car lease, there are things to consider before taking over a lease. Below, you can learn more about the basics, as well as the pros and cons, of a car lease takeover.

 

 

How Does a Car Lease Takeover Work?

Taking over a lease works similarly to leasing a new vehicle because you’re not buying the vehicle. You’re paying for the depreciation of the car while it’s in your possession. With a car lease, you’re typically restricted to around 1,000 miles a month, but with a lease takeover, this figure depends on the previous driver and the terms of their lease. When the lease is over, you can return the car as you would with a regular lease.

Car Lease Takeover Pros & Cons

There are benefits and drawbacks to taking over a car lease, as there are with any car buying or leasing option. Check out some of the pros and cons of a car lease takeover below to help you decide if its the right choice for you:

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

Again, if you’re looking for a car to scoot around Sherwood in, a lease takeover could be a quick and easy way to get what you need for less. Our finance team can shed more light on the pros and cons of a lease takeover, and help you decide your best course of action based on your budget and driving goals.

Lease a New Car at Parker Johnstone's Wilsonville Honda in Wilsonville!

The team at Parker Johnstone's Wilsonville Honda can introduce you to some car lease takeover deals and some car leasing options that could be a good fit for you. If you’re ready to begin the car leasing process, contact us online or call us at (503) 925-3116. In the meantime, check out our car buying tips hub to learn more about topics related to car buying leasing.

 

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