Can You Take Over a Car Lease?

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Are you in need of reliable transportation for a short period of time? Whether you’re taking on short-term work in a new city and need a way to get around while there or you will be moving away soon and don’t want to commit to a car long-term until you get to your next place of residence, a car lease takeover might be a good option! But before you start looking for car lease takeover deals around Phoenix, there are some key things to know. Join the Rocky's Auto Credit finance center below to learn all about car lease takeovers!

What Happens in a Car Lease Takeover? 

Just like when you lease a new car, a car lease takeover means you’re paying to drive a vehicle for a set period of time and will eventually return it to the dealership rather than buying it outright. In the case of a car lease takeover, instead of starting up a new lease contract, you would be taking over the existing lease contract from an existing lessee. Of course, this means you are absorbing their payments, so the monthly amount you’re responsible for will be whatever the previous lessee was paying. The mileage limit you must adhere to will be the mileage limit worked into the original lease contract. 

Car Lease Takeover Advantages and Disadvantages 

A car lease takeover can be a great way for Glendale drivers to get affordable temporary transportation so they don’t have to rely on public transportation. As with any car-buying option, there are pros and cons to consider before you take over a car lease:

Advantages: 

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

Disadvantages: 

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

If you do have a goal of vehicle ownership, you could pursue a car lease takeover with the intent to buy out the lease when the contract ends. Or, you could simply enjoy paying a budget-friendly amount for the temporary transportation and return the leased vehicle when the contract ends, as planned. No matter what, you should keep in mind that although there are no upfront costs in a car lease takeover, there may be fees to pay later on if it turns out that the previous lessee did not maintain the car or damaged its exterior or interior parts. 

Find Car Lease Takeover Deals in Mesa

Tempe drivers can always receive trusted car-buying tips and advice at Rocky's Auto Credit! If you have other questions about car lease takeovers or you would like to explore financing options with us instead, please contact us at your convenience and we’ll be happy to help you get started.

 

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