Can You Take Over a Car Lease?

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

 

Whether you have a friend or family member whose car you know is in good condition and you want to snag it up, or you want to lease a vehicle but don’t want to commit to the entirety of a brand new lease, a car lease takeover can present a tempting alternative, and a timely opportunity. So, can you take over a car lease in Williston? You bet you can! That having been said, there are some things you should be aware of. Learn the basics of car lease takeovers below or contact us to learn more.

How Does a Car Lease Takeover Work? 

Car lease takeovers work almost identically to new car leases, in that you don’t wind up purchasing the vehicle. Rather, you pay to use it for a certain period of time (until the original lease is up). Generally, you’re also restricted to driving something like 1,000 miles a month. That said, restrictions do vary based on how much the previous lessee drove. Monthly payments are simply determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. As is the case with a regular lease, you can either return the vehicle at the lease end or buy it out. 

Car Lease Takeover Pros & Cons

There are definitely both pros and cons to buying out a car lease. Here are some of the major ones that Watford City and Dickinson customers most often cite:

Pros: 

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

Cons: 

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

Looking for a car about which you know the service history and usage by taking on a family or friend’s lease? Then a car lease takeover could be a great temporary solution for you and who knows, maybe you’d wind up wanting to buy out the lease later! 

Lease a New Car with Ryan Honda 

At Ryan Honda, we can help you get some great car lease takeover deals and discover your buying and leasing options. Call the Ryan Honda finance center to discuss your options and be sure not to miss our car buying tips while you’re at it.

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