Can You Take Over a Lease?
If you like the idea of leasing a vehicle but don’t want to commit to a full lease, then a lease takeover could be a great option. A car lease takeover is when you take on the remainder of another driver’s lease. While this could be a good temporary option if you’re just looking for a car to take around Fort Worth, there are some things that you should consider before you decide to do a lease takeover. Learn the basics of taking over a lease with the finance team at Karl Klement Ford.
How Does a Car Lease Takeover Work?
A lease takeover works similarly to a lease on a new car in the sense that you’re not buying the vehicle outright. Instead, you’re paying to drive the vehicle for a certain amount of time or miles. Usually, you’re restricted to about 1,000 miles a month, but this depends on how much the previous driver drove the vehicle before you. The monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. Just like with a regular lease, you can return the vehicle to your local Springtown dealership at the end of the lease term or buy the vehicle.
Car Lease Takeover Pros & Cons
Like with any option in the car buying and leasing process, there are benefits and downsides to taking over a car lease. To help you decide if taking over a car lease is a good option for you, here are the pros and cons of taking over a lease:
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’re looking for something temporary for your Boyd commutes and weekend travels, then a car lease takeover could be a great option. However, just because you don’t pay initial costs upfront, you might end up paying other fees later on during the lease. To help you decide what your options are and even explore some car lease takeover deals, visit Karl Klement Ford today.
Lease a New Car with Karl Klement Ford
At Karl Klement Ford, we can help you get some great car lease takeover deals and discover your buying and leasing options. Visit us in Decatur or contact us online to get all of your questions answered today.
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