Can You Take Over a Lease?

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

Time to upgrade your Cary drives, but not sure if you want to commit to a full lease? A car lease takeover might be your best option. This is when you take on the remainder of another driver’s lease. While a good short-term option when looking to cruise around Apex without the commitment of a full lease, there are some things to consider before deciding if a car lease takeover is right for you. Learn the basics of taking over a lease and learn more about available car lease takeover deals with the finance team at Hendrick Dodge Cary.

How Does a Car Lease Takeover Work?

So how does a car lease takeover work and how can you get the process started? A lease takeover works similarly to a lease on a new vehicle in the sense that you aren’t buying the car outright. Instead, with a lease takeover, you’re paying to drive the vehicle for a certain amount of time or miles. Typically, you’re restricted to about 1,000 miles a month, but this will depend on how much the previous driver has driven the vehicle before you. Monthly lease payments will be determined by the estimated depreciation of the model at the end of the lease term plus the interest rates. And just like with a regular lease, you can bring your vehicle into our dealership near Carrboro to return it.

Car Lease Takeover Pros & Cons

Like with any car buying or leasing option, there are perks and downsides to taking over a car lease. We have a list of both to help you find the right option for you. Here are some of the pros and cons of taking over a car 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

Interested in something temporary for your daily commutes and weekend adventures? A car lease takeover is a great option. However, just keep in mind that while you don’t pay initial costs upfront, that doesn’t mean you won’t pay other fees later on during the lease.

Lease a New Car with Hendrick Dodge Cary 

Check out your car lease takeover deals and more with our finance team at Hendrick Dodge Cary near Chapel Hill. Get pre-approved for financing online, then schedule a test drive with our team. We look forward to helping you drive off in the model that’s right for you and your daily commute. Contact us today to learn more.

 

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