Can You Take Over a Lease?

If you’re looking for a short-term car ownership solution, a lease takeover could be just the thing. A car lease takeover lets you assume the remainder of another driver’s lease, a good temporary solution if you just want a vehicle to drive around Chicago for a few months. But there are a few things you should consider before making that decision. Read on for more lease takeover information and reach out to the finance team at Advantage Toyota of River Oaks about takeover deal options.

How Does a Car Lease Takeover Work? 

A lease takeover works much like a lease on a new car in that you’re not buying the vehicle outright. It allows you to drive a new vehicle for a certain amount of miles, or time. How long? That will depend largely on how much the previous driver used it. Monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term, plus interest rate. Once the lease is up, simply return the vehicle to your local South Holland dealership or you can buy it outright.

Car Lease Takeover Pros & Cons

As you might expect, there are benefits and drawbacks to taking over a car lease. Contemplate the following pros and cons as you contemplate how a lease takeover might work 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 

If you’re looking for something temporary for your Dolton commutes and weekend travels, then a car lease takeover can save you money. However, even though you don’t pay initial costs upfront, you might end up paying other fees later on. To help you decide what options are available and explore some car lease takeover deals, visit Advantage Toyota of River Oaks today.

Lease a New Car with Advantage Toyota of River Oaks 

At Advantage Toyota of River Oaks, we can help you find a situation that suits your budget and circumstances with a great car lease takeover deal. Whatever you decide to do, buy or take over a lease, visit us at Advantage Toyota of River Oaks or contact us online to get your questions answered today.