Car-buying paperwork

Can You Take Over a Car Lease?

Fairfield drivers considering leasing a car, but are unsure if that is the best option, might ask, “Can you take over a car lease?” The answer is, yes, you can! A takeover lease essentially means that you are responsible for the remaining lease payments and fees, and the lease transfers to your name. Therefore, a takeover car lease is an excellent opportunity to find out if leasing is the right fit for you and a solution if you only need a car for a short time. Read ahead to learn more about leasing and takeover car leases; next, take a look at our specials, and our expert finance team is here to work with you.

Car Lease Takeover: How it Works!

By definition, when you lease a car, you rent it for a set length of time and a set monthly payment. Therefore, a car lease takeover works almost the same as a regular lease. You “take over” the remainder of the lease and follow the same payment schedule and mileage restrictions. It is important to note how many miles the previous lessee drove to ensure you have ample mileage to avoid a penalty. Like a regular lease, you return the car at the end of the lease term or buy the vehicle.

Car Lease Takeover: Pros and Cons

As with any financing options, there are pros and cons to a car lease takeover. Knowing both will help you decide whether a car lease takeover is right for you.

Car Lease Takeover Pros:

  • No down payment required
  • Most likely, the car’s original warranty still has time or mileage left on it
  • You can purchase additional warranty coverage
  • Possible cash incentives that came with the regular lease

Car Lease Takeover Cons

  • Transfer fees
  • Non-negotiable monthly payment
  • Mileage restrictions
  • Possible liability for wear and tear from the previous Bridgeport driver

Check Out Our Car Lease Takeover Deals

Contact us today with any questions you may have about car lease takeovers. Our finance team is here to help New Haven drivers find their perfect financing option – from new car loans, traditional leases, and car lease takeovers, Acura of Milford has you covered.

 

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