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Can You Take Over a Lease?

Are you interested in the perks of leasing but not quite ready to make a long-term automotive commitment? If so, you may be wondering about a car lease takeover. A car lease takeover is when you take on the remainder of another driver’s lease. This is a great option for drivers who might be moving soon or have some other reason why they might need a short-term vehicle solution that goes beyond a rental. While this is a solid interim plan, you may want to consider other routes before you settle on a car lease takeover. However, if you’re ready to learn the basics of taking over a lease, the Crown Buick GMC finance team is here to help! 

How Does a Car Lease Takeover Work?

A lease takeover is very similar to a new car lease in the sense that you’re not buying the vehicle outright. Instead, you’re paying to drive a certain amount of miles or to use a vehicle for a set period of time. Generally, you’re restricted to 1,000 miles a month, but this can depend on how many miles the previous driver racked up before you decided to take over the lease. Your monthly payment will be determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. 

Luckily, you can find great car lease takeover deals to save big! Just like a standard lease, once the term is up, you simply return to your local New Orleans-area dealer and return the vehicle! 

Car Lease Takeover Pros vs. Cons

Just like any other car buying method, there are pros and cons to taking over a car lease. To help you decide if our car lease takeover deals are right for you, we’ve listed the major benefits and downsides of taking over a car lease here:

Pros: 

  • No down payment obligation
  • No new-car upfront depreciation or other costs
  • Potential warranty coverage
  • Possible cash incentives from the original lease

Cons: 

  • Transfer fees
  • You inherit a set monthly payment
  • Possible wear and tear from the previous owner
  • Mileage limits

While a car lease takeover is a great short-term auto solution for your Kenner travels, you have to be mindful of the potential fees on the backend. You may be responsible for miles and potential wear and tear that you didn’t cause when your lease term is up. Our team is here to help evaluate your situation to see if a car lease takeover is right for you!

Lease a New Car at Crown Buick GMC

At Crown Buick GMC, we can help you score a great car lease takeover deal to ensure you can travel through Gretna in a ride you love for a price you can truly afford. Visit us in Metairie today whether you want to learn more about leasing or you’d like to explore our inventory. As always, you can get in touch with our team if you have any lingering questions about taking over a car lease!

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