Can You Take Over a Lease?

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

With a car lease takeover, you can take on the remainder of another driver’s lease. This can be an appealing option for North Wales drivers who aren’t willing or able to commit to a full 3-year lease term. Below, the North Penn Mazda finance center provides an overview of how car lease takeover deals work. Take a look, and be sure to follow up with our team if you have any other car-buying questions!

How Does a Car Lease Takeover Work? 

In many ways, a car lease takeover is similar to a regular car lease. Either way, you’re paying a set amount each month in order to drive a vehicle that you’ll return to the dealership at the end of the term. Keep these points in mind as you decide whether to opt for a lease takeover:

  • As with a full term lease, car lease takeover deals require you to stay under a mileage limit. Keep in mind that the mileage cap for your lease takeover will depend on how many miles were driven by the previous owner.
  • The amount you pay per month on the lease is set by the vehicle’s projected lease-end value. In turn, this amount is impacted by the expected depreciation rate.
  • At the end of the lease term, all you need to do is return the vehicle to your Lansdale-area dealership!
  • Love your car and looking to buy it? You have the option to buy out the lease at the end of the term.

Is a Car Lease Takeover Right for You?

So, does a car lease takeover make sense for you? To decide, consider what you need from your next vehicle. Car lease takeover deals are a good option for Chalfont drivers who:

  • Need a car to drive for a short period of time.
  • Need a new car ASAP and haven’t had the chance to save for a down payment.
  • Want to drive a nearly-new vehicle for less.
  • Want a simpler car-buying with fewer steps, and no need to buy warranty coverage.
  • Want to save with cash incentives from the original lease.

All that said, car lease takeovers aren’t for every driver! A traditional car lease or loan may be a better choice for you if these drawbacks are a concern:

  • You may need to pay transfer fees and other fees later on.
  • The previous driver’s monthly payment amount cannot be changed.
  • There may be minor wear or damage to the vehicle.
  • You must stay under a mileage limit.

Explore Car Lease Takeover Deals in Colmar 

At North Penn Mazda, we’ll work with you one-on-one to find a lease or finance solution that fits your needs and budget. Whether you’re interested in a car lease takeover or a lease buyout, our team of experienced financiers is here to assist! Contact us today to explore your buying vs. leasing options in detail.

 

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