Can You Take Over a Lease?

Do the benefits of leasing appeal to you, but you’re not interested in a full lease? If so, a lease takeover may be a great option! Car lease takeover deals offer attractive flexibility if you’re looking for short-term transportation. While this is a great option as a temporary solution, there are a few things to consider before taking over another driver’s lease. Luckily, the Hendrick Buick GMC Cary finance team is here to help you explore the pros and cons of lease takeover deals. Learn more with us below! 

How Does a Car Lease Takeover Work?

If you’re familiar with new-car leasing, then you will be a quick study when it comes to taking over a lease from another driver. Just like leasing a new car, when you opt for a car lease takeover deal, you’re paying to drive the vehicle for a certain amount of time or miles. Generally, you’re restricted to 1,000 miles per month, but this can vary based on the habits of the original driver. 

Each month, your payment will be based on the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. Once your lease term is up, simply return your vehicle to the dealership, and you’re good to go!

Car Lease Takeover Pros & Cons

Just like buying a car or leasing a new one, there are benefits and drawbacks that come with car lease takeover deals. To help you discern if a car lease takeover is right for your Raleigh lifestyle, explore the basic pros and cons of taking over a lease here:

Pros: 

• Minimal down payment
• Don’t have to pay the costs of depreciation
• Warranty coverage 
• Possible cash incentives from the original lease

Cons: 

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

If your commute from Apex to Holly Springs needs a temporary boost, taking over a car lease is an affordable and effective solution. However, while you may be avoiding initial costs, you may be saddled with fees and extra expenses when the lease term ends. That’s why it’s important to evaluate the mileage and condition of any vehicle you bring home to Cary – for a lease takeover or otherwise. To help you determine what path is right for you, work with our expert team!

Lease a New Car with Hendrick Buick GMC Cary

Ready to further explore the possibility of taking over a lease from another driver? If so, Hendrick Buick GMC Cary can be your guide! Visit us in Cary or contact us at your convenience to learn more about car lease takeovers.