Is a Lease Takeover Possible for a Car?

If you’ve been thinking about leasing a vehicle but committing to a total lease length doesn’t fit your budget and lifestyle, a car lease takeover could be the best way. What is a car lease takeover? This is a situation where someone takes on the final portion of someone’s lease period for a car, truck, or SUV. If you’re looking for a vehicle for a temporary situation like out-of-town work, this could be the ideal situation. However, before committing to a car lease takeover deal, you should know all the ins and outs. After reading this article, our finance team can answer any further questions if you still need assistance. 

How Does a Car Lease Takeover Work? 

A car lease takeover deal isn’t much different than signing a lease on a new car. You’re not purchasing the vehicle directly but instead paying a set amount to drive it for a specific period or several miles. Typically, Orland Park drivers are limited to 1,000 miles per month, but this depends on the mileage of the previous driver. When determining the monthly payments, the finance team calculates the potential depreciation of the car once the lease term finalizes, in addition to the interest rate you were given, which varies depending on your credit. 

Pros and Cons of Car Lease Takeover Deals

Like any other financial arrangement, every situation has advantages and disadvantages. Only you can figure out the purchase arrangement that is right for you financially. However, consider these pros and cons to help you decide: 

Pros

• Zero payment down
• No depreciation issues
• Still carries a warranty
• Potential cash incentives from the original lease agreement

Cons

• Transfer fees
• You take the monthly payment in its current form
• Potential wear and tear from former owner
• Restrictions on mileage 

A car lease takeover deal is the perfect situation for someone taking up residency temporarily for work or an extended visit and requires temporary transportation. However, if you plan on staying for an extended period and need transportation for the long term, you might want to consider buying a used or certified pre-owned vehicle. 

Explore Our Car Lease Takeover Options at Bettenhausen Automotive

At Bettenhausen Automotive, our finance team can help you with a car lease takeover deal and discuss potential options. For immediate service, contact us online or see us in person!