What is a Lease Takeover?

Finance Paperwork with Glasses

 

Have you been looking into leasing a new vehicle, but haven’t quite been able to commit to a full lease? Well, lease takeovers may be a solid option for your financial budget. This process involves taking on the remainder of another driver’s lease. It can be a great option for Simi Valley drivers that are looking for some reliable, but temporary transportation.
There are a few things that are important to consider when you are looking into a lease takeover. Our finance team at Dependable Chrysler Dodge Jeep Ram is here to help you learn about this process and we can help you explore car lease takeover deals.

How Do I Do a Car Lease Takeover?

The process of taking on a car lease takeover is similar to leasing a new car. The goal of this is to avoid buying a vehicle by paying to drive it for a set term length. This can be done based on mileage or a time commitment. The typical restriction associated with a lease is 1,000 miles per month, this can vary depending on how the previous driver drove the vehicle prior to your lease takeover.

Calculating lease payments come from the estimated depreciation of the vehicle at the end of the lease and the interest rates. You can return your vehicle at the end of the lease period to your Thousand Oaks dealership.

Pros and Cons of a Car Lease Takeover

Buying, leasing, or renting a car will always have its pros and cons. It’s important to weigh the options available when you are making your decision. Whichever option you choose, hopefully, the pros outweigh the cons. Dependable Chrysler Dodge Jeep Ram goes into the benefits and downsides of a car lease takeover for San Fernando Valley drivers below:

Pros of a lease takeover: 

  • You don’t have a down payment.
  • There won’t be the initial depreciation that occurs with a new car.
  • The chances are your vehicle will still be under warranty.
  • There may be cash incentives associated with the previous lease.

Cons of a lease takeover: 

  • You may have to pay transfer fees.
  • You will get the monthly payment as it is and came with the previous driver.
  • There may be some unwanted wear and tear.
  • As per usual with a lease, there are mileage restrictions.

A temporary yet reliable vehicle can be hard to come by. Maybe you just moved to San Fernando Valley or you are in between vehicles, and you need something temporary for your weekly commutes and weekend trips. In many cases, a car lease takeover can be a wonderful option. You should note that even though there aren’t a lot of initial costs upfront, that doesn’t mean there won’t be fees you have to pay later on. Our team is here to help you discern if a car lease takeover deal is right for you.

Lease a Vehicle with Dependable Chrysler Dodge Jeep Ram

Dependable Chrysler Dodge Jeep Ram is here to help you find a car lease takeover deal or help you lease or buy a new or used car. We are happy to discuss all of the options available for you. Come visit us in Canoga Park or contact us online. We can schedule an appointment or chat with the team to figure out your options.

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