Is Car Lease Takeover Possible?
Is Car Lease Takeover Possible?
Leasing a vehicle is attractive, but what if you don’t want to commit to a full lease? Then you should look into a lease takeover. A car lease takeover is when you take on the remainder of another driver’s lease. This is entirely possible, and could even be a good temporary option if you just need a car to take around Bayside. However, there are some things that you need to consider before deciding to perform a lease takeover. The finance team here at North Bay GMC can show you the basics of taking over a lease, as well as inform you about available car lease takeover deals available at our Roslyn area dealership. Just keep reading or contact us with questions.
How Does a Car Lease Takeover Work?
A lease takeover is similar to taking out a lease on a new car since in both cases you’re not actually buying the vehicle outright. Instead, you’re paying to drive the vehicle for a certain amount of time or miles. Monthly mileage restrictions are usually around 1,000 miles a month, but this can depend on how much the previous driver drove the vehicle. The monthly payments for a lease are calculated by adding together the estimated depreciation of the vehicle at the end of the lease term with interest rates. In either case, once the lease term ends, you can return the vehicle to your local Manhasset dealership, or choose to buy the vehicle.
Car Lease Takeover Pros & Cons
Of course, it’s important to take the pros and cons of choosing to lease a car over buying one into account. Here are the pros and cons of taking over a lease so that you can decide for yourself if it will be worth it:
Pros:
- No down payment
- No new-car upfront depreciation and other costs
- Likely still under warranty
- Possible cash incentives from the original lease
Cons:
- Transfer fees
- You inherit the monthly payment as it is
- Possible wear and tear from the previous owner
- Mileage restrictions
Lease a New Car with North Bay GMC
If you need a temporary car for commutes to Flushing or weekend trips, then a car lease takeover can be a great option. Just keep in mind that although you don’t pay initial costs like a down-payment, violating the terms of the lease can cause you to end up paying other fees later on. Visit North Bay Buick GMC where we can help you decide what your options are and even show you some car lease takeover deals.