Are you in immediate need of reliable transportation, but aren’t looking to take on a long-term car lease or loan? If so, a car lease takeover might be a good solution! A lease takeover involves one driver taking on the remainder of responsibility for another driver’s car lease. It sounds simple enough, but before you move forward on a car lease takeover or allow another driver to take over your own lease, there are some key factors to consider. Our finance team covers everything you should know about a lease takeover, below!
When you lease a new vehicle in Lawrenceville, it’s like you’re renting the vehicle from a dealership rather than purchasing or financing it to own. The car lease takeover process is not dissimilar to this, but the terms of your lease agreement will be predetermined based on what the previous driver’s contract included. You’ll lease the vehicle for a certain amount of time or miles, which is laid out in the original agreement. Usually, lease agreements limit mileage to 1,000 miles per month, but it does vary a bit.
The monthly lease payment you take on will be calculated based on the predicted depreciation of the vehicle when the lease term expires, plus interest. When the lease period ends for your lease takeover, you treat it like a normal lease and return the vehicle to the dealership.
Now you know how a lease takeover works, but the question remains as to whether it’s a smart idea for you. Review these pros and cons before visiting Suwanee-area dealerships looking for car lease takeover deals:
Lease Takeover Advantages
Lease Takeover Disadvantages
What’s the bottom line? If you need temporary, low-cost transportation to get around Johns Creek, a car lease takeover can save you a lot of money! Or, if you’re not in love with your leased vehicle and someone is interested in a lease takeover to get it off your hands, you could also benefit from that end. However, there’s a bit of an unknown when it comes to potential lease-end fees. If the previous driver damaged the vehicle and didn’t say anything, the cost of repairs would fall on you.
If you’re set on taking over a lease for temporary transportation, Rick Hendrick Chevrolet Duluth can help you find car lease takeover deals in Duluth. We believe in a transparent sales process, so you can feel confident about the vehicle you’re taking over payments on. For more information, contact us or stop by our showroom!
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