Is a Car Lease Takeover a Good Idea?

Woman Standing Outside of Car With Keys

Some Ontario drivers have found themselves wanting to end their leases early, and have made deals with other drivers to take over those leases. If you’re presented with the opportunity of taking over someone else’s lease, should you do it? Are car lease takeover deals wise? Our finance department wants to help you make informed decisions. So, let’s talk about the pros and cons of a car lease takeover and how to do it the right way.

The Benefits of Car Lease Takeover Deals

Here are some of the reasons that some drivers have chosen to take over other drivers’ leases:

  • No down payment
  • No new-car upfront depreciation and other costs
  • Likely still under warranty
  • Possible cash incentives from the original lease 

The Disadvantages of Car Lease Takeover Deals

Some Mansfield drivers have decided that taking over someone else’s lease isn’t for them. Here some reasons why:

  • Transfer fees
  • You inherit the monthly payment and interest rate as it is
  • Possible wear and tear from the previous owner, which you may be on the hook for at the end of the lease
  • Mileage restrictions

Be Smart When Taking Over Someone Else’s Car Lease

Since dealerships do not broker car lease takeover deals, these generally need to be worked out between two private parties. So, you will want to take these precautions when negotiating a car lease takeover:

  • Carefully review the terms of the lease to understand what your commitments are.
  • Inspect the vehicle for any damage that you may be liable for at the end of the lease.
  • Look at the odometer and compare that with the mileage restrictions in the lease.
  • Confirm with the lender that all lease payments are current. 

Check Out the Lease Deals at Spitzer Motors of Mansfield CDJR

You know, our monthly specials are so good, you may decide it’s not worth it to take over someone else’s lease. So, check them out. While you’re at it, why not get pre-approved online? We’re just a short drive away from Ashland and Galion, so drop by or contact us today!

More from Spitzer Motors of Mansfield CDJR

  • 2022 RAM 1500 Towing Capacity

      Are you looking for a reliable and dependable new workhorse for your Mansfield job sites? You can’t go wrong with the 2022 RAM 1500. From its high-strength steel frame to its powerhouse engine options, this pickup truck can tackle just about anything you throw at it. But, what is the RAM 1500 towing capacity?…

  • 2022 Jeep Compass MPG

    The Jeep Compass is known for its off-road prowess and suite of high-tech features, and the 2022 model is no exception. However, if you’re like other Ashland drivers who have a commute to make, you may be wondering about the Jeep Compass gas mileage. Your Jeep Compass mpg will slightly vary depending on the configuration,…

  • 2022 Jeep Compass Colors

      Mansfield drivers and industry experts alike love the 2022 Jeep Compass for its performance prowess both on and off the road. But what are the 2022 Jeep Compass color options? That depends on the configuration you choose, but don’t worry! You have lots of stunning options to choose from. Explore the 2022 Jeep Compass…

Spitzer Motors of Mansfield CDJR 40.7700522, -82.5796841.