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!

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