If you’re interested in the idea of leasing a vehicle, but you don’t want to commit to a full lease, you may be able to get a car lease takeover. A car lease takeover is when you take over the remainder of another driver’s lease. While this is a good temporary option if you’re looking for a car to commute around Bronx in, there are some things you need to consider before you decide to do a lease takeover. Learn more about how to get a car lease takeover below, or learn more about how to lease a used car with our team.
Car Lease Takeover Facts
A lease takeover works similarly to leasing a new vehicle in the sense that you’re not buying the vehicle outright from a dealership. Instead, you’re paying to drive the vehicle for a certain amount of time or miles in Brooklyn. Typically, a lease takeover limits you to about 1,000 miles a month, but it depends on how much many miles the previous owner drove. Your monthly will be determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. At the end of the lease, you will return the vehicle to the dealership you borrowed it from. You will also have the option to buy the vehicle or start a new lease.
The Pros & Cons of a Car Lease Takeover
There are advantages and disadvantages to a car lease takeover, just like with any car buying or leasing method. When you get a car lease takeover, you won’t have a down payment, but you will have transfer fees. However, you may also be able to take advantage of car lease takeover deals from the dealership. Explore the pros and cons of a car lease takeover below:
- No down payment
- No new-car upfront depreciation and other costs
- Likely still under warranty
- Possible cash incentives from the original lease
- Transfer fees
- You inherit the monthly payment as it is
- Possible wear and tear from the previous owner
- Mileage restrictions
Learn More with Major World
A car lease takeover is a great way to get a new vehicle for your Queens commute if you’re looking for something temporary. Explore all of your leasing and financing options when you visit our Long Island City showroom and sit down with our finance team – we’ll also share any car lease takeover deals we have while you’re here. You can also read our other car buying tips like what a good interest rate for a car loan is in New York. Visit us today, we look forward to putting you behind the wheel of one of our vehicles!