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Can I Choose a Car Lease Takeover?

Lease Agreement

If you are interested in leasing your next vehicle but you want a shorter-term commitment, a lease takeover may be a great option for you. With a car lease takeover, you have the ability to take on the remainder of another driver’s lease. A lease takeover can be a good temporary solution for drivers in Hamburg and East Aurora. Before you decide on a car lease takeover, it is good to have all of the facts. Learn the basics of car lease takeover with this guide from Robert Basil Cadillac.

How Does a Car Lease Takeover Work?

A car lease takeover is actually pretty similar to leasing a brand new car. You are not purchasing the vehicle outright– rather, you pay to drive the vehicle for a set amount of time. With a lease takeover, you will still have to adhere to mileage limits. Generally, this is approximately 1,000 miles a month. However, your mileage limits will depend on how much the previous driver drove the vehicle before you.

Monthly lease payments are calculated by taking into consideration the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. The process of returning the vehicle with a lease takeover is the same as a new car lease as well. Simply bring it back to the dealership when the terms of the lease are complete. You will have the option to purchase the vehicle or select a different car to lease or buy.

Advantages and Disadvantages of a Lease Takeover

As with any vehicle financing option, a car lease takeover has its own set of pros and cons.

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

If you are temporarily in need of a reliable mode of transportation, a car lease takeover may be a great option for you. Speak with our experts to see if there are any current car lease takeover deals available to you near West Seneca.

Robert Basil Cadillac Makes Leasing Stress-Free

If you are looking for car lease takeover deals, feel free to contact the team at Robert Basil Cadillac for more information.

 

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