Should You Takeover a Car Lease?

Do you like the idea of leasing a vehicle, but would prefer to skip the upfront cost and make a shorter commitment? Then you might think about taking over someone else’s lease. Some Costa Mesa drivers have found that car lease takeover deals can provide many of the benefits of a lease while reducing cost. But that doesn’t mean that taking over someone else’s lease is always a good idea. Let’s talk about the pros and cons of a car lease takeover and how to do it the right way.

The Upside of Car Lease Takeover Deals

There are several reasons why some Tustin drivers have considered doing a car lease takeover. Those reasons typically include the following:

Car Lease Takeover Deals – The Pros

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

The Downside of Car Lease Takeover Deals

Car lease takeover deals can have some potential negative aspects as well. Here some things to be aware of:

Car Lease Takeover Deals – The Cons

• 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

How to Do a Car Lease Takeover the Right Way

A car lease takeover is worked out between two private parties and the lender holding the lease, since dealerships generally do not have lease takeover deals. Here are some important things to do when considering taking over someone else’s lease:

How to Do a Car Takeover Lease the Right Way

• 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 Weir Canyon Acura of Anaheim

Have you checked out our lease specials? The terms of these deals are so generous in some cases that you may decide you’d rather sign a new lease than do a car lease takeover. So, come down and take a test drive. We’re just a short drive away from Montclair, so drop by or contact us today!