If you ‘take over’ the payments on a car lease, this means you will be responsible for paying the remaining months on the existing lease agreement.
It is not the same as buying or leasing a new car. For example, if your neighbor leases a car for 36 months, and decides to ‘give up’ the lease, with 12 months left on the contract, you can ‘take over’ the car lease. You are not buying the car from the seller; you are simply paying the remaining 12 months of the lease.
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If you decide to enter into a lease takeover agreement, you will have the chance to buy the car at the end of the lease – similar to a conventional car lease.
Remember, with a lease takeover, you are liable for any excess mileage. You will also need to pay for unnecessary wear and tear.
Pros and Cons of a Lease Takeover
- It is a low cost way to drive a better car.
- Usually no down payment is required.
- Wide selection of vehicles.
- It is like paying for a ‘used’ car, because the car has already been driven for some time.
- Usually has high monthly payments (the main reason why people give up leases).
- You do not know if the car was cared for properly and driven carefully by the previous owner, which could potentially result in charges for wear and tear.
Consumers should be careful when looking to take over the lease on a car. Remember, the lease takeover should only be finalized by the leasing company, and not by the seller alone. You need to sign lease documents.
While a lease takeover is great for those who are searching for a short-term car lease, or one that only lasts from a minimum of 6 to 12 months, nothing beats the value, comfort, and convenience of leasing a new car!
You will be surprised how easy it is easy to find an affordable new car lease by simply requesting a FREE Car quote! You will instantly find available $0 down lease offers, low monthly payments, while choosing the right car for you!
4 Insider Tips to Take Over Payments on a Car
Tip #1: Only the leasing company has the power to approve a lease takeover. You should schedule a meeting with the leasing company and discuss the terms of the lease. You might be able to get lower monthly lease payments once you negotiate the money factor of the old lease. Keep your credit report handy.
Tip #2: You do not know the history of the car during its time with the previous owner. Therefore, you should bring the car to a mechanic, and have it checked for unnecessary wear and tear. Check if the engine, transmission, braking system, and suspension are in proper working condition. If there is anything wrong with the car, the previous owner should pay for the repairs.
Tip #3: Double check the total cost of the lease takeover, including interest expenses and future repair costs, BEFORE signing the contract.
Tip #4: The new lease contract should be issued by the leasing company. Read the lease contract thoroughly. Do not be afraid to ask questions if there is something you do not understand.
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