Can You Take Over a Car Lease?

Woman shaking mans hand over a car contract clipboard with car keys

 

Do you live around Traverse City and like the idea of leasing a vehicle but don’t want to commit to a full lease term? If so, a car lease takeover might be a great option for you. A car lease takeover is when you assume the remainder of another Bellaire driver’s lease. There are some things to think about before deciding to do a lease takeover. Learn the basics of lease takeovers here, and turn to Serra Volkswagen of Traverse City for the best car lease takeover deals.

How Does a Car Lease Takeover Work? 

A lease takeover is similar to a lease on a new car in that you’re not purchasing the Volkswagen. A car lease is similar to renting, meaning you’re paying for the right to drive the car for a certain amount of time or number of miles around Kalkaska. Typically, you’re limited to around 1,000 miles a month, but it could depend on how much the previous driver drove the car before you took over. 

Your monthly lease payments are calculated based on an estimated depreciation of the vehicle at the end of the lease plus your interest rate. Just like with any lease, you’ll have to return the car to the dealership at the end of the lease term or purchase it.

Lease Takeover Pros & Cons

Lease takeovers are similar to any option in the car buying and leasing process in that there are pros and cons to taking over a car lease. To help you decide if a car lease takeover is a good option for you, these are the pros and cons to consider: 

Pros of a Lease Takeover: 

  • Little to no down payment is required
  • Possible cash incentives from the original lease
  • No new-car upfront depreciation
  • The car is probably still under warranty

Cons of a Lease Takeover: 

  • Possible transfer fees
  • You will inherit the monthly payment as it is
  • Potential wear and tear from the previous owner
  • Mileage limitations

If you’re looking for a somewhat temporary vehicle for your Lake City drives, then a car lease takeover might be a great option for you. Still, just because you don’t pay much initial costs upfront, you could end up paying other fees at the end of the lease if you or the previous driver went over the mileage limit or there was excessive wear and tear. To help you decide what your options are and even explore some car lease takeover deals, visit Serra Volkswagen of Traverse City today.

Lease or Finance a New Car at Serra Volkswagen of Traverse City 

Serra Volkswagen of Traverse City sometimes has some great car lease takeover deals. Contact us to explore your car buying and leasing options. Visit our dealership in Traverse City or fill out a finance application to get the process started.

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