Can You Take Over a Lease From Another Driver?

A car lease takeover offers a unique opportunity to get behind the wheel of a reliable vehicle in Chapel Hill—without committing to a long-term contract, and without paying too much. What is a lease takeover? Aptly named, a car lease takeover is when one driver assumes the remainder of another driver’s lease. For the previous lessee, it provides a way to get out of their lease contract early if they’re looking to do so. For the new lessee, it gives them a low-cost way to get short-term transportation without committing to a full lease contract or financing a car. 

Often, a lease takeover is a good option if you’re going to be moving away from Raleigh soon and you want to sell your vehicle, but not be completely without a car for the time being. Or, if you’re living in a city temporarily for work or personal reasons, a car lease takeover would allow you to have your own transportation every day for a short period. Before you start searching for car lease takeover deals, there are some things you should know about the process. Read on to learn more from the Hendrick Cadillac Southpoint finance team!

What Happens During a Car Lease Takeover? 

Is a car lease takeover similar to starting a lease on a brand-new vehicle? In a sense, yes! Just like with a new car lease, when you do a lease takeover you’re not purchasing the vehicle to own. Rather, you’re making a monthly payment in exchange for driving the vehicle for a set amount of time and miles. The average lease is capped at 1,000 miles per month, but the mileage limit you get on a car lease takeover is going to depend on whatever the previous lessee agreed to in the contract. Because the lease contract cannot be changed when a new driver takes it over, there won’t be any wiggle room on the monthly payment or interest rate, either. Essentially, everything is predetermined when you take over a lease. Another thing that’s similar between a new car lease and a lease takeover is that when the lease is over, all you have to do is bring the car back to the dealership. You can turn it in or buy out the lease if you’re interested in ownership. 

Is a Lease Takeover a Good Idea? Pros and Cons

As with most financial decisions, there are some pros and cons to weigh before you go looking for car lease takeover deals around Cary. Read below to get help making an educated decision:

Car Lease Takeover Advantages

• No deposit necessary 
• No upfront fees, like new-car upfront depreciation 
• Service and maintenance fall under warranty
• There may be cash incentives available from the original lease

Car Lease Takeover Disadvantages

• Lease contract transfer fees
• The monthly payment is already set in stone and can’t be negotiated 
• There may be wear and tear from the previous driver
• The mileage limit cannot be changed

Keep in mind that just because there aren’t any upfront fees, that doesn’t necessarily mean there won’t be added costs later on. For instance, if the previous lessee damaged the vehicle in some way and never disclosed it, the repair costs would be your responsibility. 

Explore All Your Options at Hendrick Cadillac Southpoint 

Are you thinking a lease takeover might work for you? Contact us to get expert advice from our friendly financiers. Hendrick Cadillac Southpoint is here to help you make the best choice for your lifestyle and budget! We’re happy to show you our best car lease takeover deals, but our team won’t hesitate to let you know if there’s another option that could be better suited for you.