Can You Take Over a Lease?

Woman Standing Outside of Car With Keys

If you’d like to lease a vehicle but aren’t quite ready to commit to a full lease, a lease takeover may be just what you need! If so, you’re probably wondering, “What is a car lease takeover?” A car lease takeover is when you take on the remainder of another driver’s lease, which can be a great temporary option if you’re just looking for a car to drive around Louisville temporarily. However, there are some things that you should consider before you decide to do a lease takeover. Find out the basics of taking over a car lease and learn more about car lease takeover deals with Toyota of Louisville’s finance experts.

How Does a Car Lease Takeover Work?

A lease takeover works similarly to leasing a new vehicle in the sense that you’re not purchasing the automobile outright. Instead, you’re paying to drive the vehicle for a definite amount of time or miles. Typically, you’re restricted to about 1,000 miles a month, but this number will depend on how much the car was driven by the previous owner. The monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term, in addition to the interest rates. Like a regular lease, you can choose to return the vehicle to Toyota of Louisville at the end of the lease term, or you can purchase the vehicle.

Car Lease Takeover Benefits and Disadvantages

When embarking on the leasing or buying process, there are bound to be some upsides and downsides. To help Louisville shoppers decide if a lease takeover is the best option, consider the following pros and cons:

Car Lease Takeover Pros

  • No down payment
  • No rapid, upfront depreciation or other costs
  • The vehicle is likely still under warranty
  • Possible cash incentives from the original lease

Car Lease Takeover Cons

  • Transfer fees
  • You inherit the existing monthly payment as is
  • There may be some wear and tear from the previous driver
  • You’ll need to adhere to mileage restrictions

Ultimately, if you’re in the market for a temporary commuter vehicle, a car lease takeover could be a great option. Be aware, however, that while you don’t pay initial costs upfront, you may end up paying fees later on during the lease. Visit Toyota of Louisville today if you need help figuring out what your options are or to even explore some car lease takeover deals.

Lease Your New Car With Toyota of Louisville

Turn to the experts at Toyota of Louisville if you’re looking for some great car lease takeover deals! Contact us today to have all of your buying and leasing questions answered.

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