Can You Take Over a Lease?

If you like the idea of leasing a vehicle but don’t want to commit to a full lease, then a lease takeover could be a great option for you and your driving needs. So what is a car lease takeover? A car lease takeover is when you take on the remainder of another driver’s lease. There are a few things you’ll want to keep in mind when choosing this option. Learn the basics of taking over a lease and learn more about available car lease takeover deals with the finance team at BMW of Tenafly.

How Does a Car Lease Takeover Work? 

A lease takeover is similar, in ways, to a lease on a new car in the sense that you’re not buying the vehicle outright. Instead, you’re paying to drive the vehicle for a certain amount of time or miles. Typically, you’re restricted to about 1,000 miles a month, but this depends on how much the previous owner drove before you. These monthly lease payments are going to be determined by the estimated depreciation of the vehicle at the end of the lease term plus interest. And much like a regular lease, you can return the vehicle to your local dealership at the end of the lease, or you can buy the vehicle.

Car Lease Takeover Pros & Cons

As with any car-buying or leasing process, there are benefits and drawbacks to taking over a car lease. We can help make that decision a bit easier. Here’s a breakdown of the pros and cons of taking over a lease:

Pros: 

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

Cons: 

• Transfer fees
• You inherit the monthly payment as it is
• Possible wear and tear from the previous owner
• Mileage restrictions

Interested in something temporary? A car lease takeover might end up being a great option for you. However, just because you don’t pay initial costs upfront, doesn’t mean you won’t pay any fees at all. You might end up paying these other fees later on during the lease. Visit our team at BMW of Tenafly today to explore our car lease takeover deals.

Explore Lease Options with BMW of Tenafly 

Here at the BMW of Tenafly finance center, we can help you go over some great car lease takeover deals to discover the buying or leasing options that are right for you. Learn more when you contact our team with any questions and be sure to check out our online inventory to explore our models.If you’re looking for more car buying tips such as how to sell your car to a dealership, give our team a visit for more information.