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Can You Take Over a Lease?

Finance Paperwork with Glasses

Are you looking for a new car in the Chicago area but don’t necessarily want to commit to a full leasing period? Consider a car lease takeover! This is a simple process that involves taking on the remainder of another person’s lease, and paying off the monthly amount for the rest of the leasing period. It’s a great option for drivers that want a convenient temporary option, but there are some things to keep in mind before making any commitments. The finance team at Volkswagen of Oak Lawn has everything you need to know about how car lease takeover deals work in the guide below – check it out!

How a Car Lease Takeover Works

When you lease a car, you essentially pay to drive it for a certain amount of time (usually 24-48 months, although specific times vary) and within a certain number of miles per month (usually around 1,000). The amount you pay varies based on the estimated depreciation of the vehicle plus interest rates. When you take over a lease from someone else, you agree to pay the monthly amount on their vehicle for the remainder of their lease term. Once the lease is up, you can either return the vehicle to the dealership, buy it outright, or renew the lease for another period. 

Car Lease Takeover Pros & Cons

A car lease takeover might perfectly suit your current driving needs in Burbank, but there are still benefits and drawbacks to be aware of. Before making any decisions, you should carefully consider your financial situation, as well as the following pros and cons. Be aware that, just because you don’t pay any initial costs upfront with a lease takeover, you’re still on the hook for any fees incurred later on down the road. Here are the details:

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

Lease a New Car with Volkswagen of Oak Lawn 

If you have any questions about how car lease takeover deals work, feel free to contact our finance center! You can also stop by our dealership near Naperville to go over the details of a lease takeover with a member of our team in person. 

 

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