What Is a Car Lease Takeover?

Are you searching for a pre-owned vehicle with near-new mileage and features? Or, do you need affordable short-term transportation to get around North Charleston? In either situation, a car lease takeover might be an ideal solution. What is a lease takeover? A car lease takeover would involve you assuming the existing lease of another driver who, for their own reasons, is looking to get out of their lease early. 

Like any financial decision, there are some factors you need to consider before you start looking for car lease takeover deals in Charleston. The finance center at Rick Hendrick Chevrolet tells you everything you should know in the guide below!

What’s Involved in a Lease Takeover? 

If you’re familiar with new car leasing, a car lease takeover is pretty similar in a few ways: 

• You are not purchasing the vehicle to own, but rather paying to drive it for a predetermined amount of time
• You are contractually obligated to a certain mileage limit 
• The monthly payment is calculated based on the estimated depreciation at lease-end, plus interest 

However, when you assume the car lease of another driver through a car lease takeover deal, you have a little less agency in the lease terms. You’ll inherit the previous lessee’s mileage limit without the option to change it, as well as the monthly payment amount. When you reach the end of the lease, you’ll return the vehicle to the dealership, just as if you were the original lessee.

What Are the Pros and Cons of a Car Lease Takeover? 

If you need short-term transportation in Mount Pleasant or you want to lease a near-new vehicle with the intention of buying out the lease later on, you may find that the benefits of a lease takeover are considerable. With that said, there are some potential drawbacks to consider as well. Review some quick pros and cons of car lease takeover deals to better understand if this option suits you: 

Benefits of a Lease Takeover 

• No deposit is required to start the lease
• Other upfront costs, like new-car deprecation, are also eliminated
• The vehicle should still be under warranty
• Cash incentives may exist from the original lease

Drawbacks of a Lease Takeover

• Lease contract transfer fees
• You can’t negotiate the monthly amount
• You’re obligated to the existing mileage limit
• There might be wear and tear from the last driver

Explore Car Lease Takeover Deals in Charleston

James Island drivers who are interested in a car lease takeover can learn more about their options at Rick Hendrick Chevrolet. We’ll help you determine if a lease takeover is really right for you or help you explore other avenues if needed. Contact us with any questions and explore our other car-buying tips while you’re here, like how to lease a car with bad credit.