Can You Take Over a Lease?

A car lease takeover involves taking over the remaining term of someone else’s car lease, allowing you to assume their monthly payments and responsibilities for the vehicle. This arrangement can be highly beneficial, as it often comes with lower monthly payments than current market rates and typically requires no down payment. 

A car lease takeover also allows you to drive a newer model with less depreciation risk, while providing the flexibility of a shorter commitment than a new lease would offer. So, is this the right solution for you? Find out below with the team at Weir Canyon Honda.

How Does a Car Lease Takeover Work? 

A lease takeover works much like a lease on a new car in that you’re not buying the vehicle outright. It allows you to drive a new vehicle for a certain amount of miles, or time. How long? That will depend largely on how much the previous driver used it. 

Monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term, plus the interest rate. Once the lease is up, simply return the vehicle to your local Yorba Linda dealership or you can buy it outright. 

Car Lease Takeover Pros & Cons

As you might expect, there are benefits and drawbacks to taking over a car lease in Anaheim. Contemplate the following pros and cons as you contemplate how a lease takeover might work for you: 

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

If you’re looking for something temporary for your Tustin commutes and weekend travels, then a car lease takeover can save you money. However, even though you don’t pay initial costs upfront, you might end up paying other fees later on. To help you decide what options are available and explore some car lease takeover deals, visit Weir Canyon Honda today.

Ask Us About Our Car Lease Takeover Deals

Overall, a lease takeover can be an economical and convenient option for Irvine drivers looking to enjoy the perks of a new vehicle without the long-term obligations of a traditional lease. Ready to hear our car lease takeover deals? Start a conversation with us online or at (714) 777-4100 today.