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Can You Take Over a Car Lease?

Lease Agreement

If you’re interested in the idea of leasing a vehicle but don’t want to commit to a full-term lease, then a lease takeover could be a great option for you! A car lease takeover is when you take on the remainder of another driver’s lease. However, while this could be a good temporary option if you’re just looking for a car to drive around Cabot, there are some things that you should consider before you decide to do a lease takeover. Learn the basics of taking over a lease and learn more about available car lease takeover deals on used SUVs with the finance team at Gwatney Chevrolet Company.

How Does a Car Lease Takeover Work?

A lease takeover is very similar to leasing 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. Usually, you’re restricted to about 1,000 miles a month, or 12,000 miles a year, but this depends on how much the previous driver drove the vehicle before you. You may be wondering how the monthly lease payments work: it’s simple, they are determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. Just like with a regular lease, you can return the vehicle to your local Sherwood dealership at the end of the lease term or buy the vehicle outright.

Car Lease Takeover Pros & Cons

Like with any option in the car buying and leasing process, there are good things and bad things to taking over a car lease. To make the decision easier for you, here are the pros and cons of taking over a lease:

Pros: 

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

Cons: 

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

If you’re looking for something that isn’t permanent for your Little Rock commutes and weekend travels, then a car lease takeover could be perfect for you! However, just because you don’t pay initial costs upfront, you might end up paying other fees later on during the lease. To help you decide what your options are and even explore some car lease takeover deals, visit Gwatney Chevrolet Company today.

Lease a New Car with Gwatney Chevrolet Company

At Gwatney Chevrolet Company, we can help you get some great car lease takeover deals and discover your buying and leasing options. Come on in and visit us in Gwatney Chevrolet Company or contact us online to get all of your questions answered today such as how to sell a car to Gwatney Chevrolet Company!

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