Is it Smart to Do a Car Lease Takeover?

It might seem like a good deal. You’ve been thinking about leasing a car, and now your friend or family member offers you the opportunity to take over the payments on their lease. The car seems like it’s in good shape, and you won’t even have to make a down payment. But, are car lease takeover deals wise? Our finance department wants to help our Lynnwood customers to make informed decisions. So, let’s talk about the benefits and disadvantages of a car lease takeover and how to do it the right way.

The Benefits of Car Lease Takeover Deals

Taking over someone else’s lease may seem like a quick and easy way to get that next car for your Seattle commute. And there can be advantages to doing this. Here are some of the benefits of taking over someone else’s automobile lease:

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

The Disadvantages of Car Lease Takeover Deals

A number of Bothell drivers have decided after crunching the numbers that a car lease takeover just isn’t for them. Here are some of the downsides to this kind of deal:

• Transfer fees
• You inherit the monthly payment and interest rate as it is
• Possible wear and tear from the previous owner, which you may be on the hook for at the end of the lease
• Mileage restrictions

The Right Way to Make Car Lease Takeover Deals

Car lease takeover deals are worked out between two private parties, which means they are not handled by dealerships. That means it’s up to you to make sure that you are executing a good deal. Here are some things everyone who is considering taking over someone else’s lease should do:

• Carefully review the terms of the lease to understand what your commitments are.
• Inspect the vehicle for any damage that you may be liable for at the end of the lease.
• Look at the odometer and compare that with the mileage restrictions in the lease.
• Confirm with the lender that all lease payments are current.

Take Advantage of the Lease Specials at Lexus of Seattle

You owe it to yourself to look over our lease and financing specials before you even consider taking over someone else’s lease. You may find that we can offer a better deal. So, come talk to us about your options. And, if you found this post to be helpful, check out our other car buying tips. We’re just a short drive away from Mill Creek, so drop by or contact us today!