How to Take Over a Car Lease

Woman shaking mans hand over a car contract clipboard with car keys

 

What is a car lease takeover and how does it work? Put simply, a car lease takeover is when you take on the remainder of another driver’s lease. It’s a good temporary option if you want a car to drive around Owosso without the full term of a traditional lease. However, there are some things you should consider before proceeding with a RAM 1500 or Jeep Wrangler lease takeover. Continue reading to learn more about auto lease takeovers, how they work, and whether one is right for you with the experts at Slingerland Chrysler Dodge Jeep Ram FIAT!

How To Take Over a Car Lease: Steps

An auto lease takeover is similar to a lease on a new car because, rather than buying a new vehicle outright, you agree to drive a used vehicle for some time or several miles. How long generally depends on how many miles the previous owner drove (in many cases, you’re restricted to 1,000 miles per month). With that in mind, it’s important to consider how you’ll need to use the vehicle before agreeing to a Jeep Wrangler lease takeover as going over your mileage limit will result in financial penalties.

Learn how to take over a car lease with these steps:

  1. Contact the leasing company directly, and discuss the lease terms and any incentives they may offer to transfer the lease.
  2. Inspect the car’s condition and review its maintenance history.
  3. Submit an application to the leasing company for a credit check and approval.
  4. Once approved, sign the necessary transfer documents provided by the leasing company.
  5. Pay any required transfer fees, which vary by leasing company.
  6. Once the transfer is complete, take possession of the car and adhere to the remaining lease terms.

What Determines Your Payment Amount?

As part of the Jeep lease transfer process, your monthly lease payments are figured based on estimated vehicle depreciation at the lease’s termination plus the interest rate. Taking over someone else’s lease also gives you the option of buying the vehicle when it’s returned to your local St. Johns dealership under the same terms as the original owner would have gotten.

Car Lease Takeover Benefits & Drawbacks

As with any major financial decision, there are advantages and disadvantages to taking over a car lease. To help you decide if an auto lease takeover is a good option, consider the following pros and cons:

Lease Takeover Advantages

  • The vehicle is likely still under warranty
  • Possible cash incentives from the original lease
  • No down payment
  • No new-car upfront depreciation

Lease Takeover Disadvantages

  • Mileage restrictions
  • Wear and tear incurred by the previous owner
  • You may inherit a monthly payment that doesn’t fit your budget
  • You’ll pay transfer fees

As you can see, there are a lot of benefits to a Jeep lease transfer, and at the end of the lease, you have the option to finance the rest of the vehicle’s value. You could also qualify for a new Jeep Wrangler lease, allowing you to enjoy all the latest convenience and connectivity technology without the commitment of a loan.

Learn More About Car Lease Takeovers With Slingerland Chrysler Dodge Jeep Ram FIAT

If you’re looking for a temporary ride for your Flushing commutes and weekend travels, a car lease takeover could be a great option. But, be aware that just because you don’t pay initial costs upfront doesn’t mean you’ll avoid paying other fees later on. To get the full details about your next car lease takeover, reach out to Slingerland Chrysler Dodge Jeep Ram FIAT’s finance team.

For any general questions or concerns, feel free to contact us online, or visit us at our Corunna location! Our team is dedicated to helping you find the financing or leasing option that works best for your budget.

 

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