Can You Take Over a Lease?

If you want to lease a car in Arlington but don’t want the commitment of a full lease, you should consider a lease takeover as an alternative to buying a used car. What’s a car lease takeover? It’s when you take on the remainder of another driver’s lease. This could be a great temporary option if you’re on the hunt for another car to drive around town in Washington D.C.. That having been said, there are some things you should know before you jump in. We’re your finance pros and car lease takeover deal specialists and we want to match you with the vehicle financing solution that best meets your needs.

How Does a Car Lease Takeover Work? 

A lease takeover is similar in nature to leasing a new car in the sense that you aren’t “purchasing” the vehicle outright. Instead, you’re paying to drive the vehicle for a set amount of time or miles. Typically, you’re capped at about 1,000 miles a month, but this is dependent on how much the previous driver drove the vehicle before you did. The monthly lease payments are based on the estimate of the depreciation of the vehicle at the end of the term of the lease, with interest rates factored in. And like a normal lease, you can return the vehicle to Alexandria Volkswagen at the end of the term or purchase the vehicle.

Car Lease Takeover Pros & Cons

There are several pros and cons to the lease takeover that Springfield drivers should consider. A car lease takeover should factor all of these things into your mind:

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

Lease a New Car with Alexandria Volkswagen 

Looking for car lease takeover deals? Got further questions relating to a car lease takeover? If you are considering a lease takeover, let Alexandria Volkswagen be your partners in this process. We’re your guide to anything car finance and we’re here to help every step of the way. Contact us today to get started.