If you’re interested in leasing a new vehicle, but don’t want to commit to a full lease, then a lease takeover could be a great option for you. So what is a car lease takeover and how does it work? A car lease takeover is when you take on the remainder of another driver’s lease. This is a good temporary option, but only if you’re looking for a vehicle to take around Cranston, RI. Before you choose if you want to opt for a car lease takeover, there are a few things you’ll want to consider. Learn more about the basics of taking over a lease and more with our finance team at MINI of Warwick.
A car lease takeover works similarly to a lease on a newer vehicle in the sense that you’re not buying the vehicle outright. Instead, you’re paying to continue a lease for a certain amount of time or miles. Usually, you’ll be restricted to about 1,000 miles a month, but this will depend on how much the previous driver drove the vehicle. Your monthly lease payments will be determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. And like a regular lease, once the lease ends, you bring the vehicle back to the dealership.
Car Lease Takeover Pros & Cons
As with any car buying and leasing process, there are both pros and cons to taking over a car lease. Check out a few benefits and drawbacks from our list to help you decide if taking over a car lease is a good option for you:
No down payment
No new-car upfront depreciation and other costs
Likely still under warranty
Possible cash incentives from the original lease
You inherit the monthly payment as it is
Possible wear and tear from the previous owner
Looking for something temporary for your commutes or Newport, RI weekend trips? A car lease takeover might be a great option. However, just because you aren’t paying initial upfront costs, doesn’t mean you won’t end up paying other fees later on. To help you decide what your options are and even explore some car lease takeover deals, visit MINI of Warwick today.
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