Our customers our are number one priority. Click here to discuss your experience.

Can You Take Over a Lease?

Man and Woman Signing Contract

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.

How Does a Car Lease Takeover Work?

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:

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

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.

Lease a New Car with MINI of Warwick

Get in touch with our finance team to learn more about car lease takeovers, lease buyoutshow much a MINI Cooper costs, and more before you get the process started on your next vehicle from MINI of Warwick. We’ll also be happy to help you decide whether leasing or buying is the right choice for you.

 

More from MINI of Warwick

  • MINI Electric Hardtop Interior

      If the benefits of an electric vehicle sound like something you’re ready to enjoy on your Providence, RI adventures, we’ve got you covered. Our new MINI Electric Hardtop 2-Door vehicle delivers the excitement you can expect from a new MINI Cooper in addition to all the perks associated with an EV. But, what is the…

  • MINI Cooper Convertible Interior

      Driving a new MINI when you’re on the roads outside of Providence, RI will provide you with a memorable driving experience. MINI vehicles deliver immersive drives thanks to their nimble and agile handling. However, you can indulge in even more exciting adventures when you opt for a new MINI Cooper Convertible. But, what is the…

  • 2024 MINI Cooper Countryman MPG

    MINI Cooper vehicles are known for their exciting driving dynamics and head-turning styling. But if you’re looking for a MINI that’s both unique and delivers outstanding comfort, there are plenty of options to choose from, and the MINI Cooper Countryman is a fantastic choice. The new MINI Cooper Countryman is ready to keep you and…

MINI of Warwick 41.698937, -71.497406.