Should You Do a Car Lease Takeover?

2021 Acura TLX Type S Parked

 

You’ve crunched the numbers, and, like a lot Sterling Acura of Austin drivers, you’ve decided leasing a car works better for you than buying. Still, you might feel leasing would work out even better if you didn’t have to come up with a down payment or commit to the lease for several years. Then you might think about taking over someone else’s lease. Car lease takeover deals between drivers often work out well for both parties. But there are things you should know going in. Let’s talk about how to do a car lease takeover the right way.

How to Do a Car Lease Takeover

Kyle dealerships do not have “car lease takeover deals” per se, as they don’t keep lists of customers who are wanting to get out of a lease. So, you will need to find someone who is currently in a lease, but who is looking to get out of it. Once you come to an agreement with the other party, the two of you will need to work out the transfer with the dealership that holds the lease.

Benefits of Car Lease Takeover Deals

Several Buda customers have found that there are a number of benefits of doing a car lease takeover. Here are just a few:

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

Disadvantages of a Car Lease Takeover

There are some things you should take into account before doing a car lease takeover. Here’s a list:

  • 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

Check Out the Lease Deals at Sterling Acura of Austin

Our finance department will be happy to walk you through the pros and cons of doing a car lease takeover. But you should also check out our lease deals. You may decide the terms are so good, you don’t need to take over someone else’s lease. We’re just a short drive away from San Marcos, so drop by or contact us today!

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