Can You Take Over a Lease?

Interested in leasing a vehicle, but unsure about the commitment of a full lease? A lease takeover could be a great option for you to experience a lease. A car lease takeover is when you take on the remainder of another driver’s lease. Is this option right for you? Learn more about the things you should consider before you decide to do a lease takeover, about our available car lease takeover deals, and more with our finance team at BMW of Gwinnett Place.

How Does a Car Lease Takeover Work?

So how does a car lease takeover work? A lease takeover is similar to taking out a lease on a new car in the sense that you’re not buying the car outright. Instead, you pay to drive the vehicle for a specific period of time or amount of miles. Typically, you’re restricted to about 1,000 miles a month, but this depends on how much the previous driver drove the vehicle before you. The monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. When your lease ends, just like with a regular lease, you simply return the vehicle to the dealership or you can buy the vehicle.

Car Lease Takeover Pros & Cons

Much like any option in the car buying and leasing process, there are plenty of pros and cons to taking over a car lease. In order to help you decide whether taking over a car lease is a good option for you, we’ve put together some pros and cons of taking over a lease:

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

If something temporary piques your interest, a car lease takeover is a great option to look into. However, it’s important to note that just because you don’t pay initial costs upfront, doesn’t mean you won’t end up paying other fees later on during the lease.

Lease a New Car with BMW of Gwinnett Place 

No matter if you’re ready to buy or lease a new vehicle from our inventory, our finance team can help you choose the best financial path to take. Contact us today to learn more about your options, our models, and more. Curious about the lease return process? Give BMW of Gwinnett Place a visit for more information on returning a leased car!