Can You Take Over A Lease?

If you are ready to drive a new car around Elizabethtown but do not want to buy at the present time, leasing is a viable alternative. If you are new to this process, you might be wondering if you can take over a car lease. Yes, it is possible to take over a lease and reap the benefits of leasing a car. Learn about the lease takeover process with the finance team at Don Franklin Somerset Chevrolet, and contact us with any questions. We are here to assist you throughout every phase of the leasing experience. 

How Does A Car Lease Takeover Work? 

A lease takeover works much like a lease on a new car in that you’re not buying the vehicle outright. It allows you to drive a new vehicle for a certain number of miles or a certain amount of time. How long? That will depend largely on how much the previous driver used it. Monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term, plus the interest rate. Once the lease is up, simply return the vehicle to your local Hodgenville dealership, or you can buy it outright. 

Car Lease Takeover Pros & Cons

As you might expect, there are benefits and drawbacks to taking over a car lease. Contemplate the following pros and cons as you contemplate how a lease takeover might work 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

If you’re looking for something temporary for your Springfield commutes and weekend travels, then a car lease takeover can save you money. However, even though you don’t pay initial costs upfront, you might end up paying other fees later on. To help you decide what options are available and explore some car lease takeover deals, visit Don Franklin Somerset Chevrolet today.

Lease A New Car With Don Franklin Somerset Chevrolet 

Can you take over a car lease? Now that you know, are you ready to enjoy the benefits of leasing a car? Call (606) 492-2177 or contact us online today to get started. We look forward to assisting you! Our team also invites you to learn about the Chevrolet Protection Plan and browse our Chevrolet special offers.