What is a Car Lease Takeover?

2022 Toyota RAV4 Driving Down City Street

Whether you only need a vehicle for a short amount of time or you are simply not ready to take on a full car lease, a car lease takeover could be an appealing option for you. But what is a lease takeover you might be asking. And how do you take care of one? This option allows you to take on the remainder of another driver’s lease. While this temporary solution may be ideal for some drivers around Cody and Billings, MT, there are a few factors to consider before choosing a car lease takeover. The finance department at Yellowstone Toyota has the details, and we’ll make it easier than ever for you to enjoy one today. 

The Lease Takeover Process 

Just like with a new car lease, when you opt for a car lease takeover, you are not buying the car outright. With a lease, you pay to drive the vehicle for a certain amount of time or miles. In many cases with a lease takeover, you are limited to driving approximately 1,000 miles a month, as mileage limits still apply. Keep in mind that the amount you are allowed to drive with a lease takeover depends on how much the previous driver drove the vehicle before you. 

As far as the monthly payments go, the amount is determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. When the terms of the lease are complete, all you have to do is bring the vehicle back to the dealership, as you would with a new car lease. 

Car Lease Takeover: Advantages and Disadvantages 

Not sure whether a car lease takeover is the best option for you? Below, we have compiled a list of pros and cons to help you make a more informed decision. 

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

Along with available car lease takeover deals, this may be a convenient and affordable option for some Laurel, MT drivers. If you are interested in a car lease takeover, we would be more than happy to discuss the option further with you. 

Lease a Vehicle with Yellowstone Toyota

On the hunt for top-notch car lease takeover deals near Powell? We can help. Contact us today with any questions you may have, or browse our inventory of new and used cars for more options! Or you can view our selection of car buying tips for additional tips.

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