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Can You Take Over a Lease?

Woman shaking mans hand over a car contract clipboard with car keys

 

A lease takeover could be a great option if you like the idea of leasing a vehicle but would prefer not to commit to a full lease. What is a car lease takeover? A car lease takeover is when you take on the remainder of another driver’s lease. While this could be a good temporary option if you’re just looking for a car to get you around Winnipeg, there are some things that you should consider before you decide on a lease takeover. The finance team at Capital Ford Winnipeg is here to explain the ins-and-outs of taking over a lease and help you learn about the available car lease takeover deals at our dealership.

How Does a Car Lease Takeover Work?

A lease takeover works similarly to a standard lease on a new vehicle in the sense that you’re paying to drive the car for a certain amount of time or kilometres. You will typically have an annual kilometre limit of 25,000 km, 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. Just as with a standard car lease, you can return the vehicle to your local Selkirk-area dealership at the end of the lease term or buy the vehicle.

Car Lease Takeover Pros & Cons

Review the following the pros and cons of taking over a lease to find out if it is the right 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
  • Restrictions on how many kilometres you can drive annually

If you’re looking for a temporary solution for your Steinbach-area commute, a car lease takeover could be an excellent option. However, you should be aware that just because you don’t pay initial costs upfront, you may end up paying other fees during the lease term.

Explore Your Lease Options with Capital Ford Winnipeg

The experts in our Finance Centre will be happy to help you learn what your options are and fill you in on our current car lease takeover deals. Whether you are looking to lease or buy a new vehicle, we’ll make sure that you secure the terms and rates that will be the best fit with your budget. If you have any questions or would like further information on car lease takeover deals, please don’t hesitate to contact us.

 

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