Can You Take Over a Lease?

A car lease takeover allows you to acquire whatever remains of another driver’s lease. You’ll take over the responsibilities and the vehicle, so they can move on to something else. Although there are certain risks involved in taking over a car lease, it could be a great option for the Richfield-area driver who won’t need a vehicle for very long. Find out if it’s right for you with our financing team!

How Does a Car Lease Takeover Work? 

As with a standard lease, you won’t be purchasing the vehicle outright. Instead, you’ll spend a certain amount to use the vehicle for a given duration. The costs of a lease are based on the vehicle’s anticipated value at the end of the leasing term, but with a car lease takeover, you’ll acquire the other driver’s monthly payment as-is.

You’ll also continue to abide by whatever mileage limits and maintenance requirements were written into the lease! If you generally drive less than 1,000 miles per month in St Paul and Minneapolis, you won’t have to worry about any additional fees when you bring the vehicle back to our lease return center.

Is a Car Lease Takeover Right for You?

Finding a great selection of car lease takeover deals is always exciting; however, you need to be certain that you’re making the right choice. Keep the following pros and cons in mind:

Pros:

• You’ll avoid a down payment.
• You’ll avoid significant new car depreciation costs.
• You may benefit from warranty coverage and complimentary maintenance.
• You may enjoy incentives that carry over from the original lease.

Cons:

• Your monthly payment will be carried over from the original lease.
• You may have to pay some transfer fees up front.
• The leased vehicle may not be in great condition.
• You may be left on the hook for excess mileage or excess wear and tear.

If you’ve compared leasing vs. buying, you should know that most of the trade-offs still apply to a car lease takeover.

Learn More About Leasing with Motorwerks BMW!

If you’d like to learn more about car lease takeovers, don’t hesitate to reach out to our financing department. If you’re still exploring your options, check out our current leasing and financing offers to find out if a new car lease could be right for you. This option might be more accessible than you’d expect, especially if you’re trading in a new vehicle!