Can You Take Over a Lease?

2021 Honda Accord Parked on Bridge
 

Are you planning on leasing a new Honda vehicle, but you’re not sure if you can commit to a full lease? If so, a lease takeover would be a great option for you! A car lease takeover involves taking on the remainder of another driver’s lease. This a good alternative to a full lease, especially for drivers simply looking for a car to drive around North Plainfield. However, there are some factors that you should consider before opting for a lease takeover. Learn the ins and outs of the lease takeover process with the finance team at VIP Honda. 


How Does the Car Lease Takeover Process Work? 

A car lease takeover is similar to leasing a new car in that you’re not buying the vehicle outright. Instead, you’re paying to drive the vehicle for a certain period of time or miles–typically 1,000 miles a month but it ultimately depends on how much the car was previously driven. Your monthly lease payments are determined by the estimated depreciation of the vehicle at the end of the lease term plus the interest rates. Similar to a regular lease, you can either return the vehicle to your nearest Union dealership at the end of the lease term or purchase it. 

Car Lease Takeover: The Pros and Cons 

Buying or leasing a car in the South Plainfield area has its pros and cons. To help you decide if a lease takeover is the best option for you, we’ve listed some of the benefits and downsides to taking over a car 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

Bottom Line: A car lease takeover is a great option if you’re needing something temporary for your Kenilworth commute. However, it’s important to keep in mind that just because you don’t have to pay any initial costs upfront, you have to pay other fees during the lease. If you’re struggling to parse through your options, or if you’d like to explore car lease takeover deals, visit VIP Honda today. 

Lease Your Next Car with VIP Honda 

At VIP Honda, we’ll walk you through your buying and leasing options as well as help you secure some great car lease takeover deals. Stop by our dealership in North Plainfield or contact us to get all of your questions answered today!

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