Can You Take Over a Lease?

If you’re looking to complete a car lease takeover, you might be wondering about the process of a lease takeover and how quickly it can happen. Essentially, car lease takeover deals are when someone else assumes the remainder of another St. Paul driver’s lease as a temporary solution over a short period of time. At Jaguar Richfield Certified Pre-Owned & Service, our finance team recommends considering a few different things before you do a car lease takeover. Dive into the details of car lease takeover deals below, then check out our additional car-buying tips!

How Do Car Lease Takeover Deals Work?

When it comes to a lease takeover, the process of completing one is similar to leasing a new car. It allows you to drive the vehicle around Edina for a certain amount of miles or time depending on your lease agreement. But, how long does a car lease takeover last? It depends on how much the most recent driver drove it. 

Your monthly lease payments will depend on the estimated depreciation of the vehicle by the end of the lease term plus monthly interest. Be sure to use our monthly payment calculator to determine your budget, then either buy the vehicle outright, or return it to Jaguar Richfield Certified Pre-Owned & Service near Minneapolis.

Car Lease Takeover Pros & Cons

As you explore your leasing and buying options throughout Richfield, it’s important to know the positives and negatives to lease takeovers and if it’s the right choice. Here are a few pros and cons to car lease takeovers:

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

For temporary solutions for your daily Edina commute and weekend getaways, a car lease takeover deal might be your best option to save money. Just be aware of fees later on in the lease takeover agreement that may not exist upfront. 

Lease a New Car With Jaguar Richfield Certified Pre-Owned & Service 

A lease takeover is a great solution to save money, contact us at Jaguar Richfield Certified Pre-Owned & Service for additional questions about car lease takeover deals.