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Car Lease Takeover: Is It Possible?

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

If you’re curious about leasing a vehicle but don’t want the full commitment of an entire lease term, a car lease takeover deal could be your best bet. A car lease takeover is a situation where a Wallingford driver leases a vehicle and wants out. Milford driver steps in to fulfill the remainder of the lease period. If you’re looking for a temporary ride or just testing the waters to see if leasing works for you, it’s something you should consider. However, you must know the specifics of a lease situation and learn more about lease takeover deals with Hamden Chevrolet.

What is a Car Lease Takeover Deal?

A car lease takeover is similar to leasing a new vehicle because you do not involve a finance term. Instead, you’re committing to paying for the vehicle while driving it for a designated time or mileage window. Normally with a lease, you’re restricted to driving 1,000 miles per month, but this depends on how often the previous driver used the vehicle. Lease payments are calculated by the vehicle’s estimated depreciation by the end of the lease term plus additional interest.

Lease Takeover Advantages & Disadvantages

Like any other financial situation, there are certain advantages and disadvantages attached to the situation. Depending on your specific situation and financial standing, one option might be more attractive than the other. Consider the following pros and cons:

Pros

  • No down payment
  • No new car upfront depreciation costs
  • Warranty is likely still valid
  • Potential cash incentives from the previous lease

Cons

  • Transfer fees
  • The same monthly payment amount rolls over
  • Possible wear and tear from the previous owner
  • Mileage restrictions

If you’re a North Haven driver who puts in fewer miles and could potentially move soon for work or other reasons, a car lease takeover deal could provide significant benefits. Remember that even though you’re not paying costs upfront doesn’t mean you’ll avoid them altogether. Fees could pop up later in the lease, depending on the terms. The finance department at Hamden Chevrolet can help you with the specifics.

Explore a Car Lease Takeover Deal at Hamden Chevrolet

At Hamden Chevrolet, we can walk you through the entire process of a car lease takeover. See us in person or contact us online for any questions regarding a potential car lease takeover deal.

 

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