Can You Take Over a Lease?

If you’re interested in leasing a vehicle, but you’d prefer not to commit to a full lease, you might be interested in acquiring another driver’s contract through a car lease takeover. A lease takeover can be an excellent option for those who need a temporary car for East Greenwich commutes; however, there are some factors to consider before making the decision. 

Read on with us as we cover the basics for a car lease takeover, and be sure to speak with our finance team at BMW of Warwick for more information about car lease takeover specials. 

What is Car Lease Takeover? 

Executing a car lease takeover isn’t that different from leasing a new BMW model. Either way, you’re paying to drive that vehicle for a specified amount of time, instead of buying it outright. With normal leases and lease takeovers, you’re typically restricted to around 1,000 miles a month, but your own limits can vary depending on the mileage the previous driver put on the vehicle. 

Your monthly payments will be determined by the estimated depreciation of the vehicle at the end of the lease term and the interest rates. However, those who execute a car lease takeover will generally acquire the previous lessee’s monthly payment without modification. When the end of the lease comes, you can return the vehicle to the Providence-area dealership or buy it if you’re interested. 

Advantages and Disadvantages of a Car Lease Takeover 

As with any other car buying or leasing process, you should weigh the benefits and disadvantages of a lease takeover from the perspective of your individual situation. Let’s take a look at some of the pros and cons of a car lease takeover: 

Advantages: 

• No down payment
• No new-car upfront depreciation
• Likely still under warranty
• Possible cash incentives from the original lease

Disadvantages: 

• Transfer fees
• You inherit the monthly payment as it is
• Possible wear and tear from the previous owner
• Mileage restrictions

If the temporary nature of a car lease takeover will benefit your Cranston commutes and weekend getaways, keep in mind that you may see additional fees at the end of the leasing term. This is especially likely if the previous lessee did not take good care of the vehicle! 

Be sure to reach out to our finance team to discuss your options, and explore car lease takeover deals at BMW of Warwick. 

Explore BMW Lease Options with BMW of Warwick!

There are many ways you can get into a BMW model you love. Contact us if you have any more questions about lease takeovers or car lease takeover specials. You can also learn more about the car buying process by exploring some of our helpful guides online! We’ll help you take the worry out of your next steps so you can focus on the adventures that lie ahead!