What Is a Lease Takeover?

You can often get a discount by taking over a lease.

A lease takeover is a viable option for someone who needs transportation but cannot afford a car. People who need to get rid of a lease can get out of it by finding a substitute.

Function

A lease takeover is a transfer to another party. The lease holder gets out of payments he cannot afford or does not want, and the buyer acquires a shorter than normal lease, according to Lease Guide.

Features

The specifics of the lease do not change, including the monthly payments, the length of the contract and the option to purchase the vehicle after the end of the lease, according to Autos.com.

Tip

Taking over a lease can avoid the down payment dealers usually charge on a lease, according to BankRate. Also, the lease holder may offer a discount, sometimes $500 to $1,000, for taking the lease.

References

• Lease Guide: Take Over a Car Lease, Car Lease Takeover
• Autos: 6 Things to Know About Lease Takeovers
• BankRate: Auto Leases Can Be Bought and Sold