Car Lease Takeover

Car lease takeover is basically assuming someone else's leased car under the same terms that were originally agreed upon. Assuming someone else's car lease is good if you will only need the car for a short period of time. Since a part of the lease period is already used up, car lease takeover or car lease assumption is usually good for about 1 to 2 years.

A takeover car lease seems to be a win-win situation both for the original lessee and the takeover lessee. The new lessee must make sure that he can handle the monthly payments since leasing companies will not grant a lease to anyone who has a bad credit. If the new lessee fails to meet payments, the company may (or will) hold the original lessee responsible.

When taking over a car lease, it is very important to check for wear and tear. You should take a mechanic at the dealers and must check the current condition of the car; each and every component. If you, as a takeover lessee, miss anything - you will be responsible for the repair and the maintenance. If there are excess in wear-and-tear, you can deposit a claim amount and the original lessee will get the amount refunded. Also, you should ask the original lessee the records (a.k.a receipts) of all the maintenance and repair works done to the car.

Mileage is always an issue in car leasing since a lessee is only given a limited annual mileage. Before assuming over the car lease, the new lessee must check how many miles are left and if it is good enough since an excess in mileage will mean an additional charge at the end of the term. In order to secure more protection, the takeover lessee must take an added insurance for the vehicle. Check whether gap insurance is in effect, as it would protect the vehicle from accidents and thefts.