Taking over a car lease can be a great way to get a newer car with low monthly payments and no long-term commitments. Before you do take over a car lease, though, there are several details about it that you’ll need to find out.
- How many months remain on the lease? Lease transfers give you much more flexibility and options on how long you drive the car. You need to decide whether you want a car lease with only a few months remaining or one that you’ll keep for a few years.
- What are the mileage limits? Car leases have overall mileage limits; if you drive more miles before the lease is up, you’ll have to pay for the excess mileage. Before taking over a car lease, calculate how many miles you drive each month and look for a car that still has at least that many miles remaining.
- Is it under warranty? Most lease vehicles are covered by a new-car warranty unless something has been done to void the warranty. If it’s not covered, you’ll need to account for any possible repair bills in your budget.
- What are the insurance requirements? You don’t technically own a leased car. The leasing company retains ownership, and you rent it from them. Because of this, the leasing company will often require you to carry a certain type or amount of insurance coverage. Shop around for the right car insurance at the right price.
- Is there any wear and tear? The lease agreement will often charge fees at the end of the lease term if the car has any dents or damage.
- What’s the residual value? At the end of the lease, you’ll have the option to keep the car by purchasing it from the leasing company. The price of the car at that time, or the residual value, will be stated in the original lease contract.
For help weighing your options and finding the perfect car lease for your needs, please contact us at Swapalease.com.
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