ICYMI: Car Lease Takeovers -- Are They Worth It?
This article was created by Wise Publishing. While Postmedia may collect a commission on sales through the links on this page, we are not being paid by the brands mentioned.It can be a lot cheaper than financing a car or starting a new lease. Commitment-phobes will appreciate the shorter contract.
This all sounds dreamy; however, all good things come with fine print. Before locking down a price that meets your budget, read the terms. You may find extra fees and conditions that can turn a real deal into a total bust.When you perform a lease takeover — also called a lease swap, lease transfer or lease assumption — you’re getting the car plus all the conditions that came with the original lease.
Second, find a car that hasn’t been pushed to the limit. For example, if you’re eyeing a one-year-old ride with an annual cap of 20,000 km, choose one that’s been driven a lot less than 20,000 km to win the difference. Confirm any hidden costs, such as a turn-in or lease transfer fee. It’s worth asking the seller whether they’ll cover it.
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