What is a Lease Takeover?

March 6th, 2024 by

We know that life happens and circumstances can change. If you have an Alfa Romeo lease, but need to make a change, a lease takeover can help. We’re diving into all the details at Zeigler Alfa Romeo.

What Does a Lease Takeover Entail?

A lease is essentially a long-term rental with a predetermined term. If you can no longer make your lease payments, a lease takeover may be just what you need. With a lease takeover, your lease is transferred from you to a new person. That person will take over with your current contract, keeping the pricing, restrictions, and timeline the same.

How Does it Work?

To complete a lease takeover, you have to find a person interested in leasing your vehicle. It can be a friend or family member, or you can seek out someone online or on social media. That person will need to go through an approval process with your leasing agency to make sure they have the necessary income and credit.

What Do I Need to Take Over a Lease?

If you’re the person interested in taking over a lease, there are a few important things to keep in mind:

  • Double-check the stipulations of the contract to make sure you’re comfortable with the payments and restrictions.
  • You should carefully inspect the vehicle, because you’re the one responsible for any excessive wear and tear fees at the end of the lease.
  • Check the mileage, because you’re also responsible for extra mileage fees.
  • You’ll still need to make a down payment, pay upfront fees, and will owe taxes.

Visit Our Schaumburg, IL Dealership to Learn More

Do you need someone to takeover your current lease? Are you interested in taking over someone else’s? Stop by Zeigler Alfa Romeo today – our team is happy to help!

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