An auto lease takeover is the most affordable way to drive a newer vehicle. No down payment is required as it has already been paid by the seller. The seller will often offer cash incentives to entice buyers and make a quick sale.
In order to get the best deal on an auto lease takeover there are a number of things you need to consider.
When you lease a vehicle you pay the depreciation on the vehicle plus sales tax. European and Japanese autos depreciate slower than North American vehicles and therefore are commonly less expensive to lease.
Check the manufacturer's warranty on vehicle and the length of the lease agreement. Most manufacturer's warranties run for 36 months. Ideally the lease agreement should be no longer then 36 months. If the lease is longer and the vehicle breaks down after the warranty has expired you will be out of pocket for the cost of the repairs.
Be sure the vehicle is in good condition. Take the vehicle for a test drive. Ask for a copy of the vehicles maintenance records to ensure the vehicle has been serviced according to the warranty requirements. Have the vehicle inspected by a certified mechanic. Check the mileage on the vehicle to ensure that it is within the allotted lease mileage.
If you drive over 15,000 miles per year check the lease agreement for the excess mileage fee. Some leases charge upwards of 20 cents for every mile driven over 15,000. This could easily change a seemly good deal into an expensive decision.
