Everything You Need to Know About Lease Takeovers

By: Brenden Somerville   |   14 Apr 2014

Lease takeovers is an option that some people in Toronto look into when their vehicle lease is no longer working for them. A lease takeover is available as a car leasing option and can occur for any number of reasons. For instance:

  1. A lessee is moving, perhaps internationally
  2. A family is downsizing the number of cars they need
  3. Financing restructuring means letting go of a lease

Companies such as Lease Busters pride themselves on helping customers get out of their current lease through helping with the complicated paperwork and legal work. In addition to the nitty gritty, however, an interview with Lease Busters at The Globe and Mail points out a few key aspects to lease takeovers that most people don’t think of: “You don't want to be taking over someone else's problem. You also have to check for things such as excessive wear and tear. We recommend that people have the vehicle mechanically inspected, because you don't want to find out that next week you're due for a $500 brake job, or the tires need replacing. Warranty doesn't cover regular maintenance.” In addition, make sure to pay attention to the lease kilometer allowance, in order to avoid paying for someone else’s cruising time at the end of the lease. Here at Somerville Auto, we are dedicated to making sure our lease customers find the best leasing financing option to last them the entire duration of their lease. We like to learn a little about you: what car would suit your lifestyle, your career path and family life--because we can provide you with leasing advice to help you get the best out of your lease, for the life of your lease. If you are thinking about a lease takeover, feel free to talk to one of our leasing specialists to see if we can find a great alternate arrangement to your current situation.

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