Thinking About a Lease Takeover? Think Again.

Lease Busters is a popular website for Canadians looking to get out of a car lease--or find a great deal on a lease takeover. And what’s not to love, especially with the cash incentive that is often offered by people trying to get out of a lease. Lease Busters was started in Mississauga and has exploded since its conception, and its popularity is a good reminder of the importance of finding a good lease that suits your needs and lifestyle before signing on the dotted line. The fact that so many people want to get out of their car lease shows how easy it is to get roped into a deal that isn’t right for you...or has terms that you didn’t fully know about.

But apart from being an important reminder to work with a dealership that you know and trust, hindsight is always 20/20, and if you’re caught in a situation when you need to get out of a lease, you’re probably thinking of whether or not a lease takeover is the right move for you. Despite its popularity, we would suggest that you be aware of a few key industry insights before deciding to break your car lease.

1. If you takeover a lease, you are fully responsible for the car lease.

This is one of those for better or for worse situations. Sure, you might find a car lease takeover that works out well for you initially, but if you are not fully aware of all the fine print, and we mean ALL the fine print, you could be in for a horrible surprise. Unexpected depreciation costs at the end of a lease are usually the most expensive result of a lease takeover, not to mention mileage charges, etc., negating all the benefits of a cash incentive.

2. Why pay for a new car lease rate when you’re really getting a used car?

Have you ever thought about leasing a used car rather than taking over a lease? See, if you’re taking over a lease of a car that’s 2 or 3 years old, you’re still paying the same monthly payment as if the car is brand new. Because each lease takeover is unique, you’ll want to crunch the numbers, but you might find it way cheaper to lease a used car instead.

Here at Somerville Auto, we’re always happy to look over a possible lease takeover deal and let you know if it’s going to work out well for you, or if there might be a better alternative for you financially. Give us a call and let us know how we can use our experience to help you make the best decision for you.