Have you heard of an Auto Lease Takeover?

I have been helping someone look for a used car. My friend searched many of the car guides online and directories, but she never thought about taking over a lease. Many buyers looking for a used car neglect to browse the thousands of cars that are currently available in a lease takeovers. Sometimes a person will lease a car but then his needs change or his/her finances leaving them in a lease that they no longer need or want.

Auto Lease Takeovers that are available sometimes offer the buyer or takeover person a cash incentive to take over the person’s lease. The original person signing the lease may have made a downpayment and also several monthly lease payments into the deal that they are willing to walk away from.

Buying versus Leasing

Auto Lease Takeovers

In a lease advertised takeover, you will or should see the following info: example only

Vehicle information
Year 2010
Make Acura
Model RDX SH AWD w/Tech Pack.
Body style SUV Sport
Exterior colour White
Interior colour Black
Engine 2.4 L
Cylinder 4 Cylinder
Transmission Automatic-6 speed
Current kilometres 38000
Vehicle Features
Dual front and rear climate control Power windows
Power door locks Power trunk/hatch
Power drivers seat Power passenger seat
Memory power seats Power sun roof
Power mirrors Heated mirrors
Leather seats Heated seats
17 inch alloy wheels Additional winter tires
AM/FM stereo + CD CD changer
MP3 player Premium sound system
Navigation system Hands-free cellular
Vehicle information system Bluetooth Technology
XM Satellite Radio Dual front and side air bags
Anti-lock brakes Traction control
Security system Remote keyless entry
Park distance control Rear view monitor
Bi-xenon headlights Fog lights
Cruise control Tilt steering wheel
Tinted glass Steering wheel radio controls
Remote Starter 48/80000kms extended warranty
Maintenance plan Remote starter
Deep tinted windows
Lease Take-Over details
Leasing company Honda Canada Finance
Monthly payment, before taxes $637.63
Monthly payment, incl. taxes $719.72
Original down payment $0.00
Security deposit $0.00
Purchase Option at end of lease $19,355.60
Total Kilometre allowance 96000
Excess km charge 0.12
Original lease term (months) 48
Lease expiry date 03/12/20xx  (M/D/Y)

The vehicle details will give you the original lease term, the lease payments, and a lease take over summary as seen below:

Lease Take Over Summary
Take over this lease for 26 months for only $637.63 per month plus taxes and receive $1,500.00 as a cash incentive paid directly to you. It currently has 38000 km’s and you can drive it up to 96000 km’s at no extra cost

Now you know that you have another option when buying or leasing a new or used car, you can do an auto lease take over!

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