Thinking of taking over a car lease? Pros & cons of taking over lease payments

In-market to buy or lease a new car? It’s not a easy choice, and you weigh the pros and cons to both…but do you’re leaning towards leasing a car, do you know the pros and cons between taking over a car lease vs a new car lease? Depending on your situation, you consider assuming someone else’s car lease and arm yourself with the advantages and disadvantages to taking over a lease.

Firstly, a new car lease is typically 3-5 years. Should you lease a car, your committed over the next 3 to 5 years with monthly lease payments. But what if your personal or financial situation changes? What is you had to exist the lease early? Can you afford the stiff penalties and fees for returning the lease before the lease contract expires?

Assuming or taking over someone else’s car lease may be a great option should you decide the best option for you is a short-term lease to hedge against any future personal or financial situations that may arise over the next 1, 2 or 3 years.

So if you’re now thinking of taking over a car lease, I’ll walk you through a few of the main pros and cons of taking over someones car lease and payments.  Continue reading “Thinking of taking over a car lease? Pros & cons of taking over lease payments” »