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A car lease takeover (also called a lease transfer or lease assumption) lets you take over someone else's existing car lease. This means you inherit their monthly payments, mileage terms, and remaining lease period.
Why Consider a Lease Takeover?
Lease takeovers can offer significant savings compared to starting a new lease from scratch. You often avoid the large down payment, and since the original lessee has already absorbed the initial depreciation, monthly payments can be considerably lower.
The Process
The process typically involves a credit check, transfer paperwork with the leasing company, and a transfer fee. Most major leasing companies in Canada support lease transfers, including Toyota Financial Services, BMW Financial, and Mercedes-Benz Financial.