There are a few risks involved in car lease takeovers. Many of these can be minimized by simply knowing what you are dealing with and asking the right questions and insisting that all pertinent items are negotiated and placed in writing into the takeover agreement.
When taking over a lease you has to be aware you are not purchasing a vehicle, rather a lease is similar to a long term rental agreement. At the end of the agreement you will have the option of purchasing the vehicle with some credit being given for the lease payments you have made or simply returning the vehicle to the dealership or leasing agency and being done. So with that in mind what are the other risks in doing a lease takeover? It is important that you know what the terms of the lease are, how much time is left on the lease and what if any are the kilometer limits, once you know the kilometer limits and the term you must carefully assess if you can stay under the kilometer limit with your personal use of the car. If not then it is important to know what the leasing agency is going to charge you for extra kilometers.
These fees can be prohibitive sometimes being graduated that is…for the first 500 kilometers over the limit a charge of fifty cents per kilometer and if you go over the first 500 kilometers it can be even up to a dollar per kilometer. Secondly you need to be aware that if you choose to return the vehicle at the end of the lease period most companies will charge damage fees. These can include charges for anything from stains and tears in the upholstery to ding and dents in the body. The security deposit is designed to cover these items but it is a good idea to know how the agency determines he cost of damage and what the average fees are at the end of most of their leases.
The final risk that should be assessed is what is the residual amount that will be due if you choose to purchase the vehicle. Keep in mind the lower the payment have been over the term of the lease, the higher the residual will be at the end of the term to purchase the vehicle.
There are some companies that can help you navigate doing a Lease Takeover in Toronto or as a Lease Takeover in Canada and minimize your risks. For more information or to find a vehicle whose lease you would like to consider contact the following URL: http://www.carleasecanada.ca