how does taking over car payments work?

Question

someone told me that after you finish paying off the monthly payments that you have to pay a $ amount decided by the dealer based on the milage and wear and tear on the vehicle. Is this true?

Answer 1

Only for a lease return and it's based off the original agreement in regards to mileage. As far as 'Take over payments' some automotive companies do have assumable leases. For $500, you can actually assume a BMW lease with the payment staying as they were for the original lessee. If it's a purchase, then it's only a means of advertising. I hope this helps.

Answer 2

The one you are describing is a lease. Lease is actually renting a car. Lease is, you rent a brand new car from a dealer and return it when you done.

The dealer is telling you after the lease (rent), any excess of mileage (maximum mileage for example, 12,000 miles a year for 2 years, you return the car after 2 years, mileage 26,000 miles, you pay the excess value of 2,000 miles [1 mile = 10 cents {USA}], which is $200), you will have to pay.

Any wear and tear (scratches, dings, chips of paint, a hole in the upholstery), you will have to pay.

Difference between an apartment and a lease is.
apartment ------------------ leasing a car
rent a living space -------- rent a brand new car
monthly payment --------- monthly payment
deposit ---------------------- no deposit

When you leave the apartment, anything broken is taken from the deposit, so the deposit may not return to if you exceed the amount.

When you return the lease (rent) car to the dealer, you have to pay the wear and tear, simply you never made a deposit.

It is true, that's how lease works. That's how people afford luxury car, then after the lease, just return it a rent another one.

Any body afford to buy a used luxury car. The reason behind it, the lease car who used it, has paid (and absorb) the depreciated value of the car the first 2 years.

Answer 3

NO! NO! NO!.
That would only apply if you have leased a car and if at the end of the lease you decide not pay the buyout. You are charged for any mileage that exceeds the set limit. If the lease says you can only put 20,000 miles on it and you have 23,000 they charge you for the 3,000 miles it might be 2 or 3 cents per mile. also when you return the car it's value must be the same as the book value. so if the tires are bald, the paint is scratched etc. you are charged money .
If you are taking over someone else's lease the dealer must approve the transfer.

Answer 4

Assuming someone else's lease is not a very good idea, especially for the person who leased it in the first place. They will still be on the hook for the payments, whether you make them or not. The only way to avoid this is to call the leasing company and ask them if you can assume the lease. I doubt many will do this, as they granted credit to the first lesee and probably won't know you from Adam.

Answer 5

check whether it's a lease or purchase that you're taking over. Usually it's a lease and you'll have to pay the dealer mileage that is over, and wear and tear to return it to the dealer if you don't want to buy it at the residual value. If you return, they charge you what it would cost to put it back into the condition so they can sell it and if it's mileage, you'll be paying quite a bit.

Answer 6

Not sure what your asking.Taking over lease payments or purchase payments. In either case you will need to work through the lien holder.Need to make sure you end up as the owner after all the payments, or have fulfilled the lease terms. A handshake will not do it, need it in writing

Answer 7

How does taking over car payments work? It doesn't. Car loans are NOT assumable. The seller has to pay off their loan and the buyer needs to get a new loan.

Answer 8

It sounds like you are describing a lease buyout at the end of the lease term. Sorry I am not quite sure what you are asking.