With a lease, you may pay less cash upfront and enjoy lower monthly payments than you would if you were financing your vehicle. You also have the flexibility of turning the vehicle in at the end of your lease, without having to worry about selling your vehicle at the end of the lease.
Ask Reno Toyota about leasing through TFS. We offer 24-60 month lease terms on new Toyotas and qualified Toyota Certified Vehicles. (Toyota Certified Used Vehicle terms depend on vehicle age).
Lease Details
- Costs at lease signing.
The amount you pay at lease signing may be lower than the amount you
pay at the beginning of a finance contract. This amount may include the
following:
- first month's payment
- acquisition fee
- refundable security deposit
- taxes and fees
- capitalized cost reduction (similar to a down payment)
- Purchase option. You'll have the option to purchase your lease vehicle during the lease or at lease-end.1
- Mileage limits.
The total allowable mileage disclosed on the lease agreement is
calculated by dividing the number of months in the term by 12 and
multiplying this amount by 15,000 (standard lease) or 12,000 (low
mileage lease). For example, a standard lease with a 36 month term is
calculated as follows: 36 month term divided by 12 = 3 years; 3 years
multiplied by 15,000 miles = 45,000 total allowable miles.1
- Excessive wear and use.
Normal wear and use on a vehicle is inevitable, but if the damage is
considered excessive at lease-end, you may be held financially
responsible. The TFS Excess Wear & Use Protection Plan can help.
- Disposition fee. A disposition
fee will be applied at lease-end (on lease contracts signed after
January 3, 2011) to help cover the costs to dispose of or sell the
vehicle.
The fee will be waived on the existing TFS lease for qualifying customers who return to lease or finance their next eligible vehicle through their participating Toyota dealer and TFS.2 - Early termination charge. If you terminate your lease early, you will be required to pay an early termination charge. This amount may be substantial.1
- Tax benefits. If you use your lease vehicle for business, you should consult with your tax advisor regarding potential tax benefits.
Lease-End Options
Rest assured that at the end of your lease, you have options. You can elect to:
1) Lease a new Toyota or
2) Purchase your current Toyota
Regardless of which option you choose, Toyota Financial Services will help guide you through the process every step of the way. For more information about your lease-end options as well as what you can expect at the end of your lease, contact Reno Toyota today.
Additional Information
For more information on getting and keeping good credit, read "Understanding Vehicle Financing" from The American Financial Services Association Education Foundation.
