Many drivers choose to lease a vehicle instead of buying it outright. This is great for drivers that want lower monthly payments and want to replace their vehicles every few years, but what do you do when the lease ends? We're going to help answer this and other questions about the Toyota End of Lease Program here in the Palo Alto, CA area.
Most leases last around three years, so it is important to know when you lease ends and decide what you are going to do before that date arrives. There are three major options to choose from. You can either replace, buy or return your Toyota vehicle. Each choice has its own set of advantages and disadvantages, which is where we come in to help you decide!
Once your lease ends, you have the option to replace it with a newer model. At this point you can either lease a new model or buy a new model.
Buy It
If you love your current leased vehicle, you can work with Toyota Financial Services to help you purchase it and keep it for yourself.
Return It
If you're no longer in need of a vehicle, you can simply turn it in when your lease is over. If you change your mind, you can always come back to Toyota Palo Alto to purchase or lease a vehicle.
What Should You Do When Your Lease Ends?
It's never too soon to start planning what you will be doing when your lease ends. If you have any questions you can call Toyota Palo Alto and we will review the details of your lease agreement and discuss your options and determine your vehicle's payoff amount. If you don't call us, we'll be sure to contact you about three months before your lease's end date to discuss your options.
Disposition Fee Loyalty Waiver
Here at Toyota Palo Alto, we also believe that loyalty should be rewarded. When you lease or finance your next vehicle with the help of the Toyota Financial Services, we will waive the disposition fee on your current lease for qualifying customers in good standing on approved credit. To take advantage of the disposition fee loyalty waiver, qualified customers must lease or finance a New or Certified Used Toyota through a participating dealer, like Toyota Palo Alto, and Toyota Financial Services within 30 days before or after the current vehicle lease terminates. For every new leased or financed vehicle, Toyota Financial Services will waive the disposition fee on one terminating lease.
For more information about the End of Lease Program here at Toyota Palo Alto, call or visit us today! We will be able to help you decide if you want to replace, refinance or return your vehicle.
