Why Lease?
I finance my cars so I can eventually pay them off.?
Only 19% of people who get 60-month financing keep their vehicle long enough to make the 60th payment. If you trade before you pay off the loan, you have actually leased the vehicle without enjoying any of the benefits of leasing or of actually owning your vehicle. You stop realizing the benefits of ownership, including not worrying about your mileage and wear-and-tear charges, when you trade the vehicle in.
I like to own my cars.?
If you're financing your car, the lender technically owns it. You're likely to trade it in before you actually own it.
There are too many fees and penalties at the end of the lease.?
There are no disposition fees, early termination fees, turn-in fees, or purchase option fees with Toyota Financial Services.
What if I damage the vehicle.?
Simply turn it in to your insurance company as a claim just as you would if you had financed the vehicle or owned it free and clear.
Isn't leasing like renting?
Absolutely not. When you rent something, you do not pay anything on the principal. When you lease, you are actually paying down the principal and have several options at the maturity date.
Many leasees believe that instead of having nothing to show at the end of the lease, they've gotten the best years from a quickly depreciating asset.
Am I responsible for repairs needed while I lease this vehicle?
Yes. However, a lease usually ends about the same time as the warranty, so you probably won't pay for any repairs. And you won't have to worry about whether you'll get a fair deal on a trade-in.
It sounds too good to be true. Why don't more people lease?
There are no magic or hidden secrets involved with leasing. Some people don't consider leasing because they don't understand it or because their parents have never leased before. With the price of most new vehicles these days, it's the most affordable and most intelligent way to drive a new car.
