Perhaps buying a Toyota is not the correct option for you; instead, you want to lease. Leasing is often a better opportunity to get you the vehicle you want at the price you want. When you lease a vehicle, you generally pay less cash upfront, and your monthly payments are lower than if you were financing the same vehicle. Leasing also gives you the opportunity to get a new vehicle every few years, without having to worry about finding a buyer for the vehicle you're replacing. All in all, Toyota leasing can be quite attractive.
Leasing on Toyotas is done through Toyota Financial Services (TFS) , website www.toyotafinancial.com . TFS has a variety of leasing services for multiple customer needs. For those with a limited credit history, leasing a vehicle can be a challenge. But Toyota Financial Services has a program designed especially for such customers. The iFinance program allows a credit-challenged customer to drive off in a new ECHO, Corolla, Matrix, or Tacoma , without a co-applicant. TPS also offers a College Graduate Lease Program , which gives a cash rebate and no money down/no payments for 90 days options to approved college graduates. There is also a Single Payment Lease Program and a Low Mileage Lease Program available.
Here are the lease details on a typical Toyota lease:
- Costs at Lease Signing. These are usually lower than a finance program. They include first month's payment, acquisition fee, refundable security deposit, taxes and fees, and capitalized cost reduction (similar to a down payment).
- Purchase Option. At the end of your lease contract, you may purchase the vehicle.
- Mileage Limits. The limit is 15,000 miles per year, excess mileage incurs fees.
- Lease-end Charges. Keep good care or your vehicle, or you will be charged extra for excessive wear and damage.
- Early Termination Charge. The amount charged if you end your lease early; could be substantial.
- Tax Benefits. Potential tax benefits to you if you use the vehicle for business.
No matter who you are, you should be able to qualify for some type of Toyota lease. To get started with a leasing program on a Toyota vehicle, visit your nearest Toyota dealer.
