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Evaluating your End of Lease Options

August 20, 2021

With your lease coming to an end, there are three options to keep in mind as you prepare for what comes next.  Toyota Finance Services (TFS), a division of Toyota Canada has made embarking on a new lease or purchasing a Toyota (your current vehicle or a new one), easier than ever.

Replace

Your first option is to turn in your current vehicle in accordance with the terms of your lease agreement and lease or buy a new Toyota. TFS' loyalty program makes this a particularly attractive option!

As a loyal return guest to TFS we will automatically waive your Disposition Fee if you replace your vehicle within 30 days of your return, or you’ve had three or more finance contracts with TFS or Lexus Financial Services.

This is an ideal option for customers who are looking for the latest safety features, better fuel economy (depending on model), enhanced performance, style, new warranty, incentives, and of course that new car smell!

Getting into a new Toyota is as simple as three steps, 

• Explore new models online at toyota.com 

• Schedule a test drive at your local dealership 

• Plan to have Disposition Fee waived as a returning guest

Purchase

There's no better used vehicle than the one you already know and drive! Of course, if you absolutely love your current Toyota you have the option to purchase your vehicle at the end of your lease. 

If you purchase your leased vehicle, there will be no excess kilometre or excess wear & tear charges. You will not be responsible for any end of lease costs other than the predetermined purchase price (residual value) and the incidentals outlined in your Lease Agreement plus applicable taxes. Incidentals can include the cost of all governmental or other regulatory fees and taxes and all safety standards, emissions and other required certification incurred in connection with the purchase of your vehicle and the transfer of ownership of the vehicle to you.

Should you choose to purchase, and require a purchase loan, TFS may be able to assist you with your financing needs. Our financial team at Richmond Hill Toyota can provide you with more details.

Return

If you decide to return your Toyota, we will make the process as easy and seamless as possible with three easy steps;

  1. TFS' Lease Customer Network department will contact you approximately 90 days prior to maturity to answer any questions that you may have.

  2. Prior to your maturity date, it is strongly recommended that you contact us to schedule an appointment to drop off your vehicle. You should give yourself ample time to investigate and explore all of your lease end options to ensure that you make a knowledgeable, well informed decision. Please remember to bring your two key fobs when turning in your vehicle.

  3. Also prior to return, you can get a payoff quote by logging into your TFS online account or contacting TFS at (800) 286-0652. This quote is then used by TFS to determine whether excess wear and tear charges are warranted, or if the vehicle has been driven beyond the allowable contract kilometres, which would then be charged to you.

 

We will be in touch as the end of your lease approaches. You will receive an email further outlining your lease end options and the exciting offers available should you choose to lease or purchase another new Toyota.

Have other questions about your current lease? Connect with Financial Services.