What Are Your Options at the End of Your Toyota Lease?

Are you currently considering your options if you intend to lease in the future, or is your lease from one of the top-rated auto dealers near Santa Ana about to expire? If so, you have come to the right place! Leasing is always an excellent choice for those who don't mind needing to switch cars every few years or if it's purely for budgeting reasons. Whatever your reasoning is, all leases inevitably expire, and unlike financing a vehicle, the end may not always be the happiest of events for you. That is why we are here to explain your options when your lease is about to conclude. By doing this, we have the opportunity to better inform you on whether leasing a new car or purchasing the one you are currently leasing is a better option for you and your current financial situation.

What can I do when my lease with one of the leading auto dealers near Santa Ana ends-500x750.jpg

Option #1: Return Your Vehicle and Purchase or Lease a New Toyota.

It's never been simpler to get settled into a new car! Why not upgrade to a newer model or try a different Toyota if you liked your old one? With this choice, you have the freedom to look around before choosing a car to finance in full. We want to ensure that you choose the right Toyota because committing to a vehicle is no light matter.

Option #2: Purchase the Vehicle You're Currently Leasing.

Why change if you love the situation you are in now? We give you a choice to buy the car you might not be ready to part with. If you need assistance with financing for this vehicle, go directly to our dealership near Santa Ana auto dealers for help so you can keep driving.

Option #3: Return Your Vehicle to Toyota of Orange

We will respect your decision if you decide to move on to leasing or purchasing a car from a different brand. We don't have any obligations or contracts that would bind you to something you don't want or like. You can return your vehicle by the end of your lease. Although we will be sorry to see you go, we will always be here if you ever decide to come back.

You can count on Toyota of Orange

We hope that this short and straightforward guide will help you make the most informed choice for you. Toyota of Orange always strives to make the end-of-lease process simple and efficient for all our loyal customers! This process begins by making the trade-in process simple and ends with you driving away in the next Toyota vehicle you will adore. Leasing a car can be a great experience, and we are here to ensure your time with us at Toyota of Orange, one of the most prestigious auto dealers near Santa Ana, is above and beyond.

If your lease with Toyota of Orange is due to expire soon and you have further questions about the process, do not delay. Please get in touch with us right away at (714) 907-4742. We're always happy to have you over at our dealership!

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Terminology You Need To Know Before Leasing a Toyota Vehicle

Since leasing offers more flexibility, lower monthly payments, and the chance to drive the newest Toyota models as soon as they are released, it is frequently chosen over buying a Toyota model. Some of the terminologies may be confusing if you are new to leasing. Before signing that lease, you will need to get familiar with all the legal terms included in it, so you completely understand what you are getting into. Our Toyota dealer near Tustin sales team is here today to educate you on some of the most important lease terms and what they mean.

Be aware of these terms on the lease you plan to sign at the local Toyota dealer near Tustin-500x750.jpg

  • A term is the length of time you will be leasing the vehicle specified in the lease. Typically, your lease can last anywhere between 2 to 5 years. Your monthly payments will be less the longer your lease term, and it is not as pricey as taking out a loan to purchase a new vehicle.

  • The acquisition fee is used to pay costs like getting a credit report and confirming insurance coverage at Tustin car dealerships.

  • The money factor of a lease is comparable to an interest rate. The monetary component is symbolized by a number, like 0025. Multiply this number by 2,400 to get an interest rate more familiar to people.

  • A capitalized cost also referred to as cap cost, is the negotiated selling price of the vehicle plus any extra charges you may want to include in the monthly lease payment.

  • A base monthly payment includes finance charges, any amortized amounts, and depreciation. The monthly payment is calculated by adding the monthly sales/use taxes and other fees.

  • If you choose a closed-end lease, you will not be responsible for any difference if the vehicle's residual value at the end of the lease is lower than the car's actual value at any Tustin Toyota dealership.

  • Depreciation refers to how a car loses value over time; its current value will be lower than when you first leased it. Depreciation is the cost you incur as a result of this value loss.

  • An extra-mileage fee is a charge for mileage over the maximum allowed by the agreement, typically 10 to 25 cents per mile.

  • An excessive wear-and-tear fee will be charged for damage to a leased vehicle beyond normal wear and tear. Damage to the inside as well as the outside is typically covered.

  • Coverage for GAP (Guaranteed Auto Protection) is designated if your car is stolen or totaled and you owe more on the lease than your insurance company will pay to make the difference.

  • Early termination is when the lease is terminated, voluntarily or involuntarily, before the agreed-upon date. You usually have to pay an early termination fee.

  • The purchase option is your right to buy the vehicle at the end of your term.

Got more questions?

Our team of professionals can be trusted to be transparent with all of our customers. If you are interested in leasing one of the vehicles at our Toyota dealer near Tustin, give us a call right now to schedule an appointment! We are here for you seven days a week!

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