The best way to describe leasing is to call it the rental of your Toyota. Instead of paying high weekly rental prices like you do with a car rental company, your monthly rental payment is significantly lower. You should keep in mind that this is still a form of rental and you do not own the vehicle or have no financial interest in it. If you don`t drive long distances, you can reduce monthly payments with a low-mileage lease. All new Toyota vehicles are eligible if they travel less than 10,000 miles per year with lease terms ranging from 33 to 60 months.3 You must maintain physical damage insurance coverage, comprehensive insurance and collision insurance for the duration of your contract in accordance with the minimum requirements specific to your country. Toyota Lease Trust should be registered as an additional insured and loss payer. Please read your lease carefully and contact your insurance agent for more details about your state`s requirements or information about coverage that meets your specific needs. Most lease customers pay less cash upfront and have lower monthly payments than a financing agreement. You can get lease terms for 24 to 60 months for new Toyota vehicles and eligible Toyota certified vehicles. (The conditions for the Toyota Certified Pre-Owned vehicle depend on the age of the vehicle).3 You even have the option to purchase your vehicle at the end of the lease. Another case where renting is not a good idea is if you intend to buy the vehicle at the end of the rental. Leases may include conversion fees, redemption fees, and others that may increase the total price of the vehicle.

Do I need a credit history and a good credit score to rent? We have 12,000 rental miles per year available. However, if you exceed this mileage limit, you will have to pay additional miles (more than 12,000) of 15 cents per mile. If you rent a new vehicle or change insurance companies, ask your insurance agent to provide proof of insurance to toyota lease trust and call it a loss beneficiary and additional insured. This information will be disclosed in your rental agreement. If mileage limits are exceeded, you may be charged an additional fee at the end of your lease. Can I return my lease to you if I do not intend to buy or rent another car from you? Not at all. Once your lease has begun, you will not be able to change your mileage allowance. However, we do have special rental programs that allow you to purchase “initial” miles that are cheaper than what you would pay when you signed the lease. In addition, the cost of excess mileage is conveniently included in your monthly payment. If you do not use all the miles you have earned, there will be no refund.

Ask your Toyota dealer for more details. Will there be any hidden fees or additional fees when my lease is terminated? If you rent, you will not own your vehicle, but you will pay a certain amount each month to drive the vehicle, usually for a period of 24 or 36 months. Leasing is a good option if you don`t want the long-term financial commitment of owning a car, which comes when you finance or pay the full purchase price. By the end of your lease, you`ll have paid less than you would have with the financing and will have the opportunity to get into a new car without having to sell your old car. Offer to waive alienation fees for eligible customers in good standing with TFS who purchase/lease and finance/lease a new or certified pre-owned Toyota or a new Lexus or L/Certified and finance/lease it with TFS/LFS within 30 days of the return of the lease. All new Toyotas come with ToyotaCare, which includes 2 years or 25,000 miles of free service. These include oil changes, tire rotations, liquid replenishment, etc. So if you rent for 24 months, you don`t have to pay for routine maintenance! However, if you rent for 3 years after those 2 years or 25,000 miles expire, you will be responsible for routine maintenance of the car until your rental expires.

The refund will be made less any remaining amounts due and due under the lease agreement, including but not limited to costs such as excessive wear and tear and use, excess mileage or disposal fees. Yes, you need a good credit score and credit history to rent. However, Toyota Financial Services evaluates all loan applications on a case-by-case basis to determine your lease rate and, most importantly, whether or not you are eligible to lease. Please speak to one of our all-in-one sales managers to discuss your specific situation. After all, renting is a bad idea if you can`t keep the vehicle clean. Stains in upholstery and carpet may seem like “normal wear and tear,” but the leasing company may disagree. They may charge you a cleaning fee in addition to other fees at the end of the lease. What is a rental agreement? Do I rent a car only for the long term? GAP insurance covers the difference between the actual value of a vehicle and the balance of financing in the event of a claim, e.B a total loss. .