Lease End at Hometown Toyota in Ontario, OR
When you’re coming to your lease end at Hometown Toyota, it really is as an exciting time and as it represents a genuine opportunity to make the most of. There are a number of lease end options for you to think about when you're approaching the end of the term after you have leased from us here at Hometown Toyota Scion. So, let's take a look at what those options are as a refresher for anyone already leasing, or as information if you're still considering taking out a lease from us, now, or at some time in the future.
Get a new Toyota
Obviously we'd love you to choose to get a brand new Toyota from us when your current lease agreement comes to an end, but you also have to keep in mind the potential of excess charges for wear and tear or excess mileage. Your vehicle will have to be inspected by an expert appointed by the lease company. If you've done no more than the amount of miles you agreed when the lease was set up and agreed, and the condition is within the parameters set out in the terms and conditions, the vehicle can simply be handed back. You're then free to do whatever you want, but obviously leasing another new vehicle from us here at Hometown Toyota is a great option.
Keeping your current vehicle
Depending on the lease company and the terms, another option at the end of some lease agreements can be to purchase your current vehicle outright. This is one way of avoiding any excess mileage and condition charges as you’re not handing it back then. You'll only be responsible for the predetermined purchase option price and any incidental charges already specified in your original lease agreement or required by law. In some cases there can be sales tax, vehicle registration or a purchase option fee, and some states and local authorities can require things like smog or safety inspection fees to be paid. When all payments have been made, the vehicle becomes yours. Not all lease agreements offer this option though, so check with us first if it's something you might be interested in.
Hand your Toyota back
In the extremely unlikely event you don’t want another brand-new Toyota you’re obviously completely free to just hand the vehicle back to the lease company when all payments and fees have been settled. It will have to be inspected by the lease company's representative first and any excess charges agreed and paid. But once the vehicle you've been leasing has been collected you can forget about it, and then do whatever you like about another vehicle.
Which way you choose to go is entirely up to you, but you really should be excited when you're approaching the end of your lease. It's very similar to how things used to be with mobile phones when the technology was improving and advancing rapidly, and the end of the contract meant time to upgrade to the latest brand new model. Leasing can be an extremely affordable way of getting a brand new Toyota, staying up with the very latest technology, and to keep enjoying the peace of mind of always being covered by the original manufacturer warranty.
For more information, don’t hesitate get in touch with us today here at Hometown Toyota about your lease end options.