Leasing Made Simple
At Marshall's Dry Ridge Toyota, we believe in making things simple and
easy to understand. Leasing and lease advertising often is hard to
understand for a lot of people. That's why we came up with Leasing Made
Simple. We will go over common questions and also misconceptions about
leasing to hopefully help you have a better educated decision on whether
to buy or lease your next vehicle. Click the link of the model you are
interested to see the full range of payments that include all upfront
Lease Advertising - Can
be very confusing because when the ads say a lease payment, it never
includes Taxes, Title Fees and Document Fees. That means $0 down doesn't
really mean $0 down. This in turn means a higher payment for you. We
will provide you with a link to our lease offers with everything
included. Just sign and get in your new vehicle and be on your way.
Ownership - While
it's true that when you lease a vehicle, the finance company holds
title to your vehicle. However, you don't own any vehicle you finance
until the last payment is made. The nice thing about a lease is that if
the vehicle depreciates more than the lessor thought it would, you can
walk away and not get stuck with the negative equity that you would have
if you bought the vehicle. Now if the vehicle is worth more at any
point in the lease, you can use the positive equity towards your next
purchase or lease. The average trade cycle is 3 years anyway.
Mileage Limitation -
While there are mileage limitations in leases, they can be flexible in
the miles per year by adding miles to the lease. This does increase your
payment, however this is a great option if you are looking to turn the
vehicle in. If you just want to take advantage of a great lease payment
offer and you know you are going to put more miles than the lease
allows, then just purchase the vehicle at the end of the lease and you
won't pay over mileage fees. That is called the "Lease to Buy" option.
Maintenance - With
ToyotaCare 2yr/25000 mile no cost maintenance, you would only be
responsible for maintenance costs past the 2yr/25000 mile mark.
Credit Situation - A
common misconception is that you have to have the best credit to lease a
vehicle. The reality is that while it is true that the payment will be
higher as your credit score is lower, sometimes not nearly as much as
when you purchase a car. Plus a 2 or 3 year term is a good amount of
time to reestablish your credit instead of getting a high rate over a 5
or 6 year term.