Leasing Made Simple
At Marshall 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 costs.
- 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.