When you reach the end of your Toyota lease, you need to return
your vehicle, trade it in, or make arrangements to buy the car for whatever
amount is still owed on the purchase price of the vehicle. You will want to
prepare a checklist and make sure you have everything ready to go before taking
your Toyota vehicle into the dealership.
At Panama City Toyota, we want this process to be as simple as
possible for you. If you will be trading in a vehicle or returning your Toyota
lease vehicle soon, here's a general overview of the return process. Your
specific lease terms may require slightly different steps.
Image
via Flickr under CC BY 2.0 by krystian_o
Start by examining your vehicle and look for any signs of
excessive wear and tear. You should consider making any necessary repairs. It
will be cheaper for you to make these repairs than be assessed any penalties
for damage when you return the vehicle.
The originating Toyota dealer is the one who is required to accept
the lease vehicle return, but you should contact your local Toyota dealer to
make an appointment for turning in your lease vehicle.
Verify your payments and fees are handled. You should make sure
you don't owe any money to Toyota Financial Services (TFS). Once you have
verified all payments and fees are up to date, schedule the complimentary
inspection appointment. This appointment should be done between 15 and 60 days
before your vehicle maturity date. You can speak with your local dealer for
further instructions or call AutoVin at 855-40-MY-TFS. If you make any repairs
after your inspection, you need to let TFS know, as they will need another
inspection when you bring the vehicle in.
Another helpful checklist item is to check with the DMV to
determine whether you need to return the license plates when the lease
ends.
Before you leave for your inspection or lease-return appointment,
make sure you have all of the following documents and equipment:
When you are at the Toyota dealer, confirm they will accept your
lease return. Jot down the name of the dealer associate who helps you with the
return. If you did not have an inspection appointment before your return
appointment, the dealer will complete one within a few days of returning the
vehicle.
Once you've returned your Toyota lease vehicle, there are still a
few things left to do. You should receive a final invoice that will show any
unpaid payments, miscellaneous charges, late fees, etc. Fees will include any
charges for excessive wear and tear and excessive mileage. You should also
contact Toyota Financial Services to determine whether you qualify to have your
disposition fee waived, which could save you up to $350.
If you paid a security deposit, Toyota will return send a check to
your home address. Be advised that your check will be reduced if you owe any
lease end charges. Don't forget to cancel any automatic payments you have set
up through Toyota Financial Services.
Some people may need to return their leased vehicle early. If you
are active military, the Servicemembers' Civil Relief Act (SCRA) will allow
eligible service members to terminate their lease prior to the maturity date
without any termination fees or charges. Under the Gold Star Military Program,
eligible service members may be allowed to terminate their lease early in the
event of death, catastrophic illness, or injury. However, you must contact TFS
directly to determine eligibility for either program.
When a lease customer passes away, someone may be able to take
over the lease with permission, but you must speak with TFS to determine the
applicable criteria. There is also a Probate Lease Cancellation program that
may allow for early termination that may include forgiving the remainder of
payments.
Returning your Toyota lease more than 31 days before the maturity
date is also possible. TFS will need to calculate your early return balance and
send you an invoice within 60 to 120 days of returning your vehicle. The reason
for the delay is TFS may determine your balance once your vehicle is sold at
auction.
Another option is to trade your Toyota lease vehicle in for
another one. Trading in a lease vehicle differs from trading in one that's
privately owned. Even if you are not trading it in early, you could still have
fees and penalties you need to cover. Situations where it might be wise to
trade your Toyota lease vehicle include when you have a large fee for excessive
wear-and-tear, or you went way over your allotted mileage. Always calculate
these fees to determine which option makes the most financial sense.
When you trade your leased Toyota in, one of two things
happen:
Another option at the end of your lease is to purchase the
vehicle. If you are considering buying your current lease vehicle, you need a
Toyota payoff quote. You can contact TFS at 800-286-0652. A Toyota Certified
Leasing Expert can help walk you through the process and even schedule an
in-person appointment to go over all the details.
There are multiple reasons some people choose to buy out their
Toyota lease rather than return it. They might have negotiated a lower buyout
price, love the vehicle, they want to sell it privately, and more. Whatever
your reasons are, contact Panama City Toyota to see how we can help you return
or trade in your lease vehicle or help you purchase it.
If you have additional questions about returning or trading in
your lease, contact Panama City Toyota today.