Lease VS Buy

You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through owns it. This is usually why you pay less per month in a lease than if you were to buy the car.

Up-front Costs

Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. Paying more up front can help to lower your monthly rate.

Payments

Monthly payments for a leased, new Toyota are generally lower as you only pay for the vehicle's depreciation. Depreciation is measured by the vehicles market value over time and is not tied to the full purchase price.  Rental charges, sales tax, use tax and other affiliated fees are also associated with leasing a new vehicle.

Future Value

In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.

End of Payments

Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.

Whether you are financing a car or pay for it in cash, the car is yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. Not meeting those requirements means that they are entitled to repossession.

Up-front Costs

If you're financing it, the bank will probably request a down payment. Trade-Ins can be used as equity and a down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.

Payments

Monthly payments for financed purchase of your new Toyota are often higher due to paying for the entire price of the Toyota, including state taxes and fees. Though, you will own your Toyota at the end of your loan's term.

Future Value

Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Having regular maintenance can help to raise the value of your car later!)

End of Payments

Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.