Lease Ending Frequently Asked Questions
End of Lease Procedure North Kingstown RI
The end of your lease may be a confusing time. We’re here to help!
First let’s look at your options. You can:
- Lease or Purchase a brand new vehicle.
- Purchase a pre-owned vehicle.
- Purchase your current leased vehicle.
- Return your leased vehicle.
Whichever option you choose, we can answer all of your questions. Call and ask for our lease-end Specialists at 401-356-3195
Time Remaining on Lease
This is the time that people normally say, “I’ll just wait.” This could be a mistake. You may have equity in your current lease, or you may be able to get a brand new vehicle 6 months early! You want to consider your options. It’s the most opportune time because you’re not under any sort of time constraint to make a decision quickly.
Now the time is getting closer. If you have not explored your options, this is the time you must start. A good portion of the time, Tarbox will be able to get the customer out of their lease and into a brand new vehicle at this stage. You still have a good amount of time to make a well-informed decision as well.
Now time is definitely running short. Call Tarbox Toyota Scion to schedule an appointment with our highly trained lease-end specialist. The first step may be to get an equity review and vehicle analysis to protect you. A leased vehicle is only allowed a certain amount of “wear and tear” and that is determined by the Manufacturers Bank. Upon receiving your phone call, the bank will send a certified inspector to report the condition of the vehicle. When the inspection is completed, the inspector will give you an “inspection report.”.
FAQ: Frequently Asked Questions
Q: I’m nearing the end of my lease, what should I do? Where should I start?
A: Lease-end is truly the beginning of many exciting options. Contacting an experienced Leasing Specialists will save you time and avoid frustrating surprises. It’s the best place to start. Every person’s path through the lease-end process varies by their circumstances. Our Leasing Specialists will help you by identifying all of your options. Call 401-356-3195 and ask for our Lease-End Specialists.
Q: I’m nearing the end of my [Toyota, Honda, Scion, Hyundai, Ford, Toyota, Mazda… etc.] lease. Can I return it to you?
A: Yes. Our Lease Return Specialists make returning any leased vehicle effortless. If you’re looking to purchase or lease a Toyota, we can handle your entire lease return process- even if the lease you’re wrapping up is not a Toyota. Our Leasing Specialists will help you by identifying all of your options. Call 401-356-3195.
Q: If I purchased my lease at another Toyota, may I return it at Tarbox Toyota?
A: Of course. We will gladly take the vehicle in and help you fill out the necessary DMV documents to transfer the lease back to Toyota.
Q: What does the Toyota lease return Center process require?
A: Although many Toyota Leases differ, a basic Toyota lease return will consist of a simple visual inspection of your Toyota Car, Truck or SUV, taking a record of the current mileage on the vehicle, and signing a receipt acknowledging that the vehicle was returned. This is the first step in the proper Toyota termination of your lease.
Q: What if I am over on the mileage allowed on my lease and/or there is damage or excessive wear and tear to the vehicle?
A: Your mileage allowance and applicable penalty were predetermined at the inception of your lease. Toyota typically charges between $0.15 to $0.25 per mile over your allowance, although this amount varies. Wear and tear are generally determined to be excessive if there is damage to the car beyond a reasonable expectation for the length of time you had the vehicle. Toyota will bill you for the mileage penalty and excess wear and tear after the vehicle has been picked up from the dealership.
Q: Are there any other Toyota Lease turn in or disposition or fees that I should be aware of?
A: These fees, commonly known as disposition fees and are predetermined at the inception of your Toyota Motor Credit lease. Please refer to your original lease contract to determine if such a fee is applicable.
Q: When do I get my security deposit back?
A: If your lease required a security deposit, this money will be sent to you, less any mileage and/or wear and tear penalties. Please refer to your original lease contract to determine if a security deposit was made.
Q: What should I bring with me to the dealership when I terminate my leased vehicle?
A: Bringing your lease agreement, any recent inspection reports, spare keys, vehicle manual and your maintenance records on the vehicle can be helpful in expediting your lease return. Your lender may charge you for missing items such as spare keys or other equipment that came with the vehicle.