One of the many benefits of leasing vs buying is that the lease end process can be much simpler than trying to sell or trade a car you own outright. While the process is very quick and easy, it is not as easy as just handing in the keys. Keep reading for a rundown of the Toyota lease end process and the steps you should be taking as a lessee.
What is the Toyota Lease End Process?
Car lessees should start to prepare for their lease end around 90 days before the due date. This will give them plenty of time to research and prep and should make the whole process go more smoothly. The steps that Toyota recommends taking, and their time frames, are listed below.
Around 90 days before the end of your lease you should expect a call from a Toyota representative. They will be able to remind you of the lease end process and will be happy to answer any questions you have. This is also the time to decide if you are interested in purchasing the vehicle rather than handing over the keys.
At the 60 day mark is the perfect time to have a vehicle inspection. Toyota offers lessees an optional and complimentary inspection through AutoVIN. This inspection aims to inform lessees of any damage that may be considered beyond normal wear and tear to the vehicle. Knowing this information before you turn your car in can eliminate any surprises at the dealership.
One month before the lease end you should have an idea of which steps you would like to take. If you are returning your lease go ahead and make a return appointment at the dealership and expect to pay any remaining balance at turn in. If you decide to buy you will need to find out the payoff amount and send in the balance with any required documentation.
View our Current Lease Specials at Ackerman Toyota
The staff at Ackerman Toyota would love to help you find your dream vehicle. We have a fresh selection of new Toyotas available for lease and frequently have lease specials available on our website. If you see something you like, contact a dealership representative for more information or schedule a test drive online.