Lease Return Center
APPROACHING THE END OF YOUR LEASE?
Now that your lease is almost up, you may be wondering what’s next. It’s a good idea to start thinking about your lease-end choices, especially if you have 6 months or less remaining in your lease. With most leases you generally have four options:
Please give me more information about returning my leaseOption 1: Return your vehicle and lease a new one from Romeo Toyota of Glens Falls.
This option is convenient, easy, and best of all, you get to drive off in a brand new Toyota. Romeo Toyota of Glens Falls will be happy to show you the latest models and discuss your options. Browsing our selection of New, Certified Pre-Owned, and Pre-Owned Vehicles is a great place to start. You can also visit our Specials section for more information about our current lease and purchase offers.Option 2: Return your leased vehicle to Romeo Toyota of Glens Falls.
Return your leased vehicle to the dealer. Here are some steps you will need to take if you choose this option:
Two months prior to lease-end: During the last two months of your lease term, arrange for a free vehicle inspection to evaluate wear and use and related charges, if any. Having the inspection done well in advance of returning your vehicle allows you to be present for the inspection and gives you time to take care of any needed repairs. You will receive a Vehicle Inspection Report following the inspection. Read more about Lease-End Inspection and Wear and Use Guidelines.
One week prior to lease-end: Arrange an appointment to turn in your vehicle to Romeo Toyota of Glens Falls. Begin to assemble the materials listed below.
At lease-end: At the appointed time, deliver your vehicle in clean condition to Romeo Toyota of Glens Falls. Please bring the following items with you:
- All keys to the leased vehicle
- Owner’s manual and maintenance records
- Vehicle Return Receipt & Odometer Disclosure Statement
- Vehicle Inspection Report
After you turn in your vehicle:
- If all payments have been made, your call will prompt the completion process for your account, and you will no longer receive monthly statements.
- If you have payments remaining on your account, it is still your responsibility to ensure that they are made.
- If any end-of-term liabilities apply, they will be billed at a later time.
Option 3: Purchase your leased vehicle from Romeo Toyota of Glens Falls.
Buying your leased vehicle is a great way to continue benefiting from its reliability, performance, and high resale value. If you decide to buy your vehicle, there is no need to have it inspected, since there are no excess wear and use or excess mileage charges to worry about. Feel free to call us at (518) 793-5611 for more information about purchasing your lease.
To find out your purchase amount, you can get a payoff from your financial institution.
Attractive financing rates may be available for lessees who wish to purchase a leased vehicle. Contact Romeo Toyota of Glens Falls for details about our Lease to Retail Rollover program.
Option 4: Extend your lease from Romeo Toyota of Glens Falls.
If you’re interested in keeping your leased vehicle a little longer, or you just want to wait for a newToyota to come in, well consider extending your current lease. You can, in most cases, extend your lease for one or more months at the same monthly payment. Romeo Toyota of Glens Falls can provide details about extending a lease. We invite you to check out our new Toyota inventory – as there might be something that catches your eye! We take pride in maintaining a diverse inventory of new Toyota near Glens Falls, NY.
LEASE OR BUY – WHICH ONE IS RIGHT FOR YOU?
Lease vs. Buy: Should I lease or buy that new automobile? It sounds like a tough decision, but it doesn’t have to be that complicated. Following is an overview of some benefits of each choice.
LEASING
In a lease, you do not purchase an automobile. You contract to use it for the first, and best, period of its life. If preferred you could choose to lease one of our used vehicles. Following are some additional benefits to leasing a Toyota.
Less Cash Up Front – When comparing a “lease vs buy”, one of the biggest advantages of a lease is that it does not usually require a substantial down payment. In many states, you can even pay the sales taxes as part of your monthly lease payment, rather than in a lump sum.
Lower Monthly Payment – If the finance period is the same, your monthly payments will be lower when leasing (vs. traditional financing) because your payments will be based on the vehicle’s estimated depreciation. (You are contracting to use a portion of the car’s value, rather than buying the entire car).
A New Car More Often – Your taste and preference may change, and a short-term lease makes it easy to drive a new car more frequently. Additionally, you may have needs for a larger or smaller car in a few years, and a lease makes it easy to plan for such changes.
Guaranteed Future Value – You don’t have to worry about resale value. If your car depreciates more than the estimated residual value in your lease contract at full term, you can turn it in at the end of your lease term. But if it’s worth more, you can buy it and keep it or resell it. A lease gives you an option.
Tax Advantage for Business Use – People who use a lease car for business may find larger tax deductions with leasing than with buying a vehicle. Check with your tax advisor.
BUYING
When deciding whether to buy or lease, a key thing to consider is how long you plan to keep the vehicle. If you typically keep your vehicle for five to ten years, then traditional financing may be your best option. Toyota Financial Services may be your best choice in financing your new vehicle, with competitive rates and terms designed to meet your needs.
Pride of Ownership – Ownership can instill a sense of pride. It can also build equity. Payment by payment, an owner’s equity may increase.
No Restrictions on Mileage – This is important to consider if you drive more than 12,000 to 15,000 miles per year.
Make Changes to Car’s Appearance – You can alter the interior or exterior to suit your taste (though your choices may affect the resale value).