Leasing Advantages
Leasing is a great way to maintain a budget a still drive off in a new car, truck or SUV. Leasing typically provides for lower monthly payments and lower up-front costs than you would pay on a loan for the same vehicle and semi-monthly lease payments budgeting even easier! When you lease, you only pay tax on the monthly payment. When you finance, you pay taxes on the full purchase price of the vehicle.At the end of your lease you're given three options:
- Purchase the vehicle at the Lease End Value indicated on your contract.
- Return the vehicle as provided in your lease.
- Lease or finance another Toyota vehicle and avoid paying the taxes on the buyout price.
Toyota Financial Services offers convenient financing and great rates should you choose to purchase the vehicle at the end of your lease.
FAQ about Leasing a Toyota
How many kilometers does Toyota Financial Service' standard lease provide?
24,000 kilometers per year
What if I drive less than 24,000km per year?
You have the option of choosing a "Low kilometer" lease which is 20,000km per year. The buyout at lease term is adjusted at time of lease which in turn lowers your semi-monthly or monthly payment. If you drive significantly more than the standard allowance or low km option, financing may be a better option for you.
What if I drive more than 24,000km per year?
You have the option of purchasing extra kilometers at a reduced rate up front. If you are not sure, you can buy extra kilometers at lease end at our standard rate. If you drive significantly more than the standard allowance, financing may be a better option for you.
What is Guaranteed Asset Protection or GAP protection?
GAP protection is automatically included in all Toyota Care Leases.If your vehicle is declared a total loss, GAP will cover the difference (the gap), after you pay the deductible, between what you owe on the remainder of your lease and the amount of your insurance settlement. You are only responsible for excess kilometer charges and any pre-existing damage to the vehicle.
What is a Closed End Lease?
All Toyota Care Leases are closed end leases. This means you make a set number of payments over the term of your lease and the leasing company guarantees the "price" or lease end value of your vehicle at the end of the term. Factors such as economic conditions, vehicle popularity, colour and equipment can all affect the value of a used vehicle and can result in the market value being lower than the lease end value at the end of your term. By guaranteeing the lease end value, Toyota Financial Services assumes the risk of any loss on the used vehicle. So, if your car is worth less than the lease end value, you can simply return the vehicle to us. You are only responsible for charges at lease end that may result from excess wear and tear or exceeding the kilometer limit set out in your lease contract.
What is Wear and Tear?
The customer is responsible for the vehicle's overall condition as detailed on the lease agreement (appearance, mechanical condition etc.). Charges will apply to kilometers that exceed the provisions in the lease.
Financing Advantages
Financing your next vehicle gives you the freedom to drive away without paying the dealership in full. A financing agreement will establish monthly payments but still give you full ownership while you pay of the remaining balance. Ownership means you never have to worry about fees and damage costs associated with leasing. You may also accessorize and customize your vehicle in any way you see fit. Leasing can sometimes limit the freedoms you take with your vehicle. Financing with Nelson Toyota affords you:
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Low monthly payments and interest rates
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Freedom from kilometer restrictions, damage fees and limitations
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Vehicle trade in opportunities
Our financing department can help you find the perfect plan to suit your lifestyle.
FAQ about Vehicle Financing
What is Simple Interest?
Simple Interest financing is the consumer friendly way to calculate interest. Like the name implies, the concept is simple. If you pay a day early, you are credited for a day's interest. If you pay a day late, you pay a day's interest.
General Inquiries
What are the details for Toyota Financial Services' Grad Program?
Graduate Eligibility
Must be graduating within 4 months, and the benefit of this plan can be taken advantage of up to 4 years after graduation
A 3 or 4 year Bachelor degree from a Canadian University (Post graduate degrees are not eligible)
A 2 year degree from an accredited college
A 3 year degree from CEGEP
Credit Criteria
Verifiable proof of full-time employment or an offer of full-time employment that begins within 120 days of the lease or loan approval
Sufficient salary to cover living expenses, vehicle payments and vehicle insurance
The vehicle must be licensed in the graduate's name
Applies to first vehicle financed only
No credit experience is required, however, if credit has been established the applicant must not have any derogatory credit.
Eligible Vehicles
Click here for eligible vehicles
All Toyota Certified Used Vehicles
You may also be eligible for Toyota's Graduate Rebate Program. Click here for more information.
