End Of Toyota Lease Options – Lease Return or Lease Buyout?

Finance & Lease Jan 16th, 2019

What are my options at the end of my lease?

As your Toyota lease comes to an end, you’ve got a few flexible options to choose from.
You can buy out your current lease directly through Toyota Canada and keep the vehicle, return it and upgrade to a brand new Toyota, or simply return the vehicle and walk away—whatever works best for your needs and lifestyle.

If you’re not sure which option is right for you, please schedule an appointment with one of our Product Advisors and we'd be happy to discuss all of your options with you!

We've put together a list of our most commonly asked questions about lease buyout and lease returns and answered them for you below.

3 options at the end of your Toyota lease term
Can I return my Toyota lease before the contract is up?
Can I buyout my lease before the end of my lease term?
Can I transfer my Toyota lease to someone else?
Do I have to return my Toyota to the same Dealership that I purchased it from?
What happens When I Arrive To The Dealership To Return My Lease?
How does a Toyota close-ended lease work?

You have 3 options at the end of your Toyota lease term

1. Purchase the vehicle From Toyota Canada

Toyota Canada leases are closed-end, meaning there is no obligation to you (the lessee) to purchase your vehicle at the end of the lease, but you certainly can!

If you decide to purchase your Toyota at the end of your lease, you will pay whatever the residual value difference is, plus tax and applicable fees. Contact your Product Advisor for your balance owing and what is required to buyout your lease.

Our Financial Services Team can assist you in financing your residual balance.

2. Return the vehicle to any Toyota Dealership and Purchase a New One

Not interested in keeping your current vehicle? No problem! You can return your leased Toyota to any Toyota dealership and upgrade to a brand-new model. This is a great chance to explore the latest technology and safety features, including Toyota Safety Sense or even try out a different model.

Ask your Product Advisor about any loyalty offers Toyota may be running at the time.

Shop our online showroom to see the newest Toyota lineup!

3. Return the vehicle to Any Toyota Dealership and Walk Away

With our closed-end leases, you can simply return the vehicle and walk away, without any obligation to purchase another Toyota.

ou’ll only need to pay for any damage, excessive wear, or mileage overages—unless you selected one of our protection packages when you signed the lease. For more details, ask your Product Advisor or Financial Services Manager.

Plus, schedule a physical inspection with our Sales Managers when you’re ready to return the vehicle.

Other Commonly Asked Questions About Lease Returns and Buyouts

Can I return my Toyota lease before the contract is up?

While ending your lease early isn’t ideal, we understand that life happens and plans can change. Yes, you can return your Toyota before the end of the lease term, but keep in mind that early termination fees will apply. For full details and to explore your options, connect with one of our Financial Services Managers.

Can I buyout my Toyota lease before the end of my lease term?

Yes, you can! You’ll simply need to pay off the remaining balance on your lease, including the residual value and any applicable taxes.

Can I transfer my Toyota lease to someone else?

Absolutely! Lease transfers are allowed as long as the person taking over the lease qualifies for credit approval. There is an administration fee to complete the transfer, but our Financial Services Managers are here to guide you through the process and make it as smooth as possible. Contact our team to begin this process.

Do I have to return my Toyota to the same Dealership that I purchased it from?

Not at all! You can return your leased Toyota to any Toyota dealership—it doesn’t have to be the one where you originally leased or purchased the vehicle. Choose the location that’s most convenient for you.

What happens When I Arrive To The Dealership To Return My Lease?

When you return a Toyota lease, one of our Sales Managers will do a complete physical inspection of your vehicle.

You are responsible for paying for any damage/ wear and tear to the vehicle, and any kilometers overages as set out in your agreement, unless you purchased a Protection Plan at the beginning of your lease.

How does a Toyota close-ended lease work?

All of Toyota Canada leases are closed-end leases, which means that there is no obligation to you (the lessee) to purchase your vehicle at the end of the lease based on MSRP.

The way a close-ended lease works is, the residual value of a vehicle is determined at the time of your lease agreement.

This means at the end of your lease, you will not be required to pay anymore than that amount (unless you went over your allotted KM or damage to the vehicle).

This is a win-win for consumers that don’t want to worry about being responsible for depreciation throughout their lease term; if for some reason your vehicle depreciates more than expected, you are only responsible for paying the residual.

If the vehicle is worth more than the $15,000 residual value and you have positive equity, we can roll the additional equity into the price of your new vehicle.

Consumers tend to like close-ended leases as there are no surprise costs at the end of your lease!

Please contact your Product Advisor for more information about how Toyota close-ended leases work.

5 Toyota Models Hold Top Residual Value

The Automotive Lease Guide (ALG) awarded 5 Toyota vehicles for best residual value, which is what your vehicle is worth at the end of your lease term.

2018 Toyota Highlander
2018 Toyota Sequoia
2018 Toyota 4Runner
2018 Toyota Tacoma
2018 Toyota Tundra

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