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Toyota Lease Buyouts: Here's What You Need to Know
Published 10/22/24
Read time: 3 minutes
Are you nearing the end of your Toyota lease? It's time to start thinking about your options—and Lease End has your back.
Whether you're eyeing a new lease or hoping to keep your trusted Toyota, understanding your choices is key to making the right decision for you.
We’ve facilitated thousands of lease buyouts for Toyota models, including the following:
- 4Runner
- Highlander
- Sienna
- Avalon
- Land Cruiser
- Supra
- Camry
- Prius
- Tacoma
- CH-R
- RAV4
- Tundra
- Corolla
- Sequoia
- Venza
Why Toyota Is a Fan Favorite
Toyota has a special place in drivers' hearts, thanks to its rock-solid reputation for reliable vehicles that hold their value over time.
- Reliability. Known for durability, Toyotas are known for low maintenance costs and high resale value. They’re the kind of cars you can count on for the long haul.
- Fuel Efficiency. Saving on gas is always a win, and several Toyota models deliver on fuel economy, including the Corolla, RAV4, Prius, and hybrid models.
- Affordability. Sedans like the Yaris, Corolla, and Camry offer excellent value for your money. Toyota can be a smart choice for drivers wanting the most bang for their buck.
- Comfort & Features. Toyota boasts style and convenience, especially in its SUVs like the Highlander and Land Cruiser. Their well-thought-out features make driving a pleasure.
Leasing a Toyota Vehicle
Leasing a Toyota is a savvy move for many drivers.
In a lease, you can enjoy the thrill of driving a new car every few years without the long-term commitment of ownership. Access to unique, high-end models like the Land Cruiser makes for an adventure of its own. And newest and best safety features available provide peace of mind.
Plus, leases often come with lower monthly payments compared to financing, making them a more budget-friendly choice than purchasing the vehicle outright.
Your Options at End-of-Term
As your Toyota lease term nears its end, it's time to decide what comes next.
Here are your main options:
- Returning Your Vehicle: You can return your vehicle to the dealership. Before you do, though, make sure to schedule a pre-inspection to check for any excess wear and tear or mileage overages. Taking care of these issues beforehand can help you avoid extra charges.
- Buying Out Your Lease: If you've fallen in love with your vehicle and can't bear to part with it, you can buy out your lease and keep the car. Our financial partners like Ally Bank and Capital One can help you with financing options to make it happen.
Pros and Cons of Returning vs. Buying Out
Like most things in life, leasing and buying out both have their pros and cons.
Returning your vehicle and continuing to lease can offer lower monthly payments and the joy of driving a new car more often.
However, you'll have mileage restrictions, maintenance restrictions, and will need to budget for increasingly higher monthly payments as you continue.
Buyingout means you won’t be getting a new ride.
But you'll own your vehicle, with the freedom to customize and drive as much as you want. It’s a great deal on a used car you already know and love.
You'll continue to build equity in the vehicle over time—the average equity retained in lease buyouts for Toyota Corollas, for example, is $9,135—and you may even pay less per month on your auto loan than you did while leasing.
Your New Monthly Payment
While every driver’s monthly auto loan payment for a buyout will vary based on vehicle, residual value, credit score, and other factors, the average monthly payment after a lease buyout through Lease End is $481.59.
(For context, the average new monthly loan payment in Q1 2024 for borrowers with the best credit was $723 according to Experian.)
For Toyota Corolla lease buyouts in 2023, the average new monthly loan payment for drivers was $318.88.
Contacting Toyota, Your Dealer, or Lease End
When it's time to end your lease and return your vehicle, gear up to follow Toyota's guidelines to avoid penalties or fees.
You may need to complete a vehicle inspection, make any necessary repairs, and schedule a lease-end appointment with your dealership.
That being said—if you buy out your vehicle through Lease End, there’s no need to jump through hoops. Avoid that hassle.
You can skip the inspection and dealership trips, signing all the paperwork from the comfort of your couch with these four simple steps:
- Tell us about your car.
- View your loan & coverage options.
- Sign your buyout documents.
- Relax — we'll take it from there.
Why Choose Lease End?
Navigating the end of a lease can be tricky, but we're here to make it easy for you. Our team of lease end experts can walk you through your options and help you make the best decision for your situation.
End your lease, keep your Toyota.
All that's left now is to start the process online by entering your license plate or VIN in the form below.
To expedite the process, you can gather the following information ahead of time:
- License plate or VIN
- Social security number
- Lease account number
- Payoff amount on your lease
- To get your payoff amount through Toyota Financial Services, call 800-874-8822.
- Tell them you're calling for a lease payoff and that you're a customer.
- Enter your SSN, account number, or TAX-ID number.
- Verify that the vehicle is yours, then say you want to purchase it.
- Record the payoff amount and good-through date, making note of whether or not this includes sales tax. (Note: Unless you want to be hounded by your dealer, do not elect to update them.) Then, you can hang up and press the "Next" button on your Lease End application.
Wanna talk with one of our buyout experts to help you along the way, or to have them call Toyota for you? Call 888-307-5197 for step-by-step help.