Leasing at Toyota South in Richmond, KY

Toyota South is proud to offer a great selection of Toyota vehicles for lease to drivers in the Lexington-Fayette area.

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Welcome to Toyota South in Richmond, KY a trusted Toyota dealership that is proud to serve drivers all around Kentucky and Ohio. If you are looking for to purchase a Toyota, we got you covered. But if you are a driver that is looking to lease the latest Toyota model, we got you covered as well. Every driver has a different style and finding the right vehicle plan to match is important. Not sure what option is right for you? Click here to see if you should buy or lease a vehicle from us. If you have never leased or have questions about leasing at Toyota South, get some unanswered questions answered now! If you have any remaining questions give our finance department a call today!

Toyota Leasing FAQ's:

Q: How do I know a lease is the right option for me?

A: Like each vehicle, each driver is different. Figuring out if buying or leasing is the right options comes down to your financial and personal priorities. Do you like getting a new vehicle every couple of years? Travel less than the average driver? Maybe you are just not interested in having a vehicle of your own with 100% of the responsibilities. These are the key questions to decide that leasing is the better option for your habits. See our Buy vs. Lease calculator to see what the best option for you is.

Q: How do leases work?

A: Not sure what happens during a car lease? The first process is making sure your credit is good a can make a small down payment on the vehicle you are interested in. Then following that payment will be smaller payments per month to use the vehicle from Toyota South. Each lease obtained by figuring out how long you want to lease it for and setting a restriction on mileage. Once the lease agreement is up then you can decide on the next steps.

Q: Do I need to service my lease?

A: Yes, it is important to keep your vehicle at peak condition to keep you safe and be able to get released from your leasing agreement when it comes due. Failure to do so will not only cause your vehicle to be unsafe to you but you will be charged with fees. Toyota South offers a great service department to get any job done. Check out our monthly deals on select service options to save!

Q: How are leases calculated?

A: Ever wonder how dealerships figure out a leasing amount? It is simple, to figure a lease amount, take the MSRP of the vehicle and determine the interest rate that will be applied. There are other fees and factors that can add cost or give you a discount. Speak with a member of our finance department in Richmond, KY to learn more about leasing amounts at our Toyota dealership.

Q: How long can I resign for my lease for?

A: It depends! Usually, drivers are allowed to resign for 6 months, 12 months or month to month. Toyota South wants the best experience for our drivers. Let us know if you want to extend your lease!

Q: What are my options after my lease is up?

A:There are many options to choose from! See what option fits your needs below:

Purchase or lease a new vehicle

Purchase your leased vehicle for the price stated in your Lease Agreement (plus any applicable taxes and/or fees)

Return your leased vehicle (after satisfying any lease-end obligations, such as mileage, wear and use charges and any applicable lease Disposition Fee)

Q: What do I need to bring when during in my lease?

A: Be sure to clean, inspect for damages and make sure your vehicle is serviced before bringing it in. Bring the following:

Your TFS Odometer Disclosure Statement

Tool kit and spare tire, if applicable

All sets of keys (masters/remotes/valet), if applicable

Owner's Manuals

Any original equipment on your vehicle at lease inception (radio, headrests, 3rd row seat, tonneau/cargo cover, etc.)

*If you do not bring back all the above you may be subject to fees

Q: Are there any fees I should know when turning in my vehicle?

A: Yes, keep in mind each leasing agreement is different. If you have any questions give Toyota Souths finance department a call. Below are some charges you may receive but could receive none if your lease is perfect:

Excess wear and use

Excess mileage

Missing equipment/items

Disposition fee

Any past due and unpaid monthly payments

Any other miscellaneous charges (e.g., unpaid late payment fees, taxes, tolls)

Any other charges due under the terms of your lease agreement if your lease was terminated early

Leasing Terms To Know

Term: The length of the lease.

Lessor: The business financing the lease.

Lessee: The individual leasing the car.

Acquisition Fee: This is a fee a lessor charges for setting up the lease. This fee varies greatly and can be as much as $1,000. Ask before signing any lease what fees get included in the acquisition fee. Fees you might see could include destination charges and documentation fees for processing the lease title, license plates, and car registration. It is firm and can’t be negotiated away. However, it can be folded into monthly payments.

Disposition Charge: This is a charge to clean and dispose of your car at the end of the lease. You may be able to negotiate it away if you buy the car or lease another from the same agency.

Drive-Off Fees: Any fees and deposits due to begin the lease. Don’t forget that sales tax will be due for your lease transaction. Ask the lessor what fees are included in the drive-off fees. You may be able to negotiate some of the lessor’s tacked-on fees.

Allowable Mileage: Also called the “mileage cap,” it is the average number of miles per year you can drive the car. The lessor will penalize you for every mile above that number.

Capitalized Cost: This is the agreed-on selling price of the vehicle plus any fees to be included in the monthly payments.

Capitalized Cost Reduction: Also called cap reduction, it is any element lowering the capitalized cost. It usually takes the form of a down payment or trade-in allowance.

Depreciation: The lost value of the vehicle over the course of the lease is the depreciation.

Gap Insurance: Some leases automatically include gap insurance in the capitalized cost. If the car is a total loss through theft or collision, your insurance may not cover the entire loss. Gap insurance pays for what your car insurance doesn’t pay.

Money Factor: In financing, this is called the interest rate, but it looks markedly different. As with financing, though, the higher the money factor, the larger the monthly payment.

Early Termination: Breaking a lease contract before the end of the leasing period. If you want out of your lease early, it will cost you dearly. You may need to come up with a sum of money equal to the remaining payments.

Payoff Amount: This is what it will cost you to buy the car at the end of the lease. It should be roughly the residual amount minus any security deposit.

Lease maturity date: This is the date when your lease agreement ends.

Get Your Next Lease at Toyota South in Richmond, KY

Do you think leasing is the best option for you? Come into Toyota South today to get the leasing process started at our dealership! Leasing a vehicle is a great way to get the latest Toyota model without spending a fortune. Get the vehicle you been dreaming of today. We look forward to seeing you get your lease soon in Richmond, KY. Feel free to give us a call to learn more about our leasing process and Toyota models.