Learn all About Leasing Your Next Toyota Car, Truck, or SUV Here in Waterford

If you're looking for a new car, truck, or SUV, but the high price of buying new has you feeling disappointed, then leasing might be right for you in Bloomfield MI. There are several differences between financing and leasing, but we'll try to break it down and answer some common questions you might have, but if you have more questions, just give us a call!

Why Lease Your Next Toyota?

Shopping for a new car, truck, or SUV is exciting, but what can make that less exciting is to stress over complicated financing terms and sometimes confusing details. Leasing is a popular option with drivers who are looking for:

  • Flexibility
  • Affordable Monthly Payments
  • A New Vehicle Every Few Years

Leasing offers a flexible alternative to getting a traditional auto loan, that for some people is the perfect choice. With a lease, you essentially are paying for the portion of the vehicle that you will be using. We frequently get asked these questions about leasing, so we put together a quick FAQ to help you get started.

Leasing FAQs

How Does Car Leasing Work?

Just like with any time you buy something, you're making a transaction with a car lease. While an auto lease uses the same term as you find in renting an apartment, it's not quite the same. Leasing provides you with an alternative to buying, without all the hassle and expensive monthly payments. Leasing is like a long-term car rental, where you pay for the portion of the car you are using, typically the depreciation of the vehicle, usually for around three years. Another important consideration is that the dealership is not typically the leasing company as most dealerships, like us, employ an outside company. We use Toyota Financial!

When is Leasing Better than Buying?

This is down to personal preference for your life in Farmington, in the end. If you're in need of a new Toyota that still lets you stick to your budget, leasing offers you wiggle room when it comes to monthly payments. Fans of having all the new technology and features love leasing because they can easily trade up for the newest model every few years, and even potentially upgrading to higher trim levels while still keeping the price affordable. Leasing does however, come with restrictions on annual mileage, wear and tear, as well as customization. This can be a drawback for drivers who have young children, pets, or love to take weekend road trips, as you might incur extra fees for excess mileage and wear.

Will Leasing Affect my Credit?

The quick answer is: Yes! Leasing is a debt obligation just like any other car loan in Rochester MI. It should appear on your credit like any other loan you might have, though some details might be different depending on the leasing company. Sometimes the lease residual amount is included in the amount owed, sometimes not.


Szott M-59 Toyota

4178 Highland Road
Directions Waterford, MI 48328

  • Sales: (877) 457 5577
  • Service: 855-971-7919
  • Parts: 855-971-7935

Have Questions? Contact Us

Who is Responsible for Repairs?

This is something that is decided in the lease agreement, so you'll have to discuss with one of our financing experts the full details. Typically, since you have a new vehicle most repairs are covered under the warranty, so outside of warranty-covered repairs, you might have some services to cover.

What Happens at the End of a Lease?

You have several options to consider when choosing the lease end terms. You have the option of returning your vehicle, buying it out, or trading it for a new lease or purchase. The lease end is a personal choice, if you decide you love your vehicle you can opt to finance the remaining portion of the vehicles value, or simply hand over the keys and return the car or end your lease and start a new one the same day! Our team can help you find the perfect option for you and your budget here in Waterford.

To find out how value-packed leasing can be, visit us here at Szott M-59 Toyota in Waterford!