Your End of Lease Invoice
Here's How It Works
Here at Toyota Financial Services, we want to make sure that every step in your lease process, from initiation to lease-end, is easy to understand, straightforward and simple. Have questions? Check out some of the most frequently asked ones to find the answer you’re looking for. Still want more information? Our handy lease-end guide is a great place to learn more about your options.
You can also streamline your lease-end process by creating an online account with TFS, (if you haven’t already). Your TFS online account is a one-stop shop, containing everything you need to know, plus all of your documents and access to a slew of resources.
We know that in addition to plenty of information, you really like choices. That’s why we offer several options for you to choose from at lease-end. You can trade in your vehicle and purchase or lease a new Toyota, return the vehicle to your Toyota dealership or purchase the vehicle.
If you opt to return your vehicle, whether you’ll be leasing or purchasing a new Toyota or choosing a different route, you will receive a lease-end invoice, itemizing any charges due after returning the vehicle. You can expect to see the end-of-lease invoice about 60-120 days after you return your vehicle.
The invoice will contain a snapshot of any remaining payments you need to make, plus an itemized list of any fees or charges that remain on your account. Charges and fees on your end of lease invoice might include:
Disposition fee. This fee, paid by the lessee at termination, covers the cost of reconditioning and remarketing the vehicle so it can be sold.
Excess wear & use fee. TFS leases contain specific standards for excessive wear and use. These standards include things like missing parts, scratches, dents, mismatched/bald tires, cracked glass, ripped/torn/burned interior, and inoperable mechanical parts. At lease-end, if the lessee does not purchase the vehicle, the lessee must either repair the excessive wear and use or pay the lessor the estimated cost to repair. If, at the beginning of your lease, you opted for Excess Wear & Use Protection, you may not be charged for certain types of damages that qualify under the program (up to program limits and subject to specific agreement terms) at lease-end, like dents, dings or torn seats.
Excess mileage charge. Leases generally contain a limitation on mileage. When a vehicle’s mileage exceeds that limit, it can result in excess depreciation of the vehicle. A set mileage allowance is disclosed in a TFS lease agreement. If this limit is exceeded, the lessee is charged for each mile driven exceeding the allowable mileage, as disclosed in the lease.
Unpaid monthly payments. If you haven’t made all of the monthly payments required in your lease agreement, these will be added to your end-of-lease invoice.
Miscellaneous charges. These end-of-lease fees could include things like taxes, tolls or unpaid late payment fees.
Early termination fee. When a lease is terminated before the scheduled maturity date, and the vehicle is returned to the lessor, early termination charges may be substantial.
When you receive your end-of-lease invoice, look it over and if you have any questions, or realize you’re not sure you understand something, remember we are here and happy to walk you through any or all of it. At TFS, we’re committed to you from start to finish.
Information is not intended to provide financial, legal, or tax advice. Always consult the appropriate professional for your specific situation.