Continental Toyota and Scion Near Naperville Wants to Bust the Lease Myths

Oct 11, 2014

Once upon a time, leases were considered a terrible option for anyone. Shady practices meant that a lease was unclear and favored the dealer. A lessee could face a huge buy-out price determined on a whim or massive charges for mileage or vehicle wear. These days, leases are a major part of the auto industry. Continental Toyota and Scion wants to set the record straight on some lease myths.

Myth: I could be on the hook for a balloon buy-out when my lease is up.

Reality: Not even close. Any car dealer must and will tell you exactly how much your car or truck will cost to buy out at the end of the lease term. It’s called residual value. That means that you’ll know from day one what it will cost and that can’t be changed to benefit the dealer.

Myth: If I go over mileage, it’ll cost me an arm and a leg.

Reality: Well, maybe. Similar to the residual value, the lease agreement spells out explicitly how much per mile you’ll need to pay if you go over mileage. Typically it’s between 15 and 25 cents per mile.

Myth: They’ll charge me for wear and tear I couldn’t do anything about.

Reality: Not really. These days, dealers need to allow for a certain amount of wear and tear. Major issues like dents and cracks might cost you, but you don’t need to hide it in the garage for the entire term of your lease.