Leasing a Toyota provides many benefits, including lower monthly payments and the ability to drive a brand-new vehicle. However, when it comes time to purchase your leased Toyota at the end of the lease term, unexpected fees and charges can often come as a surprise. In some cases, dealerships may add undisclosed fees that significantly increase the buyout price, making the purchase less affordable than initially expected.
Understanding the True Cost of a Toyota Lease Buyout
Many Toyota customers find themselves surprised by additional fees when trying to buy out their leased vehicle. These fees can include charges for services that were never part of the original agreement. Here are some fees commonly reported by Toyota leaseholders:
- Early Termination Fees: Some dealerships impose these fees even if the lease is completed on time but with additional costs for processing paperwork or other administrative tasks.
- End-of-Lease Wear and Tear Fees: While the Toyota lease agreement outlines specific conditions for wear and tear, some dealerships add charges that seem excessive or are inappropriately applied after the vehicle’s inspection.
- Mileage Overcharges: Toyota’s lease agreement allows for a specific amount of mileage, but dealerships sometimes claim that excess mileage penalties are higher than what was agreed upon, leading to unexpected costs.
Protecting Yourself from Hidden Fees with the Consumer Leasing Act
If your Toyota lease buyout involves fees that weren’t disclosed upfront, you may be protected under the Consumer Leasing Act (CLA). The CLA requires dealerships to clearly outline all potential fees, including any associated with a lease buyout, at the beginning of the lease term. If these fees are not explicitly stated in your agreement, they may be illegal.
Under the CLA, you are entitled to:
- Reimbursement of overcharges: You can request a refund for any fees not properly disclosed.
- Legal recourse: If the dealership violated your rights, you may be entitled to damages, including statutory damages up to $2,000.
How We Can Help
At Baron, Herskowitz, and Cohen, we understand the challenges of lease buyouts and hidden fees. Our experienced legal team can help you navigate the complexities of your Toyota lease agreement, ensuring that you’re not charged any unfair or unlawful fees.
If you’ve encountered unexpected charges, contact us today at 305-670-0101 for a free consultation and let us help you protect your consumer rights.
