Leasing or Financing, Which One's For Me?

So, you're ready to take an exciting step forward and buy a new car! Before selecting your dream make and model you'll have to make the important decision of whether you'll be leasing or financing your new Toyota.

Selecting what type of auto loan you want can be a difficult task and you should definitely weigh the pros and cons of each and how they fit with your lifestyle. That's why we've compiled some of our most commonly asked questions about leasing and financing that our clients have asked us already, so that you don't have to. Brush up on both buying and leasing and see what works best for you!


What is leasing?

  • Great option for those who want to drive a brand new vehicle while maintaining low monthly payments.
  • Gives you the flexibility to conveniently stay up to date with the newest technology upgrades.
  • Gives you the option to pay for only the portion of the vehicle that you use. 
  • There is no long-term commitment of financing the full purchase price (plus the HST). 

The vehicle you drive today, may not be the vehicle you want to be driving in a few years from now. By leasing your vehicle, you can change from one vehicle to another, hassle free, at pre-arranged intervals, instead of having to worry about trade-in values. Your leased Toyota has a guaranteed future value at the end of your lease so you don't have to play the guessing game - and what's even better is if you return the vehicle to us at that time, you never pay the Sales Tax on the residual portion of the vehicle!

How do I pay when leasing?

You have the options of making semi-monthly, or monthly payments over the duration of your lease term. The payments you make represent the portion of the vehicle that you are using. The residual value represents the guaranteed value that the vehicle is worth at the end of your lease term. You pay Sales tax as you go, or in other words you don't pay it up front on the whole selling price of the vehicle, you pay it as you make your payments. If your payment is $300 per month for example, then each month $339 will come out of your bank account (HST is now applied).

What is a lease end?

This is the end of your lease. Many things happen around this time and several months leading up to it; you'll have to look into whether you want to keep your vehicle, finance your residual amount, switch into a different model, or simply return the vehicle as per the agreement allows. It's always recommended that you meet with us about 6 months prior to your lease end, so that we can go through all your options with you and answer any questions you may have. Understanding all your options will help you ensure you choose the right one for you.

What if I want to keep my vehicle?

Not to worry! If, by the end of your lease, you are in love with the car you've been driving then of course we want you to keep driving it. You will then simply pay the residual value amount (plus fees* and HST) of the car if you opt to go this route. This amount can also be financed into payments for you convenience if you do not wish to pay it all at once.

*Document, D.O.T. and License fees

What if I drive over my kilometre allowance?

The kilometre allowance is based upon the average kilometres driven by the average Canadian driver. You have the option of a 20,000 km or 24,000 km per year lease. If you feel you will exceed the kilometre usage, you do have the ability to purchase additional kilometres upfront when you first get your vehicle so that the kilometres on your lease match your desired driving habits. If you do exceed your kilometre allowance, and would like to return your vehicle at the end of your lease term, then here is a small predetermined fee based on the kilometres in excess. However, if you have exceeded your kilometre allowance, but are planning on keeping the vehicle at the end of the lease, there is no additional charge for any extra kilometres, so you can drive until your heart's content with no reservations.

What if I want to change my vehicle before lease-end?

If your current leased vehicle no longer suits your vehicle needs, we will be more than happy to help you switch you to one that does. Our Lease Manager is here to make sure you are always driving the vehicle that meets all your needs, while staying within your budget.


What is financing?

  • Great option for those who enjoy long-term relationships with their vehicles, or know they drive excessive kilometres per year. 
  • If you know this one will be a keeper, then financing is the path for you. 
  • Allows you to break down the cost of a new vehicle into small affordable payments so you don't have to break the bank to get what you really want.

Who owns the vehicle?

This vehicle will be 100% yours! One of the many pros of financing is that when the payments come to an end, you will have full ownership of the vehicle. This allows you to do anything your heart desires to the vehicle - Add those aftermarket upgrades, or even re-paint for more unique and colourful self-expression. The sky is the limit!

Now that you have the low-down on leasing and financing - what's best for you? Don't be shy, we would love to hear from you too! If you have more questions that were not mentioned above, please let us know what they are. Chances are if you have a question, someone else does too, and you can help us spread the word. Email us, give us a call, or come in and meet us in person - we are ready to help you. Ask our Leasing Manager to show you the savings and benefits of both leasing and financing.

Leasing VS. Financing | Maple Toyota


Maple Toyota

88 Auto Vaughan Dr
Directions Maple, ON L6A 4A1

  • Sales: (905) 417-9100
  • Service: (905) 417-9100
  • Parts: (905) 653-9330


  • Monday 9:00AM - 8:00PM
  • Tuesday 9:00AM - 8:00PM
  • Wednesday 9:00AM - 8:00PM
  • Thursday 9:00AM - 8:00PM
  • Friday 9:00AM - 5:00PM
  • Saturday 9:00AM - 5:00PM
  • Sunday Closed