Automotive

Lease Buyout - Toyota

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  • May 25th, 2022 11:26 pm
[OP]
Deal Addict
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Jan 20, 2009
1832 posts
261 upvotes
Toronto

Lease Buyout - Toyota

Hello RFD,

Fiancee wants to buyout her Camry...and she's getting all these hidden fees thrown at her.

1. Buyout fees of 699+ tax
2. Inspection Fee 180$ + tax


is the inspection fee necessary if she's buying out the lease?
I'm assuming the buyout fee is like an administration fee for transferring the ownership of the car from Toyota Corp to my fiancee...


are these negotiable?

if an inspection is necessary, do I have to do it at the dealership? can i get to a car shop i trust and have them inspect it? i assume inspection is a standard certification?

Thanks RFD
Last edited by n3o321 on Jul 5th, 2020 12:57 pm, edited 1 time in total.
46 replies
Sr. Member
Sep 15, 2017
804 posts
923 upvotes
The vehicle inspection is mandatory as far as I'm aware and ~$200 is in the neighborhood.

The buyout fees for Toyota were $300-400 when we looked at it in a previous life. $700 sounds like a bit of a ripoff.

This thread has some info. buy-out-lease-car-2021423/
Jr. Member
Nov 23, 2015
101 posts
237 upvotes
Winnipeg, MB
https://www.consumerprotectionbc.ca/201 ... se-ending/
"Unless it is specified in your agreement, you are not required to have or pay for a formal vehicle inspection done (it is just considered a best practice). You are also not required to have the inspection done at the dealership."

A reddit comment:
"Dealerships will typically charge $500-$1000 for lease buy out. This is because in the fine print of most car leases, the dealership has first right of refusal to buy back the car at the end of the lease term, so if you want to buy it out at the residual amount, they are actually buying it from the manufacturer's financial division, slapping a lease buy-out fee on it, and selling it to you. $1000 is pretty standard."
Newbie
Mar 2, 2020
21 posts
4 upvotes
Check the lease agreement. Mine stated $300, which is standard for a Toyota.
In Ontario you neeed to have a safety inspection. Mine was $125 at the dealer.
You are not required to have the inspection done at the dealer.
Deal Fanatic
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Sep 22, 2012
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Richmond Hill
Lifesaver69 wrote: https://www.consumerprotectionbc.ca/201 ... se-ending/
"Unless it is specified in your agreement, you are not required to have or pay for a formal vehicle inspection done (it is just considered a best practice). You are also not required to have the inspection done at the dealership."
OP here is from Toronto, Ontario, and I'm fairly certain we need a Safety Standards Certificate here to buy out the lease. It doesn't have to be obtained from the dealership though.

Technically maybe it's possible to buyout the vehicle without the lease, but it wouldn't be roadworthy until certified
Deal Fanatic
Jan 15, 2017
5232 posts
5273 upvotes
Ottawa
These fees are rarely hidden and are usually spelled in the original lease. Read the lease agreement and you will discover that she has probably already agreed to them.
Member
User avatar
Oct 29, 2012
252 posts
153 upvotes
Oakville Honda
honda’s lease buyout fee is $386 and it’s in the contract. i suspect toyota has something similar to this in theirs, however this is for a first party buyout. if somebody that isn’t on the contract is buying out the lease, the dealership can actually charge whatever they want and this negotiable to an extent.

the buyout fee should include the safety inspection charge.
Newbie
Dec 5, 2009
31 posts
25 upvotes
Toronto
Mazda tried the same thing with me when I brought out the lease. I got my own safety and they still wanted to inspect the cars for themselves.

Shopped around and found a dealership that would not charge me anything for buying it out. Gave them a cheque. They took my money, and STILL wouldn't release the car into my name. I then called Mazda Canada and it got sorted immediately.

1. Read the fine print, adhere to the contract but
2. Don't get **** by fees.
Deal Addict
Jan 8, 2007
3145 posts
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AB
Toyota buyout fee is $300. It is listed in the contract and on Toyota.ca website.
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Deal Addict
Sep 8, 2017
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GTA
What does the lease agreement say?
Deal Guru
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Jul 12, 2003
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Toronto
aleks wrote: Toyota buyout fee is $300. It is listed in the contract and on Toyota.ca website.
Yes, Toyota Canada can charge $300 for the buyout fee, but dealership can charge extra for the works.
Each dealership run independently , they can set their own admin fee for lease buy out to compensate their "work" to complete the lease buy out between you and Toyota Canada.
Retired Forum Moderator February 2009 - June 2015
Sr. Member
Oct 4, 2010
847 posts
471 upvotes
Surrey
just read the lease agreement to see what the fees are. The buyout fee should be clearly written on it, not hidden.
Deal Addict
Jan 8, 2007
3145 posts
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AB
MP3_SKY wrote: Yes, Toyota Canada can charge $300 for the buyout fee, but dealership can charge extra for the works.
Each dealership run independently , they can set their own admin fee for lease buy out to compensate their "work" to complete the lease buy out between you and Toyota Canada.
Toyota Canada doesn't charge the $300 fee. They don't get anything from it. $300 is for the dealer. Any dealer that wants more than that is adding on extras. Go to a different dealer. I was charged $0 for my last Toyota lease buyout, so yes they can charge way less or nothing even if you are friends with someone in there.
Newbie
Jan 16, 2017
39 posts
14 upvotes
Just bought out our RAV4. The buyout option fee was $300. We were quoted $185 for safety and "lease end inspection". The lease end inspection was not required. All we needed to supply was a safety certificate. We went to a different garage that was $85 for the safety. Brought the safety to our Toyota dealer and paid the $300 fee plus the residual value.
[OP]
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Jan 20, 2009
1832 posts
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Toronto
thanks y'all, didn't know you could go to any dealership to have it done...we went to a different dealer and got quoted for 300$ + tax for buyout fees.

inspection can be done anywhere...booked an appointment with a local shop for 90$ plus tax.

I guess...don't go to Woodbridge Toyota 'cause they were claiming $699 + tax. + $180 + tax for inspection. Was also giiven the impression that it can't be done anywhere else.
Deal Addict
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Feb 17, 2015
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90.00° N, 135.00° W
Screw you Woodbridge Toyota!
Deal Addict
Oct 21, 2006
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I wonder what Don Valley North Toyota charges...
[OP]
Deal Addict
User avatar
Jan 20, 2009
1832 posts
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Toronto
Jigsaw wrote: I wonder what Don Valley North Toyota charges...
I emailed them...205$ plus tax for inspection & $300 for buyout fees

Toyota Woodbridge

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Deal Expert
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Oct 6, 2010
15508 posts
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Toronto
wow.... robbery. But yeah, some dealers are wild. They believe that because you lease a vehicle from them, they are entitled to get it back or do the paperwork for you as if they owned it. Esp if it's a great condition vehicle that would make huge profits on their used lots.
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Deal Addict
Jan 8, 2007
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AB
n3o321 wrote: thanks y'all, didn't know you could go to any dealership to have it done...we went to a different dealer and got quoted for 300$ + tax for buyout fees.

inspection can be done anywhere...booked an appointment with a local shop for 90$ plus tax.

I guess...don't go to Woodbridge Toyota 'cause they were claiming $699 + tax. + $180 + tax for inspection. Was also giiven the impression that it can't be done anywhere else.
Glad you were able to save close to $500 on this. This site does come in handy once in a while on stuff like this.

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