Blog / Irwin Toyota News

True Sign and Drive Leases

You have probably seen some advertisements lately that feature lease payments that claim to have “$0 down” or “$0 due at signing.” If you read the fine print, you will frequently see that these dealers require an acquisition fee and/or a dealer fee and/or the first month’s payment due at signing. All told, this is usually well over $1,000 that you have to come up with before you can drive away in a lease that was supposed to have “nothing due at signing!” The reason the dealers are able to get away with this is that the acquisition fee and dealer fee are administrative fees, not part of a down payment (so it is still a “$0 down” lease). As far as the first month’s payment being due, that is traditionally how leases work. Even with “$0 due at signing,” the first month’s payment is still required before you can drive off the lot in your new lease. Again, it is not a fee that is due to the dealership, it is simply the first month’s payment that is owed to the financial institution. If you truly want to pay nothing out of pocket, what you want to look for a “Sign and Drive” lease. Then you want to go over the fine print thoroughly to make sure that you understand the disclosures in the advertisement. If you are thinking that this seems misleading and confusing, you are not alone! As a dealership, we value transparency and fairness, which is why we are offering a true Sign and Drive lease special. With Irwin’s Real $0 Down Sign and Drive, all applicable fees are rolled into the monthly payment rather than being due upfront. And we even roll the first month’s payment in as well, so you do not have to pay a single penny at our dealership until one month after you sign the lease when your first monthly payment is due. So go ahead and leave your checkbook at home, you will not need it. All you need is a pen to sign the lease and we will get you on the road in your brand new vehicle. We believe that buying a vehicle should be a fun, straight-forward experience, and we hope that our Real Sign and Drive event will make it that much easier for you to find the vehicle that is right for you.
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Can this article protect you from buying a lemon?

If you have been looking at pre-owned cars lately, you may have noticed that some of them are designated as being “certified.” A certified pre-owned vehicle is simply one that is part of a certification program, meaning that it has met certain standards for quality. The muddy the waters somewhat, certified pre-owned (CPO) programs can be further divided into “dealer CPO” and “factory CPO” programs. While any car dealer, either franchised or independent can offer a “dealer CPO” program, only a franchised dealer can offer a factory CPO program. For example, for a used Toyota to become a Toyota certified pre-owned vehicle, it undergoes a 170-point inspection. To be up to standard, a Toyota CPO vehicle cannot be more than six model years old or have more than 75,000 miles on it. Among other items, the tire tread and brake pads must both be 50% or better, and no more than two body panels can have had prior paintwork (even by a professional bodyshop). Because the tires and brakes have a high minimum requirement, many CPO Toyotas actually have new tires and brake pads installed so that they can pass the CPO inspection, providing a higher quality used car to the customer. Every factory CPO program is a little bit different, but they all have standards published online, and come backed by the manufacturer. By contrast, the “house” certification programs that some independent dealers offer can be a bit more opaque. Factory-certified pre-owned cars do not just provide peace-of-mind and higher quality, there are other benefits to the CPO program as well, such as better warranties, and sometimes, reduced interest rates. For example, a CPO Toyota comes with the balance of a 7-year/100,000-mile powertrain warranty, a 12-month/12,000-mile bumper-to-bumper warranty, and a full year of roadside assistance. Additionally, Toyota CPO models are eligible for special financing rates. We have embraced the factory CPO programs for Toyota, Scion, Ford, Lincoln, and Hyundai because we believe that these vehicles deliver the very best value to our customers. By starting with a superior product and being able to offer better warranties and lower interest rates, we hope to take the unknowns out of buying a pre-owned vehicle.