Toyota Financial Services is piloting its Lexus Complete Lease program with 80 dealerships in seven states, though the timing for a national rollout is still undecided, Joanna Dean, general manager for finance products at TFS, told Auto Finance News.
“[TFS] will continuously evaluate the success of the program and decide on the expansion into additional markets,” Dean said.
Since the lease price is negotiable and depends on the model selected and the insurance rate, which varies by state, local Lexus dealers will determine the monthly pricing. “The Lexus Complete Lease allows our dealers to remain involved and negotiate the price of the lease with the guest directly,” Dean said.
The program consists of a 20,000-mile, two-year term, which combines the cost of the lease with maintenance, a guaranteed auto protection waiver, and insurance through Travelers. The insurance policy includes auto liability and physical damage coverage with a $500 deductible.
The program — offered in California, Florida, Illinois, Indiana, Massachusetts, New Hampshire, and Rhode Island — is available for all Lexus UX models. Vehicle pricing starts at $32,000.
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