Multiple Security Deposits
Multiple security deposits are sometimes offered when leasing by certain manufacturers. A security deposit is typically the monthly payment rounded to the nearest up to the nearest $50. Multiple security deposits offer a rate reduction for each deposit up to the maximum number of deposits. Security deposits are refundable at the end of the lease and can save you money throughout the lease since your rate is reduced by each iteration.
I.e. $300 deposit, 0.15% reduction with 5 iterations would be a 0.75% rate reduction for $1500 up front.Â
The security deposit in a lease is a payment paid in advance to protect the leasing company against damage to the car or nonpayment to the lease. A multiple security deposit however, aims to lower your monthly payments by lowering your interest rate. Toyota allows customers to give up to 10 security deposits. For every extra security deposit given, 0.15% is taken off the annual interest rate in return, reducing your monthly payment. So, if you give all 10 security deposits, you can cut your interest rate down by a total of 1.5%.
The flat security deposit amounts are determined by analyzing current payment ranges at a standard rate. The flat rate security deposits vary by model.
- See more at: http://www.attrelltoyota.com/blog/misconceptions-about-leasing-multiple-security-deposits#sthash.pdsDvdtu.dpuf
The security deposit in a lease is a payment paid in advance to protect the leasing company against damage to the car or nonpayment to the lease. A multiple security deposit however, aims to lower your monthly payments by lowering your interest rate. Toyota allows customers to give up to 10 security deposits. For every extra security deposit given, 0.15% is taken off the annual interest rate in return, reducing your monthly payment. So, if you give all 10 security deposits, you can cut your interest rate down by a total of 1.5%.
The flat security deposit amounts are determined by analyzing current payment ranges at a standard rate. The flat rate security deposits vary by model.
- See more at: http://www.attrelltoyota.com/blog/misconceptions-about-leasing-multiple-security-deposits#sthash.pdsDvdtu.dpuf
Click Options > Add New Row
Enter deposit amount
Rate Reduction %
Max # of Iterations
Click Save
Single Security Deposits
Single security deposits do not offer a rate reduction.
Click Options > Add New Row
Enter deposit amount
Click Save
