I’ve seen people mention Toyota lease incentives for employees on Glassdoor, but there aren’t many details. Some say the lease program covers insurance and offers great deals, but no one shares specifics. Does anyone here know how it actually works? Is it only for direct employees, or do contract employees qualify too?
[deleted]
Branley said:
[deleted]
The lease program provides a $400 monthly credit ($200 from Lexus, $200 from the dealer), but it’s taxed as income. Employees get a discount plus an additional Lexus Master Certified discount. There are also discounts on add-ons like wheel and tire protection.
Branley said:
[deleted]
The ‘Master Lease’ program is only for Lexus Master Certified employees who have worked there for at least 2-3 years.
The lease program is great. We have a Sienna under it, and it’s cheaper than if we leased outside the program. The biggest perks are that insurance is included (really good coverage), plus all maintenance and roadside assistance for the duration of the lease.
That said, I don’t think contract employees qualify since they aren’t covered under the company insurance plan.
@Lucy
Yep, contractors don’t qualify. My dad is a Toyota employee (29+ years), so I leased my car under his name and just send him payments when he gets paid. This actually works out better because when the lease ends, the dealership offers discounts to employees on lease returns, and some employees resell them to family members at great prices.
Also, at some locations, they’ll even take your car for maintenance while you’re at work and bring it back before you leave for the day. Pretty convenient.
@Lucy
So is this available for all employees, or only for those with a certain amount of experience? Also, do the insurance benefits apply in Michigan? Insurance rates there are pretty high.
esleystanley said:
@Lucy
So is this available for all employees, or only for those with a certain amount of experience? Also, do the insurance benefits apply in Michigan? Insurance rates there are pretty high.
[deleted]
@Branley
Employees can use the lease program immediately. After 10 years, they qualify to lease two vehicles.
Contractors don’t get any of these benefits.
For managers, the lease isn’t free, but they do get a stipend they can use however they want.
@Spence
Yeah, managers don’t get a free lease, but they do get a stipend that they can put toward a lease or something else.
@Lucy
Is leasing usually a better deal than buying? I know cars depreciate, but leasing lets you drive a new car without worrying about long-term maintenance, right?
Rebel said:
@Lucy
Is leasing usually a better deal than buying? I know cars depreciate, but leasing lets you drive a new car without worrying about long-term maintenance, right?
Leasing is fine unless you drive a lot. If your commute is long or you take road trips often, the mileage limits can be a big downside.
@esleystanley
For company leases, the mileage cap is usually 25K-30K per year, which is more than most people drive. We take a couple of long trips each year (900+ miles), and we’ve never come close to the limit.
This is what I’ve heard from the manufacturing side…
The best lease deals go to higher-level engineers, management, and corporate employees.
All Toyota employees qualify for T-Drive, which knocks a couple thousand off the sticker price and comes with special financing through Toyota Financial Services.
There’s also the Vehicle Special Purchase Program (VSPP), which offers additional discounts depending on demand. For example, 4Runners sell really well, so they don’t usually qualify. But if a model is at the end of its production cycle, you might get a better deal.
@Branley
That sounds about right. T-Drive usually saves around $2K-$2.5K, and you can use it once a year. VSPP changes based on what Toyota wants to push, but it only applies to the past two model years.
When I bought my Tundra, I got $4K off with VSPP. Toyota also gives employees a financing certificate every six months that guarantees a decent rate, even if your credit isn’t great. The cool part is family members can use it, too.
That said, different Toyota divisions have different programs. Some have better perks, and some don’t have anything at all.
@SarahBrown
How do you get the T-Drive certificate? I have access to VSPP, but I can’t find any info on T-Drive.
Bryn said:
@SarahBrown
How do you get the T-Drive certificate? I have access to VSPP, but I can’t find any info on T-Drive.
I actually switched to a different car company recently, so I’m not 100% sure anymore. But when I was at Toyota, T-Drive could be used once a year, and VSPP was available twice a year. Not sure if that changed.
@SarahBrown
Which company do you work for now, if you don’t mind me asking?
@SarahBrown
No worries, thanks for the info!
Bryn said:
@SarahBrown
No worries, thanks for the info!
T-Drive is now once every three years, but you can use VSPP twice a year. You can combine them if they’re both available. Not every dealership accepts them, though. Some won’t let you apply them to modifications the dealership made.
Most of the time, you can’t stack these discounts with national rebates or incentives, so keep that in mind.