If you have not purchased a vehicle lately, you should know that how plates and titles work has completely changed. In this issue, we'll address this topic as it applies to leases.
In the "good old days", lease plates expired on the lessee's birthday. Today, they expire on a date selected by the lending institution. For Metro Toyota clients, that typically means October 20th (if the lending institution is Toyota Finance) or December 20 (if the lending institution is U.S. Bank). Check your vehicle's registration to determine which date applies to you.
Another change: Lending institutions used to send out paper Powers of Attorney and reminders to the lessee. This is no longer the case. Powers of Attorney are handled electronically now, and no reminders are sent. This is important because - aside from a possible ticket for expired plates - at press time, the state charges a $20 fine if you do not purchase new plates or tags before the old ones expire, on top of the cost of the plates or tags themselves.
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Should you have any questions about license plates or titles, please contact Metro Toyota's Title Clerk:
Linda Johnson P: 216-267-7000 extension 138 E: lindaj@metrotoyota.com
She will be glad to help! |