vfamily--there is an underground parking garage outside the Toledo town walls, near the Bisagra gate (across from Hostal del Cardenal). It might be your best choice, as it will be more removed from curious passersby. It's staffed, too, so if you park near the pay booth, you might get an extra sense of security from the presence of the employees. Still, I would recommend keeping your money and passports on your body, rather than in your luggage.

Also, regarding the Avis on Gran Via--it's quite near Hostal Chelo (we walked to Chelo from the Avis offices with our luggage). We rented at the airport and dropped off on Gran Via to avoid paying parking charges while in Madrid. Then we just took the metro to the airport a couple of days later. It worked out really well.

Incidentally, the Avis garage is in a regular pay garage, just past the Avis on-street office as you head in the general direction of Sol. You might be able to use that garage if you're staying at Hostal Chelo. But englishboy, if you're renting from Gran Via and staying at Chelo, why not just delay your rental until you will need the car to leave Madrid?

[ 05-02-2001: Message edited by: MadridMan ]