Toyota’s unique finance scheme-allows 3 years deferred loan repayments
16 Jul 2009
In a bid to weather the global depression and to boost the sale of its cars, Toyota Motor Corp, has come out with a new auto purchase finance scheme for its customers, where Toyota Finance Corp will offer customers purchasing new cars a defer loan repayments for three years after making the initial down payment, both companies said yesterday.
This is the first time that such a scheme will be offered by a Japanese automaker, they said.
The unique scheme is designed to prop up the company's sales and will be effective from July 22 at many Toyota dealers across Japan.
Under the scheme, after making an initial down payment the customer can pay the remaining amount after three years. In addition, the customer will be exempted from paying the remaining amount if he chooses to return the car to the automaker.
In case the car is retained after a period of three years, the buyer will have to pay the remaining amount fully or in installments.
The companies clarified that no additional payments would be necessary if the customer returns the car.
Further if the customer chooses to buy a new car after a period of three years, he will get a discount of the balance final payment due by him for the old car. Thus he purchases a new car at a price minus the final payment due for the old car at the end of the third year.