Mike Sinclair•2 Nov 2012
NEWS
Access opens Toyota range
Toyota has delivered prestige-style future value finance options to the mainstreamToyota has launched a new guaranteed future value financing program which it says is a first in the volume area of the new car marketplace. Dubbed Toyota Access, the new finance product allows new car purchasers to finance a new Toyota with a guaranteed future value (GFV) at the end of the finance term.
Toyota says Access will be offered as an option through its in-house finance brand on all vehicles across the Toyota range. It will be launched with the added lure of zero per cent finance options on locally built Camry and Aurion models.
GFV schemes are commonplace at the prestige end of the market. Brands like Mercedes-Benz and BMW offer such finance options. Toyota's introduction to the mass market is thought to be a local first. The program is modelled on one introduced into the UK around three years ago. A high percentage of Toyotas sold to private buyers in the British market are done so under this type of arrangement.
"Toyota Access guarantees that the resale value of your Toyota will never be less than the final payment, totally removing any risk of being out of pocket," said Matthew Callachor, Toyota Australia's executive director sales and marketing. "Monthly instalments are fixed, so there are no hidden financial surprises, and they are often more affordable than with other forms of borrowing. As a result, customers may be able to upgrade their choice of vehicle, or add extras like accessories - and even purchase a brand-new model more often. Flexible terms also mean that customers can benefit from low maintenance costs through our capped-price servicing plan - in fact, they may never be out of warranty."
Toyota says the GFV is subject to the buyer maintaining the vehicle properly and fair wear and tear. It is not intended to reflect market value, says the Japanese giant, but rather allows the buyer to exercise a number of end of term options.
Toyota will offer a range of terms from 24-48 months and also offers flexibility regarding deposit amounts. The GFV is calculated based on term and the number of kilometres the purchaser expects to travel.
At the end of the agreement, Access customers can return their car to Toyota, trade the vehicle in on a new Toyota at the GFV, or purchase the vehicle outright – also at the GFV.
Toyota says it is targeting Access at four types of consumers: those who want the latest now, consumers seeking peace of mind on future value, finance sceptics and new-car buyers that believe their personal circumstances may chance (gray nomads and young families, in particular).
"If, for example, a customer wants a bigger Toyota as their family grows, they can update more easily," explained Matthew Callachor. "For most people, family planning and financial planning go hand in glove. Until now car finance hasn't necessarily been part of that consideration. Now it can be. Our goal is to secure customers for life, so it's in our best interests as well as our customers to make every stage of the ownership experience easy."
Toyota is expected to put significant advertising resources behind the launch of Access Down Under.
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Written byMike Sinclair
Our team of independent expert car reviewers and journalists
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