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NEWS
Buyers flock to Toyota Access financing
Innovative financing attracts a thousand new customers a month during the 10 months since launchToyota has sold 10,000 new cars to customers financing their respective purchase with Toyota Access financing.
As we mentioned in our report from late last year, the finance program is virtually unprecedented in the budget-buy and volume-selling end of the market. Toyota is offering the finance to buyers of any new car in the range.
The service ensures 'Guaranteed Future Value' on the car purchased, the company says. At the end of the loan period owners can choose to pay the guaranteed future value and keep the car, refinance and upgrade to a new Toyota, or hand the car back for the difference in the car's current market value and its guaranteed future value.
Toyota claims that this means of finance is an affordable entree to new-car ownership for buyers who can cobble together just a small deposit. The loan is made more affordable because Toyota absorbs the guaranteed future value liability for the period of the loan. Also, Toyota's finance arm has been offering customers zero per cent finance, reducing the monthly payments even further.
"At the end of the contract period, the customer can upgrade to a newly-financed Toyota or simply keep the difference if the market value of their Toyota is higher than the Guaranteed Future Value," said George Cornwell, GM of Strategic Planning and Marketing at Toyota Financial Services.
"Alternatively, the customer can pay the Guaranteed Future Value and keep their car, or hand back the car to their dealer and walk away with no more to pay."
Jessica Steele (pictured), a university student from Toowoomba in Queensland, has already availed herself of the new finance program, ditching her old car for a new Yaris. The up-front cost to get behind the wheel of the Yaris was less than she faced having her old car repaired – an expense beyond the car's market value.
"I was a bit devastated and stressed out because I really need a dependable car to travel between uni, work and home," she was quoted saying in a press release.
"I didn't want to deal with another unreliable second-hand car but I thought there was no chance of getting a brand new one."
The uni student is pleased she can expect four years of dependable transport, but with the added appeal of upgrading as and when her personal situation changes.
"In four years I probably won't be at uni or working part-time and my vehicle requirements might have changed. It's nice to know I have the option."
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Written byCarsales Staff
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