Toyota’s finance plan adds up

TOYOTA Financial Services says its latest initiative that guarantees the future value of a vehicle has exceeded expectations, with more than 10,000 new customers signing up in ten months.

The Toyota Access scheme was introduced in November last year to guarantee the resale value of a car when the loan period ends, and was designed to give customers added peace of mind.

Toyota Motor Corporation Australia divisional manager of national sales Scott Thompson said the program is luring buyers from other car brands.

“Our research shows that among customers also considering other motor vehicle brands, almost 60 per cent rated Toyota Access as a big influence over their purchase decision,” he said.

“This product is attracting new customers to the Toyota brand by allowing them to buy a car they might not have otherwise been able to afford.”

The Toyota Access Program works by deducting the customer’s deposit for their new car from the full finance amount, and then once the loan term has concluded after paying set monthly repayments, there is a guaranteed future value of the car.

Once the contract period is up, the owner can either upgrade to a new Toyota vehicle, or be paid out the difference if the market value of the car is greater than the guaranteed future value.

Another option is to refinance or pay the guaranteed future value to keep the car or return the car to the dealer without having to pay any extra, providing wear and tear conditions and agreed kilometres are met.

Toyota Finance national lifecycle manager Sion Jones said Toyota Access appeals to buyers that prefer some level of flexibility when making a major purchase.

“Toyota Access is flexible enough to take into account all current lifestyles and allows customers to keep themselves up to date with the latest safety, fuel economy and infotainment technology available from Toyota,” he said.

Mr Jones said the program is also benefiting dealers as buyers now have another reason to return to the dealership to purchase a new car.

“Toyota Access has the added potential benefit of providing Toyota dealerships with a stock of one-owner, full service history vehicles for their used car yards.”