Toyota Financial Services has announced its relief options for new, current and dealer customers negatively impacted by COVID-19 pandemic, the captive shared in an email with Auto Finance News.
TFS, along with Lexus Financial Services, is temporarily reducing rates on all floorplan lines for its dealer partners. The captive is also temporarily deferring interest on those lines. Additionally, TFS is providing a principal payment deferral option for real estate and working capital loans.
For consumers, the captive is providing payment relief options to current consumers with a lease or loan — in good standing with their accounts — who may be eligible to take advantage of finance contract payment extensions or lease deferred payments. Further, new consumers will be offered payment deferrals after purchasing a new or certified used Toyota or Lexus vehicle.
Toyota Financial is the latest captive to announce its relief options for customers in light of COVID-19. Ford Motor Credit, GM Financial and Hyundai Capital America all announced relief options this week. Nissan, too, shared its relief program with AFN today.
TFS, which currently employs roughly 3,200 team members nationwide and has assets totaling more than $122 billion, has also moved to a remote work situation for its headquartered in Plano, Texas, and has limited travel for its field sales organization.