The end is nigh: Toyota announces 0% financing on 11 models
Further proof that no automaker is immune to effects of the sales downturn in the U.S. comes as Toyota has just announced 0% financing on 11 of its models, including the hugely popular Camry and Corolla and a slew of SUVs and trucks. Last month, incentive-averse Toyota posted a drop in sales of over 30% compared to a year ago and the rest of the year isn't expected to look much better. General Motors, which still posted a decline in sales, fared better than most of its rivals, including Toyota, thanks to aggressive incentives including its employee pricing for everyone.
Toyota itself is calling the move to offer 0% financing "unprecedented," and indeed it is. Historically, the Japanese automaker has not needed to offer such sweeping deals to move its metal. It apparently has the cars, the means to finance them and just needs buyers. If you want in on the deal, it's available until November 3. See the full press release from Toyota for more details after the break.
[Source: Toyota]
PRESS RELEASE:
Toyota Announces Zero-Percent Offer
TORRANCE, Calif., Oct. 2, 2008 - Toyota Motor Sales (TMS), U.S.A., Inc., today announced a zero-percent interest rate offer on eleven Toyota models for qualified buyers. Expiring November 3, 2008, the loan offer varies by model, with terms ranging from 36 to 60 months.
Taking aim at the credit squeeze which has sidelined many of today's new-car buyers, the attractive offer is unprecedented for Toyota.
"Not only do we have the inventory of today's sought after fuel-efficient models, but we have the capacity through Toyota Financial Services to finance or lease them," said Toyota Division General Manager Bob Carter.
The Toyota models qualifying for this offer are: Matrix, Corolla, Camry, RAV4, Highlander, FJ Cruiser, 4Runner, Sequoia, Sienna, Tacoma and Tundra.
Reader Comments (Page 1 of 2)
Stumpy 4:09PM (10/03/2008)
If anyone needs me, I will be hiding under a rock waiting for the apocalypse.
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Swede 4:44PM (10/03/2008)
Best avatar ever
Cornholio 4:57PM (10/03/2008)
"Best avatar ever"
+1
jv2k 4:10PM (10/03/2008)
The crisis is toyota's fault for years of mediocre vehicles to be quite honest.
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Ayatollah Rodriguez 4:25PM (10/03/2008)
I will agree with you as far as quality of interiors goes. POOR
Pete 4:12PM (10/03/2008)
Holy balls, they MIGHT be able to come out of a sales slump with 0% financing.
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dewuser 4:14PM (10/03/2008)
Personally, I would be scared if automakers offered negative APR financing.
How would -1.9% sound?
What?! Can't a guy dream once in a while?
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Richard S. 4:28PM (10/03/2008)
Negative rates? That's actually not a bad marketing idea. Given that some trucks are having incentives close to $10,000, It probably comes close to 1.9% a year over 5 years.
Ahmed 4:15PM (10/03/2008)
Can we start a 0% offer list. I know GM, Chrysler, VW offers it. Who else?
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RL 4:21PM (10/03/2008)
Ford also has 0% of some too right now
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Ayatollah Rodriguez 4:24PM (10/03/2008)
What Toyota needs is a MAJOR vehicle refresh. One of the top sellers needs to be refreshed as soon as possible. Either RAV4, Corolla or Camry need to be rebuild. Meaning same price, more equipment, substantially better MPGs.
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Randy 4:33PM (10/03/2008)
@everyone (on Ayatollah Rodriguez's post)
Nothing brings me more pleasure than reading the words "What Toyota needs is a MAJOR"
Doesn't need anything after it! Doesn't need anything!
OMG Did I just see a pig fly by? :)
dea911 2:41AM (10/04/2008)
um....the Corolla is all new for the 09 model year, and the Rav4 was significantly refreshed for 09. I'm not defending Toyota (even 0% financing would not get me near their appliance filled showroom), but you should get your facts straight.
Ayatollah Rodriguez 10:20AM (10/04/2008)
That was my point, these cars are NEW but Toyota is in the sales slump. That is why i said they need to update them, even if they are relatively new.
David 4:37PM (10/03/2008)
Bad times are here. My brother works for Toyota and he told me he is hearing that they will be discontinuing the FJ Cruiser after the '09 model year. They are looking at a major revamp of their lineup after 2010.
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J M C 3 4:41PM (10/03/2008)
Worldwide economic collapse.
Ain't I fun?
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Iridium 4:45PM (10/03/2008)
What is the whole deal? 0% for 60 months with nothing down on a new Corolla would move a lot of cars.
What makes 0% attractive is that you can afford to take a loss on your car and still end up keeping the payment you were at.
For people still driving gas suckers they should take advantage of the deal.
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tekd 3:48AM (10/04/2008)
The Corolla only gets 3 years @ 0%
Just assume anything that doesn't guzzle gas is 3 years.
Soccer Mom 4:55PM (10/03/2008)
Let me know once Big 2.5 best Toyota's offering with a negative interest rate financing. I'll buy a couple of cars then.
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TJ 5:15PM (10/03/2008)
Negative financing is already here folks. Ever here of 0% plus rebate?