Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h.
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,
Toyota Financial Services recently leaped over GMAC Financial services to take the lead as the biggest U.S. auto lender in terms of loan and lease contract volume. The study by AutoCount (a unit of the Experian Automotive company) estimates that Toyota captured 6.35% of the market from January through June, while GMAC had 6.2% for a close second place. Rounding out the top five were Chase Auto Finance, American Honda Finance, and Ford Credit (in that order).