Toyota Coronavirus Financial Relief and New Car Incentives

Jack R. Nerad | May 12, 2020

The coronavirus pandemic and the resulting economic havoc has prompted Toyota to undertake a number of steps to help its customers buy vehicles, to assemble medical and personal protective equipment, and to provide aid to the communities it serves.

Toyota Coronavirus Financial Relief and New Car Incentives

While the peak of coronavirus infections in the United States is yet to be reached, many states and localities are relaxing the severe restrictions on business operations and personal interaction that were first instituted in March 2020. At the same time, social distancing remains a recommended practice, and many sectors of the economy remain challenged as lawmakers and society attempt to slow the pace of infection.

Toyota is one of many carmakers that seeks to do its part to address the pandemic and help heal the sick, while at the same time trying to keep its employees working and operate its business. Here is a recap of the coronavirus car payment plans and new car incentives Toyota has assembled to deal with the crisis.

Toyota Customer Relief Programs - Find the best deals!

Toyota's finance partner Toyota Financial Services (TFS) is providing payment relief options to customers who are affected by COVID-19. 

Current customers whose ability to keep up with their car loan or lease payments is threatened by illness or lack of income may be eligible to take advantage of finance contract payment extensions or lease deferred payments. Additionally, TFS is providing options to assist customers at or near the end of their lease who are impacted by the pandemic.

Customers who would like to understand their account and payment options are encouraged to contact TFS by phone or email by calling 800-874-8822 or by using the mail center function after logging into ToyotaFinancial.com.

As far as vehicle service and repair are concerned, Toyota says its dealers are offering no-contact drop-off and return options for customers.

 
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Toyota New Car Incentives - Find the best deals!

Like many automakers, Toyota has announced interest-free financing for some of its models. If you’re buying a Camry, RAV4, or Tacoma, and you are a “very well qualified” customer, you can take advantage of 0% APR financing for up to 60 months. 

Additionally, eligible customers can defer their first monthly payment on a new or a certified pre-owned Toyota for up to 90 days. Toyota also says that many of its dealerships offer online shopping and purchasing options, and that no-contact delivery is possible.

These offers expire on June 1, 2020 but could be extended beyond that date. Check with Toyota's website or with your local dealer to determine what incentives are available in your area.

Toyota Factory Closures - Find the best deals!

Citing the ongoing COVID-19 pandemic and what it called a "significant decline in vehicle demand," Toyota in March suspended production at all of its automobile and components plants in North America, including Canada, Mexico and the U.S. During the manufacturing hiatus, Toyota's service parts depots and vehicle logistics centers continued to remain open. 

Toyota operates significant design, engineering, and assembly facilities in North America, , including 10 factories in the U.S. Since opening its first factory in the region it has built more than 40 million cars and trucks on this continent, and directly employs more than 47,000 people (over 36,000 in the U.S.). More than 25,000 workers were affected by the plant closures.

Production resumed on May 11. On that same day, Toyota announced that it would slowly ramp up to full production levels beginning in July, resulting in an overall 29% decrease in year-over-year production during the second and third quarters of the year.

Toyota Economic Outlook & Sales Forecast - Find the best deals!

The rapid onset of the coronavirus crisis is negatively affecting both total vehicle sales and Toyota's vehicle sales in 2020. The company’s first quarter results showed an 8.8% decrease for the first three months of the year.

“During this unprecedented time, Toyota’s number one priority is on the health and safety of our team members, business partners, customers and the communities where we do business,” said Bob Carter, executive vice president of sales, TMNA. “We have teams working around the clock to ensure our customers’ needs are satisfied, and despite the ever-changing market dynamics, we continue to take appropriate actions that serve our long-term business objectives.”

What remains to be seen is how long the drastic decline in economic activity will last and what the long-range effects of it will be. According to Tyson Jominy, vice president of Data and Analytics at J.D. Power, both the virus and its effect on new vehicle sales are expected to grow in severity through the end of April. The progression will vary across the country with some markets several weeks behind others. 

J.D. Power’s pre-virus 2020 outlook of 16.9 million U.S. light-vehicle sales is no longer attainable. The latest forecast puts annual sales in the range of 12.6 to 14.5 million units. While this portends a major drop versus 2019 sales, there are some hopeful factors. The auto industry has historically demonstrated an ability to recoup sales lost due to short-term disruptions, so the auto industry has the potential to recover from the virus-related sales disruption, Jominy said.

The information in this article is from Toyota and was accurate as of May 11, 2020. Plans and programs may have changed since that date. Be sure to confirm with your Toyota dealer that offers discussed in this article remain valid.

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