Toyota Attacks! Launches $250m 0% Loan Campaign
Toyota’s been pulling its punches in the U.S. market for years– to avoid the political backlash and lowered profits that a Chrysler, Ford and GM’s collapse would create. Surveying the damage left by a 32 percent drop in September sales, ToMoCo is now saying fuck that shit [paraphrasing]. “The ‘Saved by Zero’ ad campaign began Oct. 2,” Automotive News [sub] reports. “It promotes a 0 percent financing program on 11 vehicles. Dealers say Toyota will shell out at least $250 million this month to cover the cost of the subsidized loans and to fill the airwaves with commercials. Calling it ‘mind-boggling,’ one dealer who asked not to be named said he doesn’t believe Toyota has ever spent so much in a single month on incentives and advertising.'” [ That’s what passes for independent, authoritative sources these days.] As one of only two AAA-rated auto lenders (GE Capital is the other) left in the biz, Toyota Financial can do what its competition can’t. And even though U.S. consumer confidence has hit the skids, whatever’s left will soon be headed ToMoCo’s way. In other words, the Japanese automaker is about to eat the lunch AND dinner of the aforementioned domestics.
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0% for only 36 months (at least in Western Washington) Chrysler did 0% for 72 months
What normally available discounts? Their website is crap, btw. I could hardly get a price, nevermind discount info. I think the Tahoe may be the better deal at this point. They are going for about the same price.
SherbornSean: "$250M buys a lot of airtime" Right. And doesn't Toyota realize that they'll be broadcasting those commercials to an audience that's in a deep coma from watching Obama and McCain ads?
O% for 36 months ($27.78 per month per thousand borrowed) is hardly earth shattering considering GM did 0% for 60 back in 2001 ($16.67 per month per thousand borrowed) and recently 0% for 72 months (13.89 per month per thousand dollars borrowed) So $20,000 GM car 10 percent down: $250/month for 72 months $20,000 Toyota car 10 percent down: $500/month for 36 months OR double the Payment, and Americans are payment shoppers (remember negative amoritization, option ARMS and the like) And I am sure that is with stellar credit and many will take the 60 or 72 month terms. My friend bought a Corolla with 75 month Southeast Toyota Finance credit !!! Crazyness. A good website for checking Toyota's current incentives, at least for the south east US is www.earlstewarttoyota.com and click on "current rebates and incentives.