Toyota Financial Services is lowering interest rates on all new- and used-car loans for retail customers with credit scores of 650 or greater, reported Automotive News. The reduced rates are in effect from now through the end of February. The incentive program offers:
An across-the-board rate cut of half a percentage point on finance contracts for new and certified used vehicles.
Lower finance rates on used vehicles of all makes. The used-car rates are now at the same level as the new-vehicle rates Toyota Financial Services offered in January before today's half-point reduction.
Toyota Financial Services also has told dealers it will expand their inventory credit lines if they want to stock up on used vehicles.
“We anticipate that Toyota dealers may place greater focus on used vehicles during February,” Mike Groff, Toyota Financial Services' group vice president of sales, marketing and product, told Automotive News.
Much of dealers' new-vehicle inventory awaits repair.
Toyota is grappling with a Jan. 21 recall, under which the world's largest carmaker called back the 2.3 million U.S. vehicles to address gas pedals that can return too slowly to their original position or even, with age, get stuck and cause unintended acceleration.
And on Wednesday, Jan. 28, Toyota said it would recall an additional 1.1 million autos in the United States to fix floor mats that may jam accelerator pedals and cause unintended acceleration. The action is an extension of last fall's recall, in which Toyota called back 4.3 million vehicles in its largest ever U.S. safety action.
