For years, Toyota has stood out from other major automakers for moving its product off dealer lots without resorting to costly incentives and interest rate deals. Amid historically bleak market conditions, Toyota now stands out simply for being able to offer such programs.
Toyota is launching an advertising blitz to promote zero percent financing on eleven of its vehicles. Given the ongoing credit crunch, the move is a strong testament to Toyota's size and wealth. Toyota Financial is one of only two auto lenders with a AAA rating.
Like almost every other automaker, Toyota saw a sharp decline in profits and sales last month, as potential customers have been squeezed by high gas prices and difficulties getting credit. The company hopes that its aggressive campaign will shore up consumer confidence and draw them back into dealers. It has boosted its ad spending to promote the deal, which it calls "Saved by Zero."
The special financing will be available on the Matrix, Corolla, Camry, RAV4, Highlander, FJ Cruiser, 4Runner, Sequoia, Sienna, Tacoma and Tundra. The deal does not cover any Lexus, Scion or hybrid models.