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Toyota Coronavirus Financial Relief and New Car Incentives

As the world tries to come to grips with the reality of the Coronavirus pandemic, the resulting economic havoc it has created has brought about an anxious, uncertain feeling in our communities. During these difficult times, Toyota has taken upon itself to assist its customers in purchasing vehicles, assemble medical and personal protective equipment in support of the COVID-19 crisis, and provide much-needed aid to the communities it serves around the world.

Toyota Coronavirus Financial Relief and New Car Incentives

Though the world is collectively working together to ‘flatten the curve’, the peak of Coronavirus infections in the U.S. is believed to still be weeks away. A growing number of cities and states have already instituted critical restrictions on both personal interactions and business operations.

While efforts continue to dramatically slow the spread of COVID-19, the virus has already severely restricted commerce and all but shut down business for many companies. The pandemic has undertaken a dramatic shift in just the past 30 days. Prior to the Coronavirus outbreak, the auto industry was collectively in the midst of one of its best February sales months in recent history.

Toyota joins a majority of the other automotive companies that seek to do their part in slowing the pandemic and helping to heal the sick, while simultaneously attempting to keep its employees working and their business operating. This is a summary of the Coronavirus financial relief efforts and new car incentives that Toyota has created in response to the COVID-19 crisis.

Toyota Customer Relief Programs - Find the best deals!

Both of Toyota's finance partners - Toyota Financial Services (TFS) and Lexus Financial Services (LFS) - will be providing payment relief options to customers who are directly affected by the Coronavirus pandemic, adding to the growing list of manufacturers who are offering consumers assistance with Coronavirus Car Payment Plans.

Current customers whose ability to make their vehicle loan or lease payments has been directly impacted by illness due to COVID-19, or lost their income due to the Coronavirus, may be eligible for finance contract payment extensions or deferred lease payments.

Additionally, both TFS and LFS are providing options to help customers who are at or near the end of their lease term who have been negatively impacted by the Coronavirus.

For customers seeking to better understand their account and payment options are strongly encouraged to contact TFS or LFS directly by phone or email to discuss the matter. Toyota Financial Services customers can call 800-874-8822 or contact TFS via email by using the mail center function after logging into their account on ToyotaFinancial.com. For Lexus Financial Services customers, they may call 800-874-7050 or contact LFS by email using the mail center function in the same fashion mentioned above at LexusFinancial.com.

 
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Toyota New Car Incentives - Find the best deals!

While many automakers have already announced relief programs like low-interest financing, deferred payment programs, rebates, and other incentives on its vehicles, Toyota has yet to make a public announcement on their intentions to provide relief to its consumers. The company instead chose to pull its March "sales event" advertisements and began running a new national ad campaign "We're here for you". Toyota hoped to convey a positive message supported by optimism when looking towards the future after the Coronavirus. In turn, Lexus also released its own advertising message designed to reassure their luxury consumers that the brand is putting the "People First."

Regional and local promotions may also be available to qualified customers, though they vary by area. In certain regions, buyers have the ability to defer their first monthly payment for up to 90 days on certain vehicle models, including the Toyota Corolla compact sedan, the Camry midsize sedan, Corolla Hybrid compact sedan, and Tacoma midsize pickup. Additionally, Toyota’s RAV4 compact SUV and the Mirai fuel-cell sedan are some of the other models that have some special customer incentives in specific areas of the U.S.

You can check out Toyota's website or contact your local dealer to assist you in determining the incentives that may be available to you.

Toyota Factory Closures - Find the best deals!

In response to the increased spread and growing concern surrounding the Coronavirus, in addition to what the company called a "significant decline in vehicle demand," Toyota has currently suspended production at all of its automotive plants in North America, including the U.S., Canada, and Mexico. As it stands today, all manufacturing facilities plan to remain closed through April 17th, with the hope of resuming production on April 20th. But with the recent shelter-in-place orders extending through the end of April, those hopeful projections have all but disappeared in the interim. However, during the ongoing hiatus from manufacturing, Toyota's service parts depots and vehicle logistics centers will continue operations.

Toyota is certainly being hit hard by COVID-19, as the company operates a number of assembly, design, and engineering facilities in North America. Since opening its first factory in the region, Toyota has built over 40 million cars in North America, with 10 factories in the U.S. alone. The company directly employs over 47,000 people (with more than 36,000 in the U.S.) and over 25,000 have already been affected by the factory shutdowns that have taken place throughout the continent.

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

As is the case with nearly all automakers during this crisis, Toyota expects to see a dramatic dip in sales during the coming weeks.

Due to the uncertainty that surrounds the fallout out of the Coronavirus pandemic, J.D. Power's March retail sales outlook is discouraging for automakers. J.D. Power expects to see a decline of 16% to 41% from car sales in March of the previous year. It’s predicted that somewhere between 14% and 39% of that decline is attributable to the effects of COVID-19.

It may be true that the best-case scenario strongly suggests a major shortfall in comparison to 2019 sales. However, there are some factors that may provide a ray of hope for both automakers and consumers. Vehicles are considered durable goods and they have historically demonstrated the ability to recoup lost sales resulting from short-term disruptions in the market. As a result, the auto industry may be one of the most adept industries when it comes to rebounding from the virus-related sales disruption. Of course, the extent and speed of the recovery will be directly influenced by the overall economic environment following the pandemic.

Notably, J.D.Power states that its 2020 outlook of 16.8 million U.S. light-vehicle sales - an outlook projected before the globe was ravaged by the Coronavirus - is no longer realistically attainable. J.D.Power expects that sales will likely fall in the range of 14 to 16 million units as a result of the fallout from COVID-19.